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Scandal: Greece To Receive "Negative" Cash From "Second Bailout" As It Funds Insolvent European Banks
Earlier today, we learned the first stunner of the Greek "bailout package", which courtesy of some convoluted transmission mechanisms would result in some, potentially quite many, Greek workers actually paying to retain their jobs: i.e., negative salaries. Now, having looked at the Eurogroup's statement on the Greek bailout, we find another very creative use of "negative" numbers. And by creative we mean absolutely shocking and scandalous. First, as a reminder, even before the current bailout mechanism was in place, Greece barely saw 20% of any actual funding, with the bulk of the money going to European and Greek banks (of which the former ultimately also ended up funding the ECB and thus European banks). Furthermore, we already know that as part of the latest set of conditions of the second Greek bailout, an 'Escrow Account" would be established: this is simply a means for Greek creditors to have a senior claims over any "bailout" cash that is actually disbursed for things such as, you know, a Greek bailout, where the money actually trickles down where it is most needed - the Greek citizens. Here is where it just got surreal. It turns out that not only will Greece not see a single penny from the Second Greek bailout, whose entire Use of Proceeds will be limited to funding debt interest and maturity payments, but the country will actually have to fund said escrow! You read that right: the Greek bailout #2 is nothing but a Greek-funded bailout of Europe's insolvent banks... and the Greek constitution is about to be changed to reflect this!
The smoking gun quote:
The Eurogroup also welcomes Greece's intention to put in place a mechanism that allows better tracing and monitoring of the official borrowing and internally-generated funds destined to service Greece's debt by, under monitoring of the troika, paying an amount corresponding to the coming quarter's debt service directly to a segregated account of Greece's paying agent.
As for the priority of payments - it is more than clear:
Finally, the Eurogroup in this context welcomes the intention of the Greek authorities to introduce over the next two months in the Greek legal framework a provision ensuring that priority is granted to debt servicing payments. This provision will be introduced in the Greek constitution as soon as possible.
So there you have it: the Second Greek bailout is nothing but the first Greek bailout of Europe's banks! And the Greek constitution is about to be changed to reflect that.
Congratulations Greece - you just got royally raped by your own unelected rulers and you didn't even know it.
Full Eurozone document (source).
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This was never about bailing out Greece.
It was about bailing out Insolvent Banks.
when you get into debt and need to deal with the ensuing disaster, wouldn't it be waaaay better if you could tell the people you were getting assfuked to pay, exactly how they should spend their money? L0L!!!
the result of greed on modern WESTERN "men" and "woman" put into song. Its the GM sound! http://www.youtube.com/watch?v=KkLj3on6oUs&feature=share
"Troika", "Central Commitee", what's the difference?
The Greeks obviously lost this war and now they are going to bleed. It would appear their Euro Elites so keen to get into the Club and lucrative advancement that they sold out their citizens. It is the kind of thing you expect in Yeltsin's Russia or some African satrapy run by mining interests, but I suppose Greece is The Balkans so you can expect it there too.
The great EU Dream of wide and deep capital markets to compete with the US Bond Market has been realised, but it took Sovereign States to underwite and mortgage themselves to create this huge Speculative Bubble and then to drive populations into penury as they wait for the Wave of Revolution across the Continent
So the system has figured out a device to secure payments in what could be called a reverse bankruptcy. If they actually are allowed to write their own rules about this kind of securing of debt, which sounds alot like the MF Global mess, then we better start strongly thinking about BUYING the bank stocks, because it looks to me like they can WASH AWAY FAILURE from PLAIN OLD STUPIDITY and replace it with outright SOCIAL THEFT. They must have got a cue from us as to the bailouts of 2008-09 and taken it one step further. This is absolute proof the banking interests are completely running the system. Greece is now in DEBTOR PRISON!!!!!!!!!!!!!!!
The greeks have a choice. They can default.
But it appears the majority of greeks are just scared little pussies.
Judging from protests they're not pussies as you stated from your arm chair in your basement smoking little joint.
On other hand official polls show they want to stay in Euro zone. Now you have to decide which thing is real. If you talk about choice for them, you're talking about Greek gov not people, if you want to see their choice then wait for elections. Are you brain dead?
don't mean to be disrespectful or paint with a broad brush but the Greek populus must be a couple of tentacles short of a squid, sadly their American cousins have a similar shortcoming when the brains were being handed out like sheep led to the slaughter
Americans burning down their neighborhood Starbucks? Hell would freeze over first!
This will all end soon, the Eu mkts are starting to roll over.. again! No more punch bowl.
Hopefully someone in the know can articulate:
When there is a "rollover" in debt/bonds, the yield shrinks, why is that? I tried looking it up, but maybe someone can put it in layman terminology.
*During the early days of ZH, there were lots of people "in the know" on these boards, I wish they would come back, because the discussion on these threads is eroding. However, the information provided is still full of excellent content, and clearly not mainstream (which is great).
You're complaining about the commenters or ZH? Have you been to YouTube lately??? The readers of ZH are rocket scientists compared to those other neanderthals.
Let's cut to the chase, are the prices for ouzo and gyros going up or down?
are there no riots, protests in greece today? if so could you post up some live cams?
Well, no shit. Do you honestly believe that any of these machinations are for the benefit of the Greek people? The purpose of this exercise is to save the banking system; has been from day one. 'Risk free' is ignorant fantasy. Real risk, which was always there, is blowing the fuck up. The people, and not just Greeks, are only beginning to feel the weight of the financial boot on their throats. Tax, bitchez. Time to pay with your and your childrens' last drop. Deal with it, or do something about it. Whining at this point is meaningless - your politicians don't give a shit about you, and they will not help you (excluding Ron Paul of course).
Classical US citizen business.
Done multiple times in many places around the world.
Coming to some segments of US citizen populations in the free world.
Expansion works the same. First, you expand into an exterior to the benefit of an interior. Once the exterior is satured, you turn to the interior to keep expanding etc
people just l-o-v-e debt, don't they?
of course, it must be all america's fault that they do!
how could anyone BK themselves if america weren't to "blame" so it wouldn't be their fault for going into debt?
how much debt do YOU owe A2 ? USD$ __________
you seem terribly obsessed by debt...
thing you might, personally, have "trouble getting free"?
http://www.youtube.com/watch?v=vstNCBrIIOs
The definition of revolution is a nations peoples bankruptcy by their government. We will soon see the abandonment of the "intellectuals" of Greece from all support of the current government, most likely at the next elections. Then the entire "bailout" will be rejected and a new government installed. But this government will also fail unless it has corrected the terms and conditions of the bankruptcy, which in the case of Greece, should be accomplished by returning to the Drachma. I wish it were this easy to complete in America, but it is not.
Greece doesn't matter. it is priced in. Housing is up. They can't build them fast enough. It bottomed 10 years ago.
And maybe that is part of the reason why gold just took off to the upside.
Hank Paulsons Moral Hazzard has spread everywhere !!!!!!!
Since it's Ash Wednesday and even though I haven't been officially excommunicated from the Catholic Church, despite not having been a practicing Catholic since 1970, I thought I might do myself and the world some good by engaging in the ritual of abstinence that is the Lenten tradition.
Thought about giving up drinking: NO, like it too much, plus it eases the anguish from reading all this shit about the NWO.
Considered giving up smoking: NO WAY. I'm addicted.
So, the best I could come up with was to abstain from calling all bankers and politicians "cocksuckers."
Guess I'll just have to call them MOTHERFUCKERS until Easter (April 8).
That ought to do it. This shit is too unreal, but I know that it will all end very, very badly, for everyone. Very difficult to keep running a business when one is accosted from all sides by liars, cheats, thieves and criminals in three-piece suits.
The Greeks are getting gang-raped and eventually we all will be. I suggest stacking more PMs of choice and keeping your Glock loaded and ready.
So, the bailout money goes to Greece which is never allocated to what it's intended (as the public eyes and ears of course would assume because underneath it all, it is being allocated as it's intended) but rather.... funds the banks giving them the money to bail out Greece a second time? Talk about being green. Recycled takes a whole new meaning. Wash rinse repeat....
It is a sick world for sure and another loss of power with transferring wealth. And... yet it is allowed and I would assume, most leaders of every country see what it reall is which makes it even more sickening. If the media would talk about what's really happening..... yea right....
Interesting times we live in.
The Greek people should be out in the streets rioting, but they want someone else to fix the the problem... and so it goes until one day YOU as a EUROPEAN from another country (Italian, Portuguese, Irelandese) cannot pay for your house or buy a necessity for your children... not to worry, s-l-o-w-l-y but surely, the center of economic prowess is rotating onto Asia.
Is this a scandal? I am not sure what a scandal is anymore.
On the other hand...if they can get away with it....why not me?
Scandwal?? Thwats what I do befwore wunch on a dwaily bwasis!
Some questions for your to ensure you understand the required qualifications to participate in the Goldman Sachs Witness Protection Program:
1) Do you work for a TBTF institution?
2) Do you have lobbyists?
3) Do you contribute six figure sums to political campaigns?
4) Do you have a conscience or any ethical or moral standards?
note: Scandal is now SOP
Standard Operating Procedure
As far as the constitution is concerned - it is not that easy as Troika smartasses think.
http://www.keeptalkinggreece.com/2012/02/21/greece-needs-new-parliament-...
It needs elections and a new parlament to pass this change - and it can't be done before 2013 anyway, because the Greek constition has been changed in 2008 and can only be changed once in five years.
All will be made clear ....everything is fine in Euroland.
Silly Rabbit. Bailouts are for bankers!
http://archive.wbai.org/
Wednesday February 22 12:00pm
Gary Null - The Natural Living Show
Good for ZH reporting on these uncomfortable little details! It seems more and more people are turning to this site for the facts.
Still, is anyone here surprised that all this bailout money (stolen from taxpayers) is going directly to bail out the banks (who profited from the original loans)? This whole bail-out mess is just a charade to maintain the illusion that our leaders are working on our behalf to save the planet. Greece is just being kept alive long enough to make sure all the crappy loans that will never be repaid are completely and irrevocably transferred to anyone other than a banker....
How I wish I had been born a banker.
now all I want to see is Nigel Farage take the podium at the European parliament, clear his throat and commence to delivering the most epic "I told you so" anti-EU NWO rant in the history of mankind.
a verbal ass kicking on a world stage is absolutely in order at this point, and nobody, but nobody can deliver that better than Nigel.
after that it's up to the Greeks to deliver the psychical ass kicking, and all sings point to that being not far off, you can only push people so far until they have nothing left to lose.
This is economic shock & awe. The banks get segrated accounts and priority payouts.
The Greek people need to hang them all.
Greece = AIG
Ok so the bailout is only for debt payments. Not the people, so why make out it is. Why lie. Because the Greek people will do that shit. So come on. Play your bullshit debt games, but let the Greek people default and try to rebuild their lives and dignity. Fuck your ponzi, fuck your shitty fiat and fuck your arrogant banking ways.
Ok Anonymous, time to walk the walk.
Glad I don't live in Los Angeles when they bring this shit to the United States.
Stupid Double Post
World War III - The First Private War in History
Those who won all battles shall lose the war.
Bilderberg Group and the crimes against humanity.
This is how things work in all countries. Whatever used to belong to their people, today it belongs to the multinational companies of the Club. People were betrayed by their given leaderships and they lost everything. Capitals and markets were handed to the Club bosses. If you understand what is going on in Greece, you can understand what is going on in Britain, France, and Germany etc..
http://eamb-ydrohoos.blogspot.com/2012/02/world-war-iii.html
Authored by PANAGIOTIS TRAIANOU
Again, I'm telling you Pan.
WW3 if and when it happens won't be the FIRST private war in the history.
It is just more obvious today and it's because we've exposed the wizards of Oz. The Emperors had no clothes back then either.
Money doesn't grow on trees. Money is created at will and at random only limited by the amount of greed and corruption of the elite.
I have never heard anything so fucked in all my life. Why would anyone want to stay in a country that was totally screwing you over like this. I would either leave and be a refugee somewhere else or shot dead in the streets.
I don't think this rape of Greece will stand. It can't.
Solution for Greece: Accept all loans and terms with one caveat: the lenders (bankstas) must stay at the famous Greek Roach Motel where they will check in but never check out after being boiled in the finest Greek olive oil.
In the meantime the escrow account has to be funded by greece in advance of the bailout.
The only way I can see this happening is they will put their national gold reserves in the escrow account.
So the banks will have swapped something tangible for some 1s and 0s on a computer somewhere.
CNUTS
We keep you alive to serve this ship (of deadbeat lenders). So row well and live - Mario Draghi
http://www.youtube.com/watch?v=Y0T-1VQMxlU&feature=related
Failing that you'll be sent to NBC (Nazi Bank Cartel) hell
http://www.youtube.com/watch?v=LJDZSmkHSpY&feature=related
NINJA loans are now exposed for what they are, Lenders Liar Loans for Suckers (LLL'S)
We send humanitarian assistance to Libya, Egypt, Syria.....why can't we launch humanitarian drones on the ECB, IIF, and IMF headquarters? When will it become legal & appropriate to publicly call for the assasination of Banksters by our US Special Forces? When will we finally see Al Qaeda insurgents teaming up with US Army soldiers to storm Greek banks Z& Parliament?
We send humanitarian assistance to Libya, Egypt, Syria.....why can't we launch humanitarian drones on the ECB, IIF, and IMF headquarters? When will it become legal & appropriate to publicly call for the assasination of Banksters by our US Special Forces? When will we finally see Al Qaeda insurgents teaming up with US Army soldiers to storm Greek banks Z& Parliament?
Circular reasoning is their method. They print trillions to give to Trioka to flow through Greek escrow bank to EU banks. The "average" Greek never sees a thing.
Fractional reserve banking at its finest!
Congratulations Greece - you just got royally raped by your own unelected rulers and you didn't even know it.
Pardon me, but I am quite certain that the Greeks definately know when something is going in the wrong hole.
Greece is a guinea pig for creating a template that could easily be used on any future insolvent Western country. Also a warning, you better let the banks eat your children, or else.
The tragi-come-farse continues unabated! Greek people should be carrying on their 'ejanaika' festival toward Athens right about now!
The Tea Party fascist whores of illegitimate bankster ideology want to pass some of the same crap here. Where we 'pay the interest' first above everything else. If memory serves correct some of the idiot republican candidates (as opposed to the idiot dem candidate) talked about on the campaign trail early on. Once we fund more bailouts of fraud, they'll push that on us here.
Glass-Steagall
By knowing what happened in indebted Greece, where loan sharks created “bubbles” and the current inhuman debt, one can understand the inhuman plan in total ...understand where this plan started just to bring all states at the same end ...understand how this type of plans are established...
Loan sharks knew that if they took the dollars printing machines under their control they could suffocate the world ...they could initially suffocate USA and after taking the USA from the Americans, they could move and suffocate the whole world and take the countries from their people.
FED printed cheap money and loansharking multiplied this money in an unnatural way within the American economy boarders and they discarded them abroad so that they did not threaten USA. USA became the first state in the world with artificial “breathing”...
It cannot be possible but just in the USA for only the last year, more than one million houses were seized. It cannot be impossible but the New World has returned to tents and shelters ..has returned to the ages of Columbus. It cannot be possible that we allow to a few loan sharks looting the toils and the assets of people...
http://eamb-ydrohoos.blogspot.com/2012/01/global-debt-crisis.html
------------------------
Global Debt Crisis
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