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Schaeuble Blesses Gaspar: German FinMin Promises To Rescue Portugal
UPDATE: Ironic timing...*VENIZELOS SAYS GREECE FACES CHOICE OF STAYING IN EURO OR NOT, *GREEK DEBT SUSTAINABILITY NO WAY NEAR 120%, DE JAGER SAYS, and *ECB SHOULD CONTRIBUTE TO REDUCTION OF GREEK DEBT, JUNCKER SAYS
In an incredibly candid 'informal' discussion caught on video by Portugal's TVi24 television crew, German finance minister Wolfgang Schaeuble gives Portuguese finance minister Vitor Gaspar 'the nod' that after the Greek deal is done, Germany will relax the conditions of the financial assistance program for Portugal. While the soundtrack is a little flaky, it is clear that the German finmin notes they must remain resolute in their conditions against Greece in order to maintain the appearance of 'seriousness' with the fellow members of the Greek parliament and more importantly the people of Germany. It would appear that once they have flexed their muscles against the Greeks (think Lehman?) then (and only then) can (and will) they 'help' the Portuguese. Perhaps the hard default is the way they expect this to play out with the assumption they can post-hoc avoid contagion in some manner but nevertheless, Samaras' comments this afternoon on growth and a focus away from austerity do not sit in any way complementary to Schaeuble's comments in this candid-camera moment.
Portuguese TV is having a field day with the clip as they note: Vítor Gaspar was "looking like a student trying to impress the teacher," was how the commentator saw the episode. Adding, the minister "did everything but say that not only is doing everything right as even very fond of the austerity policy."
The full transcript is here (via Google Translate):
Talk quietly and when the two thought not being heard, was held on Thursday in Brussels during the meeting of European finance ministers and was captured by a camera TVI. Schäuble told Gaspar that Germany was willing to relax the Portuguese aid program, but after you solve the problem of Greece. "Thank you very much," said the Portuguese Minister of Finance. Vítor Gaspar said after the German minister: "We made ??substantial progress in the European context." "Yes, they did," says Schäuble. Pedro Passos Coelho said recently that Portugal does not need more time or more money to fulfill according to the European Union and the International Monetary Fund. "Portugal will not ask for a renegotiation of the program is running. (...) He said it clearly in Parliament and I will reaffirm it: Do not ask more time or more money to implement the program, "said on January 24, during a press conference.
Transcript of the conversation in its entirety Wolfgang Schäuble: If at the end we need to make an adjustment to the program [Portuguese], having taken large deciosões about Greece ... This is essential. But then, if necessary an adjustment of the Portuguese program, will be prepared. Vítor Gaspar: Thank you very much. Wolfgang Schäuble: No problem. Since ... It is that members of the German parliament and public opinion in Germany does not believe that our decisions are serious, why not believe in our decisions about Greece. Vítor Gaspar: We made ??very substantial progress in the European context. Wolfgang Schäuble: Yes, you did progress. Vítor Gaspar: Yes, we did. And now we have to work ...
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after this is all over is the United states going to keep its "strong dollar policy?"
Its simple: Schaeuble does not like to be called a NAZI which is why the Greek will be allowed to put their feet into their mouths and chew on them to death as of next month and see what the Germans say about their lying and cheating politicians and the burning of German flags, calling Merkel Hitler and such...
The Portuguese followed the Greek model for a while and finally did one sharp turn-about when they realised they were about to hit a very solid wall...
The difference between Portugal, Ireland and Greece is that the former two have tried with all they have in their power to stem the tide whereas Greece has DONE NOTHING for more than two years, literally.
So, Greek Politicians hold an entire nation hostage feeding their clients, but their time is running out now....
"The Portuguese followed the Greek model for a while and finally did one sharp turn-about when they realised they were about to hit a very solid wall..."
This doesn't make sense. The difference is that Portugal and Ireland cannot use the Nazi card
blablabla Nazi card - the first biggest difference at the beginning of the story between Greece, Portugal and Ireland is something all here seem to have forgotten:
the Greek Government cheated big time, courtesy of Goldman Sachs advise how to park bad debt off balance sheet
the question is about trust - are their books still cooked?
Did you even read or understand what I quoted and replied to?
yes - did you read or understand my point? The difference between Greece and Portugal is not the "nazi card". It's the appalling corruption of the Greek political system. I happen to know both countries quite well, btw. Do you?
+1
I said that too.
This doesn't make sense. The difference is that Portugal and Ireland cannot use the Nazi card
Nope, the difference is, Portugal and Ireland DID SOMETHING TO CHANGE the trajectory of their misfortunes, that's all.
Schäuble is an Euro-Nazi. He will send the German population if this is the only way to rescue his failed Euro project.
This is amazing, truly amazing. The finance minister from Portugal is showing how much power HE DOESN"T have. And the German finance minister is trying to bust Greece.
And the German finance minister is trying to bust Greece.
No need a tryin' no more, son....
No need a tryin' no more, son....
Exclaimed the "bust" :>D
Nazification everywhere now. Please sir may I have some more.
This does have that aroma about it doesn't it? The German's are the only ones with "money" to lend to the debt slaves within the EU and thereby dictate the terms?
Really?...lol.
Vhat vee cannot vin on ze battlefield ve vill vin by jour veakness...all of jour veaknesses BWAHAHAHA !!!
Ve vant ze money Greece!
Or ve fuck you up.
Ja... and no funny stuff...
No, Donny, these men are nihilists.
There's nothing to be afraid of.
I must be paranoid. I cannot help but think the whole "caught on candid camera" thing was actually a setup, staged.
Regardless the Greeks will be most displeased.
candid camera or not...
i suddenly feel the strong urge to watch "Dr, Strangelove" again.
You mean "How I stopped using tanks , and used banks instead?"
Problem solved!
Stay in, on your knees, or...
...I am flying home.
Imagine you're the German finmin and you're trying to tell one country in gentle terms to take a hike, no more money. Then the finmin of another country begging for cash is sweet talking to you about their austerity and pressuring you for commitments about more money.
In the end, the German finmin is just tired of all these assclowns asking for money or guarantees from Germany. He's not about to sign the cheques anytime soon. He's got zero political support for it and quite frankly, he could personally care less about homeless in Greece or Portugal. He's just one guy.
My interpretation of Schäuble is that he's tired, he's uncomfortable and he's trying to say something without actually saying anything.
The official German government stand is that they're not sure what to do. Who can blame them? A government involved in a foreign debt crisis and asked to come up with a solution to re-finance the debt of another country. It's unprecedented. And believe you me, Frau Merkel is not concerned with a re-election bid. In fact, she can't wait for the day when this nightmare is ending. Secretly she wishes, that the parties in opposition had tried to boot her out last year. There were so many scandals surrounding her government, but nothing would stick for good and the opposition is pretty lame. That poor Angie!
Schaeuble's real message to Gaspar was.....
Let us finish with Greece first.
Then we're going to fuck you so badly you'll wish you were Greek.
Wasn't it "Then we are going to Greek you so badly you'll wish you had some olive oil."?
+1. Your computer must have a feature that goes straight from google translator to bullshit translator.
It takes one to know one, and I can talk nasty bullshit. As my hispanic friends say (with lots of drama) "Dass naasty".
Iss like dat!
Hmm, but Portugal DOES have olive oil...
Pecking order for peckered butt tarama.
Winning?
I am listening to Philip Glass and I'm so hypnotized and calm that nothing will ever bother me again as long as I live.
Some of his stuff can leave you jumpy though. It's a risk you have to take.
I am never calmed by Philip Glass. I always feel something is missing - like rhythm.
Have a glass of chilled lager, it will cure your calm bladder, and churn your hypnotic mind.
@Spastica
+1
Glass Reflections (Cello Octet Conjunto Ibérico) - Symphony for Eight
+ 25 Year Old Glenlivet = zero fuck given, Sir.
Amen, but I'll have a bourbon.
Cheers!
Spastica rox
He also said to 'Never turn your back to a Greek'........
This fucking Schäuble should be hung while duct taped to his fucking wheelchair.
I wonder if there will be a new set of nuremberg trials to try these traitor fuckers ?
sorry for faul language but tired and upset :)
Now that's just plain cruel.
But that's what makes the wheels go 'round.
What are you talking about?
Go after Bush & Co. for covering up 9/11, the greatest crime and false flag ever by a government against its own people. Bush, Rumsfeld & Co. starting an illegitimate war against Iraq. Putting the country on a path to fascism with the most paranoid citizens-watch program ever! How about Bush, Paulson & Co. putting a gun to your Congress heads and demanding several billion Dollars for the banks or else?
That's so blatantly obvious but oh no, gotta call out the crippled German finmin instead. Yeah, that's some conspiracy alright. Germany is asked to come up with hundreds of billions for foreign governments which cannot be repaid or collected. If Germany doesn't shut up and put up, they're cruel and mean. If they try to figure out a way to make it actually happen, they're Nazi pigs wanting to take over Europe.
Do you see now why Germany was blamed 2x for starting large scale wars in Europe? It's always Germany's fault no matter what happens. When it goes wrong and it will, then it's Germany's fault.
What a bunch of crap.
Okok, you're right. If you feel that strongly about it, I will be getting very worried, so please calm down.
We're all friends here except... (well put G***ce here...), so please: RELAX!
I was maybe unclear he should be hung for crimes against his own fucking population, I dont give a fuck about BUSH and gray aliens and all that crap.
This fucking handicapped satanist whorechild has sold out his "own" people, therefore he should die
Das moron vill be floating in der Rhine by sun up.
This feels like a scene from "The Godfather".
Never tell anyone outside the family what you're thinking again.
"Leave the gun. Take the cannoli."
FTW.
When you ask the other for money you don't exist anymore. There is no soiidarity between serf and Oligarch. Clear as hell. To save the banks they are prepared to let the peripherals rot; only Greece was a true political scam from day one. Not Portugal, Spain, Ireland; who are all vicitms of private sector banking rape and subsequent government pump financing, socialising their private debts. Criminal scam now gone viral.
But, why Greece?
Craddle of de-civilization?
Perhaps we haven't seen nothin' yet.
When are these Greek pussies gonna stand up and fight?
I sure hope they aren't waiting for American pussies to stand up and fight.
The Greeks have sucked more teargas than anyone else in Europe. What's your story Mae?
Fight? They can retire at 50 something. Many are on the dole and the others work for the government which has been funded by other people's money( debt) that they will not have access to. Fight to lose all that?
So funny reading comments how it is in Greece's best interest to get out. That is assuming they want to work. Which I am guessing that after so many years of not working they probably dont.
Greece will be bailed out. They will not implement austerity and the game will continue.
This video is the proof of what many of us said before: they (Germans) publicly say one thing, but quietly doing another.
Here’s what German hypocrites (aka Bundesbank) publicly said today again (after quietly telling Draghi to go ahead with liquidity offer):
Germans concerned over Draghi liquidity offer
Bundesbank voices worries about lowering of ECB credit standards http://www.ft.com/cms/s/0/f7a0b748-5345-11e1-aafd-00144feabdc0.html
and how do you manage your finance ministry in international political and financial arrangements with other countries?
by laying all the cards and all your money on the table, add some beer and call it a free buffet for all?
"We must keep the citizens, the taxpayers, in the dark; they must not see behind the curtain or our magic meetings and spells will fail to mesmerize them and maintain their somnolence."
No biggie, half of Greece doesn't have internet.
C'mon Greece you got one choice and one choice only.
Go back to the Drachma devalue it and become a tourist mecca, the rich northern Europeans will flock there as will the Germans. Market your lazy butts to the Norwegians, they are the rich of Europe
Grow some f*cking balls and send a shock-wave to the rest of Europe. They are gaming you to death. Just default, who cares if you are kicked out of the EU. Look you seen UK, France, Germany...f*cking dreary depressing dumps. Greece has beautiful beaches, villages, towns, an awesome history. Default. Get your Drachma back, f*ck the ECB and the IMF and the EU. The Europeans will still travel to your country if its dirt cheap, they don't give a f*ck about there own governments and the academic idiots. Who does? Even the market thinks they are a bunch of losers. The depressed Europeans want beaches, sun and Ouzo/booze, give it to them.
DO IT!
...or be boned by the ECB/EU via France and Germany
Portgual you do the same. We know Italy is going to do it once they throw that technocrat nut out.
Spain will follow.
Don't know about Ireland though...
In Ireland perhaps there is reluctance to disturb the order of things, as suggested by Mary Katherine Gallagher:
http://www.youtube.com/watch?v=IF30EEMJT9Q&feature=related
And the UK and Belgium and the US and France and ...
That Hitler bunker translation meme is sooooo played out.
Oh. Wut?
The levels of complacency among the policy makers is astounding.
This blogged has been suspended http://mpettis.com/cgi-sys/suspendedpage.cgi
Fair enough, what is mpettis blog about?
They still don't understand they must be careful in speaking at meetings as even a child with an iphone can punk them... Punk'd!
http://www.youtube.com/watch?v=ROkYjt1atac
There were some nasty comments mentionning that China being both the manufacturing base and creditor of the world should naturally emerge as reserve currency, do you remember Strauss Khan calling for Yuan to be part of the currencies backing SDRs?
Guys I prefer Gold to bad fiat but I prefer good paper to Gold. HKD is a NON FIAT paper currency just has Hayek advocated.
Perhaps that is Ackman's reasoning for his bet on the HKD.
Greeks you used to be warriors once. Let Germany control your finances you might as well let them build a military base in your country.
BRUSSELS(Dow Jones)--Euro-zone finance ministers withheld approval for a second Greek bailout Thursday, saying the Greek parliament must approve new austerity policies and a package of economic overhauls before the euro zone can back a EUR130 billion ($172.6 billion) loan deal for the government.
Euro-zone ministers will meet again next Wednesday to approve the bailout, provided Greece has taken these steps, European Union economics commissioner Olli Rehn said after a meeting of ministers here.
A debt swap intended to cut Greece's private-sector debt by about EUR100 billion is "practically finalized even if it will be formally approved as part of the overall package, I trust, next week," Rehn added.
Rehn and Eurogroup Chairman Jean-Claude Juncker acknowledged the schedule is tight to pull off the bond swap, which will require more money to be lent to Greece to encourage investors to participate in the swap. A EUR14.5 billion Greek debt maturity is looming March 20.
The EU and IMF are considering a number of options to ensure Greece prioritizes repayment of debt ahead of funding government operations. One of these is the creation of an escrow account that would control the bailout funds and have the power to repay Greece's debt before lending to the Greek government.
"We are considering it seriously because it is one relevant possibility for reinforcing surveillance and also effective implementation of the program," Rehn said.
Something moved at half hour.
The major US volatility index closed with downtrendlines broken.
VIX, VXX and VXD closed with your downtrendlines broken !
And take a look at the intraday of VXX......TAKE A LOOK at the running of last half hour with strong volume and hard candle.
See here: http://pracompraroupravender.blogspot.com/2012/02/correria-nos-indices-de-volatilidade-na.html
I'm in.
ATHENS — After days of maneuvering, Greek political leaders reached a tentative deal on Thursday on a package of tough austerity measures demanded by Greece’s financial backers in return for the country’s latest bailout.
Have the Greek trade unions started their strike yet, or are they waiting to hear the numbers of job cuts..??
Just do an Iceland.
They said no one would trade with Iceland, but look now.
Barely three years and they're up and running.
Otherwise, grease up, this will be a bubba fuckfest.
Germany if forcing Greece to buy German weapons and military-tanks.
Now you know why Germany's exports are booming.
http://www.youtube.com/watch?v=Rt8Dv15FtsM#!
Angie, Angie, where will it lead us from here ?
Angie, Angie, when all those bail-outs disappear ?
With no loving in our souls and no bail-out in our coats
You can't say were satisfied
But Angie, Angie, you can't say we never tried
oh Angie, Angie, you can't say we never tried
oh Angie, Angie we bugger you on euro knees -
just one more euro-zone bail-out please !
(lyrics by David Cameron music by Tim Geitner)
wr;)
Let's see who will offer to belly up to the bar and save Spain...
Vítor Gaspar whispering to Schauble:
"Shall I take a facial, or do you prefer I swallow?"
Greece will default and stay in Euro. Don't even think for a moment Greece will be left to the hienas.
They will force the banks holding greek debt go excrement. Greece is more important than banks.
- Greece holds the key to mediterraneans
- Greece has a lot of immigrants - 10% at least. If situation goes chaos, they will all go to Germany
Banks are fucked.
Thank God I'm A S"nikers Bar"....
Kick ass Europeans! The autobahn is JUNK!
Of course the Germans are telling different stories here and there.
They tell the German people "the Greeks are starving. let's give them your money. Yours, not ours."
They tell the Greek gov "we gotta show the German people some suffering. They're bloodthirsty
and live on shadenfreude, and they hate you Greeks anyway. Shall we start with the poor?"
and "you have to negotiate, because Timmie said we owe him some money, so no banruptcy" and
"here's another loan to buy some weapons. We'll just add it to the bill"
They tell Sarkozy "there, there, short stuff. You're important. in your own mind"
They tell the ECB "get ready to print. As soon as we shread the constitution, Draghi can print the trillion. Alles clar?"
They tell their banks "whatever you want. Here's your money. It did a round trip from the German workers,
to Athens and back to you. Did you get some free money from the ECB?"
They say "yes, sir. no bankruptcy in Europe. yes sir. American banks will not lose a penny" to Timmie,
the de facto leader of Europe.
Policymakers recycle the same old plays from the tired ass playbook and continue to grow over confident in their abilities to rape and pillage sovereigns.
This is coming to an end.