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Toscafund: "Greece Exit Would Provoke European Social Unrest, Hyperinflation, And A Military Coup"

Tyler Durden's picture


And here we are thinking we were bearish. As it turns out, compared to London hedge fund Toscafund we are rank amateurs. Reuters reports: "A Greek exit from the euro zone would be worse than catastrophic and could provoke greater social unrest, Zimbabwe-style inflation and a military coup, said London-based hedge fund firm Toscafund. In a stark note to clients, chief economist Savvas Savouri said introducing a new currency instantaneously in the wake of a euro exit would be impossible and the delay would lead to "a run on banks and evacuation of capital that would make what has already been seen as nothing by comparison". "The word catastrophic would not do it justice enough," said Savouri, who comes from a Greek Cypriot background. "Those who imagine some post-euro-exit stability would be restored ... quite simply fail to understand the magnitude -- social, economic and political -- of such an eventuality."" Well, at least he is objective... and tells us how he really feels.

More on what the end of the world will look like:

Savouri said he would expect the euro to remain the currency of choice in Greece even if it left the euro and for the official exchange rate with the euro to be quickly undercut on the black market.


He predicted a range of problems for the country, from hyperinflation, extreme difficulty for the government in raising money on bond markets and an evacuation of people able to leave the country, taking as much wealth as they can with them.


"Inflation in Greece would quite frankly spiral in a way resembling Zimbabwe's experience," said Savouri, who also predicted severe poverty amongst the elderly.


"The social unrest seen up until now in Greece would be nothing compared with what would be seen in the dawn of a new drachma.


"It would not be hyperbole to argue that the denouement of a Greek exit from the euro would be at worst the rise of poisonous political extremists and at best a military coup."


Last year Savouri produced research notes saying that reunification between North and South Korea was "certain" and that South Africa was flawed and set to "blow up" within the next 15 years.

Well, if the guy is right, it's been fun.


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Fri, 01/13/2012 - 11:52 | 2061605 nope-1004
nope-1004's picture

LOL.  Greece exit would cause social unrest and a coup.

But the status quo is waaaay better?  LOL.  Die already EUR.


Fri, 01/13/2012 - 11:53 | 2061612 zilverreiger
zilverreiger's picture

He means inside greece, if they do crazy things they will be bombed away, that corner of europe has been bombed before

Fri, 01/13/2012 - 12:12 | 2061656 TruthInSunshine
TruthInSunshine's picture

There's an obscure hedgefund calle LongPIIGSDebt4Ever Partners, LLP, that just told TheStreet that if Greece isn't saved by Draghi (and implicity, Merkel), China & Russia will launch unprovoked nuclear attacks on major American Cities, which will necessitate a similar response, and so forth.

They'd better get busy bailing out Greek bond holders (especially nouveau deemed ones), because that sounds ominous.

Fri, 01/13/2012 - 12:17 | 2061744 economics1996
economics1996's picture

The party is over.  

Fri, 01/13/2012 - 13:52 | 2062272 Havana White
Havana White's picture

Under design now is the secretive means by which $1+ trillion will pass from the U.S. middle class to eurobank (and hedge fund) Greek bondholders.  On deck is Italy's junk.

Fri, 01/13/2012 - 12:43 | 2061920 GeneMarchbanks
GeneMarchbanks's picture

London based. All you need to know. Tosca is nobody.

Fri, 01/13/2012 - 12:59 | 2062014 Xkwisetly Paneful
Xkwisetly Paneful's picture

No problem!

THe radical islamic muzzies are moving in anyway.

In fact I heard a name change is coming,



Fri, 01/13/2012 - 13:36 | 2062199 Jolly.Roger
Jolly.Roger's picture

What a stupid and irrelevant comment

Fri, 01/13/2012 - 14:06 | 2062335 BigJim
BigJim's picture

If they drove out the radical zionists it might be a good thing.

Fri, 01/13/2012 - 14:14 | 2062365 Xkwisetly Paneful
Xkwisetly Paneful's picture

No doubt Ahmed! Asalam Alekem.

The radical zionistas blew shit up in Asia, Africa, Northern and Western Europe and North America all in the last 20yrs.

Oh wait that was the radical islamic muzzies?

No way!

UK up next with Mohammed being the number one baby name in 2010.

All hail the radical islamic muzzies as the overrun the globe!

Bout time to go post 1000times somewhere about misinterpretations isn't it?

Not going to make your daily quota and get enough to buy a pebble sandwich.


Fri, 01/13/2012 - 14:40 | 2062492 BigJim
BigJim's picture

...The radical zionistas blew shit up in Asia, Africa, Northern and Western Europe and North America all in the last 20yrs.

Oh! You mean like, Viet Nam, Cambodia, Grenada, Panama, Somalia, Yemen, Iraq, Afganistan, Iran...

Last time I checked, our bodycount is in the millions. Don't think 'the radical muzzies' can compete, frankly.

Fri, 01/13/2012 - 12:00 | 2061658 American34
American34's picture

Is it true??? Is Mr. Durden building an Army?

Fri, 01/13/2012 - 12:05 | 2061690 francis_sawyer
francis_sawyer's picture

Billy... Don't be a GYRO...

Fri, 01/13/2012 - 22:37 | 2063962 StychoKiller
StychoKiller's picture

Obscure (but funny!) comment -- not everyone's gonna figure it out. :>D

Fri, 01/13/2012 - 22:43 | 2063975 akak
akak's picture

not everyone's gonna figure it out

And that's a pita.

Fri, 01/13/2012 - 12:11 | 2061713 Kaiser Sousa
Kaiser Sousa's picture

they and most of Europe have had one foot on a banana peel and the other n the grave for waaaaaaaaaaaaaaaay too long...

i'm with u...kill these fucking Zombies already...let the collapse begin...

Gold and Silver on deck please.........

Fri, 01/13/2012 - 12:17 | 2061741 s2man
s2man's picture

Not until September.  I have late Sept in the ZH global-financial-collapse pool.

Fri, 01/13/2012 - 12:16 | 2061735 jon
jon's picture

"well, tosca's not for everybody."

Fri, 01/13/2012 - 14:07 | 2062344 BigJim
BigJim's picture

I can't remember - is there a fat lady in Tosca? Has she sung yet?

Fri, 01/13/2012 - 13:36 | 2062198 pkea
pkea's picture

only one thing is sure "there will be blood" this spring

Fri, 01/13/2012 - 11:53 | 2061609 laspeyres
laspeyres's picture

ah well.....

Fri, 01/13/2012 - 11:55 | 2061622 uno
uno's picture

yea but can they make a reality show around it

Fri, 01/13/2012 - 11:55 | 2061624 DeadFred
DeadFred's picture

He must have some significant positions at risk. If his fund goes under he can always run for president. A former hedge fund manager with a dubious birth certificate seems like a winner to me.

Fri, 01/13/2012 - 11:56 | 2061632 sudzee
sudzee's picture

Greeks with money have already walked. Greek banks supported with bad checks from the ECB to replace real deposits. Drachma can be issued in 5 minutes in electronic form.

Fri, 01/13/2012 - 11:57 | 2061635 vitoox
vitoox's picture

Remember Lietuva, Latvia, Eestimaa.
There is no End of the World.

Fri, 01/13/2012 - 11:59 | 2061651 Clueless Economist
Clueless Economist's picture

My great-grandmother was from Lietuva.

The Lithuanians were to first to successfully revolt against their Soviet masters circa 1991

Fri, 01/13/2012 - 12:16 | 2061736 vitoox
vitoox's picture

Today is 21st anniversary when Lithuanian unarmed people withstood Russian tanks. 14 were killed.

Lithuania January 13th 1991

Fri, 01/13/2012 - 11:57 | 2061636 Clueless Economist
Clueless Economist's picture

I propose some massive stimulus ie Printing of 10 Trillion Euros to stabalize the Greek economy.

This is the only sane solution to save the Euro.

"The only cure for the debt crisis, is more debt"

P. Krugman

Keynesian and Nobel Prize winner

Fri, 01/13/2012 - 12:04 | 2061688 agent default
agent default's picture

Give every household a printing press and fuck it.  Better.

Fri, 01/13/2012 - 11:58 | 2061640 gianakt
gianakt's picture

The big suprise will be that England gets down graded as well.

Fri, 01/13/2012 - 12:01 | 2061664 LawsofPhysics
LawsofPhysics's picture

Please, do tell, precisely when will this happen?

Fri, 01/13/2012 - 12:08 | 2061702 Cast Iron Skillet
Cast Iron Skillet's picture

my God, I'm like totally in suspense (really, no sarcasm intended). I hope something happens soon, so I can go eat dinner without constantly refreshing the headlines in my browser.

Fri, 01/13/2012 - 13:41 | 2062211 pkea
pkea's picture

For anyone who wonders "when", expect the news on default around march 9-15

Fri, 01/13/2012 - 14:09 | 2062357 BigJim
BigJim's picture

And your reasoning is...?

Fri, 01/13/2012 - 11:58 | 2061644 ABG LINE
ABG LINE's picture

Ouzo anyone?

Fri, 01/13/2012 - 12:56 | 2061993 constitutionalist
constitutionalist's picture


Fri, 01/13/2012 - 12:02 | 2061648 moriarty
moriarty's picture

Nessum dorma indeed


Er-errr wrong opera but right sentiment

Fri, 01/13/2012 - 12:00 | 2061655 asteroids
asteroids's picture

Fear mongering again??? Greece will do what it must, and the sun will continue to rise in the east and set in the west. There will be no distruction. Bankers may not like it but life goes on. OPA!

Fri, 01/13/2012 - 22:40 | 2063970 StychoKiller
StychoKiller's picture

Will someone please think of the banksters? :>D

Fri, 01/13/2012 - 12:00 | 2061657 bahaar
bahaar's picture

Greece will survive EZ exit / default and see a new day.    Countless others have.  They didn't become Zimbabwe.

Fri, 01/13/2012 - 12:09 | 2061709 Yikes
Yikes's picture

I've noticed that the overblown talk of the Euro dieing has been replaced with the talk of Greek exit, as it should have been all along.

Fri, 01/13/2012 - 12:22 | 2061773 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

This isn't only a tactical issue, it is a philosphic one as well.  If a State such as Greece leaves the euro it will show the fallacy of a united financial front for Europe.  It will leave Italy, Spain, Portugal, and others vulnerable to their people to question if the euro is really in their best interest.  It will be a slow burn at first, but like all things in Europe, once the party gets started, it will get intense before the the sun comes up.

Fri, 01/13/2012 - 13:45 | 2062234 aardvarkk
aardvarkk's picture

Well....Zimbabwe did.

Fri, 01/13/2012 - 12:02 | 2061669 GMadScientist
GMadScientist's picture

Argentina got rocked, but still exists. It would be messy, but eventually better for everyone, if they did.

Fri, 01/13/2012 - 12:16 | 2061720 Blank Reg
Blank Reg's picture

Yea, Iceland was supposted to be living in the stone age by now. Now they're laughing.

"Renew on Carrousel"

Fri, 01/13/2012 - 12:33 | 2061834 margaris
margaris's picture

+1 for good sci-fi

if only all paper money had a blinking light on it, showing its approaching death, so that we the people could prepare accordingly.

(Paper Money would have started blinking like crazy in 2000, when gold was cheap. )

But no, let the people suffer.... tell them lies, obscure the truth... and simultaneously blame the people for all the mess ...



Fri, 01/13/2012 - 13:43 | 2062220 NoTTD
NoTTD's picture

They could call the movie "Logan's Fund".

Fri, 01/13/2012 - 15:21 | 2062675 akak
akak's picture

Logan's Rotund Bund Fund, Shunned

Fri, 01/13/2012 - 13:53 | 2062279 _ConanTheLibert...
_ConanTheLibertarian_'s picture

Argentina inflation back up to 25%. Could become hyperinflation again. They seem a bit masochistic there.

Fri, 01/13/2012 - 14:11 | 2062371 BigJim
BigJim's picture

It takes a long time to beat socialism out of the public mind.

Fri, 01/13/2012 - 14:33 | 2062460 Ahmeexnal
Ahmeexnal's picture

And Sambaland is also going down the drain. Sambaland president -and former marxist combatant- Dilma Rousseff has ORDERED that all costs relating to breast implants in the ongoing French defective fake boob scandal be placed upon taxpayers. Even if those taxpayers do not have tits themselves:


BRASILIA, Jan 12 (Reuters) - Brazil's President Dilma
Rousseff has ordered the country's public health system and
health insurance companies to pay for the replacement of
ruptured breast implants made in France, even if they were done
for aesthetic reasons.

More than 25,000 of the French-made implants were used in
Brazil - a country that is obsessed with appearance and has a
huge cosmetic surgery industry.

Jean-Claude Mas, the founder and CEO of French company Poly
Implant Prothese (PIP), has not been seen or heard of in public
since the scandal broke.

Fri, 01/13/2012 - 15:50 | 2062802 BigJim
BigJim's picture

I suppose you could argue that the nation's breasts are a public good.

Fri, 01/13/2012 - 12:02 | 2061672 Yardfarmer
Yardfarmer's picture

largely a barter economy now for the ordinary citizen and with diminishing supplies of essential commodities all we are missing is the hyperinflation which  is being gratuitously provided by the ECB with US$ swaps. that should be the cherry on the parfait. thanks Goldman and JP Morgue. you rule.

Fri, 01/13/2012 - 12:45 | 2061929 snowbaall
snowbaall's picture

It's just more threats.

Americans went through this when Hank Paulson theatened martial law.

I need a drink.  My ass hurts.

Give us your money, or we'll burn the house down.

Bunch of suicide bankers.

Fuck 'em all.

Burn the house down.

Fri, 01/13/2012 - 12:04 | 2061675 DormRoom
DormRoom's picture

And what about present conditions in Greece, where poverty stricken mothers are leaving their child @ Churches, and the country has run out of Asprin? It will only get worse.


creative destruction.


Fri, 01/13/2012 - 12:03 | 2061677 RabidAngel
RabidAngel's picture

If anything, Savouri's comments help convince me that Greece would emerge just fine.


Fri, 01/13/2012 - 12:03 | 2061679 youngman
youngman's picture

SO WHAT??????   Its called payback.....come on..... a run on the banks....if they haven´t already...they deserve to lose it....This is going to be a long weekend.....more suprises to come....and how about those "folks" that bought all the bonds this week at such great the ESFS sells more next week....with the Guarantors all going down down my butt...I am going straight to Everclear for this buzzz

Fri, 01/13/2012 - 12:18 | 2061748 Bolweevil
Bolweevil's picture

Purple Drank!

Fri, 01/13/2012 - 13:46 | 2062238 pkea
pkea's picture

at this point it is not just about bank runs which already occurred, there will be a bigger physical payback....someone will snap and i talk about governments not just people who don't matta

Fri, 01/13/2012 - 12:04 | 2061683 Snakeeyes
Snakeeyes's picture

Threats to not dismantle Socialism and crony capitalism.

Fri, 01/13/2012 - 12:05 | 2061694 PaperBear
PaperBear's picture

Those Greek people who have gold and silver can transact using them during the transition.

As many Greeks as possible need to get as much gold and silver as they can right f**king now.

Fri, 01/13/2012 - 12:06 | 2061697 Hephasteus
Hephasteus's picture

I don't think london has produced anything good research wise since they came out with a whole bunch of children's tales of how to identify psychopaths and sociopaths after the dark ages.

Fri, 01/13/2012 - 12:09 | 2061701 Manipulism
Manipulism's picture

This Toscafuck guy should sing his odd opinions.

Maxbe then someone would listen.

Fri, 01/13/2012 - 15:47 | 2062734 akak
akak's picture

Maybe if you try singing it ....

Fri, 01/13/2012 - 12:09 | 2061707 Cole Younger
Cole Younger's picture

Fear mongering at its best...Tocasfund must be in deep shit if Greece is not bailed out.

Fri, 01/13/2012 - 14:36 | 2062479 viahj
viahj's picture

and that's the other side of the coin, who else blows up w/o a Greece bailout?

Fri, 01/13/2012 - 12:09 | 2061708 Everybodys All ...
Everybodys All American's picture

So doing what they have been doing creates more unstable sovereigns and that's a better solution? What a bunch of dumb beaurocrats.

Fri, 01/13/2012 - 12:09 | 2061710 wombats
wombats's picture

Yup...and gravity will cease to function and we will all fly off the earth and drift away in space to be picked off by Paul Krugman's alians.   /snarc

Fri, 01/13/2012 - 14:38 | 2062484 viahj
viahj's picture

that's why God invented velcro

Fri, 01/13/2012 - 12:12 | 2061719 mess nonster
mess nonster's picture

I think a good, fast sprinting bank run would be good for us all. Get those bloated, sclerotic banks out, in their velour track suits, and make 'em fucking pick up their feet! Then , after three days of 'round the corner lines to withdraw cash, see which ones are NOT experiencing some sort of infarction. Yeah! that's the ticket, a real stress-test!

Fri, 01/13/2012 - 12:17 | 2061721 steve from virginia
steve from virginia's picture


Big prob is that a 'new' drachma will be unacceptable to the Saudis. (Nigerians, Iranians, Kuwaitis, etc.) No more gas for you!

Inflation: Greeks will trade whatever amounts of drachmas to gain euros (or dollars), these would be used to buy fuel (for the precious cars). More drachmas every day, more and more. What will the 500 quadrillion drachma bill look like?

What will the 'new-new drachma' look like?

What about the 'New-new-new-replacement draccchma!' Greece and friends become dollarized. Greece will be for sale at yard-sale prices in dollars just because some car manufacturer in France or Germany needs to make another million euros (which they don't anyway.)

What will a gallon of gas cost in Greece (Portugal, Ireland, Spain, France?) $50. Maybe $75. Oil will be repriced so that the idea of wasting it ... will instantly vanish. (The price that oil should have been all along.)

The real solution to the euro problems is to get rid of the goddamned cars, all of them.

Nobody wants to do that, always choosing 'door number 2' and the outcome is going to be worse than being impaled on a stake.

Fri, 01/13/2012 - 12:29 | 2061801 bdc63
bdc63's picture

"The real solution to the euro problems is to get rid of the goddamned cars"

uhm .... what?

Fri, 01/13/2012 - 13:03 | 2062032 SystemsGuy
SystemsGuy's picture

It would be an interesting dress rehearsal for peak oil in the US.

Neo-drachmas would need to be backed up by something, or adoption won't occur. Hyperinflation occurs when there is no trust in the government. There is no trust in the Greek government right now. Too bad they sold all that gold to pay down debts.

Greece should be a cautionary tale to all countries. Give in to the banks and speculators, and you will be living in the stone age. No bombing necessary. Hold on to your gold, default, tell the banks to get the hell out, and issue a currency against that gold (possibly with high interest rates) and you go through a couple of years of hard time but emerge stronger.  Of course, the IMF does not want the people of these countries to realize this.

BTW, Greece has been under military dictatorships before. They survived.

Fri, 01/13/2012 - 14:24 | 2062438 BigJim
BigJim's picture

Did they sell "all that gold"? The figures I've seen say they have 112 tonnes.

What they should do is sell off some national assets, buy gold with the proceeds, and back their currency with it.

Of course, at that point NATO will shift their attention from Iran to the Dodecanese and tell the Turks they can take back what is 'historically' theirs.

Fri, 01/13/2012 - 22:47 | 2063986 StychoKiller
StychoKiller's picture

Oil will be repriced so that the idea of wasting it ... will instantly vanish. (The price that oil should have been all along.)

This needs to happen in the USA also (and pretty much everywhere else!)  So long, NASCAR!

Fri, 01/13/2012 - 12:13 | 2061722 f16hoser
f16hoser's picture

It's safe to say that what they're doing now isn't working. Let's give Chaos and calamity a try. Papademos is a fucking-tard who the people didn't elect or have any loyality towards. Bankers lie. Why can't people wrap their feeble brains around that? Are we that stupid?

Fri, 01/13/2012 - 22:49 | 2063995 StychoKiller
StychoKiller's picture

Ever see how penguins act at the edge of the ice floe?  All hesitate to jump in the water (because they know a leopard seal, or two is waiting for them), until the first one finally gets hungry enough to risk a painful death...

Fri, 01/13/2012 - 12:13 | 2061723 Fastback
Fastback's picture

Watching paint dry is faster than watching this Tragicomedy playout........get on with it already!

Fri, 01/13/2012 - 12:14 | 2061727 Rynak
Rynak's picture




Fri, 01/13/2012 - 12:20 | 2061731 williambanzai7
williambanzai7's picture

Talking his souvlaki...He needs


Fri, 01/13/2012 - 12:27 | 2061790 Captain Kink
Captain Kink's picture

 Dude, you are too flucking funny! Thank you.  Again.

Fri, 01/13/2012 - 14:38 | 2062485 Ahmeexnal
Ahmeexnal's picture

is that a naked Swinegela Merdekel??

Fri, 01/13/2012 - 12:58 | 2062008 847328_3527
Fri, 01/13/2012 - 12:15 | 2061732 cat2
cat2's picture



This is what the bankers always say to stay in control.

Fri, 01/13/2012 - 12:15 | 2061734 The Axe
The Axe's picture

amazon buying NFLX  Nestle buying GMCR  etc etc   now Q3   rumors  get long fucking rumors....crazy world.....

Fri, 01/13/2012 - 12:16 | 2061737 j0nx
j0nx's picture

Tanks in the streets blah blah blah. That line only works once. These guys are running out of tricks.

Fri, 01/13/2012 - 12:16 | 2061739 lizzy36
lizzy36's picture

And there is nothing that says Greece staying in the EU and suffering through a decade of depression, so senior bond holders and EU banks get made half whole, doesn't result in exactly the same THING.

These fuckers can invoke MAD all they want, but they can't seriously say, the alternative will mean less MAD. Only that the status quo doesn't get mad.

Fri, 01/13/2012 - 12:17 | 2061740 fonzannoon
fonzannoon's picture

"President Barack Obama will ask Congress on Friday for greater power to shrink the federal government"

Fri, 01/13/2012 - 13:02 | 2062026 Elwood P Suggins
Elwood P Suggins's picture

To him alone?

Fri, 01/13/2012 - 22:52 | 2064001 StychoKiller
StychoKiller's picture

Oh yeah, 'cause the Decepticrats are so good at cutting spending!  Pathetic!

Fri, 01/13/2012 - 12:17 | 2061742 LawsofPhysics
LawsofPhysics's picture

Look at volume.  We close green today.  Everyone bought the dip(s), right?  Blah Blah Blah.

Fri, 01/13/2012 - 12:18 | 2061745 GeorgeSA1961
GeorgeSA1961's picture

Thanks a lot Mr. George Papandreou

Fri, 01/13/2012 - 12:21 | 2061765 gwar5
gwar5's picture

Yeah sure, just like Iceland fell into civil war! Bring it on the Greek default and Greek exit already -- all of it, bitches! Why not?  The coup has already occurred! The current leaders were appointed by the banks, not elected by the people. A military coup would just be banker Plan B.


I'm watching what the Greek people do and wish they'd boycott the currencies and banks more and faster where possible. They're fucked either way. Time to dig in for a protracted passive resistance against the bankers and develop a strong underground economy to kill the banker sovereignty over them -- There can only be one. Boycott the currency and the banks. Maybe it will spread. The alternative is decades of suffering with emergence of a more powerful global fiat system.


Fri, 01/13/2012 - 12:21 | 2061766 Curtis LeMay
Curtis LeMay's picture

Here's some more encouraging news:

ATHENS, Greece (AP) – Crucial negotiations between the Greek government and its private creditors on a bond swap needed to avoid financial default appeared close to collapse Friday. (11:19 AM EST)


Fri, 01/13/2012 - 12:25 | 2061782 mktsrmanipulated
mktsrmanipulated's picture

what happens to the euro futures at the cme if the euro breaks up???


Fri, 01/13/2012 - 12:26 | 2061784 Dr. Gonzo
Dr. Gonzo's picture

So print more money, buy more wothless bank assets, and appoint more unelected autocrats to rule the world then? Will that make it better? Anything you say. 

Fri, 01/13/2012 - 12:36 | 2061859 mac768
mac768's picture

Utter nonsense

It would rather help the economy and the people of Greece 

but would devastate the unhedged hedge funds 

Fri, 01/13/2012 - 13:06 | 2062050 toomanyfakecons...
toomanyfakeconservatives's picture

Aye... follow the money

Fri, 01/13/2012 - 12:55 | 2061992 847328_3527
847328_3527's picture

Spartacus (Greek: ?????????, Spártakos; Latin: Spartacus[1]) (c. 109–71 BCE) was a famous leader of the slaves in the Third Servile War, a major slave uprising against the Roman Republic.


Spartacus's struggle, often interpreted as an example of oppressed people fighting for their freedom against a slave-owning oligarchy, has found new meaning since the 19th century.

Fri, 01/13/2012 - 13:06 | 2062052 skistroni
skistroni's picture

He's Greek and his surname, "savoura" means "junk" in our language. No need to pay much attention. 

A military coup is not possible, the army officers are simple state employees these days. What might strike you is that I started hearing people wishing for a coup to save the country. Reminds of the prelude to the previous dictatorship that we had, the political chaos between 1965-1967. 

Social unrest is there up to a point. Athens is home to almost half the population. What will the restless revolutionaries eat after a few days of riots and looting? They will probably sell themselves to anyone that offers food (Oh, in the birthplace of democracy!). So don't make so much out of the pictures you see on TV either. 

Articles like this that induce FUD about the looming bankruptcy and euro exit, appear now every day in the Greek MSM. People still say that they believe them, but inside they know it won't work. It has never worked. And reality will set in sooner rather than later. 

And for every other mass-socioeconomist opinion that you might hear about Greece, hear this as well: Greeks are much more individualistic in everything we do, the blindfolded mob mentality is only temporary and eventually we have proven that we always bite the bullet. When everybody realises that blaming each other doesn't produce anything, and that noone will give money for our dying welfare state, we will get our asses up and start working. We might even be ahead of the curve in 10 years' time, while the rest of the world struggles with the depression that's just starting. 

Stay tuned. 

Fri, 01/13/2012 - 14:18 | 2062407 GeneMarchbanks
GeneMarchbanks's picture

Hyperbole, I agree. Greece will find financing elsewhere if you happen to somehow get rid of the ECB/IMF. Greece will rebound with three years one the pain is taken...

Fri, 01/13/2012 - 13:15 | 2062093 Urban Redneck
Urban Redneck's picture

Things have to get worse, before they get better.

Fri, 01/13/2012 - 13:21 | 2062121 Judge Arrow
Judge Arrow's picture

Now Skistroni sounds like he has had a taste of the reality burger and is ready to shit gold - give him room - this is righteous. if the rest of Greece can throw off the slugs, the Ponzi Pigs, the Fat Cats, the Greasy Guys, the Short Armed Cigar Smoking Fatties trying to hang on to the whole pot - well shit we might have a chance - NOT GUILTY, CASE DISMISSED. DRINKS ON THE COURT!!

Fri, 01/13/2012 - 13:39 | 2062208 NoTTD
NoTTD's picture

Bring it on, bitchez.  Default now!

Fri, 01/13/2012 - 13:46 | 2062237 NoTTD
NoTTD's picture

A little Zimbaweism would do them good.

Fri, 01/13/2012 - 13:59 | 2062301 Sandmann
Sandmann's picture
"Greece Exit Would Provoke European Social Unrest, Hyperinflation, And A Military Coup"


Perhaps in Turkey now that Erdogan has arrested all the generals and put 100 journalists in jail but I doubt the Greek military would get US permission to stage a coup unless Goldman is going to hire mercenaries. The old games no longer work - more likely Greeks with education will emigrate - as always - and the rest will have to lower charges and improve service on tavernas and hotel rooms and raise the prices they charge Italians for oilve oil when those expensive Itralian brands blend with Greek and Jordanian olive oil to fleece Northern Europeans

Fri, 01/13/2012 - 14:05 | 2062323 dcb
dcb's picture

lets see, I'm a hedge and own geek debt, I don't w2ant to take a haircut, but want tax payer bailout. I guess I will scream to heal about the disaster that will happen if I don't get my bailout.

Hello, this should just be a vote in Greece, period. I also think all these finance and central bankers people should be lined up againsta wall and shot. Sorry to say it, and I'm sure it will get me in trouble in some way (terrorist watch list), but lets face it, society has to get rid of these people for the good of the world.

Fri, 01/13/2012 - 14:09 | 2062361 Monkeyfister
Monkeyfister's picture

Things seem to be going pretty well in Iceland. It also seems pretty clear that the vast majority of Greeks would be elated to be out from under the tyranny of their Eurozone and IMF overlords. It occurs to me that the only Social Unrest that would befall Europe should Greece finally do what it should have done a year ago-- default and ditch the Euro-- would be in the social parlours of the Financial Elite.

Fri, 01/13/2012 - 14:11 | 2062377 non_anon
non_anon's picture

bring it on

Fri, 01/13/2012 - 14:41 | 2062498 _underscore
_underscore's picture

I would say to those with a rather crowing attitude - be careful, it might be  coimg to a town near you too -  probably sooner rather than later.


The Greeks are going to be more resilient than many think, alot of their economy is 'grey' & not particularly dependent upon official fiat or government channels.

 Greece is generally warm & food grows abundantly & many have small-holdings. With a cheap currency their tourist industry will boom - just a it did before the euro. Much of the Greek's

money has already found safe passage out of banks (esp. businesses), much gold is held, together with a culture of strong familial bonds.

Tell you what, the country I'd least like to be in if anything like this sprread, would be the USA. A quick glance at the SHTF/Survivalist type websites/blogs paints a very grim picture of

society over there - a sort of shoot first & ask questions later community spirit, from what I read.


Fri, 01/13/2012 - 15:01 | 2062586 theprofromdover
theprofromdover's picture

If Greece leaves the Euro -which it has to- I suspect that the locals will all want to be paid in dollars.

They will not want drachmas, and wont be able to afford deutcheuros.


Fri, 01/13/2012 - 15:05 | 2062602 walcott
walcott's picture

the never ending story....

Fri, 01/13/2012 - 15:44 | 2062779 kevinearick
kevinearick's picture

The Traveling Salesman Problem, To QE Infinity & Beyond

The distance between dimensional and linear is perception of perceptions, relativity. Once you understand the implications of addition to 0, enabling separation of charge through algebraic construction and deconstruction, across the dimensional looking glass multiplexer, the rest is a piece of cake. Your senses, driven by DNA feedback evolution, result in the integral false assumptions, which enable derivative switching for you, creating the event horizon channels.

A fusion/fission reactor is a complete circuit with no/all perception, that is no insulation between the proton and electron of dimensional protons and electrons. The empire does not die; it is rebranded through the flux into a new event horizon. You are no more limited by the empire assumption than the sun is limited by the planets surrounding it. Space time is a perception, the false assumption creating the event horizons, which are simply stepping stones.

The law herded non-proprietary income into govt. proxy RE price inflation, resulting in negative feedback quantum backlash where the end of the consumption cycle intersects with the end of the geographic proprietary cycle. The problem is parental failure to provide children with the skills necessary to find or build their own event horizons, where their strings fit. The empire solution after the last heart attack was legal illegal immigration to reignite the ponzi, crammed down the throat of the pacific by the atlantic, from across the sea.

Each event horizon has a unified field equation in the equation of equations, with its own time. If you recall the static/integrated business I/O model provided earlier, each product sub-process is a converging waveform, with amplitude, frequency, and TIME. Everything adds up to 0. Left to its own devices, algebraic reduction, legacy corporate may only implode.

The Fed controls prices (inflation AND employment) by controlling currency circulation through credit channels, creating increasing pressure and decreasing volume under geographic saturation conditions. Communities cut their own throats by subsidizing big boxes with eminent domain instead of growing purely municipal interest, favoring individual responsibility with a gate that uniquely filters out empire judgment, which may only be implemented through a self-sustaining economy with tradable surplus, connected to the planet. Intelligently grant the kids credit, beyond the knowledge of the empire, as they pass though. We all make mistakes.

Each corporation has a unique fear impulse control mechanism, or culture, and it lays off according to noncompliance. The suppressed signal in the conformers create magnified impulses across the glass in their private lives, upon which all corporations prey in the form of media controlled consumption, in a peer pressure positive feedback loop. They run from fear to comfort addiction.

A black hole seeks to hide from itself by traveling in broad daylight. Corporate shorts disorder, calling the result order. Any change in direction increases the already maximized anxiety in peer pleasing participants. The question is not how you escape the prison. The question is where do you want to go with the integral. The derivative has no choice but to follow, and it is choice, individual responsibility, that the conformers are so bred to fear, creating the prison. The market result is that you bet on ignorance in a game of last man standing.

Without equations to program, the empire operators are completely lost. Think about a protein and a galaxy. When you apply rotation/torque to the two dimensional wave, you get the three dimensional helix, which gives you a spring, storage and retrieval of activation energy cascade. When you add branches to the helix… Space travel then is a matter of increasing torque and decreasing friction. Your motor travels dimensionally. Skip your rock across the pond and into the sun. Build your instrument/meter and the motor will appear. The empire torques your spring for you.

Choose the integrals that store energy of activation like rungs on a ladder. Your destination depends upon order of execution. The clock has keys and locks. Always complete the circuit beyond the knowledge of the empire. Temporarily employ relativity to separate torque from friction. Energy is neither created nor destroyed. It is stored in relative dimensions. Learn to see the dimensions in your mind’s eye and the equations will appear.

Fri, 01/13/2012 - 16:18 | 2062914 akak
akak's picture

You are either a person with an IQ of 220 from the year 2645, or else working off a particularly potent hit of mescaline --- I can't figure out which.  Maybe both.

Fri, 01/13/2012 - 17:37 | 2063254 BigJim
BigJim's picture

...The distance between dimensional and linear is perception of perceptions, relativity. Once you understand the implications of addition to 0,...

I guess I'm not there yet.

Fri, 01/13/2012 - 16:03 | 2062853 Joebloinvestor
Joebloinvestor's picture

HAHAHA Yeah the whole world is gonna suffer because the Greeks can't get their shit together.

Ya know what?

If the world does suffer, it has only itself to blame for: believing the Greek lies, believing the Euro lies and just believing.

Fri, 01/13/2012 - 16:40 | 2062995 Buzz Fuzzel
Buzz Fuzzel's picture

Military Coup?  Now there is an idea worth considering.

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