'Totally Ridiculous' Greece Should Default Big Or Go Home

Tyler Durden's picture




 
0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 09/13/2011 - 12:43 | 1664094 RealFinney
RealFinney's picture

Have they taken delivery yet of the fancy new military gear they were eyeing last year?

http://www.reuters.com/article/2010/03/23/us-eurozone-greece-warships-analysis-idUSTRE62M1Q520100323

Can't ruin the credit rating till you've got your new toys...

Tue, 09/13/2011 - 12:44 | 1664098 espirit
espirit's picture

...ponzi. must. go on.  To it's dying breath, at least.

Rumor, rumor, news, rumor, news, rumor...rumor...rumor.

Tue, 09/13/2011 - 12:45 | 1664105 Maxwell Smart
Maxwell Smart's picture

Angela Merkel and Finnish prime minister met today. Here's the story with a  lovely Google translation:

Prime Minister Jyrki Katainen (cons), and German Chancellor Angela Merkel have discussed the Finnish security requirements generated controversy in Berlin. After the meeting with Merkel at the press conference, said that the front is very hard, and that he is convinced that a solution is found.

Merkel, Finland and Germany are in line with the debt crisis, and will continue to cooperate closely. In Germany, for the first time as prime minister visited Katainen was received with military honor ceremony.

Katainen told the Finnish reporters later that the securities become the main topic of discussion. Katainen gave, however, to understand that a security solution to the dispute can be found in even the next few days or a couple of weeks. - Begin to deal with the various parliaments of Greece, package, and then this issue must be clear.

Katainen did not specify what kind of solution would be valid for all member countries. - I do not it still can not explain it because it is quite difficult enough without it.

Minister of Jutta Urpilainen (soc dem), discussed the controversial securities a week ago the German and Dutch finance ministers. Berlin, the meeting did not provide for any concrete.

According to Greek sources, tomorrow, Wednesday, Greece's debt crisis will be discussed again. Geroge Papandreou, Greek Prime Minister to keep a phone meeting with Chancellor Merkel and French President Nicolas Sarkozy.

AFP, according to a telephone conference later this week in Poland, paving the way for the EU finance ministers meeting.

Tue, 09/13/2011 - 13:08 | 1664219 Cpl Hicks
Cpl Hicks's picture

" I do not it still can not explain it because it is quite difficult enough without it."

I could not agree more!

Wed, 09/14/2011 - 00:28 | 1666428 IQ 145
IQ 145's picture

I love Google Translates. It's absolutely hilarious. One page I asked to translate from Dutch, (about an engine), started off, "the green sausage cannot to revolve well in this soup bowl" And, I thought, oh I don't think this is going to work.

Tue, 09/13/2011 - 12:46 | 1664109 Youri Carma
Youri Carma's picture

Rabobank CEO: Greece goes bankrupt (google trans from Dutch)

Rabobank CEO Bert Bruggink: “ The question whether Greece goes bankrupt, is now over. The question is only when.”

 

Merkel: Greece may go bankrupt, but only in 2013 (google trans from German)

ORG: http://de.reuters.com/article/topNews/idDEBEE78C04Q20110913

Tue, 09/13/2011 - 12:52 | 1664138 Printfaster
Printfaster's picture

This is truly idiotic coming from Merkel.

Once you say that you are going bankrupt, you go bankrupt.  Ask Lehman.  Once you tell your creditors that you are going bankrupt they all start banging on the door to get out before bankruptcy and they get nothing.

It is over.  Now.  Not 2013.  Over.

Tue, 09/13/2011 - 13:04 | 1664193 EscapeKey
EscapeKey's picture

20.13 is only hours away.

Tue, 09/13/2011 - 13:58 | 1664436 bankruptcylawyer
bankruptcylawyer's picture

there's nothing to say that they can't literrally throw a money bomb at the problem , particularly if china is willing to play ball for a year in order to secure its interests in europe, 200 billlion for greece and italy doesn't seem like such a big price to pay if you can get trade, sphere of influence, and IP concessions worth as much. 

 

but i agree about the analogy of creditors. i mean  , this is classic liquidity crisis stuff. however, if you are a nation with unlimited borrowing means, ( germany ) and you tell people a subsidiary is insolvent but that you will prop it up for an orderly unwind slowly over 18 months, 

some might just call that a prepackaged bankruptcy, and so ....the difference is that asset values are not sold in a fire sale in a prepack...a deal is worked out in advance so that the unwind is not too jarring. 

 

hard to say though. who knows.

Tue, 09/13/2011 - 14:39 | 1664608 unununium
unununium's picture

Ken Pruitt said on Bloomberg Radio this morning: "China has a lot of money, let's have them step up and buy Italian bonds!"

Lets "have them"... Priceless.

Wed, 09/14/2011 - 00:31 | 1666436 IQ 145
IQ 145's picture

But it's extremely German; "They vill go bankrupt vhen we say, Bankrupt! Und not vun minute before!"

Tue, 09/13/2011 - 12:57 | 1664159 Lord Welligton
Lord Welligton's picture

What is it with 2013.

Are they waiting to see if the Mayans were right.

:)

 

 

Tue, 09/13/2011 - 13:03 | 1664181 centerline
centerline's picture

Hoping the Mayans are right is what it seems.

Tue, 09/13/2011 - 13:36 | 1664360 Instant Wealth
Instant Wealth's picture

2013: Merkel re-election *muhawwhawwhaww*

Tue, 09/13/2011 - 14:17 | 1664486 Pancho Villa
Pancho Villa's picture

So Merkel is willing to send hundreds of billions of Euros to Greece in order to delay bankruptcy by a year? I guess the German dream of European domination dies hard.

It kind of reminds me of Stalingrad. Hitler could have avoided a major defeat if he had only pulled his troops out in a timely fashon. Instead he left them there with vague plans to supply them by air which never really worked out.

Tue, 09/13/2011 - 12:45 | 1664111 snakeboat
snakeboat's picture

Can somebody get Blejer on CNBS?? Puuhhhleeeeze, pretty please!

Tue, 09/13/2011 - 12:47 | 1664127 LongSoupLine
LongSoupLine's picture

Amazing how many of these CB'ers "find clarity" after they leave office.  Talk about no moral courage...

Tue, 09/13/2011 - 12:57 | 1664161 LookingWithAmazement
LookingWithAmazement's picture

Yaaaaaaaaaaawn. Still no Armageddon. Everything is calculated in now. Merry Christmas.

Tue, 09/13/2011 - 12:59 | 1664165 shazbotz
shazbotz's picture

Amerika needs to FIRE THE GOVERNMENT.... ALL OF IT and start over and smaller

Tue, 09/13/2011 - 15:00 | 1664727 LongBallsShortBrains
LongBallsShortBrains's picture

Amerika needs to FIRE THE GOVERNMENT.... ALL OF IT and Not start over and smaller

Fixed it fer ya

Tue, 09/13/2011 - 13:00 | 1664171 doomandbloom
doomandbloom's picture

Eddie Izzard: Cake or Death!

http://www.youtube.com/watch?v=rZVjKlBCvhg

Tue, 09/13/2011 - 13:03 | 1664180 kito
kito's picture

nooo, keep the euros flowing to greece!!! good for my gold!!!!!!!! print print print!!!

Tue, 09/13/2011 - 13:07 | 1664218 Dan Watie
Dan Watie's picture

One redeeming benefit from all this euro nonsense is knowing that Rockefeller's plan for globalisation is unraveling before his serpentine eyes!

Tue, 09/13/2011 - 14:45 | 1664643 SMG
SMG's picture

I hope you're right.

Tue, 09/13/2011 - 15:35 | 1664934 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Dan, I hope to hell you are right, but as you know you can not underestimate these demons.  We must watch closely.  They will use this crisis to attempt to create a "United States of Europe" with one demon central bank.

 

Tue, 09/13/2011 - 17:07 | 1665255 Dan Watie
Dan Watie's picture

You're right Mr. Ramirez. But they can delay their day of reckoning only as long as we allow. And more people are awakening. That's what happens when you get hungry and you have no job. Poverty in the US is at levels not seen since 1983. And that's just government numbers. In reality we know it is much, much worse. Those 7,000 Ferraris sold so far this year better stay covered and hidden in McBanker's McMansion because they will be spit on and keyed and trashed in no time. Keep that rope handy,Tuco. ;-)

Tue, 09/13/2011 - 13:08 | 1664222 markar
markar's picture

Please!!! Someone stick a fork in it already! so we can move on to more important BKs... Italy, Portugal, Spain, CA, IL, etc.

Tue, 09/13/2011 - 13:19 | 1664283 Curtis LeMay
Curtis LeMay's picture

The General Secretary of the Brussels Politburo, el Presdiente Barroso, just have Italy the kiss of death:

EU's Barroso:Italy Needs Rigorous Implementation Of Budget Plan

Italy must ensure that the implementation of its new budget plan is "rapid, effective and rigorous," European Commission President Jose Manuel Barroso said in a statement Tuesday following his meeting with Italian Prime Minister Silvio Berlusconi.

WSJ

SEPTEMBER 13, 2011, 11:48 A.M. ET

http://online.wsj.com/article/BT-CO-20110913-709023.html

Every single time he used that exact same terminology - when Greece was imploding, Portugal and Ireland falling into the abyss, his words were simply confirmation that it's already far too late to save that country within the eurozone.

Ciao!

Tue, 09/13/2011 - 13:23 | 1664309 Lord Welligton
Lord Welligton's picture

God almighty.

These clowns just don't know when to shut up.

Wed, 09/14/2011 - 00:45 | 1666473 IQ 145
IQ 145's picture

A bit of good old English reticence would be rather welcome; but as soon you cross the channel all you've got is Wogs; Bloody Wogs. Screeching and hand wringing in public, frightening the horses; disgraceful ! Simply disgraceful.

Tue, 09/13/2011 - 13:48 | 1664406 Dick Darlington
Dick Darlington's picture

Same with the ponzimaster Olli Rehn. He knows only two things.

  1. more debt
  2. kiss of death

Every time he opens his mouth to lie more in public one or the other will become reality.

Tue, 09/13/2011 - 13:22 | 1664294 LookingWithAmazement
LookingWithAmazement's picture

Believe me: Greece will get all the promised money. No eurocountry can let the euro default, so all parliaments will agree with the July 21 package. By October 17, Greece would run out, but it will not happen. Even the ECB will jump in and print the needed funds. Monsieur Jean-Claude will not let the euro explode or even one member go bankrupt during his tenure. It's only a matter of time, the voting in the Bundestag takes place only at the end of September. The panic is because it takes so long. By October 1, it's all done and ok. So, sleep well and a merry Christmas. Jingle bells ...

Tue, 09/13/2011 - 14:01 | 1664448 Pancho Villa
Pancho Villa's picture

Thanks for the update Mr. Venizelos.

Tue, 09/13/2011 - 14:29 | 1664557 LookingWithAmazement
LookingWithAmazement's picture

Even WHEN Greece defaults, Armageddon will not come. Instead, a massive run into German, Dutch and US bonds will come, as well as a run to cash and to a lesser extent gold and silver. No collapsing euro, on the contrary, that currency will strenghten. So, merry X-mas, this "war" will long be over by then. Sleep well.

Wed, 09/14/2011 - 00:48 | 1666481 IQ 145
IQ 145's picture

Jingle Bells? Whoa, I want some of what he's smoking.

Tue, 09/13/2011 - 13:21 | 1664300 Spigot
Spigot's picture

The delays in the inevitable are simply to allow the positioning of interests to take advantage of the inevitable (or at least to not be hurt by it). If you know what will come then you have the power to capitalize on its arrival (timing and etc).

Tue, 09/13/2011 - 13:35 | 1664356 MS7
MS7's picture

G-Pap is not going to take anyone's advice. He's not on the side of Greece. He was born in the US, his mom is American, and he has no respect or understanding of Greek people. At the same time he is the ultimate government insider. His dad was PM as was his granddad, plus he has been in the government for decades. Yet, he pretends to represent change. He is working for the EU, either for neo-liberal ideological reasons or because he wants to please his buddies who are fellow prime ministers. Whatever the reason, the last thing he will do is something bold for the sake of Greece. He and his party are extremely unpopular in Greece. Unfortunately the people's rage is not properly channelled. There know what they don't want, but they don't know who will replace him. I wish they would act quickly before he irreversibly sinks the whole country (assuming that has not already happened).

Tue, 09/13/2011 - 13:39 | 1664373 Dick Darlington
Dick Darlington's picture

Fellas fellas, the incarnation of the Iraqi information minister in France is telling us it's all good.

Solid i tell You. And united!

France is in panic and it's only a matter of time when someone else than the cds market makes the same notion. And with that we can say goodbye to the monster CDO and, well, the eurozone.

Tue, 09/13/2011 - 13:42 | 1664384 HistorySquared
HistorySquared's picture

Surely Greece knows this, but they are still a net borrower. So their plan is to run up the credit lines as high as they will go then default, just like those hucksters looking to file for bankruptcy run up their credit cards first. 

Tue, 09/13/2011 - 14:17 | 1664496 Jacks Cold Sweat
Jacks Cold Sweat's picture

I dont get all that hatin' you oppose against Greece. And i dont understand how you could possibly believe that Merkozy and their pals would let Greece default. We all know very well that you cant fuck an HIV positive whore beacause you get HIV as well and you die. 

 

http://en.wikipedia.org/wiki/Chicken_(game)

 

GErmany has a Mercedes Benz and Greece has a Yugo Zastava. Who do you think will pay more in rims , paintjob etc???

Dont hate the player,hate the game

Tue, 09/13/2011 - 14:20 | 1664509 Nout Wellink
Nout Wellink's picture

Dutch ministry of Finance says: 'Greece will default'.

http://www.rtl.nl/components/financien/rtlz/nieuws/2011/37/Financien-gaat-uit-van-faillissement-Griekenland.xml

One phrase:

Als het faillissement niet op een beheerste manier gaat, kunnen andere zwakke eurolanden als Italië en Spanje ook in grote problemen komen. Als die landen niet overeind blijven, zou de euro als munt in gevaar komen.

Translated: If the default is going to be disorderly, other weak EU countries like Spain and Italy will be in big trouble as well. If they fall, the euro is in danger.

Tue, 09/13/2011 - 14:47 | 1664611 how to trade ar...
how to trade armageddon's picture

Sorry about the first messy post, here it is cleaned up, the Ransquawk feed on this topic:

14:09 ECONOMIC COMMENTARY Dutch finance ministry says not calling for an orderly default for Greece
14:08 ECONOMIC COMMENTARY Dutch finance ministry says Greek default is only a scenario
14:07 ECONOMIC COMMENTARY Dutch finance ministry dismisses report on Greek default
13:56 ECONOMIC COMMENTARY Dutch finance ministry says sees Greek default as unavoidable and urges orderly default

Oops, what did I say? Umm, I meant the opposite. At least until tomorrow.

Tue, 09/13/2011 - 14:51 | 1664664 falak pema
falak pema's picture

Sounds like an invitation to a bunga-bunga session: "please do it if you have to but do it in orderly fashion." Oh, the lovely pleasures of defaulting in orderly fashion...very German that, not very latin. Passion bitches! 

Wed, 09/14/2011 - 01:03 | 1666518 IQ 145
IQ 145's picture

Well, that gives me a warm and fuzzy feeling all over. To me, no one could be more credible than a Dutch official. They're very serious and practical and many times, for centuries, have go the right answer and muddled thru when other European Countries were making complete asses of themselves. Speaking about the unspeakable; "Contagion is real, and to be expected, or planned for". Lovely. Just peachy.

Tue, 09/13/2011 - 14:38 | 1664601 LookingWithAmazement
LookingWithAmazement's picture

A Greek default would not lead to Armageddon, but to a massive relieve rally on the stock market and other financials. Finally, the uncertainty gone! Armageddon is crap.

Tue, 09/13/2011 - 14:47 | 1664648 falak pema
falak pema's picture

I propose you be nominated to take over the ECB when Lord Triché leaves in October. It would be so refreshing to hear "SO boring" at ECB press conferences. "Armageddon is crap" would then win you the Nobel peace; like for O'bammy!

Tue, 09/13/2011 - 14:51 | 1664671 how to trade ar...
how to trade armageddon's picture

Stay long, baby, stay long! I mean just you, personally. This message doesn't apply to anybody who doesn't want to lose their money.

If Greece defaults, Greek banks indefinitely freeze deposits. The only relatively quick way to unfreeze them would be automatic conversion into hugely devalued drachmas. Imagine how Italians and Spaniards are going to react to that.

Tue, 09/13/2011 - 15:05 | 1664750 walküre
walküre's picture

Spain and Italy are economically much more versatile and attractive than Greece.

Greece got the money because they're part of the EU and everyone expects the EU to carry Greece.

There's always money for countries like Spain and Italy, just depending on how the deals get structured. Depending on what Spain and Italy were to put on the table, an investor can be tapped.

Tue, 09/13/2011 - 14:53 | 1664687 walküre
walküre's picture

The default is being priced in as we speak. So lenders are taking a haircut. Their own fault for going all in on the olive oil crapshoot trade. Assets? What assets does Greece have that fucking matter anywhere? Maybe their debt can be packaged and traded but realistically, there just isn't anything of value in Greece. It once played an important strategic role but that was then.

Crapshoot either way. Extending the misery will only make it worse as markets are trying to figure this out and speculating as to when, not if.

Would it matter to America if say, Alabama defaulted on its debt? Probably not a whole lot. The money issue can be sorted out if done in an orderly fashion where nobody has access to anything or anybody for a year. No backroom deals and no favors either. The Greeks are broke and they ought to be able to go through the process of real changes to their bloated bureaucracy. Something meaner and leaner will emerge.

Wed, 09/14/2011 - 01:06 | 1666524 IQ 145
IQ 145's picture

Oh, go drownd yourself, will you please. Put yourself out of your misery. intended for "Amazing amazment" .

Do NOT follow this link or you will be banned from the site!