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Troika Says Greece Needs Another Debt Restructuring Round

Tyler Durden's picture


It has been a while since Greece made the front pages. That changes now:


And to think all those knife catchers said the Greek bonds were the slam dunk trade of the year. All of them are about to get taken to the cleaners. As are their newsletter sales.

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Tue, 07/24/2012 - 11:43 | 2645594 zero19451945
zero19451945's picture

Oh God no!!!!!!

First the IBEX, then the FTSE, now my Greek bonds are blowing up?????????

How could someone with "Trader" in his name mislead me so badly?

Tue, 07/24/2012 - 11:45 | 2645613 centerline
centerline's picture

Traitor.  Just too damn close IMO.

Tue, 07/24/2012 - 11:47 | 2645616 The Monkey
The Monkey's picture

Don't be such a negative nelly. RIMM is up 2%.

Tue, 07/24/2012 - 11:48 | 2645622 EscapeKey
EscapeKey's picture

... Italy @ 6.55. Just saying.

Tue, 07/24/2012 - 11:57 | 2645655 knukles
knukles's picture

Nothin' a nice home equity loan or reverse mortgage can't fix.

Tue, 07/24/2012 - 19:11 | 2647440 AldousHuxley
AldousHuxley's picture

French, German banks are fucked

 If they give greece bailout, then they are diluting their own Euro

 If they don't give greece bailout, then Euro crashes and also their banks with greek debt


starting to sound like North Korea asking for food aid every time they fire off some empty shell of a missile claiming to be nukes.

Good strategy against TBTF.....NLTL (Nothing Left To Lose)....


go greece, just ask for germans to pay for more retirements at 50. hopefully german workers get mad, and overthrow their bankers.

Tue, 07/24/2012 - 11:58 | 2645659 HoofHearted
HoofHearted's picture

Latest and Greatest to come from Goldman soon- oh, Muppets, go ahead and buy an equally weighted portfolio of Greek, Spanish, and Italian bonds. They're a great deal. And we just happen to have a few back here in stock for you to buy now.

Tue, 07/24/2012 - 12:16 | 2645771 Mark Carney
Mark Carney's picture

so Greece will have officialy defaulted twice in 6 months, yet noo credit event or cds triggered.




Everyone looked at my sideways when said they defaulted in march. ill just keep quiet this time and search for my downed canoe.

Tue, 07/24/2012 - 12:35 | 2645871 caconhma
caconhma's picture

What is the Would Zionist Banking Mafia's plan B?

Plan A is creating a chaos and impoverishing both EU and the USA.

May be the plan A is working and their goal is to start the WW3 but are they sure they got out alive out of it? Then, they could run to America and Canada but now there is nowhere to run or hide. I don’t think Chinese will accept them.

The neo-cons “New Century” project looks more and more like a nightmare.

Tue, 07/24/2012 - 19:28 | 2647483 AldousHuxley
AldousHuxley's picture

By the end of 2006, Project for New American Century was "reduced to a voice-mail box and a ghostly website", with "a single employee" "left to wrap things up"....


Iraq is done....Iran is a whole another level of ball game now with China and Russia looking at it as their last foothold in ME.

Tue, 07/24/2012 - 12:52 | 2645958 Nobody For President
Nobody For President's picture

And FB is up 6 cents...

Tue, 07/24/2012 - 19:35 | 2647497 AldousHuxley
AldousHuxley's picture

JOBS ACT for IPO corps:


  • Reduced Financial Statement and MD&A Disclosure
  • Exemption from Sarbanes Oxley Act
  • Delayed Application of New Accounting Standards
  • Exemption from New Audit Requirements
  • Exemption Executive Compensation Disclosures
  • Exemption from the Dodd-Frank Act requirements
  • Exemption from Say-on-Pay, Say-on-Frequency and Say-on-Parachute Requirements


Any guesses why VC are trying to IPO startups now?

Tue, 07/24/2012 - 11:48 | 2645619 ZerOhead
ZerOhead's picture


Tue, 07/24/2012 - 12:01 | 2645685 Dr. Engali
Dr. Engali's picture

So,What's your point?

Tue, 07/24/2012 - 12:05 | 2645703 knukles
knukles's picture

Question's spot on, brother.

Tue, 07/24/2012 - 12:09 | 2645730 Uncle Remus
Uncle Remus's picture


Tue, 07/24/2012 - 11:54 | 2645645 Haager
Haager's picture

It's long term. Like 2250ad +-150yr you'll get paid back a lot, promised.

Did noone mention to invest in european banks? 

Tue, 07/24/2012 - 11:59 | 2645667 MillionDollarBoner_
MillionDollarBoner_'s picture

Can I get payment in kind?

In retsina and zouvlaki?

Tue, 07/24/2012 - 12:03 | 2645688 SheepDog-One
SheepDog-One's picture

This is Robo-Cosell...professional after-the-fact stock and financial commentator.....YES I stepped outside my safety zone of rear-view trading only and made some tragic calls in the last few days, therefore I'll be taking a leave of abscence, good day.

Tue, 07/24/2012 - 12:11 | 2645743 Uncle Remus
Uncle Remus's picture

Float like a bubble,

Sting like a margin call.

Tue, 07/24/2012 - 11:43 | 2645595 Jason T
Jason T's picture

Default.. let the deflationary depression clear out of all the dead wood in this economic forest begin!!

Tue, 07/24/2012 - 12:11 | 2645738 EscapeKey
EscapeKey's picture

It's politically more palatable to print.

Tue, 07/24/2012 - 12:12 | 2645752 Uncle Remus
Uncle Remus's picture

Not when the ink smears...

Tue, 07/24/2012 - 13:09 | 2646041 mind_imminst
mind_imminst's picture

EXACTLY!! Ding! Ding! Ding! That is why the CBs will end up printing until they can't fit anymore zeroes on their balance sheets. The politicians and the voters will choose the easy way out (printing) because they are short-term thinkers and ignorant of fundamental economics.

Tue, 07/24/2012 - 13:55 | 2646223 Offthebeach
Offthebeach's picture

In the long run all printers are dead.

Printers of the world unite!

You don't like that print? I got others!

We got a central bank offer yous can't refuse.

Credit! Credit hee-are! Get your red hot fresh credits! Uncle Ben's credit. No filler! 100% Hopium and unicorn skittles!

Tue, 07/24/2012 - 12:29 | 2645837 eclectic syncretist
eclectic syncretist's picture

Ahhhh........dey gonna tell da ECB to keep printin' furever or take der football an' go home.  We gonna hafta find anudder game t' play ovuh here.   

Tue, 07/24/2012 - 11:43 | 2645596 rubearish10
rubearish10's picture

Never mind that, we're focused on earnings. Save it for another day.

Tue, 07/24/2012 - 11:44 | 2645597 disabledvet
disabledvet's picture

Once they go back to the drachma the NEW bonds should. The rest is nothing but Erie Canal Bonds...and I mean ALL euro bonds.

Tue, 07/24/2012 - 11:44 | 2645599 Cursive
Cursive's picture

How is it that more of these bond investors have not gone belly-up on doubling and dodecadoubling down on this junk?

Tue, 07/24/2012 - 12:00 | 2645678 MillionDollarBoner_
MillionDollarBoner_'s picture

How many more MFG/PFGs are there out there ?;o)

Tue, 07/24/2012 - 11:44 | 2645604 Meesohaawnee
Meesohaawnee's picture

no greece needs to be put out of its misery..

Tue, 07/24/2012 - 11:44 | 2645606 mrktwtch2
mrktwtch2's picture

greece.."you knew we wouldnt pay it back yet you continue t gve us free money..now its your problem.."lol

Tue, 07/24/2012 - 11:58 | 2645663 knukles
knukles's picture




Beware of Greeks bearing amyl nitrite

Tue, 07/24/2012 - 12:02 | 2645693 MillionDollarBoner_
MillionDollarBoner_'s picture

...??? ??? ????... :O)

(...and its gone... :O)


Tue, 07/24/2012 - 11:45 | 2645608 centerline
centerline's picture

Need..... another..... fix....

Tue, 07/24/2012 - 11:45 | 2645610 Thamesford
Thamesford's picture

We have the Holy Launder Grenade.
Yes, of course! The Holy Launder Grenade of Brettontioch! 'Tis one of the sacred relics Brother Bernankeard carries with him! Brother Bernankeard! Bring up the Holy Launder Grenade!
MONKS: [chanting]
Pie Iesu domine, dona eis inflatiiem. Pie Iesu quantitea, dona eis easiiem. Pie Iesu domine, dona eis printiiem. Pie Iesu domine, dona eis lendiem.
How does it, um-- how does it work?
I know not, my liege.
Consult the Book of Easements!
Easements, chapter two, verses nine to twenty-one.
And Saint Keynes raised the launder grenade up on high, saying, 'O Lord, bless this Thy launder grenade that, with it, Thou mayest stimulate Thine economies with shiny bits in Thy mercy.' And the Lord did grin, and the people did feast upon the loans and debentures  and credit and food stamps and unfunded liabilities and flat screen TV's and sub-prime mortgages and large con--
Skip a bit, Brother.
And the Lord spake, saying, 'First shalt thou take out the Holy Printing Press. Then, shalt thou count to QE3. No more. No less. QE3 shalt be the number thou shalt count, and the number of the counting shall be QE3. QE4 shalt thou not count, nor either count thou QE2, excepting that thou then proceed to QE3. QE5 is right out. Once the number QE3, being the third number, be reached, then, twistest thou thy Holy Launder Grenade of Brettontioch towards thy faux bankers, who, being slovenly in My sight, shall relend it it.'
Right! QE1!... QE2!... QE5!
QE3, sir!
[angels sing]

Tue, 07/24/2012 - 11:51 | 2645629 Haager
Haager's picture

If I hear some people speaking over the situation in europe, like Schäuble or Rajoy, the black knight comes into mind.

Tue, 07/24/2012 - 17:39 | 2645679 Gadocat99
Gadocat99's picture

..For if you do doubt your courage, or your strength, go no further! For death awaits with sharp pointy teeth!

What, behind the Bernanke?

It is the Bernanke you fool! Look at the bones man!

Tue, 07/24/2012 - 12:35 | 2645875 viahj
viahj's picture

hmm, you know what strikes me about this post (besides the Python reference) is that the Holy Hand Grenade of Antioch was used to blow up a 'rabbit'.

we sort of heard from Simon Black yesterday that the Eastern Europeons may or may not start calling the USD a 'rabbit' in reference to a quickly mutliplying fiat currency.

now, today you have used the Bernank in a Python reference to blow up a rabbit with his printing grenade.

if this was intentional, I applaude you.

Tue, 07/24/2012 - 17:31 | 2647209 Thamesford
Thamesford's picture

I wish I could claim such connections, but I cannot. Sometimes, however, serendipidity happens.

Tue, 07/24/2012 - 11:45 | 2645611 ThunderingTurd
ThunderingTurd's picture

I didn't know anyone was stupid enough to hold debt of Greece.  Take it to zero and get it over with...

Tue, 07/24/2012 - 12:01 | 2645687 knukles
knukles's picture


Tue, 07/24/2012 - 14:03 | 2646261 Offthebeach
Offthebeach's picture

Greek banks are gobbling them up. The have the inside scoop and know something.
Now's a good time to buy.

Tue, 07/24/2012 - 11:48 | 2645620 rubearish10
rubearish10's picture

SPU 1330 is safe. BTFD.

Tue, 07/24/2012 - 12:23 | 2645806 rubearish10
rubearish10's picture


Tue, 07/24/2012 - 11:50 | 2645624 Conman
Conman's picture

I BTFD on greek bonds.. i do good?

Tue, 07/24/2012 - 11:51 | 2645628 Dr. Engali
Dr. Engali's picture

Trader : Okay...after this round of restructuring  Greek bonds will be a slam dunk buy of the year. I was just a little early the last three rounds.

Tue, 07/24/2012 - 11:54 | 2645642 crawldaddy
crawldaddy's picture

geeze so you mean austerity doesnt work.... you know what will fix that...more austerity......


You cant even make up the stupidity at work here.

Tue, 07/24/2012 - 11:58 | 2645665 Al Huxley
Al Huxley's picture

Nobody who loaned Greece (or Spain, or Italy, or Portugal, or France or....) wants to admit that the money's gone, spent, locked up in private assets and houses and vacation properties and too-expensive cars, and too many expensive holidays and too many expensive meals, and .... so they keep desperately looking for a way to make the borrowers pay it back.  But too fucking bad creditors, should have been more careful when you lent, caveat emptor and all.  Of course, then it comes back to who's on the hook for the money that's gone - borrowers don't have it, so its down to the lenders (banks) or their backstop (sovereigns - ie taxpayers).  So who will it be?  Hmmmm, I wonder who's going to foot the bill in the end?

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