The Unvarnished Truth About Greece

Tyler Durden's picture

While Belize is comfortable buggering bondholders, the Greeks (following this morning's headlines) remain beholden to their euro-zone overlords - having survived a few more months on the back of reach-around 'bailouts' and ponzi-financing - all in the effort of providing more time for the 'rest of Europe' to figure out how to handle the 'Athens moment' that is surely coming. With September and October critical 'event-rich' months, Patrick Young, of DV Advisors, provides the clearest and least 'rose-tinted' perspective on where Greece has been, where they are now, and where this will all end. From the forged application for euro-zone membership to Oz-like fantasies of growth and austerity targets that remain pipe-dreams (and are constantly being missed), the bold Irishman in this brief clip explains "Greece has not done anything to really help itself, missed every deadline its been given" and the PM's comments on their 'spectacular come-back' clarifies the 'utter delusion' among the Greek political class because "Greece is bankrupt; full stop; game over" and Merkel must agree to 'let' Greece leave the Euro (post Troika) - as the rise of civil unrest, since whatever new money flows their way exits right out the back door and never 'helps' the people, is inevitable.

Especially following these mixed headlines (via Bloomberg):

  • Alexander Dobrindt, general secretary of the Christian Social Union, said he sees no way around Greece leaving the euro area, Bild am Sonntag reported, citing an interview.
  • Dobrindt sees Greece out of the euro in 2013
  • Greece should receive EU support when it leaves the currency union and have the option of returning: Dobrindt



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q99x2's picture

A US company will end up supplying the guns to the rebels. Rocks don't seem to work very well. This could lead to rise in US manufacturing. Actually a small machine shop would likely be a great business as the world goes up in flames.

Monedas's picture

When they send a Socialist to lecture you on austerity .... nuff said !

falak pema's picture

'Cos the IMF and the Troika is Socialist?

Totentänzerlied's picture

Promoting and enabling and funding and backing socialism - what the fuck else is all that money going to, and yes, socialism always includes fraud and graft at all levels - around the world? Why yes, close enough for me.

falak pema's picture

your use of "socialism", bread basket to put all your rotten eggs into, is like the "legitimate rape" trap "pro lifers" talk about to the eternal shame of the republican party. Brainless ideologues...

Logic means nothing to this type of hype creator. "We know where we want to go, so who cares about logic. Just go there and damn the blah blah." 

Ha ha! Socrates would spit on you ! Oligarchs are as "socialist" as the Borgia was "christian". 

Without logic and factual respect, there is no western civilization. And we are heading there if we continue to junk logic and fact like the Oligarchs do today!

Acts are the salt and pepper of all human time lines. 

Joebloinvestor's picture

What Greece really wants to know is that if they leave the EU, does the gravy train stop?

Now they are willing to leave the EU as long as they still get aid/charity.

Since no "loan" is ever gonna get re-paid, charity is what it is.

falak pema's picture

the truth about Greece has been so varnished and tarnished its a bit like the marbles of the Acropole; all touched and fingered and trampled on over the centuries. Peace in our time; and your debt is not mine, so please pour the wine and forget the compounding; say the people. 

Greece can never leave a continent she created. Its like asking Zeus to stop shagging the cows until they all come home. Home is where the gods say it is. And Merkel knows it; the Gods being the Fed and ECB. 

Here is the unvarnished truth about the state of the world :

Silver Gold Bull - Blog - Crime of the Millennium

And this from a super bear Dr Felix Zulauf :

Barron's 2012 Midyear Roundtable -

dust to dust's picture

 Greece;minimal exports. Imports;tourists currency. The tourists don't arrive bottom line eat an olive. Gyros not Euros. EXIT NOW!  

diogeneslaertius's picture

but sir... not even a Little varnish?

its only Wafer thin

Monedas's picture

Don't send Monedas .... I would cut that little jerk .... off at the knees !

eddiebe's picture

One thing you can say about the Greeks: They are very familiar with: Reach arounds/

miltiadis's picture


Some People are forgetting that Greece is not the only Country with problems in EU.... Anyway if any of PIIGS country defaults Europe project is over... Forget about the stereotypes about lazy people etc, etc ... Many lives are on the stake on those countries it is not a market game it is a reality.... Moreover Greece has the Biggest commercial maritime fleet in the world it is not only about ouzo, souvlaki blah blah... The Truth though is that the Greek State doesn't even belong in Balkans it belongs in Africa.... but most of the citizens are not even compared with Balkan Population when it comes to Education and skills but with Western Europe... But in the near Future this will change since most of the skilled people are leaving this place due to economical conditions.. 


Inthemix96's picture

What the greeks should do is simple.

Kill, maime, de-capitate, hang draw and quarter, rape, shoot, spear, drag behind a moving vehichle, pull finger nails out with pliers, burn at the stake, remove eye balls with a spoon, water board, peel with a blunt tatty peeler, all the politicians and banksters who have put them under economic servitude without asking if that was fucking allright.

Did I miss any?

geno-econ's picture

The importance of Greece is that it sets an example of what may happen to any developed overleveraged debt economy-- which is most of the developed nations on a fiat currency.  Polititians and bankers are watching carefully fearing they may be next to suffer similar consequences and therefore a pull and tug between the classes. Ultimatly the question is who will best survive in a credit jungle---the saver, or the indebted or the speculator ? Jury is still out but the verdict is all about Greece

jelyfish's picture

Couldn't the Greeks nationalize a few shipping companies and corner the market.  Just sayin