As Venizelos Leaves For Brussels, There Is No Deal

Tyler Durden's picture

6 am in Greece and Venizelos is about to board a plane to Brussels. According to The Guardian a deal was going to be done for sure before his take off. You know - any minute now... The Guardian was wrong. From Bloomberg:

  • VENIZELOS SAYS TIME OF RESPONSIBILITY FOR ALL
  • VENIZELOS SAYS STILL ISSUES THAT MUST BE DETERMINED
  • VENIZELOS SAYS ALL ISSUES AGREED EXCEPT FOR ONE

And here it is:

  • VENIZELOS SAYS HOPES EUROGROUP WILL TAKE POSITIVE DECISION

Because hope is just so much more efficient than prayer when it comes to strategic planning for one's insolvent population.

That's it.

  • VENIZELOS ENDS STATEMENTS TO REPORTERS IN ATHENS

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Cult_of_Reason's picture

Deal or no deal, it does not matter, Greek people will be raped and forced into slavery by the EU bankster filth and EU plutocrats.

I am perplexed as to why they are not storming the Greek Bastille yet -- they have nothing to lose but their chains.

DoChenRollingBearing's picture

Things will get really bad there.  There is no way out of their box.  Even worse than ours.  But our day will come too.  

Best get prepared.  Gold (and all the rest) will help.

lasvegaspersona's picture

I have sympathy for the Greek people but someone did borrow a large chunk and used them as a reference....co-signer actually. And we also must realize that those nice pensions they have been getting were not earned but gifted via a political process...they were not complaining then. 

It is time for the world's bar tab to be paid and just because all you have to show is a hangover...well it still must be paid. Perhaps there is a new world coming in which lenders will use more caution than trusting politicians. At the end of the day we have pensioners trusting bankers to lend their money to solid parties....they got screwed...we have pensioners who got their pensions in negotiations with politicians who promised too much because they like the feelling (and benfits) of giving away too much....these pensioners get screwed too. The middlemen with nothing at risk are all fine, those who trusted got screwed....not a fair world and trust will not return soon, the trust that most of the world depends upon to run efficiently....glad I'm old....

Acet's picture

Or we as a society can blame it all on the bankers (who did got most of the personal gains) and crucify them (though not literally).

I bet that if the system publicly destroyed the parasites it would go a long way to restore trust in society and societal cohesion.

 

Sandmann's picture

Of course it would - Nuremberg was a trial held by the British and Americans to prevent Stalin from wholesale execution of the 50,000 strong German Officer Corps (Katyn Mark II). Until there is crowd pressure to lynch Bankers you will not get Pecora II

Augustus's picture

how can you believe that the bankers go most of the personal gains.  Borrowers always get 100% of the money.  Now, after enjoying spending of the principal and having repaid interest by increasing loan amounts, the borrowers want to repay nothing.  The personal gain was entirely a benefit to the borrowers and the bankers are left with the melted icecube.

jomama's picture

there is that tiny stipulation as recently aptly described as the 'give a shit factor' when making said loans.

mind the one taking their cut when the loan is first paid out.

Acet's picture

The Bankers (people) got their inflated salaries and bonuses for authorizing (or packaging and selling as CDs) those loans, independently of wether they were repaid or not.

They thus had all the incentive in the world to lend as much of the bank's money as they could to anybody and their dog and damn the consequences. They would get paid long before even those loans extended to the worse of borrowers would blow up.

Each banker could have made the Ethical and Moral decision of not damning the bank (and ultimatelly society) on the long term to maximizing personal profit - the vast majority made the decision to go ahead and maximizing personal profit (and damn the consequences for others) and in fact those that didn't were the ones that left that industry, either because they were kicked out or out of disgust.

Banks didn't do anything, people did it. And of all the participants in this charade, the people that got the biggest gains were those in the banks setting the rules that allowed all sort of loans to shaddy borrowers, those authorizing those loans and those working in packaging and selling derivatives on those loans. Even the politicians in the likes of Greece didn't capture anywhere near as big a slice of that torrent of money as bank CEOs and fixed income traders did.

And this is just the loans bit, let's not forget all those people getting paid huge bonuses for essentially passing back and forth between banks artificial financial instrument whose book value had nothing to do with real value, essentially being paid for decieving shareholders by giving ever increasing nominal values in the bank's accounts to "assets" that were little more than vapour.

Now, you can say that these people didn't knew what they were doing (in which case they were at the very least incompetent, possibly guilty of misrepresenting themselves) or that they did foresaw the consequenses of their actions, in which case they were selfish and malicious.

barkingbill's picture

but that's it though isn't it. the lenders won't use more caution in future unless they lose something. the lenders are protected. the borrowers will be punished. 

spankfish's picture

"It is time for the world's bar tab to be paid and just because all you have to show is a hangover...well it still must be paid.It is time for the world's bar tab to be paid and just because all you have to show is a hangover...well it still must be paid."

 

Me thinks they will dine and dash.

ilion's picture

"As Venizelos Leaves For Brussels, There Is No Deal"

Why fly to Brussels, for once he could fly over his own country and see how the banksters are destroying it as we speak. Of course, why would he care, he has his paycheck already on his way. Pathetic.

ilion's picture

It seems that ArmadaMarkets nailed it again yesterday evening with their EUR/USD call for today. Right about WTI too. Unbelievable. Some Nostradamus working there? http://bit.ly/zD4RnE

Conrad Murray's picture

I tried to check out that Armada Markets link, but my antivirus software went crazy. Looks like Armada Markets is full of malware.

Armada Markets' Malware website appears to be an elaborate scam used to steal as many credit card and bank account numbers and other personal information as possible.

I would advise everyone to ignore those shady obfuscated links. Whenever I hear Armada Markets, I will instantly think of malware and credit card scam artists.

ilion's picture

Are you accessing it from North Korea? Maybe that's the problem.

Sharks with laser beams's picture

Rumor on the street is that Venizelos has accumulated a large EURUSD buy position at Armada Markets. If they agree on at least anything then euro will be jumping higher as all fools will be buying.

Sharks with laser beams's picture

Venizelos will get some of this Iran's gold that Europe just confiscated. When the gold is handed over in Brussels the Venizelos will accept all terms for his fellow citizens. The only thing is that he will be much richer.

surf0766's picture

Greek hope rally number 458 on the way. Buy everything in sight.

Stack Trace's picture

This farce needs to end. Please may THE GREAT RESET commence.

lewy14's picture

I shudder to think what it will take to get the VIX over 40 now.

"Fears" won't work. Things will have to happen. Bad things.

Central Bankster's picture

And like magic, the rigged market is about to go green.  Nothing is bearish, nothing.

Dr. Engali's picture

There will be absolutely nothing that can drive this market down. Ben has his reputation staked on the wealth effect. He will print , destroy the dollar, and prop this market up on the backs of the poor. He will buy the whole fucking market if he has too, but it will not go down.

BeerBrewer09's picture

Until people scramble for physical ANYTHING.

wandstrasse's picture

I had a secret insider view into the script:

1) grow the tension so as many people envision world collapse. 

2) in the very last possible moment steps in a representative (prefeably a poltician puppet) of reptilian elite bankers to bring the worst possible 'solution' for the population - but this solution looks good compared to world collapse which was envisioned by all.

I AM BORED BEYOND BELIEF!!!!

Freddie's picture

Sounds like what JP Morgan did many years ago (aka puppet to the Roth*childs).  1920s before the 1929 crash?  

 

dolph9's picture

I'm going to sell my gold and silver tomorrow, and buy Greek and U.S. debt!

Stack Trace's picture

I will give you my greek debt for your worthless gold. You don't want it because the FBI will think you are a terrowist (think elmer fudd)

Central Bankster's picture

Well yes.  Gold and silver aren't backed by anything, while on the other hand, the US debt and Greek debt are backed by the full faith and credit of their peoples.

Peter Pan's picture

I suggest you halve whatever it is you are drinking, smoking, injecting and sniffing.

Non Passaran's picture

You too cause maybe then you will understand sarcasm when you read it

ElvisDog's picture

In a sense, U.S. debt is backed with something - the implied future labor and output of its people. That's what the Greek austerity measures and agreements are all about too. Signing up the Greek people for 100 years of debt servitude to pay off loans they didn't take out.

Uber Vandal's picture

But, but, but the lady reporter said that gold is not backed by anything.

Hysterical laughing by most readers here to commence at the 23 second mark.

http://www.youtube.com/watch?v=OCHCf8qY4so

 

spankfish's picture

... and the Greek riot dog ;)

Peter Pan's picture

It doesn't sound like you really have any gold or silver.

Randall Cabot's picture

What's the one issue they can't agree on?

surf0766's picture

Who is paying for the ho's now?

DoChenRollingBearing's picture

+ 1

If you have to ask, it means you are.  Don't feel bad, we're all paying too.

newengland's picture

Randall,

The Greek 'leaders' refuse to agree on the terms of pension cuts, apparently.

No surpise, given their age. Women and children last, as the macho men line their own lifeboats.

bob_dabolina's picture

See this shit? 

Wonder why traders have dancing pigs and dead sharks floating in oversized aquariums? 

You have to be a sociopath to trade this. 

a growing concern's picture

Whoa, whoa, whoa.  No one ever informed me there were dancing pigs.  Sign me up right away!

DoChenRollingBearing's picture

You know, the ISDA (the group, I think, supervising the derivatives business) could just say that all CDs (etc.) are all null and void now, and those who paid money for them should get their money back, "status quo pro ante" and just leave at that.

Then it's default, bitchez, and we'll just get it over with.

Or declare a Jubilee!

Stack Trace's picture

Where will the ISDA get even that smaller sum of money? The money is spent.

a growing concern's picture

What was last count, $700 trillion in CDS value around the world?  Not sure how much CDS protection costs, but I'm figuring it's a pretty good number.  And all that money that was made on selling CDS is no doubt 100x leveraged in other shit now.  Clusterfuck is a good word.