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Venizelos Refuses To Release Bond Swap Data, Confirming Key Precondition To Second Greek Bailout Has Failed

Tyler Durden's picture


A completely and thoroughly bankrupt Greece has just crossed some imaginary rubicon where it no longer deems it fit to even lie, and instead will simply not report any data. As Bloomberg reports, Greek FM Evangelos Venizelos, never to be confused with Jenny Craig, spoke to reporters in Athens today and told them that while the figures for the bond swap are optimistic, they are strictly confidential and will not be released by the Greek government. Considering that bond tender offer tabulation takes about 24-72 hours in even the most complicated of bankruptcies, this is a tacit admission that Greece has been unable to even complete the simplest of Greek Bailout 2 prerequisites, which is to get its bondholders to agree to an implicit 21% haircut, which is precisely as Zero Hedge predicted when we observed that German banks have sold their bonds to hedge funds which in turn are now holding Greece hostage in exchange for nuisance value. An irrelevant Venizelos also added that the target is to have all new measures passed October end, that austerity measures votes will be separate from a budget vote, and that Germany is to provide all help to stabilize Greece. We are sure the last will be news to tens of millions of German citizens.


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Tue, 09/27/2011 - 06:37 | 1714098 Fips_OnTheSpot
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Wow - quite a move. Is this a final flag?

Tue, 09/27/2011 - 06:44 | 1714104 Edward Fiatski
Edward Fiatski's picture

Greece will default in October. EFSF is for Italy & Spain.

If the spartans don't default, then this whole sharade does not make sense: the engineered crisis is there to kill what little sovereignty there was left in the European nations, but the prize, of course, is the collapse of the middle class in the United States, followed by a North American union.

Tue, 09/27/2011 - 07:17 | 1714178 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

but the prize, of course, is the collapse of the middle class in the United States, followed by a North American union.


Fiatski, sorry to break it to you, but that pretty much already has occurred.

Tue, 09/27/2011 - 07:20 | 1714184 Edward Fiatski
Edward Fiatski's picture

Can we initiate martial law with confiscation of property in the United States without having to dodge civilian fire? Still in the process, if you think the worst has already happened, you will be surpised.

Tue, 09/27/2011 - 07:22 | 1714189 Bobbyrib
Bobbyrib's picture

NAFTA is pretty close to a North American Union, but not quite there. Why would the Canadians want to have a union with the royally fucked US? I remember ignorantly making fun of Canada when I was younger. Now I'm thinking of jumping the border like our neighbors to the south do to us. The US is fucked.

Tue, 09/27/2011 - 07:33 | 1714203 Edward Fiatski
Edward Fiatski's picture

NAFTA is akin to European Steel & Coal Community of 1950s - the birth of the European Union. When Mexicans can freely cross the border of the United States with no paper control and work legally, with no barriers, as pollacks have done in the UK, then you will see the true birth of the North American Union and collapse of society in the Republic.

P.S. I'm not saying this is a bad thing to happen in the long term prospects of civilisation; it does seem like the end of his, or her world to a short-term observer.

Tue, 09/27/2011 - 08:36 | 1714407 GetZeeGold
GetZeeGold's picture


Yeah.....get your own freakin bond swap data.



Tue, 09/27/2011 - 11:16 | 1714963 unerman
unerman's picture

You are correct sir. We Canadians want no part of a Union with the USA.

But what the people want is not necessarily what our leaders do.

Tue, 09/27/2011 - 06:37 | 1714100 spiral_eyes
spiral_eyes's picture

it's like watching a car crash in slow motion.

Tue, 09/27/2011 - 07:39 | 1714226 fockewulf190
fockewulf190's picture

More like a volcano gurgitating a steady flow of all consumig lava towards the city, while the sheeple sit at cafes talking about the pretty glow.

Tue, 09/27/2011 - 06:44 | 1714106 Racer
Racer's picture

Greek bailout fails, 'market' set to soar on the news

Tue, 09/27/2011 - 06:44 | 1714108 nmewn
nmewn's picture

"...German banks have sold their bonds to hedge funds which in turn are now holding Greece complete hostage."

(To the sound of martial music)...I can see those guys w/ties rolling across the border in tanks to enforce their claims even now ;-)

Tue, 09/27/2011 - 06:46 | 1714112 Edward Fiatski
Edward Fiatski's picture

What's the cost of a full regiment of PMCs? Or, we could bomb our own embassies in Greece, blame it on the anti-austerity peasant-slaves, and then move in the tanks.

Tue, 09/27/2011 - 06:52 | 1714122 nmewn
nmewn's picture

"What's the cost of a full regiment of PMCs?"

Money is no'll have plenty of it from their new sideline job of monitoring the internet for the Bernank!

Tue, 09/27/2011 - 06:45 | 1714109 freethinker4now
freethinker4now's picture


Tue, 09/27/2011 - 06:45 | 1714110 BlackholeDivestment
BlackholeDivestment's picture

...stupidos will not stop. 

Tue, 09/27/2011 - 06:52 | 1714125 GeneMarchbanks
GeneMarchbanks's picture

Bullshit! Sorry I meant: Bullish!

Tue, 09/27/2011 - 06:56 | 1714128 Die Weiße Rose
Die Weiße Rose's picture

Thats it ! as a German citizen I refuse to pay for Berlusconi's Trojan horse !

What's more, many economists don't view Italy as a candidate for a default at all.

The country enjoys a strong industrial base, boasts tens of thousands of healthy companies and has comparatively little foreign debt. Indeed, most government debt is owned by the Italians themselves. And even the level of debt could easily change if Prime Minister Silvio Berlusconi would for once make a serious attempt to collect unpaid taxes.

But, instead, the conservative politician finds it more convenient to tap European institutions, as Italian Finance Minister Giulio Tremonti recently put it in a blunt comment. He also figures that Italy wouldn't have to introduce any more austerity measures if euro bonds already existed on a large scale.,1518,788352-2,00.html

Tue, 09/27/2011 - 07:37 | 1714227 wombats
wombats's picture

If you won't buy him a Trojan Horse, how about giving him a box of Trojan Condoms?

Tue, 09/27/2011 - 08:56 | 1714477 GetZeeGold
GetZeeGold's picture


Do they make trojan horse condoms?


Tue, 09/27/2011 - 07:43 | 1714246 fishface
fishface's picture

Hope yor government refuses too, pay for a country that doesn't even try to get out of the mess by themselves, why would you?


I read that article yesterday and by what I understand Italy would get by on austerity measures.

Tue, 09/27/2011 - 09:09 | 1714521 fockewulf190
fockewulf190's picture

@white rose


You know as well as I do that Merkel is going to get what she wants Almost all of the political class is for bankrupting Germany (which is already €2 trillion in the hole).  Nothing is going to change in Germany unless the people get involved en masse and not through individual phone calls to Hart aber Fair or to Presseshau Nachgefragt. 

BTW, how many ordinary Germans do you think are buying gold and silver, to protect themselves againt the upcoming euro collapse?  I doubt it´s even 1%...just like in the US.


Tue, 09/27/2011 - 06:55 | 1714131 willien1derland
willien1derland's picture

If a plate breaks on the ground would it make a sound if no one reported it?! I think the Greek FinMin should be replaced by Max Headroom...

Tue, 09/27/2011 - 06:58 | 1714137 papaswamp
papaswamp's picture

Germans must have great asses...because they sure are getting banged alot by the rest of the EU lately. Sort of like us Americans and the banksters and politicians...I'm not sure I can sit down anymore...

Tue, 09/27/2011 - 07:00 | 1714143 hondamikesd
hondamikesd's picture

Who could have guessed that Germans liked it Greek style so much?

Tue, 09/27/2011 - 08:57 | 1714480 GetZeeGold
GetZeeGold's picture


.......hand in the air........




Tue, 09/27/2011 - 06:59 | 1714140 hondamikesd
hondamikesd's picture

They just don't want you to know how well it went. It went very well. Trust us, there's no need to look for yourself. Take our word on it, you know we're good for it, your friend Lloyd even says so and you trusted him last time. The details are really quite boring, you wouldn't be interested in them anyway. Just buy stocks, you'll feel better.

/sarc, obviously

Tue, 09/27/2011 - 07:02 | 1714147 Fips_OnTheSpot
Fips_OnTheSpot's picture

Yo dawg, I lol'd!

Tue, 09/27/2011 - 07:01 | 1714145 Dick Darlington
Dick Darlington's picture







*VENIZELOS SAYS JULY 21 DECISIONS ARE VERY USEFUL FOR ITALY (yes, confirmation Italy is really done)








Tue, 09/27/2011 - 07:03 | 1714151 Edward Fiatski
Edward Fiatski's picture

Even if one of these points fail in late Sept, early Oct:





Then it's free-fall to hell.

Tue, 09/27/2011 - 09:14 | 1714545 edotabin
edotabin's picture


Tue, 09/27/2011 - 07:04 | 1714153 DutchDude
DutchDude's picture

EFSF will be amped without legal mandate; otherwise it won't happen at all;

Holland and Germany require referenda to alter constitution and there is NO way the people in Holland and Germany will agree with more bailout money for those crook contries.

Although our politicians threaten us with lights-out and even war scenarios if we don't agree with a bigger europe, (i kid you not) less and less people are buying it.

Tue, 09/27/2011 - 07:07 | 1714159 Fips_OnTheSpot
Fips_OnTheSpot's picture

I am still in hope, that at least Slovakia will "kill" the EFSF expansion. Sulik gave quite some interview:

Tue, 09/27/2011 - 07:14 | 1714174 DutchDude
DutchDude's picture

Slovenia is waking up from the European Dream turning into a nightmare... too bad there are still al lot of Europhiles in Holland who keep on bashing on realists who see Europa as the corrupt costly monster it really is at the moment.

Tue, 09/27/2011 - 07:24 | 1714197 PY-129-20
PY-129-20's picture

Same here in Germany.

Tue, 09/27/2011 - 07:53 | 1714276 Dick Darlington
Dick Darlington's picture

Aaaaand Finland. Scare mongering by the eurofanatic prime minister of ours. People are waking up day by day here. Our elections was a clear message but eurofanatics don't care. They still live in their fantasy land but they're up for a rude awakening.

Tue, 09/27/2011 - 08:18 | 1714348 schadenfreude
schadenfreude's picture

Yeah. The war scenario fear mongering gets boring quite fast.

Tue, 09/27/2011 - 09:44 | 1714640 edotabin
edotabin's picture

Yes, although I believe the Irish had it "right" the first time they voted.

"Less and less people are buying it" Obviously, you are right. On the other hand look at the madness going on around us. They are pushing through the most idiotic plans ever devised wrapped in constant lies. It is a combination of Three Stooges policy and Freddy Krueger results.


Tue, 09/27/2011 - 07:13 | 1714170 kurzdump
kurzdump's picture

Don't be so negative, Tyler!
Reuters got it right:

Or not...

Tue, 09/27/2011 - 08:38 | 1714408 macholatte
Tue, 09/27/2011 - 09:06 | 1714509 GetZeeGold
GetZeeGold's picture


Great......what about next week?


.....and the week after that?


Tue, 09/27/2011 - 07:31 | 1714177 Robslob
Robslob's picture


So futures must amping like crack addict who just took an imaginary hit?





Tue, 09/27/2011 - 07:20 | 1714185 drwillia
Tue, 09/27/2011 - 07:21 | 1714187 malamasa
malamasa's picture

if i had a penny for every time u were wrong i would be a billionaire - i really wonder how come people read u! probably they are morons like u - IQ 60 

Tue, 09/27/2011 - 07:43 | 1714248 DogSlime
DogSlime's picture

Wow!  Wrong 100 billion times!  Impressive!  Even more impressive that you were counting.

Tue, 09/27/2011 - 07:47 | 1714262 malamasa
malamasa's picture

yes I was counting ...the guy  couple weekends ago was absolutely sure that Greece will go bankrupt !!!

Tue, 09/27/2011 - 08:00 | 1714287 BetTheHouse
BetTheHouse's picture

Uh .. hate to be the one to break it to you.  Greece IS bankrupt, dumbass.  The only question now is how many other countries is it going to drag down with it.  Get a clue.  And while you are at it, get an avitar.

Tue, 09/27/2011 - 08:26 | 1714372 malamasa
malamasa's picture

Duuuhhh..  yes u r right dude - Greece being 2.2% of Total European debt, 11 mio population  IS the real problem - that is why the world is collapsing..... that proves my point IQ status made above - u r a prime example!

Tue, 09/27/2011 - 08:43 | 1714431 BetTheHouse
BetTheHouse's picture

"Dude?"  Actually, "bro," I didn't say they were the "real problem."  I said they were bankrupt. 

Tue, 09/27/2011 - 08:25 | 1714373 schadenfreude
schadenfreude's picture

Delayed filing of insolvency is a crime. of course that doesn't count for sovereigns, because politicians stand above law. If you know the date, when Greece is officially insolvent please ellaborate, so that I can position some short on banks.

Tue, 09/27/2011 - 08:32 | 1714393 malamasa
malamasa's picture

ask Bethehouse he knows when..... 

Tue, 09/27/2011 - 09:24 | 1714574 edotabin
edotabin's picture

Delayed insolvency is a crime? I know the date.  The problem started around 1980-81.  It was painfully clear around 87-88. Greek Drachma was paying 24-25% for years until it was "saved" by the Euro.

Greek bank stocks are already like 2 cents. They have suffered severe drops.


Tue, 09/27/2011 - 08:41 | 1714422 Byte Me
Byte Me's picture


At least give us a moderately entertaining icon to rip on...

This is an Industrial grade entertainment channel after all....

Tue, 09/27/2011 - 07:26 | 1714206 PY-129-20
PY-129-20's picture

Market or what is left of it more and more resembles a rollercoaster - 5 % down, 5 % up; etc. What a joke this is.

Tue, 09/27/2011 - 07:47 | 1714258 Forgiven
Forgiven's picture

My German friend, a market has buyers and sellers.  What we have witnessed in the last two years has involved government sanctioned manipulation by central banksters.  Markets - free markets, set prices.  Government set prices are the actions of despots.

Tue, 09/27/2011 - 07:44 | 1714250 Forgiven
Forgiven's picture

I was really hoping the levered SIV, Euron, would take hold.  If you're going to be a volcano (reference to comment below) you might as well go off like Mt St Helens. 

Tue, 09/27/2011 - 07:47 | 1714260 Byte Me
Byte Me's picture

How disapointing. I think that the Troika itself and the MSM in particular, should declare this Pan-Greco policy of austerity on Bullshit a de facto demonstration of default.

If you take the money -- pony up some decent, entertaining horseshit -- like a faked-up bond sale blag sheet. Or how the problem is 'solved'.

This siesta-style laziness just will NOT be tolerated, and sets a poor example for Greek entertainment, which was your only growth industry.


Tue, 09/27/2011 - 07:52 | 1714270 AngryGerman
AngryGerman's picture

What you do not know is not real!

Tue, 09/27/2011 - 07:55 | 1714279 guiriduro
guiriduro's picture

Here you are - we're in trouble, care to take a 21% writedown on our debt with you in order for us to get on with reforming our government and economy?



Right - here's a 50% immediate writedown with a possible 100% writedown in case of default which you precipitated.  F Me the intransigent brinkmanship of the financial sector is the one thing which convinces me that nothing short of 100% writedown / default is the right solution and that a huge hollowing out of the investor class, a fire in the forest that burns off all the speculator's dry kindling and then some, a total reset is in order, one in which they lose big and we can just get on and rebuild a functioning post-crash economy, I'm tired of all the can kicking while the financial leeches try to squeeze the politicos into selling their taxpayers well short.

Tue, 09/27/2011 - 08:18 | 1714346 fdisk
fdisk's picture

"Right - here's a 50% immediate writedown with a possible 100% writedown in case of default which you precipitated. "

AND? $600 billion is total Greek Debt, let's say 300 billion write downs

for EZ? Pocket change, not even worth to mention it.

Tue, 09/27/2011 - 08:13 | 1714328 fdisk
fdisk's picture

I told you ZSL is scam.. SLV up 7.97%

ZSL down (supposed to be double) 23%

Tue, 09/27/2011 - 08:19 | 1714351 RobotTrader
RobotTrader's picture

Island bottom on all major indexes.

Bears got royally screwed with that false breakdown on Thursday

Tue, 09/27/2011 - 08:32 | 1714390 somethingisrotten
somethingisrotten's picture

I hate to be the bearer of bad news, MomoTrader, but any bear worth his honey is playing with your money at this point.  Good luck getting it back.

Tue, 09/27/2011 - 08:24 | 1714365 shortus cynicus
shortus cynicus's picture

We are sure the last will be news to tens of millions of German citizens.

Germans are known to march silently towards total destruction. Sheep must obey rules. Ruling class take care of sheep, or sometimes not but then it is too late.

Have you seen any "occupy Willibrandplatz" action?


Tue, 09/27/2011 - 10:47 | 1714841 MS7
MS7's picture

"We are sure the last will be news to tens of millions of German citizens."

I suppose at some hypothetical time in the future they will feel the pain. Correct me if I am wrong, but I doubt their taxes have gone up as a result of the bailout, kind of like the US which was told to shop during the war against Iraq.

Germany is calling the shots, needless to say. They are acting to protect their banks--by stealing from their taxpayers, of course. But it's not like they're doing this to help Greece which could have DEFAULTED over a year ago if it had anyone with any sense in the government. The Greek people do not want to be "saved" by Germany, as is evident by their attempts to get rid of their own treasonous government. I wouldn't worry about Germany too much. They benefited from being in the Euro zone and having the price of their exports low. When they're ready they'll leave the euro.

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