Welcome To The Deja Vu Circle Of Hell: Greek Referendum Has Been Scrapped (This Time Maybe For Real)

Tyler Durden's picture

This time from AP:

  • Officials close to Greek prime minister tell Associated Press bailout referendum has been scrapped

How close? And are they closer to their Forex frontrunning trading platform?

Seriously - No more... Please... We give up.

From AP:

Athens, Greece (AP) -- Two officials close to the Greek prime minister say he has scrapped his plan to hold a referendum on the latest European debt deal for Greece after the main opposition leader said would back it.


The two officials said George Papandreou made the comments during an emergency Cabinet meeting Thursday. One also said the premier would not resign despite mounting pressure, and would await the outcome of Friday's confidence vote in his government.


They spoke on condition of anonymity to disclose talks in the Cabinet meeting, being held in Parliament.

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larry david's picture

We're saved!  Rally on!!!!!!

fuu's picture

Just the little blue pill the market needed to get over the hump.

qussl3's picture

What hump?

The one before we start talking about italy and france?


Divided States of America's picture

I call BS on this....why would he call the referendum off if his opposition leader says he will back him? Makes no fuckin sense.

ratso's picture

Are there any responsible grown ups left in Greece?

Fish Gone Bad's picture

Maybe they did not watch the movie "300".

The Big Ching-aso's picture

Yes, on the Island of Lesbos.  Loving tender adults sticking with each other through thick and quim.

Ethics Gradient's picture

I think you can expand your net to include the whole of the EMU zone.

barkster's picture

maybe G-pap-smear was paid a little overnight visit.....

eatthebanksters's picture

He ony propsed the plan because he hoped the people would vote'no'...when te opposition said they would vote' 'yes' his hand was called.  G-Pap does not want to settle with a 50% haircut and the austerity that comes with it...he's playing chicken and holding out for a bigger haircut.  The dude has big stones...

The Big Ching-aso's picture

"The dude has big stones."

Soon to be a gelding.

moneyline's picture

They essentially called his bluff. That's what happens when politicians talk out of both sides of their face. 

xPat's picture

Tyler, don't you get it? They are SAVING GREECE here, according to the following plan:


  1. Lever up to MAX LONG leverage ES, EURUSD, and other correlated instruments*
  2. Announce that the referrendum is off
  3. Reverse the trade; lever up MAX SHORT all indicies*
  4. Announce that the referrendum is on
  5. Repeat indefinitely

* Note: Don't trade with MF Global or Jeffries

At this rate, Greece will be a creditor nation within 3 days...


i root for that fat jersey governor's picture

referendum not more + ECB cut, shouldn't these together be super steroid for the market?? I thought the market could have jumped 5% on this.

bigkahuna's picture

hold a position over night and you are insane.

rune420's picture

This. I'm going to stay hedged untill I see a significant retracement in this chart: http://www.bloomberg.com/quote/GBTPGR10:IND

But then again, we now have an Italian in control of the ECB. I have a feeling Helicopter Ben is gonna pale in comparison once Super Mario starts striking his coin blocks. Todays rate cut was just the beginning.

The Big Ching-aso's picture

"Put it in!  No take it out!  Put it in!  No take it out!  Put it in!  No take it out!"     The latest Greek protestor chant about the referendum.

redpill's picture

Thank goodness! Voting is an outdated, barbarous relic.

OpenEyes's picture

I thought it was Tradition

hedgeless_horseman's picture



GS's board already voted on this last quarter.  The Euro stays, for now.

narapoiddyslexia's picture

Speaking of barbarous relic, and I know this is OT, but yesterday TD posted a reference to a Motion to Expedite in the MF liquidation, referring to Paragraph 2 to show how Corzine et al might have stolen $1.45 billion from client accounts.

I just got to Paragraph 11, however, where it says that if the Trustee can't offload the 50,000 commodities accounts by Friday, he's going to liquidate them on the open market.

This will trash gold and silver, will it not?

A buying opportunity?

See SilverDoctors link.

JLee2027's picture

I pointed that out yesterday in my comments here. Sure seems a lot of people and markets are going to be wacked and wacked hard.  In Para 13 the CFTC said they had no problem with it.

CPL's picture

The irony is the cradle of democracy is now become an authortarian federation of bond holders.


How's that for tricks?

Potemkin Nation's picture

Behind the scenes, the puppet masters pull their strings.

DormRoom's picture

are we saved?  This is the kind of collectivism (finance-debt collectivism) that Hayek warned against.  The type of collectivism that has lead us to authoritarianism (Germany-France axis)


Participatory democracy is the reflexive mechanism in which to push back tyranny.


let the people vote!  If not with ballots, then stones!!!!!



AldoHux_IV's picture

Some moron on the MSM just framed the removal of the referendum as another attempt to save Europe-- save Europe from what? The black hole it has already become? The EFSF and bailouts will just create a bigger negative feedback loop.

Shvanztanz's picture

The veil is completely gone and MSM has abandoned any pretense that it does not disdain the true essence of democracy. 

Spastica Rex's picture

"Saving [Greece] [Europe] [USA] [Democracy] [Capitalism] [etc.]" really means: "Saving the STATUS QUO." Lotsa folks DEPEND on the status quo, lotsa the "99%" depend on it. The system that has been forged over the last several hundred years is not going to "go gentle into that goodnight."

LongSoupLine's picture



All I know is I'm long manufacturers of:

glass bottles,




bullets and finally...

coroner supplies

Temporalist's picture

People don't pay for funerals when there are masses of them dying in the streets.  Ever hear the phrase "bring out your dead"?

i-dog's picture

"let the people vote!"

It was people voting that got all these governments into this mess! Don't encourage more of it!!


slaughterer's picture

I need SPX 1260 before I re-short.  The rumor mill has traced out an upward channel in the last three days that will certainly excite masses of bullish swing traders.  

CPL's picture

This is going to end badly.

mkix's picture

Agreed. Anyone know what the gun laws in Greece are?
How much can these people pillage? It must get boring to do the same thing over and over again. 

CPL's picture

As I've brought it up before, better go look and see what Turkey is doing. 


And no, greed is unquenchable.

Temporalist's picture
“Two things are infinite: the universe and human stupidity; and I'm not sure about the the universe.” - Albert Einstein
Robot Trader's brother's picture

Am here to appologize for my brother.......

vast-dom's picture


Amazing the worse the news/data/funduhmentals the better the bull rally!

CPL's picture

WElcome to the bizzarro superman universe, it's been doing it for most of the last four years now.


Glad you just woke up, what do you feel like doing now?

jdelano's picture

Excerpted from "Way Way Too Big to Fail", the HBO exclusive to be released in the fall of 2013: 


Bernanke:  There's just one caveat here, gentlemen.  If I drown you in liquidity, you need to use it to prop up the equity markets at all costs.  I don't care if Netflix makes 10 cents or 10 dollars.  You will buy the stock and keep buying.  I don't care if Iran nukes half the globe or Europe collapses back into the stone age.  You will buy equities, understood?

Dimon:  What about main street?  Do we need to at least make a pretense of issuing loans? 

Bernanke:  Don't worry about Main Street.  Mom and Pop don't have a clue what's at stake right now.  If the S&P closes out the year in the red, tax receipts will plummet and half the municipalities in this country will go into bankruptcy.  Pensions will implode.  We need to prioritize, Jamie, we're very close to the precipice here.  Mom and Pop don't need loans--at least not as much as they need some semblance of order.  They need a government.  They need milk on the shelves and running water.  Buy stocks, gentleman.

Pandit:  Do you have a target?

Bernanke:  For what?

Pandit:  The S&P.  How far should we take it?

Bernanke:  I don't know.  Use a little discretion.  Get it green enough to lure Main Street solidly back in.  But don't take so far that it obviates our involvement.  

[The CEOs murmer their assent.  Bernanke nods soberly, snaps the locks on his briefcase and exits the room.]  



slaughterer's picture

Back to Live-Cam Athens: G-Pip reversal incites  Greek civil war. 

SamAdams1234's picture

Karate Kid Lesson # 1 -- (wax on, wax off)



The Big Ching-aso's picture

Abruptly cancelling the referendum at this stage is like yanking away the EEE public teet without so much as a pacifier to follow.   I'm sure all the Greek little suckers will nary a noise make.    Probably will go right back to sleep imagining the teet is still there.     Yeah, that's what'll happen.

Deadpool's picture

and just like that, democracy dies with a whimper.

The Big Ching-aso's picture

Smoke is in the air.    The Greek reeferendum has been scrapped.

agent default's picture

Can we please scrap Greece?  And while we are at it the EU? 

Odin's picture

*Pop*......Great, now I have no head...