Merry Xmas from Goldman Sachs

As we speak, it is the toxic debt to Goldman Sachs,
which was used by Greece (with the EU watching)
to get into the Euro (the neo-colonial currency),
is the reason why Greece's debt continues to climb.

Now, lots of wise-arse bastards have told me that
"hiding your debts in this way was not illegal, in the EU,
at that time"
Of course it was legal, I tell those sh*theads.
It was legal so that the indebted south could be brought
into the neo-colonial pact. D-uuh

There is an end in sight.
Goldman Sachs, one of our jailers, said so.
in 2026!

checkitout:
Το 2026 θα ορθοποδήσει η Ελλάδα
Η Goldman Sachs εκτιμά ότι η Ελλάδα θα ορθοποδήσει σε δεκαπέντε χρόνια. Καμπανάκι στο μεταξύ από τη Royal Bank of Scotland για έξοδο μικρής χώρας από το ευρώ
Δημοσιεύτηκε: Δεκέμβριος 23 2011

Banking god, Papademos, threatens banks with rubber chicken

Unfortunately, he has no power to do anything.
He wants the banks holding Greece's debt,
the part that's not owned by the troika,
under English law (i.e. default and we get the Acropolis),
but those same debt-holders are also waiting
to cash in on CDS contracts if Greece defaults. It sounds
like conflict of interest, but bankers and hedgers
don't go to jail, so it down to a mafia fight.

Who's the biggest capo?
the guy who wants Greece to keep going so that a CDS
event doesn't happen, thus NOT bringing an end to all
banking, worldwide.
OR
the guy who wants to crash Greece to get a CDS payoff.

There may be blood spilt yet. But it's not Papademos who
will draw the knife.

checkitout: Mish Shedlock

Absurd Threat by Greek Prime Minister: "Hand Over Your Wallet or I Will Give You a Million Dollars"
Hedge funds holding credit default swaps on Greek bonds are probably laughing out loud over statements made today by Greek Prime Minister Lucas Papademos.
The New York Times reports Greek Premier Says Creditors May Be Forced to Take Losses
Taking direct aim at hedge funds and other private holders of Greece’s debt, Prime Minister Lucas Papademos says he will consider legislation forcing the creditors to take losses on their holdings if no agreement can be reached in critical negotiations scheduled to resume Wednesday.

Mr. Papademos said that if Greece did not receive 100 percent participation in a program in which bondholders would voluntarily write down $130 billion from Greece’s unwieldy $450 billion debt, the country would consider passing a law to require holdouts to take losses.
“It is something that has to be considered in the light of expectations about the degree of the participation to be achieved,” Mr. Papademos said. “It cannot be excluded. It is contingent on the percentage.”
Laughable Bluff
I will post another snip below, but that is all you need to read to be laughing your head off. If you "force" creditors to take losses, the writedowns can hardly be considered "voluntary" can they?

In short, the moment Greece does what Papademos illogically threatens to do, there would be a "credit event" on Greek bonds, exactly what Papademos does not want, and exactly what hedge funds with CDS on Greek bonds do want.
Ideally a bluff should carry some measure of risk. Instead, hedge funds are praying Papademos does what he threatens to do. Thus, the Papademos threat is like a robber pointing a gun at you saying "hand over your wallet or I will give you a million dollars".
Absurd Statement of the Day
Papademos asked Greeks to put their sacrifices in perspective. If all goes well, he said, they could expect “an end to austerity” next year.
The only way austerity in Greece will end next year is if Greece defaults.
Mike "Mish" Shedlock

Thanks, Hungary

for getting Greece off the front pages. It was nice for a while,
but being on the receiving end of so much negative publicity
is not good for our tourism sector, and that's all we've got left.

So, thank you to Hungary, and it's new fascist PM.
I'll tell you why he's clamping down on everybody
in Hungary. It's because they're horribly in debt
and the media will be roasting him as he tries
to wiggle out of the mess he's in.
As Karl Denninger says below, the guy's wise to
ignore the EU who are complaining about his
new laws. Well, if the EU doesn't like it,
Hungary can just default, unlike Greece, a country
kept alive only as a freak show.

checkitout:
Denninger Hungary: Erect The Finger
You know you want to....
The European Commission has launched legal action against Hungary's Fidesz government for violations of European Union treaty law and erosion of democracy, marking a dramatic escalation in the war of words with the EU's enfant terrible.
Capital Economics said Hungary must repay €5.9bn (£4.9bn) in EU-IMF loans and raise external funds equal to 18pc of GDP this year, the highest in Eastern Europe. Two-thirds of household debt is in Swiss francs, leading to a lethal currency mismatch as capital flight weakens the forint.
"Hungary is playing with fire," said Lars Christensen from Danske Bank. "The EU is not bluffing. It will let Hungary go over the edge to make the point that EU countries must play by the rules. Our worry is that Hungary's government has not yet got the message."
Whah whah whah whah.
Ambrose: Wake the hell up you idiot!
ALL lending to a sovereign is unsecured. You're lending to a government predicated on one -- and only one -- premise: Their willingness and ability to extract from the economy, via taxes, the money you loan them.
Note the two parts: Willingness and ability.
If either is missing you don't get paid. Period.
Also note that the lender has complete control in this regard when they make the loan. The lender is capable of saying no. And the borrower can, if they choose to default, restrict their spending to that which they are willing and able to tax, immediately balancing their budget and eliminating their need to borrow at the same time!
This makes threats to cut off continued lending rather hollow provided that the government in question is willing to restrict their budget to that which they can tax.
Not-incidentally, restricting the budget to that which you can tax is the definition of fiscal prudence. So a nation that tells the EU to get stuffed does two things at once -- it tells the jackbooted jackasses to get lost and at the same time fixes its fiscal problems.
Let's see it -- and may those that Ambrose believes should be "protected" from the price of their follies find out that they're both wrong and broke.

welcome to the junk heap

Portugal joins us in the bush leagues. Bomjia! or Bom dia.
Their debt is now junk.

You'd think that Brazil would save the home country.
Greece doesn't really have any colonies, except Astoria and Melbourne
and Danforth in Toronto and Levesque in Montreal, and Laval.
and it's navy is the merchant marine. 30% of world sea transport.

too bad that they don't pay any taxes, otherwise we'd be alright.

Junk is our debt.

The next level is Haircut City.

That's when our debts will be cancelled. I hate to cheat,
but the way the banking system is run, with government goons
covering for the bank capos,

I'd rather cheat than be a fool.
The whole world will sooner or later
come this same realisation,
thus greekifying the world economy.