Thursday, October 20, 2011

Greece Moons the EU and the IMF

Some time back in the EPJ Daily Alert, I wrote that Greek officials could moon German Chancellor Angela Merkel and they would still get their bailout money. This appears to be exactly what has occurred. The Greeks have missed every economic target that was outlined for them, but they will get their money. Merkel, the IMF, the World Bank have been mooned.

Here's how Reuters reports the story (My emphasis):
The European Union and IMF's "troika" mission to Greece recommends paying out a sixth aid tranche as soon as possible despite finding "extremely worrying" government debt dynamics, according to a draft of its long-awaited report obtained by Reuters on Thursday.
The banksters will be protected. Greek Prime Minister George Papandreou really doesn't need to attend any future bailout discussions. He could just drop his pants, have a picture taken of his butt, send it to troika officials and he would still get the bailout money.


  1. I think Papa's just enjoying the ride at this point

  2. Speaking of mooning, we just got mooned by Bank of America.

    Dave Gonigam reports, Government Bailouts by Design, "...Wait until they get a load of what Bank of America has just done.

    With the blessing of the Federal Reserve, Bank of America moved the derivatives book off the balance sheet of Merrill Lynch and put them on the books of its own commercial banking unit. The result means yet another increase in liabilities for the U.S. taxpayer.

    Again, let’s follow the bread crumbs:

    This morning’s derivatives transfer announcement was initiated by a Moody’s downgrade of Merrill Lynch on Sept. 21. Merrill customers got jittery, perhaps rightly so.

    Merrill Lynch can’t borrow from the Fed’s discount window. Nor is it backed by FDIC deposit insurance. But Bank of America’s commercial banking unit has both of those benefits.

    Following a sketchy late-night deal on Sept. 14, 2007, covered in Andrew Sorkin’s book Too Big to Fail (now an HBO film), Bank of America owns Merrill outright.

    Now with the transfer, derivative bets placed by formerly reckless Merrill traders are available for taxpayer bailout money… without all the nuisance of political debate in Congress.

    Easy, peasy. Government bailouts by design. Love it...."

    Read more: Government Bailouts By Design

    OWS, yea right. Zombies on a fiat dollar fix.


  3. Papandreou is laughing at his German slaves.