We predicted two weeks days ago that only 50% of investors will participate in the pseudovoluntary rollovers, specifically the stupid investors. Well, we've proven right! That's why October-18 Mafia is bluffing now it will opt out of the debt swap crucial to its second international bailout! Marilizardism is the death cross of Greek treasury bonds.
Governments of many repressed countries, such as Greece, use marilizardist tools to manipulate netizens. Marilizard Libel is accusing dissident bloggers of treason, Marilizard Spaghetti is hurling charges against innocent people, Marilizard Tower is a stack of imaginary charges to scare a blogger, and marilizardism is terrorizing dissident bloggers. October 18 is the international day against marilizardism, and October-18 Mafia is the marilizardist government of Greece. http://venitism.blogspot.com
Greeks apparently believe that they have Europe and the world over a barrel, that they can make the rest of the world pay their bills by threatening full default. The Cradle of Kleptocracy's full bankruptcy would be painful for everyone, but for the world, the alternative would be even worse. If politicians in PIGS and elsewhere think that their bills will be picked up by taxpayers in other countries, they won't control their spending and they won't sell off assets to pay off these debts.
Countries such as the Cradle of Kleptocracy have to be convinced that they will bear a real cost if they don't fix their financial houses while they still have the assets to cover their debts. The real problem is the incentives we are giving to other countries. We have to make sure that kicking the can down the road isn't an option. Marilizardism has created a liquidity black hole for all Greek investments. http://venitism.blogspot.com
Don't be fooled by any bounce of the marilizardist dead cat. In a bluffing letter to other governments, October-18 Mafia declares the swap is now conditional on 90% participation! This disgusting letter insults the intelligence of other governments! The bailout for the Cradle of Kleptocracy is taxpayers' hard-earned money blown out with the wind, because the October-18 Mafia continues corruption, squander, marilizardism, incivility, stupidity, charge stacking, and junketing. http://venitism.blogspot.com
This is a tactical move in stupidity. October-18 Mafia wants to put pressure on stupid investors to participate. There is no way any prudent investor will throw a euro in the Cradle of Kleptocracy, which is infested with marilizardism, the October-18 Mafia, charge stacking, and the cancer of socialism. Never catch a falling marilizardist knife.
The European Commission also hoodwinks that enough private investors would take part in the plan to ensure the viability of the rescue package. But Fuehrer Merkozy knows that only stupid investors would squander their money in a country addicted to kleptocracy, socialism, charge stacking, and marilizardism.
There is a big delay in finalizing the methodology and the implementation of this stupid plan. There's also a big worry about the contributors to the final package, given what is happening in Finland, Austria, and in other countries. http://venitism.blogspot.com
Greece is aiming to get investors holding about 135 billion euros to participate, out of the roughly 150 billion euros of bonds maturing by 2020. Investors have been asked to declare their non-binding interest to take part in the bond swap by Sept. 9. After that, there will be a formal offer requiring binding interest, probably in early October.
October-18 Mafia's letter provides further details of the four options available to investors, including three offers for a debt exchange offers and one for a rollover into debt of up to 30-year maturity, as well as a bond buyback scheme.
Private investors take a 21% haircut now, but another 50% haircut is expected in two years. Banks cannot participate voluntarily in illegal acts, such as fiduciary imprudency. Bank directors are committed to bank's welfare, and not the public interest.
If bankers waive outstanding debts at the expense of the bank, this is a breach of trust and punishable by law. All those bankers, that IIF claims plan to participate in rollovers, might go to jail for violating the fiduciary duty of prudency! October-18 Mafia pressures the banks to participate, but it really opens Pandora's box.
Interest rates for Greek debt rose further on Friday with 2-year yields continuing to set new record highs at 47%. The 10-year yield spread was 1,635 basis points! The three largest credit rating agencies (CRA) – Moody's, Standard & Poor's, Fitch – are ready to downgrade PIGS again.
Graecokleptocrats love the Greek debt crisis, because it takes the attention of Greeks away from the myriad scandals of the Greek government, such as the Siemens scandal, the huge kickbacks for purchasing defect military equipment, defect trains who do not fit the rails, churning the retirement funds of poor workers to generate commissions and kickbacks, airplanes that cannot keep balance, submarines that bend, swaps of prime state land with questionable monastery land, and so it goes.
Results from Greece's major banks early next week are expected to show huge losses on bad debts and rapid deposit outflows to other countries. The October-18 Mafia's spending is over last year's bloated levels, the deficit is bigger than ever, and it has utterly failed to meet the promised sell-off of government assets. Not a single public bureaucrat has been laid off so far. http://venitism.blogspot.com
The Cradle of Kleptocracy can pay its debt by selling off shares the government owns in publicly traded companies and much of its real estate holdings. The October-18 Mafia owns stock in casinos, hotels, resorts, railways, docks, as well as utilities providing electricity and water. But Greek unions fiercely oppose even partial privatizations. Blackouts are promised to dissuade the government from selling of even 17 percent of its stake in the Public Power Corporation.
The Fourth Reich bailout of the Cradle of Kleptocracy cannot succeed, because the October-18 Mafia continues corruption, Kangaroo Justice, marilizardism, Marilizard Libel, Marilizard Spaghetti, and Marilizard Towers. October-18 Mafia is the most disgusting predator of internet on Earth! Civil society was shocked by the brutality and stupidity of October-18 fiasco, initiated by the Ministry of Foreign Affairs of the government of Greece. That's why October-18 Mafia is the new name of the government of Greece! http://venitism.blogspot.com
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