It is shown that Bell's counterfactuals admit joint quasiprobability distributions (i.e. joint distributions exist, but may not be non-negative). A necessary and sufficient condition for the existence among them of a true probability distribution (i.e. no-nnegative) is Bell's inequalities. This, in turn, is a necessary condition for the existence of local hidden variables. The treatment is amenable to generalization to examples of 'nonlocality without inequalities'.