Germany Slams Greece: The New Government Has 'Destroyed All the Trust That Had Been Rebuilt' - General

whisperer 2015.03.15 21:31 #61

And in the end all is as it used to be. Usual political games

thenews 2015.03.16 16:18 #62

Germany Slams Greece: The New Government Has "Destroyed All The Trust That Had Been Rebuilt"

In his fiercest rhetoric yet, Germany's angry Finance Minister Wolfgang Schaeuble unloaded:

SCHAEUBLE SAYS DOESN'T KNOW WHAT TO DO WITH GREECE NOW
SCHAEUBLE SAYS NEW GREEK GOVERNMENT HAS DESTROYED ALL THE TRUST

THAT HAD BEEN REBUILT

He went on to explain that "no one I talk to sees how Greek approach can work," which perhaps explains why Greek 3Y bond yields spiked back above 20% for the first time since the election today.

Some additional headlines:

*SCHAEUBLE SAYS GREEK T-BILL AUCTION DESTROYED CONFIDENCE
*NO FOREIGN INVESTOR WANTED TO BUY GREEK T-BILLS, SCHAEUBLE SAYS
*SCHAEUBLE: NO ONE I TALK TO SEES HOW GREEK APPROACH CAN WORK

And GGB yields are exploding...

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myname 2015.03.16 19:34 #63

Is anybody listening to any other opinion other than German in the EU?

thenews 2015.03.18 07:50 #64

'EU Won't Keep Greece in Euro Zone at Any Price': EU's Moscovici

Greece's exit from the euro zone would inflict great political damage, however the European Union won't keep the debt-ridden country in the 19-nation bloc at all costs, according to European Commission (EC) Financial Affairs Commissioner Pierre Moscovici.

A future agreement between the European Union and Greece must be guided by strict conditions acceptable for both sides.

"The Eurogroup has an overwhelming will to keep Greece in the euro zone. Financial accidents can happen. Our task, however, is not to organize this but to prevent it," Pierre Moscovici told German daily Die Welt.

However, he stressed the European Union is not ready to make any sacrifice just to keep Greece in the single currency bloc.

"We won't keep Greece in the euro zone at any price, but under strict conditions which are acceptable for both sides," Moscovici said.

He also added that any possible third aid package must look different to previous ones.

Moscovici also noted the 19-nation bloc was in a better position than two years ago but warned that Greece's exit from the single currency would still inflict great political damage.

"Everyone would ask, which member state is next?" he said.

According to the latest news, Greek Prime Minister Alexis Tsipras wants to meet top European leaders at this week's EU summit as tensions between the two sides have recently intensified, with German Finance Minister Wolfgang Schaeuble saying that Athens' failure to implement necessary economic reforms could result in the so-called "Grexident", an accidental series of events which could lead to Greece leaving the euro.

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thenews 2015.03.22 17:53 #65

Germany Gives Greece One Final Ultimatum

Germany Gives Greece One Final Ultimatum After Friday's "Optimistic" Talks Devolve Into Disagreement And Confusion

On Friday, the main catalyst that launched the early ramp in the EURUSD, subsequently sending both the Dax over 12,000, and the US stock market soaring, was speculation and hope that the latest round of Greek talks on late Thursday night ahead of tomorrow key meeting between Tsipras and Merkel in Berlin, had gone well, and there was a reason to be optimistic about the near-term for a Greece which increasingly more see as on the verge of expulsion from the monetary union. We explained as much, although we added the provision that at this point it is likely too late to do much if anything about Greece in "German DAX Surges Over 12,000 On Greek Optimism, But The Money Has Run Out."

Now, courtesy of reporting by the FT, we can also rule out any of the so-called optimism in the aftermath of Thursday's talks because as Peter Spiegel reports, not only was there no real consensus, but the talks "ended in disarray", and even though "Greece’s prime minister and fellow Eurozone leaders emerged from a meeting early on Friday morning touting a breakthrough agreement to unlock much-needed bailout funds for Athens — only to fall into disagreement hours later about what it all meant."

Two days of intensive and occasionally heated negotiations at an EU summit in Brussels amounted to little more than a repeat of talks a month ago between eurozone finance ministers that officials then also hailed as the definitive agreement to get the final bailout review under way.

And the punchline, "so similar were the two deals that, much like the one finalised last month, leaders involved in the talks could not agree on what was agreed within 12 hours after a late-night meeting aimed at resolving all differences."

The underlying problem for Greece, as we have been writing ever since October, is that the country is not only out of money, but it is now almost $4 billion in the hole. It is, in effect, insolvent. Which is why Greece is now desperate to walk back on all of its election promises because having lost the one trump card it had, namely to default on its Eurosystem debt (precisely what the infamous Varoufakis "middle finger" speech was all about), or exist the Eurozone on its own terms, Greece is now scrambling to survive day to day, even as its bank run threatens to implode its banks at any given moment. More from the FT:

Angela Merkel, the German chancellor, made clear at a post-summit news conference that the starting point for Alexis Tsipras, Greek prime minister, was a December 10 inventory of incomplete reforms promised by the previous Greek government. “The Greek government has the opportunity to pick individual reforms that are still outstanding as of 10 December and replace them with other reforms if they . . . have the same effect,” Ms Merkel said.

It is a potentially incendiary demand since the document Ms Merkel referred to — a letter written by Greece’s then centre-right prime minister Antonis Samaras and his finance minister Gikas Hardouvelis — was the focus of particular scorn for Mr Tsipras’s far-left Syriza party on the campaign trail.

Mr Tsipras insisted at his own press conference that Ms Merkel was mistaken. “Forget the commitment of the former government. There are no austerity measures. There is no letter of Hardouvelis,” Mr Tsipras argued. “I asked [the other leaders]: do you expect me to . . . go through this evaluation and implement measures that Mr Samaras was not able to implement? The answer was no.”

No, Merkel is not mistaken as will be made abundnatly cleat tomorrow during the Berlin press conference after the Merkel-Tsipras meeting, which may well lead to the Euro losing all of its sharp gains achieved on Friday due to another dose of premature Greek optimism.

Eurogroup Gives Greece 10 Day Ultimatum: Apply For Bailout Or Grexit - page 7