The big fat Greek blame game - page 2
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Juncker - the man that made Luxemburg a tax evasion haven, and was awarded for that with the presidency of EU commission, can not help himself : he is barking what his bosses told him to bark
Juncker - the man that made Luxemburg a tax evasion haven, and was awarded for that with the presidency of EU commission, can not help himself : he is barking what his bosses told him to bark
If Juncker was one of a kind, it would nt be so bad. But Brussels is full of his clones
Merkel: Greece unilaterally abandoned successful talks
Merkel speaks to the Bundestag
That's pretty much inline with Schaeuble and will maybe calm some German nerves that they were at odds with each other. Either that or they were playing the good cop, bad cop routine
And there's more;
And she's done
EU's Dijsselbloem says institutional proposals for Greece were "cut to pieces" by Gre
Dizzy Dijjy rascal on the wires
Dijjy in punchy mode
Serious face time
Varoufakis accuses Greek creditors of "terrorism"
Greek fin min pulling no punches in an interview with Spanish newspaper EL MundoReuters reporting
"What they are doing with Greece has a name: terrorism"
"Why have they forced us to close the banks? To frighten people. And when it's about spreading terror, that is known as terrorism"
He said an agreement would be reached even on a No vote because failing to agree would be too costly for both sides
" Because there's too much at stake, as much for Greece as for Europe. I'm sure. If Greece crashes, a trillion euros ( the equivalent of Spain's GDP) will be lost. It's too much mioney and I don't believe Europe could allow it."
The gloves are most certainly off now but the finger pointing continues
Hardliners in Greece and Germany trying to derail deal
Lawmakers in Athens and Berlin pushing back
Five members of Tsipras' party have pledge to fight the Greek proposal., saying they prefer the drachma to austerity.
Meanwhile, senior German conservative lawmaker Hans-Peter Friedrich told Reuters there is no basis for further negotiations in the latest Greek proposal. He said Greece needs a new start with its own currency.
Look for similar headlines to continue but I suspect it's only fearmongering. Syriza has the votes to pass the bailout with help from the opposition and Merkel will get a deal if she wants one. At the moment, it's clear that markets are now pricing in a high probability of a deal.
The big question is: Will the optimism last?
source
Greek crisis: Various disagreements within Europe – chances for deal look low
After talks on Saturday broke up, the Eurogroup meetings are going on for a second day and so far, a lot of confrontations are surfacing. An agreement does not seem to be in sight. It seems that Germany has overplayed its hand at the moment. The EU Summit has been cancelled, allowing for euro-zone leaders more time to discuss the issues.
At the moment, optimism is low and stock futures already point to lower ground.. But doesn’t Europe always does the right thing at the last minute? Here are the latest updates on Schäuble’s confrontations:
On the upside, negotiations are still going on, and as aforementioned, a deal is always within reach. Given the optimism on Friday, a deal is likely priced in, so a failure would lead to another big gap lower on EUR/USD, while a deal would likely lead to a short-lived and limited rally.
source
Tempers flare at eurogroup meeting on Greece; Draghi and Schaeuble square off
The eurogroup chairman prematurely ended meetings at midnight on Saturday as tempers flared.
"It was crazy, a kindergarten," said a Reuters source familiar with the arguments in the Eurogroup among increasingly weary finance ministers. "Bad emotions have completely taken over."
The fighting wasn't primarily between Greece and others but among eurozone finance ministers and leaders.
The exchange that ended the meeting was between Draghi and Schaeuble. according to Reuters.
"Another official close to the talks said the adjournment was prompted by a particularly heated exchange - on Greece's ability to service its debts - between European Central Bank chief Mario Draghi and German Finance Minister Wolfgang Schaeuble.
In response to Draghi, one participant quoted Schaeuble as saying: 'I'm not stupid.'"
Various reports suggest Schaeuble is attempting to push Greece out while France leads a faction to keep them in.
At the moment, it looks as though a deal before markets open is highly unlikely. If and when it comes, it will be an ultimatum to the Greek government telling them to pass legislation straight away before final talks continue.
source
Draghi will have a lot to explain regarding the Greek crisis
Tsipras Sells Betrayal of His Campaign Promises to Greece
Prime Minister Alexis Tsipras, who came to office six months ago pledging to end austerity and restore “dignity” to the Greek people, now plans to sell an onerous bailout deal at home by arguing it could have been much worse.
That was the message Tsipras delivered Monday morning in Brussels after all-night talks with European leaders. They resulted in plans for large-scale asset sales, tax hikes and spending cuts, many of which must be approved by parliament right away. The agreement, he said, would avert “a collapse of the financial system” and, most importantly, keep Greece in the euro, which the premier calls his No. 1 goal.
Tsipras is seeking to implement measures even harsher than those rejected by Greek voters in the July 5 referendum on austerity -- which he himself called after the previous round of discussions. To succeed, he may need to begin by shoring up his own party ranks.
“A government reshuffle is in the cards, probably with Tsipras as prime minister and support from opposition parties,” said George Pagoulatos, a professor of European politics and economy at the Athens University of Economics and Business. More than 30 members of parliament from the left wing of Syriza could abandon him, Pagoulatos said.
The plan, agreed to by Greece and the leaders of the 18 other euro countries, requires a level of austerity that Tsipras’s Coalition of the Radical Left, or Syriza, will find difficult to swallow.
Political Earthquake
Syriza’s landslide electoral victory represented a political earthquake in Greece, sending relations with European partners into disarray and serving as an inspiration to other left-wing parties across Europe.
On election night in late January, Tsipras told cheering crowds in central Athens that “continued kowtowing” to creditors would end. The landslide victory swept aside New Democracy, Greece’s traditional center-right party, which had urged voters to stay the course with existing bailout arrangements.
“A government reshuffle is in the cards, probably with Tsipras as prime minister and support from opposition parties”
In exchange for aid, Syriza’s leader is now endorsing pension reductions, sales tax increases and “quasi-automatic spending cuts” in the event that Greece’s government budget fails to hit surplus targets.
“We took the responsibility of the decision to avert the most extreme plans of the most extreme conservative forces in the European Union,” Tsipras said after 17 hours of meetings. “We averted the plan to cause a credit crunch and the collapse of the financial system, a plan which had been prepared in great detail.”
Asset Sales
Monday’s deal also envisions as much as 50 billion euros in sales or other monetization of state assets, to be used partly to pay off debt and partly to pay back funds for the recapitalization of banks. Greek lenders have been shut for more than two weeks to stem withdrawals.
Syriza currently has 149 seats in the 300-seat legislature and governs with the support of the Independent Greeks party, with 13 seats. Its leader on Sunday tweeted that “enough was enough” in bailout talks, raising the prospect of a departure from the ruling coalition.
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