Greece Is Back: Germany, France, Creditors Hold Secret Meeting Due To Greek Bailout "Mounting Concerns"

Tyler Durden's picture




 

There was a time - roughly between May 2010 and the spring fall of 2011 - when all the world had to worry about was Greece. Then the realization finally dawned that since a Grexit from the Eurozone would kill the EUR and the European integration dream with so much "political capital" invested, crush Deutsche Bank, and bring back the much dreaded (by German exporters) Deutsche Mark, it became clear that there is no fear that Greece, which is now a decrepit shell of a country with a collapsed economy and society in shambles, has now become a slave state to European bureaucrats, business and banks (in Nigel Farage's words), will never be formally kicked out of Europe and only an internal coup would allow it to finally break free from the clutches of unelected European tyrants. And then the world moved on to more important things: like Japan, China Emerging Markets and how they are all enjoying the Fed's taper. Sadly, we have to report, that Greece is once again baaaaack.

According to the WSJ, "top officials peeled away from colleagues after a euro-zone finance ministers meeting in Brussels Monday evening for a secret meeting to discuss mounting concerns over Greece's bailout.

WSJ adds:

High-level officials from the International Monetary Fund, the European Commission, the European Central Bank, senior euro-zone officials and the German and French finance ministers were present, according to people with direct knowledge of the situation. They spoke on condition of anonymity because they aren't authorized to talk to the press.

 

They were trying to figure out how to tackle two issues threatening to unsettle the fragile economic recovery in Greece and the broader euro zone.

 

They discussed how to press the Greek government to forge ahead with unpopular structural reforms; and second, how to scramble together extra cash to cover a shortfall in the country's financing for the second half of the year, estimated at €5 billion-€6 billion ($6.81 billion-$8.17 billion).

Of course, this being Europe, nothing was decided: "The meeting was inconclusive, the people familiar with the situation said. Talks with the Greek authorities continue remotely—though representatives of the three institutions, known as the troika, have put on hold their plans to travel to Athens. Concerns are growing because Greece faces a large maturity of government bonds in May of €11 billion. The IMF hasn't disbursed any aid to Greece since July and is €3.8 billion behind in scheduled aid payments. The IMF insists on having a clear view of the country's finances 12 months ahead, and this condition hasn't been met."

And so the posturing resumes, with the Troika pretending it won't hand over the funds unless Greece "reforms", and Greece promising the "reform" as soon as it gets the funds. Nothing new here. What is new, is that finally the facade of Greek sovereignty and independence was stripped away as decisions regarding Greece took place... without
Greece: "Greek Finance Minister Yiannis Stournaras, who was briefing the
press in the same building at the time, wasn't invited."

Which is right - after all when a nation is enslaved and has no sovereignty, it doesn't deserve to have a voice in its future.

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Fri, 01/31/2014 - 11:45 | 4387996 doomandbloom
doomandbloom's picture

Greece is not Spain

Fri, 01/31/2014 - 11:49 | 4388014 Levadiakos
Levadiakos's picture

Free  Nikos Michaloliakos and the Golden Dawn

Fri, 01/31/2014 - 11:57 | 4388055 hedgeless_horseman
hedgeless_horseman's picture

 

 

Sadly, we have to report, that Greece is once again baaaaack.

Happily, I get to report that Euro shorts are once again front and cennnnter.

EUR-USD

1.3481  -0.0074 -0.55%

Fri, 01/31/2014 - 11:57 | 4388070 TeamDepends
TeamDepends's picture

Is this "business casual" in Greece?  No wonder they don't get anything done.

Fri, 01/31/2014 - 12:08 | 4388116 THX 1178
THX 1178's picture

Someone get Mr. Panos on the blow!

Fri, 01/31/2014 - 12:15 | 4388144 aint no fortuna...
aint no fortunate son's picture

well, this seems to be giving the algos a hard-on

Fri, 01/31/2014 - 12:20 | 4388163 Temporalist
Temporalist's picture

On a related story about Europe and Nigel Farage:

 

'UK Tea Party' Surges to Become Country's 'Most Favoured' Political Movement

 

"UKIP is also expected to take a huge chunk of seats at the upcoming European Parliamentary elections in May, promising more Eurosceptic Members (MEPs) who will no doubt argue for a return of sovereignty to national governments across the continent, away from the bureaucratic talons of the European Union."

 

http://www.breitbart.com/Big-Peace/2014/01/27/UK-Tea-Party-surges-to-bec...

Fri, 01/31/2014 - 13:05 | 4388361 StacksOnStacks
StacksOnStacks's picture

What shorts?

Sun, 02/02/2014 - 06:13 | 4393120 Doña K
Doña K's picture

My hubby grew-up in Greece and he says that Greek men are immune to topless women but they still look for statistical purposes.

Fri, 01/31/2014 - 13:15 | 4388401 Ghordius
Ghordius's picture

UKIP for a return of sovereignty to national governments across the continent?

I'm sorry, but it ain't so

UKIP stands for UK Indipendence Party. they want the UK to exit the EU. they don't even bother to vote, in the EU parliament

national governments? probably you are American, then in Europe governments are what you call administrations, i.e. the executive. and they sit in the Council

the "fight for sovereignty" is not around governments, it's around parliaments and highest courts

who is seriously comparing UKIP with the US Tea Party?

Fri, 01/31/2014 - 13:50 | 4388508 Rafferty
Rafferty's picture

Sorry, but UKIP will turn out just like the rest of them once they get a whiff of power.

ANother sign is that the YKWs are busily infiltrating the party.  Jokes already to the effect that the Tory Party will be replaced by the Torah Party.

Sat, 02/01/2014 - 05:51 | 4390896 limit_less
limit_less's picture

Ghordius - You are wrong. UKIP wants free trade between all countries and free movement between some members. No laws made in Brussels. That is it, no more. Sounds perfect to me.

Sat, 02/01/2014 - 06:34 | 4390917 Ghordius
Ghordius's picture

limit_less, I agree that UKIP wants free trade. All Britons want free trade. Inside, outside any trade unions, actually they don't like trade unions

which reminds me that we continentals wanted and still want a trade union, and Britain mostly joined so that it would not be left outside of it and our markets

yet my argument is that UKIP does not want to change anything about the EU, it just wants the UK out of it. BriXit

I'd be the first to cheer if they succeed

---

ok, now I see why I caused confusion. Temporalist was writing about the EU elections. I was thinking more in general. Which leads me to remind you that UKIP needs your vote in the national elections in order to achieve their goal...

Fri, 01/31/2014 - 13:31 | 4388465 Son of Loki
Son of Loki's picture

'UK Tea Party' Surges to Become Country's 'Most Favoured' Political Movement

 

1 problem here...the euros don't drink tea.

Fri, 01/31/2014 - 12:01 | 4388085 Dr. Engali
Dr. Engali's picture

Damn! Damn you Horseman. Now how am I supposed to get any work done?

Fri, 01/31/2014 - 12:11 | 4388134 ParkAveFlasher
ParkAveFlasher's picture

I wouldn't mind a little bit of her contagion.

Fri, 01/31/2014 - 12:33 | 4388231 Temporalist
Temporalist's picture

Ever had an STD?  Ever had an STD with tsatsiki?

Fri, 01/31/2014 - 16:20 | 4389140 ParkAveFlasher
ParkAveFlasher's picture

Yes, and, maybe.

Fri, 01/31/2014 - 12:04 | 4388101 falak pema
falak pema's picture

Imagine wearing sun glasses on a hot day. You have to protect something! 

Fri, 01/31/2014 - 12:08 | 4388124 Charles Wilson
Charles Wilson's picture

Is that building in the background an example of Art Deco?

How could you tell?

Fri, 01/31/2014 - 12:23 | 4388172 hedgeless_horseman
hedgeless_horseman's picture

 

 

Long verticals, smooth surfaces, and tastefully rounded corners that are appropriately sized for the overall structure.  Certain symmetrical features provide balance and add interest..duh.

Fri, 01/31/2014 - 12:33 | 4388239 Charles Wilson
Charles Wilson's picture

Put her in front of the Carlyle Hotel and then get back to me...

Fri, 01/31/2014 - 12:24 | 4388195 falak pema
falak pema's picture

in europe that be the equivalent of council flats.

If that's art deco then we desperately need to put those architects along with the bankstas on the list of those who should jump out of  the Shard w/o parachutes. 

Fri, 01/31/2014 - 13:07 | 4388370 Ghordius
Ghordius's picture

English = council flats, American English = public housing

bah, this article is so full of spin that I'm still undecided if I should bother at all to comment. It would take a lot of words

Fri, 01/31/2014 - 13:17 | 4388407 hedgeless_horseman
hedgeless_horseman's picture

 

 

And so the posturing resumes, with the Troika pretending it won't hand over the funds unless Greece "reforms", and Greece promising the "reform" as soon as it gets the funds. Nothing new here. What is new, is that finally the facade of Greek sovereignty and independence was stripped away as decisions regarding Greece took place... without Greece: "Greek Finance Minister Yiannis Stournaras, who was briefing the press in the same building at the time, wasn't invited."

Please, take a moment to highlight the spin in the above.

Fri, 01/31/2014 - 13:34 | 4388475 Ghordius
Ghordius's picture

fine. fact is that the troika had a meeting. without the Greek Finance Minister. it's put as suggesting as in "your creditors are having a pre-meeting", and then meet with you

is anybody's freedom and sovereignty impinged by that?

note that this kind of meeting has always been done when the IMF is involved, and the EU and ECB participation means that Greek interests are being represented and Greece will get the info. it was just the bloody Greek Finance Minister that had better things to do. he meets them later anyway

the rest is mostly spin. ok, the "posturing part" is mostly correct. but the "What is new, is that finally the facade of Greek sovereignty and independence was stripped away as decisions regarding Greece took place... without Greece: "Greek Finance Minister Yiannis Stournaras, who was briefing the press in the same building at the time, wasn't invited"? just spin

Fri, 01/31/2014 - 14:05 | 4388530 hedgeless_horseman
hedgeless_horseman's picture

 

 

...and the EU and ECB participation means that Greek interests are being represented...

Instant Classic!

With representation like that, comrade, who needs a kleptomaniac dictator?

Fri, 01/31/2014 - 14:30 | 4388670 Ghordius
Ghordius's picture

how much you know about those meetings? there are becoming legendary. really hateful. three sides: one very hard, one hard and one ultra-soft

Greece is fully represented in the latter two. and it's negotiation. meaning that whatever compromise comes out, when the meeting with the Greek Finance Minister happens, he can ask for a further compromise

seriously, hedgeless, how much does the above-average-informed American (because ZH reader) know about those "international" things? You would scoff if I suggested in a comment that the US Congress could just make a simple majority vote of no confidence and appoint a new POTUS just because this would be the stardard, here

we have a lot of small sovereign nations here, and for us it's just more immediate. I think we also have a different, more sharply defined concept of sovereignty. After all, this very concept is... ours

Fri, 01/31/2014 - 15:30 | 4388697 hedgeless_horseman
hedgeless_horseman's picture

 

 

Greece is fully represented in the latter two. and it's negotiation.

I believe you!  What are the names of the representatives elected by Greeks that were in the meeting for this negotiation? 

Fri, 01/31/2014 - 20:35 | 4390035 Greenskeeper_Carl
Greenskeeper_Carl's picture

Exactly. Probably time to go ahead and quit this one, ghordius. If you think those people are there to 'represent Greece' you are delusional.

Sat, 02/01/2014 - 05:12 | 4390870 Ghordius
Ghordius's picture

eh? by Greeks directly or by the Greek parliament or appointed by the Greek government, who can be recalled and exchanged by a new one by the directly elected Greek parliament?

we do have a different political and constitutional setup here. it's called Parliamentarism

Fri, 01/31/2014 - 16:42 | 4389205 akak
akak's picture

 

we have a lot of small sovereign nations here, and for us it's just more immediate. I think we also have a different, more sharply defined concept of sovereignty.

LOL!  That is rich, Ghordius!

If you Europeans truly had a "sharply defined concept of sovereignty", your small sovereign nations would not be racing (or at least acquiescing) to piecemeal surrender that sovereignty to become part of an overriding EU empire ruled by Brussels.  You would also have just as quickly long ago dumped Greece from the Eurozone as Greece would have raced to exit it.  But such developments away from centralized control are simply not an option under EU rule, are they?

Why are you so adamant in your defenses of increasingly centralized EU control?  True freedom, and sovereignty, would consist of EXERCISING that sovereignty by saying "NO" to the EU.

 

Fri, 01/31/2014 - 19:55 | 4389939 Ghordius
Ghordius's picture

why do you think I'm "adamant" about "centralized EU control"? it's like if you were saying to a Confederate shortly before the US Civil War that he is for a superstate

shall I set up a special EU Confederation flag for us all? we already have national flags, btw. in our political context, I'm a moderate centrist

Greece is not getting a bad deal, if you make an historical comparison. Of Treatment of Sovereigns by Other Sovereigns

Greece is holding up it's membership to two clubs of sovereigns, one based on Four Freedoms, the other monetary

remember, Greece is currently asking for moar money against new promises. and getting what Greece wants (just not all of it)

tell me, what is your definition of a sovereign? in our Old World, it's a serious, grown-up entity with agency. an adult, if you want

Sat, 02/01/2014 - 05:16 | 4390874 Ghordius
Ghordius's picture

"True freedom, and sovereignty, would consist of EXERCISING that sovereignty by saying "NO" to the EU."

this is your political stance. Is it that of the Greek People?

go back to the last elections and have a look which parties canvassed for that option, and how much votes they got

a majority of Greeks still want to keep the EUR. how do you explain that?

Sat, 02/01/2014 - 13:38 | 4391413 akak
akak's picture

Stockholm Syndrome.

Fri, 01/31/2014 - 12:08 | 4388123 The_Ungrateful_Yid
The_Ungrateful_Yid's picture

At least she is thin, which is alot compared to our american heffers.

Fri, 01/31/2014 - 14:15 | 4388631 DadzMad
DadzMad's picture

It's hereford.  And stop comparing fat hairy beasts to my beautiful cattle!

Fri, 01/31/2014 - 17:47 | 4389482 StychoKiller
StychoKiller's picture

Look up "Heifer", not "heffer"

Fri, 01/31/2014 - 12:09 | 4388129 SAT 800
SAT 800's picture

Whooa ! Here, Kitty, here, kitty. Dadddy has some nice cream for you. Jeebus fizzling christos; I'm more and more interested in that picture, and I feel younger, and younger. and then; suddenly, I'm not inerested any more. Sigh ~!

Fri, 01/31/2014 - 12:18 | 4388159 OldE_Ant
OldE_Ant's picture

Somehow me thinks these were the 'concerns' they were 'mounting' at this meeting.

Honestly at some point even the vampire gives up the withered and empty corpse but somehow it seems the ECB is dead set on attaching transfusions to the corpse so the vampire can continue to feed unabated.

I eagerly await the day the corpse disintegrates and the vampires go for the real targets (themselves).

OldE

Fri, 01/31/2014 - 12:25 | 4388189 skistroni
skistroni's picture

This is much better than those soups you usuallly post...

Fri, 01/31/2014 - 12:34 | 4388230 gaoptimize
gaoptimize's picture

The saddest part of the European economic crisis is that living goddesses like this woman are even less likely to have many children.  Think of the beauty, love, and joy lost, what took millenia to create will be decimated in a few short decades.  Oh how I wish I could worship her with a camera, creating images that should hang in the National Gallery of Art, and then fill up a house with her children.

Fri, 01/31/2014 - 12:55 | 4388324 falak pema
falak pema's picture

Talking about pretty gals : Look at Putin's new GF, age 30, ex olympic gymnastics champion and allegedly will carry the flame or flag during the opening ceremonies at Sochi. 

Groupe « lesbien » et flamme olympique : surprenantes révélations sur la cérémonie d’ouverture à Sotchi | Sotchi dans la colle | Rue89 Les blogs

This guy outhits Hollande's  hostile dismissal of Valerie and shoe in of Julie...

All these Politicians have ants in their pants. Gung ho ! 

Fri, 01/31/2014 - 14:02 | 4388579 graneros
graneros's picture

"No matter what the cost them dual exhausts

drive my young blood wild.

My baby's got...

She got the Cadillac Walk."

Willy DeVille

Sat, 02/01/2014 - 01:07 | 4390651 NZ Watcher
NZ Watcher's picture

They have beautiful skin the Greeks

But unfortunately they go VERY pair shaped from about 32 onwards

Fri, 01/31/2014 - 11:59 | 4388074 Panem et Circus
Panem et Circus's picture

Why? It would just replace one group of Fascists with another.

Fri, 01/31/2014 - 11:57 | 4388063 GolfHatesMe
GolfHatesMe's picture

Grease is the Word

Fri, 01/31/2014 - 12:00 | 4388084 booboo
booboo's picture

Greece is Bostons version of "The Big Dig" and never ending deep hole for taxslaves of europe to throw money into. Bankers popping boners everytime the word bailout is mentioned and................Oh, Im sorry........you thought that this was for the benifit of the Greek citizen?

So back to the dead fed economist, he slipped on a wad of spooge that ran down his leg when he stopped to take a piss.

Fri, 01/31/2014 - 12:48 | 4388299 DblAjent
DblAjent's picture

If Greece was a teenager, his dad would have kicked him out of the house already.

Sheesh...

Fri, 01/31/2014 - 12:10 | 4388131 Volaille de Bresse
Volaille de Bresse's picture

"Greece is not Spain"

 

Correct : Spain is MUCH worse!

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