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Tsipras Rejects EU Ultimatum, Demands Bridge Deal: "Greeks Can't Take More Disappointment"

Tyler Durden's picture




 

Speaking defiant tone on Sunday evening, Greece's new Prime Minister Alexis Tsipras showed no signs of backing away from the commitments and pledges he and his party made to the Greek people (and that so many staunch status-quo huggers believe he will back down from). Raging that Greece "won't take orders by email" any more, Tsipras warned "Greeks can't take any more disappointment, " and pointedly stated that Syriza "will make Greece economically autonomous," in about as strong a rejection of the EU's ultimatum as is possible by not requesting a bailout extension and exclaiming unequivocally, "we will keep our pre-election promises. This is non-negotiable." This is not just a Greek crisis but a European crisis "and the solution will be European."

  • *TSIPRAS SAYS WILL BREAK OLIGARCHS' HOLD OF POWER IN GREECE

His speech began aggressively:

  • *TSIPRAS SAYS GOVT WANTS GREEK PEOPLE TO REGAIN SOVEREIGNTY
  • *TSIPRAS SAYS GREECE "WON'T TAKE ORDERS VIA EMAILS" ANY MORE
  • *TSIPRAS SAYS AUSTERITY IS NOT AN EU RULE
  • Tsipras "Winning back our sovereignty, restoring equal role in Europe, tackling humanitarian crisis are among our key targets"
  • Tsipras "I am fully aware of difficulties and responsibilities"
  • *TSIPRAS SAYS REBUILDING GREECE WILL TAKE YEARS

But then Tsipras appeared to take direct aim at Germany and the EU's demands...

  • *TSIPRAS SAYS GOVT WILL MAKE GREECE ECONOMICALLY AUTONOMOUS
  • *TSIPRAS SAYS GOVT WILL FIGHT TO GET OUT OF BAILOUT DEAD END
  • *TSIPRAS SAYS WANTS TO NEGOTIATE TO MAKE DEBT SUSTAINABLE
  • *TSIPRAS SAYS AUSTERITY WILL MAKE GREEK DEBT PROBLEM WORSE
  • "We must build a new independent Greece which is equal to our partners in Europe."
  • *TSIPRAS SAYS GREEK GOVT WILL FULLY IMPLEMENT ELECTION PLEDGES
  • "We will keep our pre-election promises. This is non-negotiable."
  • *TSIPRAS SAYS GREEKS CAN'T TAKE MORE DISAPPOINTMENT
  • "We will put an end to presidential decrees and bring back respect for the constitution"

These seem about as strong a threat/promise as a leader can make that GREXIT is coming!

  • *TSIPRAS SAYS GREEK GOVT HAS NEGOTIATING STRATEGY
  • *TSIPRAS SAYS COMMITMENT IS TO SERVE INTERESTS OF GREEK PEOPLE

Then Tsipras takes aim at previous governmental decisions...

  • *TSIPRAS SAYS THIS WILL BE GOVT THAT STAYS TRUE TO ITS WORD
  • "The previous gov't wanted its successor, but also Greece, to fail. They forgot to account for Greek people"
  • "The Greeks will take part in the negotiations - not just technocrats."
  • "Our partners wanted 6-month extension of bailout but previous gov't demanded two months"

Finally he concluding, fire and brimstone exuding...

  • "Things are difficult in Europe, but they are changing. Greece will play a leading role"
  • "The problem is not just Greek - it is European - and the solution will be European"
  • *TSIPRAS SAYS CRISIS NOT JUST GREEK, IS EUROPEAN CRISIS
  • *TSIPRAS SAYS WON'T NEGOTIATE ON GREEK NATIONAL SOVEREIGNTY
  • *TSIPRAS: GREEK PEOPLE GAVE MANDATE TO END AUSTERITY, BAILOUT

He ends with his demands, clearly rejecting Europe's ultimatum by not asking for a bailout extension...

  • *TSIPRAS: GREEK GOVT WON'T ASK FOR BAILOUT EXTENSION
  • *TSIPRAS: GREEK GOVT HAS NO RIGHT TO ASK FOR BAILOUT EXTENSION
  • "We want a bridging deal - until June - to give us a chance to kickstart development."
  • "We're asking for bridge agreement until summer. Despite difficulties, this is possible"
  • *TSIPRAS SAYS CONFIDENT GREECE CAN REACH AGREEMENT IN 15 DAYS
  • Greek PM Alexis Tsipras says minimum wage will be raised to previous level of €751 but gradually until 2016

Here is Reuters' take:

Greek PM Tsipras says EU bailout failed, rejects extension

 

Greek Prime Minister Alexis Tsipras on Sunday dismissed his country's European Union and International Monetary Fund bailout and said he would not ask EU leaders for an extension.  But he said it was possible to negotiate a transitional agreement with lenders by the end of the month to tide Greece over until a new debt pact had been reached.  "The bailout failed," he said in his first major speech to parliament as premier. "The new government is not justified in asking for an extension ... because it cannot ask for an extension of mistakes," 

 

Greece's current bailout expires on Feb. 28 and the EU wants Athens to apply for an extension, including the commitment to reforms. Greece has ruled that out, setting the stage for clashes in the coming week at an EU summit and finance ministers' meeting.

In Tsipras' own words:

In summary:

 

  • Greece cannot back down (mandate is clear)
  • Greece rejects bailout extension (implicit GREXIT unless EU backs down)
  • Europe cannot afford repeat mistakes - will not humiliate one nation.
  • Greece's first priority: humanitarian disaster

 

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Sun, 02/08/2015 - 14:22 | 5758755 Haus-Targaryen
Haus-Targaryen's picture

What do Arius and Draghi have in common?  

Both are egregious pieces of shit.  

Go little Greece go! 

Sun, 02/08/2015 - 14:24 | 5758761 VATICANT
VATICANT's picture

EU will back down - they're too scared. Technocrats shown to be the elitist pussies they are

Sun, 02/08/2015 - 14:26 | 5758767 Surly Bear
Surly Bear's picture

The EU has to back down. Don't think that Spain isn't watching this with great interest. If anybody leaves the Eurozone it'll be Germany.

Sun, 02/08/2015 - 14:33 | 5758789 knukles
knukles's picture

Since I can't pay on my bankrupt loans and you won't renegotiate them with me, how's about paying yourself back with a bridge loan to me so you don't have to write off your debt, which I'll likewise not pay back, to give you guys some more breathing room until you realize that I already toldja I ain't gonna pay you back. 

Sun, 02/08/2015 - 14:37 | 5758813 NoTTD
NoTTD's picture

Excellent summary.

Sun, 02/08/2015 - 14:39 | 5758828 Publicus
Publicus's picture

Print the Drachma!

Sun, 02/08/2015 - 14:42 | 5758849 giggler321
giggler321's picture

that and avoid grassy knoll areas

Sun, 02/08/2015 - 14:57 | 5758907 Not Too Important
Not Too Important's picture

We grassy knolled some people.

I just had to do that once. Please forgive me.

Sun, 02/08/2015 - 15:49 | 5759132 eatthebanksters
eatthebanksters's picture

We will move to implement the greatest institutional reform ever in the country, aiming to declare war against corruption and tax inequality

10:34 AM - 8 Feb 2015 Would like to see this happen in USofA
Sun, 02/08/2015 - 15:53 | 5759149 Eyeroller
Eyeroller's picture

Once you do it once, you're hooked...

Sun, 02/08/2015 - 16:14 | 5759218 tonyw
tonyw's picture

let's say they reneg on their debts, whether or not they bring back the drachma they still have the same problems that got thim here in the first place, i.e. spending more money than they take in taxes.

 

Sun, 02/08/2015 - 15:15 | 5758989 Tuffmug
Tuffmug's picture

New Drachma will have engraving of smiling tieless Tsipras and Varoufakis pulling shit covered  Merkel, Draghi, Schnable, and DJissboom via nose rings through the streets of Athens.

Sun, 02/08/2015 - 15:00 | 5758919 BadKiTTy
BadKiTTy's picture

@knukles...... genius!! hahaha 

 

Sun, 02/08/2015 - 15:29 | 5759063 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

The current Greece gov't knows these simple facts:

1) If they want to remain in power they will keep giving hand outs

2) They failure to pay the EU fascists this will cause serious hurt to the EU

3) Greece's gov't does not have the ability to pay in the long run

4) The bailout is funding the current leftist's opposition

In the end it is all a dog and pony show. The leftist will keep giving hand outs to the people while defiant and demand a bailout. No way to lose there.

Sun, 02/08/2015 - 17:50 | 5759481 fockewulf190
fockewulf190's picture

Expect the following:

1) Derivatives will be triggered.

2) Banks will not be able to cover those bets.

3) Grexit. Contagion.  Chaos.

4) PM´s and stock markets will be volatile as hell and the manipulations unprecedented.

5) Greenspan will be correct regarding his latest statement.

6) The Great Reset: sometime this year.

Get your shit together.  War will not be far off.

 

Sun, 02/08/2015 - 15:04 | 5758938 Meremortal
Meremortal's picture

There's a good chance the PTB will go along with this. It's kind of like the REO guy at a bank who avoids selling a bad foreclosure so that the loss doesn't have to be written off against the books.

Sun, 02/08/2015 - 15:12 | 5758976 Anasteus
Anasteus's picture

Your words, knukles, can be immediately carved in marble and installed on the facade of the EU parliament.

Sun, 02/08/2015 - 20:59 | 5760235 r3phl0x
r3phl0x's picture

Stop - It's Panzer Time!

Sun, 02/08/2015 - 15:06 | 5758953 williambanzai7
williambanzai7's picture

Sun, 02/08/2015 - 14:25 | 5758763 Carpenter1
Carpenter1's picture

Whether these guys mean business or don't realize what they're about to unleash is of no concern to me...

 

 

BURN BABY BURN

Sun, 02/08/2015 - 14:29 | 5758780 Nikki Alexis
Nikki Alexis's picture

This is so fun.  It might be the popcorn moment we have waited for.

Sun, 02/08/2015 - 15:53 | 5759150 eatthebanksters
eatthebanksters's picture

I wonder if Blankfein and Dimon have shit themselves yet?

Sun, 02/08/2015 - 17:26 | 5759423 geno-econ
geno-econ's picture

No doubt in a frenetic meeting with German and French Banks and lawyers in redefining what constitutes a Devivatives Default.

Sun, 02/08/2015 - 22:34 | 5760543 BringOnTheAsteroid
BringOnTheAsteroid's picture

If a party to a contract fails to pay when payment is due how much farking wiggle room can there be in the farking definition of default.

Sun, 02/08/2015 - 18:10 | 5759573 Bananamerican
Bananamerican's picture

I wonder if Blankfein and Dimon have shit themselves yet?"
Why should this weekend be any different from any other?

Sun, 02/08/2015 - 14:25 | 5758764 Anasteus
Anasteus's picture

Greece's courage is indeed admirable.

Sun, 02/08/2015 - 15:05 | 5758925 zeroderivatives
zeroderivatives's picture

If Tsipras were really courageous, he would pull Greece out of the EU immediately and would not ask for a transitional agreement with lenders to tide Greece over until a new debt pact could be reached. 

Sun, 02/08/2015 - 15:12 | 5758977 disabledvet
disabledvet's picture

I agree with this.

 

The statement looks like a pile of gibberish.  Are they actually going to do something as heads of State OR DRAMATICALLY ESCALATE NEGOTIATIONS?

Sun, 02/08/2015 - 15:56 | 5759160 MS7
MS7's picture

He has to have the people's support for this first, perhaps via a referendum.

Sun, 02/08/2015 - 14:26 | 5758765 elegance
elegance's picture

Hey agent Durden,

you forgot to mention the free food, free electricity and free accomodation for thousands of people (paid by what?). Also the rehiring of 1000s of useless state employees. Didn't fit the agenda?

Sun, 02/08/2015 - 14:55 | 5758801 elegance
elegance's picture

And another little piece from Tsipras: Immediate naturalisation of immigrants children. 

And another: Minimum wage to €751.

And another: make it superhard for private enterprises to lay off people.

 

Sun, 02/08/2015 - 14:52 | 5758889 LetsGetPhysical
LetsGetPhysical's picture

Been saying it for weeks now.... What is the ACTUAL plan to restore the Greek economy? More socialism? This guy sounds like a college freshmen who wants to occupy the student union building. "Bridge Loan" = free money with no conditions. Nut up or shut up. Leave the EU, print your own currency or STFU. If I'm Germany, I tell this guy to go pound sand.

Sun, 02/08/2015 - 14:59 | 5758912 Not Too Important
Not Too Important's picture

'Immigrant stew' in less than two weeks. This shit is going to be horrible, and all on YouTube.

Sun, 02/08/2015 - 15:50 | 5759139 Leknam
Leknam's picture

Superficial comment's, he wants his country back. What he does with 

 it is his and the majority of his people to decide, not some twat in Brussels

It's to easy to say I want out. He is giving these surfs an option, sort it out

or you kick us out and deal with the real problems of this pretend

fest.

 

Sun, 02/08/2015 - 16:18 | 5759227 elegance
elegance's picture

He is a fuckin communist. What superficial comments? Also he is power mad, using the problems to get more power. Or did you think he is the first politician of pure heart???

Sun, 02/08/2015 - 16:00 | 5759162 eatthebanksters
eatthebanksters's picture

We all know more socialism will result in failure.   At least now the big banks will get what has been coming to them. Greece is not without the majority of blame here; their governments have done the same thing as governments around the world by giving away free shit to maintain power, running up that debt and taking care of the oligarchs.  Its game over and this is the first domino to fall.  In the end money will only flow to those who are self reliant, responsible and accountable and the rules will change so banks CANNOT create self serving high risk 'solutions' to simple problems and rake in huge fees.  Corrupt governments must fail along with the corrupt big banks.

Sun, 02/08/2015 - 14:54 | 5758894 LibertarianMenace
LibertarianMenace's picture

The trick is to let progs stew in their own juice, always. At the very least Deutschland can separate themselves from this continued fiasco.

Sun, 02/08/2015 - 18:11 | 5759577 SirBarksAlot
SirBarksAlot's picture

TSIPRAS SAYS AUSTERITY WILL MAKE GREEK DEBT PROBLEM WORSE.

This is the John Perkins recipe for perpetual slavery to the elite. 

Sun, 02/08/2015 - 18:11 | 5759579 SirBarksAlot
SirBarksAlot's picture

TSIPRAS SAYS AUSTERITY WILL MAKE GREEK DEBT PROBLEM WORSE.

This is the John Perkins recipe for perpetual slavery to the elite. 

Sun, 02/08/2015 - 14:26 | 5758768 buzzsaw99
buzzsaw99's picture

a simple "fuck you" would suffice

Sun, 02/08/2015 - 14:26 | 5758769 azura888
azura888's picture

I hope they have a plan to default in the middle of the night on all Troika debt + impose capital controls to protect Greek bank deposits at the same. Then introduce their own currency and tell Draghi to go home and get his fucking shine box

Sun, 02/08/2015 - 15:00 | 5758921 Not Too Important
Not Too Important's picture

Middle of the night? I hope they don't do it at the Friday close.

I hope they do it on a Monday at 9 AM.

Sun, 02/08/2015 - 15:16 | 5758993 nicxios
nicxios's picture

Get his fucking shine box, I LOL'd love that Goodfellas reference.

Sun, 02/08/2015 - 14:27 | 5758776 realmoney2015
realmoney2015's picture

"we will keep our pre-election promises. This is non-negotiable." 

This is what happens when you elect officials that are backed by the bankers. They keep their principals that got them elected in the first place. Anyone with any ties to the bankers (ie Ted Cruz) or politicians that take bankers donation money should not get our vote. Bankers got us into this mess and they will not get us out of it!

They will finish off the dollar in the next few years (if even that long). Its already lost over 95% of its value since 1913 (Thanks Fed!). Don't kose more of your wealth due to inflation. Buy silver! A great way to get someone interested in silver is giving them a candle with a silver coin prize: https://www.etsy.com/shop/ScentSavers?ref=hdr_shop_menu

They will learn that tehir silver coin is worth way more than those zinc coins we call money today!

Sun, 02/08/2015 - 14:56 | 5758903 worbsid
worbsid's picture

Silver has an intristic value BUT also has an productive value like copper.  Thus as the country goes into depression, the productive part of siver will diminish while the intristic value will advance.  Gold is somewhat different in that the productive percentage of its value is much less.  You can see that throughout the last several year's charts.  Small 90% silver coins in case TSHTF and gold for recession or hyperinflation value is my plan. 

Sun, 02/08/2015 - 15:06 | 5758952 Meremortal
Meremortal's picture

So, you are never going to vote again. 

I'm cool with that.

Sun, 02/08/2015 - 15:49 | 5759135 realmoney2015
realmoney2015's picture

haha...our political scene in the US is pretty bleak isn't it. I will likely vote 3rd party again. I do not believe the GOP will let Rand win the nomination. Local politicians have a shot however. Look at Amash from Michigain or Massey from Kentucky. They are outstanding!

Sun, 02/08/2015 - 14:28 | 5758779 kowalli
kowalli's picture

dow 20k tomorrow.

Sun, 02/08/2015 - 14:33 | 5758795 Kaiser Sousa
Kaiser Sousa's picture

25,000.

Sun, 02/08/2015 - 14:34 | 5758796 Carpenter1
Carpenter1's picture

I don't give a flying fuck what the market manipulators do anymore, send it to 100k for all I care. The empire is burning down everywhere, all those gains won't be worth the 9" knife at your throat once chaos ensues.

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