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Greek Deal Falls Apart After EU Says "No Way Forward", No Eurogroup Statement; Greece "Questions Merit" Of Bailout Extension
NO DEAL!!! -
- *DIJSSELBLOEM: NO STATEMENT POSSIBLE WITHOUT JOINT CONCLUSIONS
- *DIJSSELBLOEM: POLITICAL AGREEMENT NEEDED ON THE WAY FORWARD
- *DIJSSELBLOEM: TO CONTINUE TALKS ON MONDAY, MOVE ON FROM THERE
#Greece gov't sources tell @geoterzis there was no agreement at #Eurogroup, extension to MoU will not be accepted & consultation will go on
— Kathimerini English (@ekathimerini) February 11, 2015
The Full Dijsselbloem statement:
Good evening.
Today, as you well know, we had an extra Eurogroup to start our talks with the new Greek colleague, to already cover some ground in advance of the regular Eurogroup, which is on Monday.
It was the first opportunity to meet and to listen to the new Greek colleague on their plans, ambitions of their government. And that was very welcome and useful. We had an intense discussion and constructive, covering a lot of ground, also making progress, but not enough progress at this point to come to joint conclusions. So, we will continue our talks on Monday.
On Monday, we have a regular Eurogroup, with a number of items on the agenda, but we will also continue our talks on Greece and our current and future cooperation with Greece. That is where we stand. So, there are no real conclusions, which I can share with you. You will have to bear with us a little longer. We will continue our talks on Monday. And that is as far I can go, at this point. I am open to all your questions, but I am already going to say to you to be patient and I will probably repeat that five times to your questions. But I will try anyway.
And why Greece matters.
Official exposure to #Greece for EZ countries non-negligible: €330bn of exposure to Greek govt, 3.5% of EZ GDP (Barc) pic.twitter.com/unXgd8rmTJ
— Holger Zschaepitz (@Schuldensuehner) February 12, 2015
But only one man mattered:
Greek FinMin varoufakis' statement:
What @yanisvaroufakis said in Greek to the Greeks sounded far more interesting than his words in English pic.twitter.com/09UqAPnDnn
— Bruno Waterfield (@BrunoBrussels) February 11, 2015
And it appears Mr. Varoufakis is not afraid to mis it up with the landed gentry of the mainstream media...
* * *
The Greek government has had enough of the delays, and has released its own statement, reports Helena Smith in Athens. And crucially, it reads,
“At this euro group there has been no agreement.”
“An extension of the memorandum cannot be accepted. Negotiations will continue with the goal [of achieving[ a mutually beneficial agreement.”
The statement added that the Greek side had put forward well-founded arguments as to why the bailout accord had failed, enlightening listeners on Greece’s problems of public debt and the humanitarian crisis it has also suffered.
- *VAROUFAKIS HOPES FOR `OPTIMAL' CONCLUSION AT MONDAY EURO GROUP
- *VAROUFAKIS SAYS EURO GROUP MEETING WAS VERY CONSTRUCTIVE
- *VAROUFAKIS: THIS EURO GROUP WAS NOT MEANT TO SETTLE ANY ISSUES
- *VAROUFAKIS SAYS IT'S `NORMAL, NATURAL' TO WAIT UNTIL MONDAY
- *GREECE WOULD NEVER AGREE TO STAY IN CURRENT PROGRAM: VAROUFAKIS
- *EXISTING PROGRAM HAS BEEN CATASTROPHIC, VAROUFAKIS SAYS
* * *
Thanks CNBC
— zerohedge (@zerohedge) February 11, 2015
- *PADOAN SAYS GREECE EURO TALKS WERE 'AT TIMES FRANK'
* * *
UPDATE: From Reuters: NO DEAL YET ON GREECE
- EUROGROUP SOURCE TELLS REUTERS NO "DEAL" YET WITH GREECE, MAY BE AN AGREEMENT TO EXPLORE POSSIBILITY OF EXTENDING BAILOUT PROGRAMME
- SECOND EUROGROUP SOURCE SAYS GREECE AGREES IN PRINCIPLE TO MEET ITS FINANCIAL OBLIGATIONS IN DRAFT COMMON STATEMENT
- GREEK GOVT OFFICIAL SAYS NO AGREEMENT IN EUROGROUP, GREECE WILL NOT ACCEPT AN EXTENSION OF CURRENT BAILOUT
And stocks and EURUSD give back almost nothing...FOMO!!
* * *
And so it begins... 1am local time and we get 'unidentified sources' stating that:
- *GREECE AGREEMENT `IN PRINCIPLE' REACHED, CNBC REPORTS
- *GREECE WILL STAY IN EU BAILOUT PROGRAM, CNBC REPORTS
- *DETAILS OF GREECE DEAL UNCLEAR, CNBC REPORTS
Stocks futures and EURUSD are surging on it but we suspect - given the timing - that there is no detail yet and this is nothing but a blanket statement of effort for compromise to calm Greek bank stocks for the week as they reach ELA limits.
- *GREECE, EUROPE SAID TO MOVE TOWARD BAILOUT EXTENSION
- *GREECE, EURO AREA DISCUSSING LANGUAGE ON BAILOUT EXTENSION
It appears the "deal" of an agreement "in principle" means that if Greece folds and satocks to Germany's program demands then The EU will allow them to stay in and fund them... LMFAO!!
The kneejerk reaction...
We can't help but suspect this is about rallying Greek banks for the next few days to avoid being forced into a rapid decision ahead of the final statement next Monday:
- *FINAL DETAILS OF GREEK DEAL WILL BE KNOWN MONDAY, CNBC REPORTS
We shall see...
* * *
The seating chart... Greece center stage right...
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Greeks tried to be sneaky and tricky when joining the EU.
The Greeks understood the rules of the game.
No one forced them to borrow.
Now the little pigs are caught.
They will make some nice Schweinshaxe.
as always, the ordinary citizen did not benefit and the oligarchs rode off into the sunset with their loot
fyi, Haxe goes best with KRAUTs
Yanis Varoufakis is the Kanye West of finance ministers.
What confuses me here is that people still vilify Greece, as if it is a sick little self-entitled moocher stealing from more Northern climes of the Continent. If this is your position, please start writing about Israel too. A country that, in fact, DOES just receive direct extortion payouts from Germany (and the US, and the UK, and previously France). Add to that the fact that Israel actively invites wars and terror on the countries from which it mooches, if not actively sowing trouble by the large chunk of its population that are ex-military dual-citizens. Add to this that Israel is the lowest run of the OECD, let in largely because of extortion and pressure and you realize that Greece's 3.5% impact on the EZ is miniscule and its footprint on disorder, deceit, and destruction is negligible compared to the aforementioned Mediterranean counterpart. So please - lay off Greece a bit!
In Greece everything is going according to plan.
Syriza recognizes the problem is bankruptcy not liquidity.
In a symbolic first act as prime minister, Alexis Tsipras pays his respects to 200 Greeks executed by the Nazis in World War Two.
What message is this sending to the Greeks and Germans?
Now here is the finance minister talking to max Keiser in the early stages of the crisis:
https://www.youtube.com/watch?v=pwAClUrhrek
Is this a man who is going to carry on taking bailouts and punishing the Greek people?
Syriza are not going to back down.
What are Syriza doing?
They are showing the Greek people they are trying but the problem is the Germans.
Their aim is default.
Then what comes after default? They going to magically become solvent?
They are no longer paying off massive amounts of interest and balancing the books becomes much, much easier.
Germany defaulted in 1933, it was ready to take on the world six years later.
Default works in ways austerity just doesn't.
They can't pay off their debt and provide comfortable pensions for 50 yr old workers. They cannot return to solvency and keep their promises. It isn't possible.
I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... www.globe-report.com
Someone mentioned they were 100% liquid.
Does that mean 'money' in the bank?....or money in the bank?
I'm sorry but I just don't get what Greece is trying to accomplish. They have promised to roll back austerity measures, but they are broke. They will experience austerity one way or the other, if the EU doesn't bail them out. This must be exactly what they are planning on since they say they don't want to leave the EU, so do they have a plan to return to solvency, or do they just expect the EU to lend them money forever?
Bull shitzka
Who cares about Greek when we have peace and brotherhood in Ukraine?
Marathon Ukraine talks end with peace dealBy YURAS KARMANAU 20 minutes ago
MINSK, Belarus (AP) — Leaders of Russia, Ukraine, France and Germany on Thursday emerged from marathon 16-hour talks to announce a comprehensive peace deal for eastern Ukraine, but questions remained whether Ukraine and the pro-Russian rebels have agreed on all of its terms.
Russian President Vladimir Putin told reporters that the agreement envisages a cease-fire that will be effective starting from the start of the day Sunday (21000 GMT or 4 p.m. EST Saturday) as well as a special status for the rebel regions, provisions on border controls and humanitarian issues.
Ukrainian President Petro Poroshenko, however, denied that there was any agreement about autonomy in eastern Ukraine.
This post is misleading.
As I mentioned yesterday the BIG DEAL yesterday WAS UKRAINE, for Mutti and EU.
That now seems in place (until is isn't...but that will squarely depend on Putin (in the short term) to reign in his "friends" in DOnbass. He controls the military plays today locally and Ukraine has no force on ground to challenge that).
The EU leaders (28 of them) will have a POLITICAL meeting today about Greece. With the IMF having committed to finance Ukraine to the tune of 40 billion, the REAL agenda will NOW move on to Greece.
This was FUNDAMENTAL. Until the Ukraine deal was not frozen in printed ink and in binding PRINCIPLE-- which now seems the case if all parties now ACT in good faith-- the EU can now concentrate on Greece.
As its all about money and hair cuts (or pseudo haircuts) and kicking the can to save the BANKS in a CAPITALIST world now STALKED by DEFLATION and where GLOBAL DEBT is now UNSUSTAINABLE.
So... in this winter of Capitalist discontent, the leaders of first world now have to PLAN the CAPITALIST financial retreat and how to SAVE what can be saved.
As Greece is a PEBBLE in the Capitalist shoe, they have to decide collectively if in the GREAT scheme of things Grexit or Grexin is the way to go to plan the can kicking in CB controlled debt printing and subsequent financial attrition. Greece's future is no concern to them.Their past acts have clearly shown that as for all Club MED. The future of the banking system IS. ...Maybe now the Putin/China alleged connection to Syriza; lets see...I don't think its that vital today but it could be tomorrow, if...
Do the leaders of the world have a workable and valid plan? I think not.
I feel they are just playing it by ear like that Captain of the Costa Concordia once he got caught in his own past hubris of trying to squeeze his boat in a place fit to hear Circe sing the song of the Sirens!
I have a feeling, whether it be Grexit or Grexin, the goose of Oligarchy financial COsta Concordia's party is already cooked, for an awesome thanksgiving banquet where a lot of people will go hungry, if not ending up drowning in the subsequent ship wreck.
That's the momentum of Oligarchy run financial world and Greece is just the fuse to that powder keg.
Maybe, as that other post on ZH implies, in the Great scheme of things, Pax Americana Oligarchy has no other alternative --given the rot which has set in into its financial world order since 2008 debacle-- but to plan militarist and recurrent "chaos and asymmetric wars" to keep the gobal pot bubblng in divide and rule.
But that is just speculation until it becomes hard fact especially in the current SYrac melting pot of Sunnite cauldron which has spilled over into Africa. It will be interesting to see how Putin/China will counter that in the coming months. It is clear that Pax Americana's ills are an opportunity for their alternative world axis.
Gotta love the way VAROUFAKIS responds to lies on social media!
I wish more politicians did that - tackle the evil HEAD ON - makes them look like idiots, LMAO.
I would have thought Varoufakis would have no time to spare screwing about reading twitter twits.
The EU is asking for some Greek ... hope they brought the KY. And if the Greeks ever do get in bed with Mother Russia, it'll be some bareback roughriding.
Btw, does anyone find it amusing that there are Cramer ads on ZH?