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Greek Gambit Succeeds As Germany Said To Ease Bailout Terms
With tax receipts tumbling and ELA funding hitting its limit, the Greeks are up against it. On the other side, the Greek strength in the face of EU's demands (and Eurogroup's realization of the uncertainty this could lead to) has apparently led to the start of compromise. As Bloomberg reports,
- *GERMAN, GREEK OFFICIALS SIGNAL COMMON GROUND ON AID DEAL
- *GERMANY SAID NOT TO INSIST ALL PARTS OF CURRENT BAILOUT STAY
- *GREECE SAID TO BE OPEN TO SURPLUS, PRIVATIZATION DEBATE
As Merkel noted earlier, "Europe is always about finding a compromise," and it appears they are getting closer - as long as a 'program' continues. Bundesbank's Weidmann has noted that Grexit would not solve either side's longer-term problems.
Greece and Germany are pursuing a deal on the conditions required to continue the Greek bailout as each side signals a willingness to compromise, according to government officials taking part in the talks.
Germany won’t insist that all elements of Greece’s current aid program continue, said two officials in Berlin. As long as the program is prolonged, they said, Germany would be open to talking about the size of Greece’s budget surplus requirement and conditions to sell off government assets.
For its part, Greece is prepared to commit to a primary budget surplus, as long as it’s lower than the current 4 percent of gross domestic product, according to Greek government officials. Prime Minister Alexis Tsipras’s coalition also might be willing to compromise on privatizations, one of the officials said.
All the officials asked not to be named because the deliberations are private and ongoing.
* * *
Merkel added:
“You make compromises when the advantages outweigh the disadvantages. Germany is ready for that, but you also have to say that Europe’s credibility depends on us sticking to the rules and that we deal with each other in a reliable way.”
So to summarize: Greece fails on its 'promise' to uphold one-third of its program's requirements but because it upheld two-thirds, Germany insists that shows commitment and supports Merkele's earlier comments that "Europe’s credibility depends on us sticking to the rules."
Brilliant!
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SPX testing all-time highs. Buy now or be priced out forever...or until the next crisis.
Fuck Merkel!
Not even with a stolen dick.
A stolen dick? How does that work?
*SNIP* *ARRRRRRRGH!*
"Here, let me stick this in you."
Every compromise will be seen as a defeat for the Syriza government in Greece, because they went all in already. There will be a new government soon in Greece.
Yep, no one REALLY thought that Syriza was actually going to do the right thing did we? Like many have said, no one has ever VOTED themselves into freedom
fucking cunts....
Varoufaikus looks like hes about to put someone in a choke hold and get a tap out
That's no way to speak about Tyler's two mummies.
Greece is still Germany's bitch
Well, this was to be expected, but now all gold-buying and short-selling ZeroHedgers are foaming at the mouth because things won't turn out as dramatic as they thought.
As we say in Germany: "the soup never gets eaten as hot as it gets cooked." ;-)
Of course it ain't over yet. There will still be some pushing and shoving in the weeks to come, but a Grexit? No, I don't think so as too much political capital has been invested in this project and western European banks (read: German!) have invested way too much in Greece.
Whether this outcome is good for Europe in the long term is of course very questionable, but you guys here are WAY TOO DRAMATIC, and completely overestimate yourself!
Let's be honest, if the world's financial system will collapse, it will be because of some totally unexpected black swan. Not because some conspiracy theorist has written a piece on Zero Hedge about it....
Perhaps just a Bloomberg propaganda. On Ekathimerini it, e.g., reads
"A Greek official in Brussels reaffirmed on Thursday that Tsipras would not accept any extension of the current bailout, which he says has destroyed the Greek economy and needs to be replaced by policies that will pump cash into society to promote growth that can help Athens pays its debts."
I smell a rat here. It might well be that the kleptocracy has changed the strategy and has replaced it by an insidious hidden 'smoke and mirrors' one spreading disinformation via news to confuse everyone. In addition, such a disinformation campaign could also indirectly force Greek politicians to change their position. Beware.
Or, is it an Ekathimerini's propaganda?.. not clear what's going on.
Nothing like that. What you are quoting is las night news. What the article is about is today afternoon news.
To be continued.. (with lots of ups and downs for sure!)
Yes and given the dissent and desperation the next government will most likely be Golden Dawn. I wanna see the faces of these Eurocrats when that happens.
Golden Dawn, are they the Nationalist?
The nazi party. The ones that beat Germans when they see one.
Wrong. They do not beat Germans. Like real nazi cowards they beat only immigrants (african, asian) they manage to corner at ratios like 20:1 (20 nazi subhumans to 1 poor immigrant).
But they are in some kind of eclipse right now.
Maybe the would. But the the average German is about 10 cm larger than the average Greek ... :-)
There's that wise Old Phrase: Beware of Greeks Bearing Gifts
Somehow, don't think that's very likely anytime soon.
My wife looked up from her crossword. "What's the currency in Greece?" she asked.
"I don't know," I replied. "I haven't watched the news this morning."
At least 10 people have been killed after a Greek F-16 fighter jet crashed into other planes at a military base in Spain.
Early reports indicate the cause to be a severe build up of hair in the plane's engines.
ZING!You should buy a Greek vacuum cleaner.
Makes the Dyson look like a piker.
Am I the only one who sees something inherently sad and retarded in replying to your own post twice? Even by 4chan standards, it is just pathetic.
yeah this a new low for me. rock bottom in fact. if only i could contribute insightful perspectives such as did you here http://www.zerohedge.com/news/2015-02-12/meanwhile-inside-white-house#co...
"oh the faggotry" wow. powerful stuff man. powerful.
That comment accurately and succinctly described the imagery I was confronted with.
cool bro. looking forward to more of your posts. they are life changing to say the least. the fact that you are able to memorize other members posts and their quality speaks volumes about how often you frequent this site. i am in no way on your level.
??? I memorize other members posts?
if you are going to compare me with other members (4chan) you must be quite the expert. you kind of brand yourself as some sort of post format snob. i could fucking care less about how you post on ZH. inherently sad? pathetic? and to think you were able to diduce those strong personal feelings all from 3 jokes a stranger posted on the net. are you the hall monitor of internet forums who decides what and how people post? "OMG he replied to his own posts! quick mother, whats the number to we-tip or the see something say something hotline!" did my bad internet forum ettiquet get your panties all knotted up? there should be a link on the top of the page so that new members can consult you before they make such dire mistakes.
Good Good. Let the butthurt flow through your body.
What'd I tell* you? The Can Kickers win. Again.
"A little of something is better than a whole lot of nothing" - ancient proverb
* Tue, 02/10/2015 - 10:58 | 5766438 noben
ZH Can kickers: 99
ZH Doomsdayers:1
Actually, the Bankers win; because... in 6 months this Greek regime will be gone or totally compromised. Same as it ever was.
If experience tells us anything, "crisis" is just another reason for stocks to skyrocket.
equity market 2015 cycle highs will be reached either intra-month february or first of march
There's no such thing as a cycle; there's no such thing as economic reality. No prior models apply and it's impossible to make any economic predictions whatsoever without foreknowledge of what the only organization whose movements matter (ie, the Fed.)
Yup. The rape of the middle class, the ongoing bailout and backstopping of banks/corporations/insurers, the increasing cost to live, the stagnant wages, the part time employment, the paying more for less, the propaganda, the left/right distractions, and the skullduggery and legerdemain will continue until morale improves (or it all collapses in a flaming heap).
... zero interest on savings, the flood of cheap labor across the border [and thru the airports], overpriced houses, huge muni pension/health benefits out of proportion to any earthly economic data, wall street corp control of DC [as described in the Lawrence Lesisg's books for example], widespread money laundering from overseas into our RE market, and so on.
A real estatee agent told me that about housing in 2007
Let's be honest. Both sides are scared shitless at the prospect of Greece defaulting and leaving the Euro. This is simply a game of chicken. The can-kicking will continue.
Exactly. Syriza can talk all they want but at the end of the day, yes... they are scared shitless of defaulting and walking away from the EUR. What the fuck would they do? But then again..... remember Iceland?
Full blown Syriza capitulation
Nah, the failsafe is the ordinary Greeks will riot their asses off if they need to.
Nah, They never would riot. Greeks were never leaving the EU. It was a pipe dream for all of us. Bankers have the whole world by the short and curly's. Get use to it or walk around pissed all the time because they do not care what we think.
Who is "we", Shlomo?
you and me rookie!!!!
Maybe they need to start putting up the barricades around the Greek Parliment Building again...
No need. We've been assured that the Greeks never riot. LOL.
If they keep this show going anylonger, we're all losers in the end. The 320 billion can neither be serviced nor repaid. It's financially impossible unless a large chunk of debt gets written off. Still doesn't allow Greece to keep funding the status quo AND Syriza is rolling back on austerity measures.
It's all bullshit so that banksters can live to see another day.
Nothing is changing.
They just expected a lot more wiggle room.
Germany is like parent deciding if the grounded child has learned its lesson and agreed to slightly relax the noose all while observing very closely. If this agreement starts to slip you may see actual issues.
Let's see what triumph they try to sell internally in Greece. Hopefully they don't oversell it because then they won't be able to bring anything in line. More importantly, they might start pressuring for more, more, more. You know, the opportunity to return to the natural overly relaxed state.
Not the most polite or tactful way to phrase it but .........
Negotiations are tense between the EU and Greece -
https://www.youtube.com/watch?v=A8yjNbcKkNY
Perfect!
Manilla folder
Mainz folder
Mannheim folder
waiting for denial of this...
rumor mill hamsters running full speed...
jjust sayin...
Go Greece.
I'll believe it when I hear Tsipras say it. Until he mouths the words "we will pay all our debt" I don't believe this will hold up.
Agree Raoul. I will add that the only way the Greeks will cave is if they get
taken to one side and threatened, play ball or your country and your citizens
get it.
All I know is that this is good for stocks!
monday headlines....deal reached at the 24th hour. Greece saved again.. SPX up 50 points, Dow up 350
yep - even though they basically lost nothing as a result of the fleeting worry that the status quo might be challenged, and in fact gained by virtue of the dollar gaining versus everything else
that's just how it rolls, no matter how delusional unethical and long-term destructive US actions, US 'markets' and banksters keep winning
It would be nice if someone a lot smarter than me could tell us when the merry-go-round stops. This is getting depressing.
I feel your pain. Things will change, but nobody knows when. Position yourself so you can observe the circus, but not be dependent on timing - make time your friend. If you are getting depressed, disconnect from the information stream for a while and live your life.
In April, I'll be busy with our vegetable garden.
when it's all fixed and truly happy, happy, happy sunshine and lollipops watch for market to peak and slowly descend...
market riding up for 6 years on hopium, DAX more than doubled when Europe was at its darkest and bleakest...
ECB just needs it to technically remain the current program in order to avoid triggering derivatives.
From tea cup, to EU hub.
We all know what happens to the wheel when you don't greece the hub...
I've seen this type of negotiation before.
"I promised my parents I would stay a virgin so you can only put it in a little."
More appropriate to Greece, it sounds like a back-door solution could be in the works.
Eh,
yes
They're all deadbeat socialists & dangerous communists. What do they care about other peoples money or the financial system anyway?
They are kicking the can down the road.....but not for the sake of Greece (which they should be doing), but for the Douchebank and Goldman Sucks
They are merely negotiating how both can declare victory.
No wait of the rest of the South to explode.
Exactly. Spain on Line 2...Portugal on Line 3,,,oh, forgot I have Italy holding on Line 1...
Can't wait to see who will be waiting in the wings to bail out the EU monstrocity when it goes 'cease & desist!'
We can print funny money at will. Who would like some? Ya think....
The next decade is position. Either position yourself among the serf or suck off the tit of a .3% er
Gold Bitchez.....I pick up pennies
This is a bailout of banker counter-parties, not Greece or its peeples.
dear GreXit lovers,
i told you so...on 2 Feb
bring on the junks!!!
:-P
+1
Can't have that wall of debt come crushing down. Yet.
me too
they will stay unil the end
I would like to know why the Sino-Russian angle is not getting more chatter. Could GRC be fishing for the best offer, or just testing the GMN desperation/resolve while not inviting panic stablity speculations?
Good...now can people stop lionizing a bunch of socialists/marxists that said what they had to in order to get elected? It amazes me how many people here say the whole political system in the US is a sham for show and then believe it is not exactly the same in every other country. The Greek officials now likely have a bigger offshore account to operate with and the microfilm with compromising pictures back
This is like having a roach problem and the Greeks turned the light on.
They get them to turn the lights off and the roach problem goes away, right?
You can't unsee what you have seen.
It's official: borrow more than you can afford, fail to make the payments, kick and scream... and get rewarded.
It's official: Loan more than you can afford to risky borrowers, fail to receive timely payments on these bad debts, kick and scream...and get rewarded.
There, fixed it for you.
The borrowers who get the new money are not the same people forced to pay it back. That is the gig.
22Windbag is being an idiot by trying to conceal the truth of the gig.
In fact both you and 22 are correct. This is a two-sided disaster.
You're right...
New Shimmer is a floor wax AND a dessert topping!
Dan: "Tastes great, Honey!"
Gilda: "And just look at that shine!"
It's bullshit as usual.
Wait for the real announcement from Tsipras or Varoufakis, every thing else is either wishful thinking or misleading, market moving European garbagel
"they have run out of money to steal." max keiser
Greeks firm and resolute .... Merkel hikes her skirt !
I hear the echo of a can getting kicked.
PODEMOS,
it's your turn now. ;-)
Everything is hunky dory now!!! WEEEEEEEeeeeeeeeeeeeeeeeeeeeeee!!!
hahaha, Mr ECB is being told prepare the parachute-- (Mr Noyer's desperate cry was heard...too bad Mr Schauble).
Grexit is more dangerous to Banks than kicking the can on a mere 160 billion write off for Greece.
Obviously there will be the ENVIOUS in all of Club Med; but the Costa Concordia of ECB/EU/IMF --(imagine Lady Lagarde now on the EU Costa Concordia, it makes my belly ache) ---will cross its bridges ONE by ONE.
"If we can win in Ukraine by kicking the Putin can, we can win everywhere !"--says Mutti fresh from Minsk mink coated success!
Wow, the Mutti brigade has its tail up! Draghi has the go-ahead to do "whatever it takes" to engulf all of Club Med in "freee money"...Whoopie!
PS : The Tylers of ZH are now advised to respect the chronology of events in time honoured tradition and not JUMP the GUN to suit their knee jerks. Helen of Troy having won in Minsk now nails the mantra by being gracious with Greece. Lars Porsena looks like he will go back into the historical cupboard. I Won't regret Horatio's victory!
Lets see how funny money buys peace and prosperity in Euro land!
PS : Poor Schauble, he who said that Varoufakis was deluded and needed to understand "how things were done" in EZ. His chair must be buzzing with electric vibes.
+1
;-)
SSDD
Watch them shit the bed when Russia makes Greece a deal it can't refuse!
And the best part?... It will hapeen when the Minsk agreement gets violated again with a ramp up of U.S. forces in Ukraine next month!
Somebody better tell Frau Merkel that if her little "chocolate boy" fucks up on the peace deal with ink that just dried Russia may have a military base or two in Greece as well as Cyprus!
Somebody better tell Frau Merkel that if her little "chocolate boy" fucks up on the peace deal with ink that just dried Russia may have a military base or two in Greece as well as Cyprus!
And it looks like Russia will be getting those new Med bases in Greece sooner than we thought!
Meet the "punk assed" little bitch on the orders of Tel Aviv that will make it possible!
I'm not buying, this is just talk to try and calm the markets and an attempt by Merkel to make the Greeks the villians by claiming 'hey we were willing to compromise but the Greeks weren't, it's all thier fault' knowing full well Greece can't compromise because they're bankrupt. Syriza knows full well that if they compromise on their election promisies they'll be booted out of government by their own people very quickly.
The Maastricht Rules were set aside when Goldman came to town
Financial legerdemain employed, Greek debt no longer found!
The Euro zone, with open arms embraced their new found friend
But soon the truth revealed itself, financial rules did bend
Austerity and tax collection chores were given little heed
The Greeks rebelled, old leaders felled, the ECU now bleeds
The noble cause that was the thought of common currency
A Hobson’s choice reveals itself for all the world to see
Could Drachma, Lira, Peseta, Escudo be destined to return?
Soaring Marcs, guilders and francs their economies will burn!
So give the ne’er do well dependent as much as you can spare
That better than a soaring Franc and the burden that would bear
"Europe is always about finding a compromise," Hmmm....
"Europe is always about finding a compromise if we have no other choice"
There, Fixed it for ya.
As you said a few years back, Tyler, as Greece goes, so goes the rest of the PIIGS.
When you are already dead. You no longer fear death.
Just dead broke!
I think people are failing to realize that all countries want to have the weakest currency (except the Swiss) and at the same time need to feed the masses. Printing money is the solution to both these problems so all countries are printing away. It only fails if every country but one stops printing, see Weimar Germany.
It's not about having the weakest currency... It's about your currency falling the fastest relative to others. Notice there's the time variable here.
Granny Merkel mentions ' COMPROMISE ' , like she's just found religion.
These Vultures will pick at your carcass and return later to suck the marrow from your bones.
FUCK THE EU!!
Varoufakis has said multiple times that the bridge loan is to buy *Europe* time to fix the structural issues in the Euro (European New Deal).
Getting money without getting the commitment on the part of the creditor nations to fix the current system is a waste of time for Greece.
Heck, you sound just like an aspirational Washington Neocon.
LOL!, how do you say "motherfucker" in Spanish?
"Motherfucker, buey !" .... or .... Jodero de su propria madre !
Greek deal or not economically Europe is going nowhere with debts piling up as we speak. I know that Syriza and the Greek people don't like to leave the monetary union but in the end it will be the best thing to do anyways. Greece would be debt free, regained their sovereignty but have to start to get their fiscal act together with some help of Russia and China firstly to defend their new drachma currency against the wall street hyenas.
Watched Greg Hunter interview Peter Schiff from yesterday, and in my opinion have never seen Schiff cooler, calmer, more collected and coherent compared to his seeming almost hysterical rants of past.
https://www.youtube.com/watch?v=UBzZ_rZ7lC8
He may have called the Greeks calling Germany's bluff, and for that matter Russia calling US's bluff.
I have said in past, the whole world is in a sort of Nash equilibrium whereby no one party is going to change its behavior as long as it sees the others are not going to change theirs.
The stakes for not maintaining this so called Nash equilibrium are too high for all parties, so there will be a lot of bluff and bluster. The whole system won't fail from a simple crack and propogation, i.e Greece setting off a chain reaction that spreads to Italy and Spain, etc., by my argument it will finally have to fail across the board, all countries, all at once, when the countries/banks etc can no longer keep control.
could be very right. Sometimes it is domino 's, sometimes it is all at once.
They want a bridge until September. Maybe Syriza wants to default in September. Gotta get all their ducks in a row first. Also, tourism season is around the corner.
BTW, that cocksucker Samaras set this shit up, by demanding a 2 month extension instead of the 6 month Troika was offering back in Nov/Dec. That gave/gives the new government less than a month, putting them under the gun with no time and no space.
It makes me cringe all these periphery countries kicking the can delaying the inevitable end of the Euro.
the fucking money changers will never allow Greece to leave...it would set off a collapse of Europe....so they will strike a whore of a deal to keep the party moving!! party on Garth!
Congrats to the new Greek president as he has successfuly positioned his country as TBTF.
All he does now is negotiate his bonus.
As I've been saying from the very beginning of this thing, they elected communists. Get it? They didn't elect libertarians who would be interested in defaulting on the loans and standing on their own feet. Communists want more free money from Brussels, PERIOD.
This was supposed to be the anti-austerity party. THERE HAS NEVER BEEN ANY AUSTERITY because all of the interest on the debt has been deferred. Get it? The greeks are not willing to live within their means, and even if the ENTIRE DEBT WERE FORGIVEN TOMORROW, they would still not be able to stand on their own.
Silver For The People
"even if the ENTIRE DEBT WERE FORGIVEN TOMORROW, they would still not be able to stand on their own. "
Exactly! And they will then proceed to totally ignore any new commitments given to get this write-off, falsify their reporting figures and come back again in another few years to repeat the whole process again.