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Dijsselbloem Says "Very Pessimistic" About A Deal On Monday As Greek Deposit Flight Hits €1 Billion Per Day
The game of words continues, and following reports both yesterday and today that first Germany, and then Greece would compromise, and in the case of the latter even do "whatever it can" to reach a deal, it is time for Europe's bad cop, Eurogroup President Jeroen Dijsselbloem, to pour cold water on the party and crush Greek enthusiasm even more when he said moments ago that he was "very pessimistic" about the chances that a meeting he will chair on Monday of euro zone finance ministers would reach a final debt deal with Greece.
Cited by Reuters, he said that Greek voters' expectations of their new government were "a mile high", Dutch finance minister Dijsselbloem was asked whether a plan to resolve Athens' financial problems would be achieved on Monday. He replied, in a remark aired on Dutch television: "I’m really still very pessimistic about that now."
Which was to be expected: after all the message from Europe all along has been that Greeks have to temper their expectations, and that Tsipras' promises (which were quantified by some as costing north of €20 billion) are simply unachievable. It also means that we are back to square one, where Europe continues to dangle the sword of illiquidity and the threat of a bank run as its primary leverage over the new Greek government.
To be sure, as we reported first thing today, the Greek liquidity situation is now rapidly deteriorating, confirmed moments ago also by Reuters which quoted the infamous anonymous banking source said that there was a mix of reasons for the action. "Some banks likely needed to tap more ELA," said the senior banker at one of the country's four top banks. "(But) I believe the ECB wanted to allow some headroom, liquidity comfort until Feb. 18."
He said recent daily outflows were in the region of 300 million to 500 million euros on average.
Another executive at a big bank cited a similar figure.
"Outflows continued this week, the situation showed a deterioration in the last days," he said. "When you see 400-500 million euros of outflows a day, this shows a developing trend."
He added that outflows may have gone as high 1 billion euros on some days.
In other words, the deposit outflows will continue until Greek government morale is crushed.
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zerohedge retweeted
Ilias Siakantaris @iliassiak 3h3 hours ago????????? ??????: GERMAN FINMIN SPOKESMAN SAYS WE ARE HAPPY TO STOP CALLING IT THE TROIKA BUT THE 3 INSTITUTIONS WILL KEEP INSPECTION ROLE.
Incredible!
This is getting fun.
Better than any Hollywood thriller. I eagerly awwait the next scene.
When all nations are playing cards with a bunch of IOU's the game turns to shit when just one small player's marker gets called. Now for that haircut...or will it be a shave?
ultimately there's only one "barber" and they know very well how this is already going to turn out......they'll be on the right side of the trade everytime
[quote]
"I’m really still very pessimistic about that now."
[/quote]
Of course, you give one child a bailout, then they're ALL gonna want one!
I've seen this one before.
more like Groundhog Day to me - all that changes is the date on the calendar
They should rename the Troika "Altria."
Everybody fucking loves that name.
"WE ARE HAPPY TO STOP CALLING IT THE TROIKA BUT THE 3 INSTITUTIONS WILL KEEP INSPECTION ROLE."
A sugar-coated dog turd is still a Dog turd.
"I called you Syriza guys here for a purpose.
"Who are you?
"That is not important. You are surrounded by ZATO. Each of you should look at this photo from November, 1963. Any questions?
"No."
"Here is some kosher KY."
I'm guessing that the people who ultimately own ZATO also own Syriza. Otherwise, this clown-show would've blown up already.
I see this whole endeavor as nothing but the creation of the mandate for further integration of the EU under the guise of "Oh, no! Somebody do something!"
Remember, Syriza is intent upon creating a "New Deal for Europe" rather than being nationalists/isolationists. So, it should be obvious that this isn't really about Greece at all.
Greek voters' expectations of their new government were "a mile high"
Just like here in the US.
Isn't there an appropriately named Club for this?
Something about being screwed.
return to normality will make their jawbone lil more tighten but.... that's common destiny to any people on earth thinking they can take back they libery without any budge from elite's leash....
Dieselblower needs to get himself a printing press.
By this point I'm pretty sure Greece tough talkers will fold like a cheap lawn chair.
Correct.
The politicians are to cowardly to tell the people the game is over and the Greek people are not willing to believe the game is over without consequence.
BTW - that is the same situation the US is in. Most US people have no idea the game is over. Some that realize it, don't want it to end just yet (until they are dead and it doesn't matter to them anymore). And we have some, like some on ZH, that realize the game is over and want a reset, not realizing that a reset means it will be their head capitated, not the elite 1%.
Then we have an even smaller group of ZHs that are looking for a solution for a reset that won't fuck us slaves again like it has in the past.
Regardless of the outcome do you think we should live in a real world or a fake one? In my opinion, a reset will be painful for some yes, but many will ultimately wish it would have happened sooner. Again just my opinion.
Bullish. Is there any other word for this, or any other news story?
Yah, it!s Bullshit not Bullish.
So we're back to "it's the Greek people's fault".
Hope and Change sheeple, Hope and Change.
Damn insolent peasants fucked everything up again, so the beat intentioned leaders had no choice but more tyranny!
What's reall funny is just going back 1 week on ZH headlines saying 'EU officials say this is the worst possible scenario imaginable'....go back 2 months, 'Syria getting elected will be a total disaster'....now, ''Meh, nothing to see here'.
Those bankers are just that damned good, SheepDog. They got their hand so far up Greece's ass they could choke them to death from the inside.
new sm word : greek fucking, as trash as ass fisting but you catch the throat from inside.
hotkinkyjoe is an amateur....
I can't believe the Greek politicians didn't see this coming and plan as much as possible. The Finance Minister seems to know the score. I assume Russia will wait until the shit hits the fan to get as much leverage as possible with a rescue package...
The new government in Greece is being undermined fom the inside.
Yield to the EU and you will be thrown out.
Remember that perception is more real than the real.
Apparently there is no Greek newspaper in English available that is not printing the releases from Bloomberg and Reuters and absent a true grecian source we do only know what western journalists presume but hardly what is really going on. Whatever the press has released about the statements from Tsipras and Varoufakis is highly inconsistent. Either the whole stuff has been made up by the media or the Greeks try to confuse us or they are simplying telling rubbish. Time will tell.
To me it looks like just another 'baffle em with bullshit'.
Deal! No Deal! Deal! No Deal!
IT IS ALL HORSESHIT
Bottom line: Syriza will act to save the banks. Why? Fuck if I know; however, I can see a complete surrender when it's headed my way.
Look, we always knew the basic outlines of an agreement- Greece won't pay the debts, will do whatever it is they always do, and no holder of the debt will have to mark that debt at anything other than par. In other words, just another lie to last from now until when the lie has to be remade into the same lie again.
The only long term solut9ion is to leave the Euro. Short of that, the only thing Syriza can do is "make a deal". No way is the troika going to "haircut" those debts by any meanginful amount with Spain, Portugal, Italy and Ireland watching...
[All along the euro debt tower]
There must be some kind of way out of here,
Said the EU joker (Dijsselbloem) to the greek thief (Varoufakis)
While there's too much bullshit and confusion,
you won't get no debt relief.
There are many here among us (EU, ECB, IMF)
Who feel that the euro is but a joke
But you and I, must see through that
And and not seal the euro's fate
So let us not talk falsely now
For the hour's getting late.
Don't worry about Greece.
Worry about Japan.
Don't worry about Greece or Japan. Worry about your own ass.
I'm really seeing an July-August 1914 moment here where the two sides misjudge each other, and a negotiation is jammed up with two many players.
#PrintDrachmasStartingMonday
Greece paid over 2 billion Euros for submarines (some of which proved faulty in sea trials) for which they still owe a billion Euros.
A billion Euros is 3 times the amount Germany was asking pensions to be slashed.
Perhaps instead of worrying about Somali pirates, Greek subs should torpedo a few German ships headed for the Suez Canal.
Just to get even.
then pay reparations ?
or just skip it like the nazis did
unfortunately germans understand only force ... look at how they behave to others they did wrong ...not only pying reparations but taking shit everyday and saying thank you
The EU wants to turn Greece into a Kosovo-style country in which there is no effective government and the € is the de facto currency.
They will let everything fail and then they will set up some sort of "emergency fund" to cover just the pensions and the essential government workers directly from Brussels.
Being a party animal doesn't fit Mr Dijsselblooms' personality. Ice Man would be a nice nick name for the president of the Eurogroup.
It's starting to look like the European bankers got Syriza elected to put on an elaborate show for the Greek citizens. That would make Greece much like the U.S., where politicians from both parties serve the same masters -- the banks.
I hope that I am wrong, but I fear that I am correct.
I Think they are tricks of bankSTers
Banks plundering themselves? Who owns Greek banks? The state and pension funds or private investors, oligarch families?
I just keep remembering that the Greek Finmin has written one of the current leading books on, and is considered an expert on Economic Game Theory. I think he knows what he is doing, while DieselBoom is just the banker's mouthpiece.
But it appears a great chance for error here, as both sides are in a place where they can't 'back down' or 'give in' or even compromise. This may be the plan - Grexit involves new partners, period. They are awaitin'...
Oh, there'll be a deal. Syriza has nothing to gain from NATO carpet-bombing and/or a coup.
Which is why I can imagine why Dicklessbloem's pessimistic. If Syriza folds he won't get to order Varoufakis dragged into Constitution Square and shot like he wanted.
And Christine Lagarde still won't "network" with him.
Tsparis has nothing to lose by telling the EU to fuck off.
There is an alternative.
What's really going on (Part 1/4)
https://www.youtube.com/watch?v=bkQQM61XaAY
Dr Steven Greer 2015 | International Congress Full Documentary
https://www.youtube.com/watch?v=rWJI3uOgl3s
The Crossing Point of Light A Workshop with Dr Steven Greer
https://www.youtube.com/watch?v=-_-kMVwJaDA
http://disclosureproject.org/