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Greece Update: Working Group Ends Without Result, However "Statement Drafted That May Be Basis For Compromise"
In typical European fashion, today's Greek negotiations have ended in a Schrodingerian fashion: on one hands reports are now trickling in that the Greek Eurogroup working group has concluded their meeting after 7 hours without a result...
#Greece Eurogroup-Working Group ended after 7 hrs without result, sources say
— Rolf-Dieter Krause (@rdk_bxl) February 19, 2015
... while on the other, Market News is reporting that Eurozone deputies have "drafted a statement that could well serve as a basis for a compromise between Greece and the Eurozone, to be examined by finance ministers Friday."
More:
The positions of Greece and the Eurozone over future financing for Athens moved much closer at a meeting of finance ministry deputies in Brussels, three sources with knowledge of the discussions told Euro Insight Thursday.
One source, a veteran Eurozone official, said, “positions seem to be reasonably close.”
Speaking on condition of anonymity, he added that Eurogroup deputies had drafted a statement that would serve as a basis for a compromise between Greece and the Eurozone, to be signed off subsequently by finance ministers.
The deputies are “close to an agreement but (it is) subject to political discussion,” a second source with knowledge of the talks said.
A third source confirmed that Eurogroup ministers would meet Friday in Brussels for a political discussion and to check the text.
“Everyone has to check with the boss,” he said. Germany’s reaction to the compromise from deputies will come under particular scrutiny Friday given its recent cool reaction to Greece’s recent stance on its future financing.
One can only wonder how much EURUSD or Greek government bonds exposure those unnamed sources with "knowledge" have. In any event according to the same sources, "the draft is "broadly" based on a Greek submission from earlier Thursday, the second source added."
Of course this is the same draft that Germany threw up all over earlier, and in a leaked letter expressly stated the language that must be included for a compromise to be achieved - language which would crush any anti-Memorandum credibility the Greek government may have wanted to preserve:
... we need a clear and convincing commitment by Greece, which may just contain three short and well understandable sentences: “We apply for the extension of the current programme, making use of built-in flexibility. We will agree with the institutions any changes in measures from the existing MoU. And we aim at successfully concluding the programme”.
... Greece has to publicly confirm that it will refrain from unilateral national measures to roll back the current programme. The authorities will, with immediate effect, not take any initiative or implement any measure or policy which is inconsistent with existing commitments under the current programme or aggravate the fiscal situation. This includes refraining from announced labour market and social reforms to be voted in Parliament this week.
Which means that Tsipras will have to publicly undo all the promises he made on national TV on at least on occasion in the past several weeks: hardly a palatable outcome to the current elected on a mandate of "ending austerity."
Finally, this is not the first time MNI, or CNBC, or Reuters, or Bloomberg, have jumped the shark promising a deal is imminent only for absolutely nothing to materialize.
So is the Greek cat alive or dead? Find out tomorrow when it now appears that courtesy of Greece running out of state funding much earlier than expected, and as a result of the ongoing deposit run, is when the previous D-Day of February 28 has been "seasonally-adjusted" to.
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It looks like Greece could soon become the first real China's colony in Europe
They waited until 4:05pm to announce this.
9:15 am EST: Deal imminent
4:05 pm EST: No deal
Repeat daily, ad nauseam
Welcome to Goebbels + 1984 + Operant Conditioning + Baghdad Bob
This blog is a great overview of the debt based monetary system ponzi.
It starts off a bit slow with the goldsmith bankers but lays some good ground work that is used later in the first post. The bitcoin stuff gets a bit out there but still interesting. I hope the blogger continues to post
http://debtcrash.blogspot.com/
it really doesnt matter what greece does at this point
Greek statement in 20 minutes: "There will be no comprimise"
Hope springs eternal in the EU fiat regime.
So much anonymous bullshit coming out. Someone is feeling their nuts getting roasted on the fire and trying to buy time.
That would be the person who has to explain how they're all lying without actually admitting it.
The market is down today, the greece no deal looks almost imminent, yet the vix is getting smashed?? The vix should be flying high today. There's no intervention or anything is there? Maybe the fuckin FED?
lol
Fuuuuuuck Youuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu
You're drawing this out worse than an M. Night Shamalan movie and for what? To buy an extra week you serial fucktards?
This isn't about buying time, but about managing expectations. Specifically, German outrage which needs to be channeled into capitulation.
Looks like they need to finish bargaining and then the Eurozone will have a depression.
mea culpa ... we are capitulating - again. We roasted 10 million Greek nuts.
just stop the insanity, stop the pummeling of "compromises" and "deals" and the constant barrage of troika blues
IT IS OVER ... Greeks and Allies win, Germany loses and will pay, pay, pay... Just make it stop, PLEASE
It's all good. CAT & WMT are pounding sand, but tiny Greece will fix everything.
If Greece is fixed all of the global deflationary, massive GDP repayment problems will be solved.
Clearly WMT is having trouble because the ports are on strike and eager American shoppers just can't get their hands on any merchandise.
Not sure what CAT's problem is. Probably stiff competition from Chinese manufacturers that have the machinery to DISASSEMBLE container ships. CAT needs a government bailout to retool.
There's an explanation for everything.
By Alan Greenspanhttp://www.foreignaffairs.com/articles/142114/alan-greenspan/golden-rule
"Yet gold has special properties that no other currency, with the possible exception of silver, can claim. For more than two millennia, gold has had virtually unquestioned acceptance as payment. It has never required the credit guarantee of a third party. No questions are raised when gold or direct claims to gold are offered in payment of an obligation; it was the only form of payment, for example, that exporters to Germany would accept as World War II was drawing to a close.
Today, the acceptance of fiat money -- currency not backed by an asset of intrinsic value -- rests on the credit guarantee of sovereign nations endowed with effective taxing power, a guarantee that in crisis conditions has not always matched the universal acceptability of gold."
Reader Question on Greenspan and Gold: "No Fiat Currency Can Match It""Gold is a currency. It is still, by all evidence, a premier currency. No fiat currency, including the dollar, can match it."
http://globaleconomicanalysis.blogspot.com/2014/11/reader-question-on-gr...
How European of them. I wonder if it is hard to conduct serious negotiations when everyone is wearing a trendy leather man-purse.
Political grandstanding is hardly worthy of the label "serious considerations." Real negotiations occur before and after meetings. Meetings themselves are simply theater for the sheeple who believe them to be relevant.
You don't actually think this won't be resolved, does ya? They will do everything to maintain a picture of calm and cohesion, rhetoric aside. Baked in the baklava.
"Compromise"
Most likely will not mean what they think it will mean.
In other words Greece...Grab your ankles and assume the position! You are in for continued a$$ poundings!
Why don't they just pay them back, geez. I mean at least work out a monthly payment plan or a post dated check?
The monthly payment can't work because it requires payment. Now that post dated check program might fly. I'll gladly give you a $350 billion post dated check for 1/1//2095 if you can loan me another 5 billion right now.
The monthly payment can't work because it requires payment. Now that post dated check program might fly. I'll gladly give you a $350 billion post dated check for 1/1//2095 if you can loan me another 5 billion right now.
So....what is the possibility that Yellen will jump into the ring and offer funding to Greece?
Publicly? Zero.
Will she quietly backstop the EU if needed? Absolutely.
Ever notice how large entities never entrust the highest leadership position to a woman until it is about to collapse? Just a little something for Fed Watchers to keep in the back of their mind.
Varoufakis should start tomorrows finance ministers meeting by handing out freshly printed New Drachma notes and warn them not to blow thier noses or wipe their asses with it as the inks not quite dry.
clever, cute, and oh so right.
They are so close to a compromise:
EU: Pay us back
Greece: NO!
Together: We are almost there. (everybody wave and smile for the cameras)
Annnnnnnnd scene
. . . continued . . .
EU: We'll loan you the money to pay us back!
Greece: Give us the money!
EU: NO!
Greece: Give us some of it.
EU: pulls a 20 Euro note out of his pocket and throws it across the table.
Greece: Stuffs the note down the front of his pants and throws it back.
Reporter; EU and Greece close to compromise!
AS BAD AS WRESTLING. In the 11th hour on Friday there will be some rumor of a deal, and it will be "markets" to the moon for Monday. Same Kubuki theater.
The Euro was suppose to implode tomorrow, setting off a chain reaction of debt contagion that would engulf the worlds economy setting off widespread panic in whatever was left of the financial markets leading to chaos in the streets with mothers killing strangers for baby food.
That was THREE YEARS AGO, when I joined Zero Hedge.
Greek debt negotiations is like watching paint dry.
Everything will be put off till monday.
Then the next friday, then the next monday.
Greece is hosed and that is that.
ONLY HOURS LEFT TO LOOT!!
GRAB WITH BOTH HANDS YOU PIRATE BASTARDS!!!
ARRRRG!
What if Russia/China agreed to bail-out Greece on the condition that they first default on their European obligations?
Greece doesn't want to play ball and either does Germany. I think the Germans don't care if the Euro goes to 90, but the Swiss and US can't have that. Look for Ole' Yellen to step in and waste some cash. No wonder they are fighting like hell not to be audited. It might spoil the fun and games they have with all that free money.