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How Greece Folded To Germany: The Complete Breakdown
Having, as we previously explained, been given 'just enough rope' by the Germans, we thought it worth looking at just what Greece capitulated on (or perhaps a shorter version - what they did not capitulate on) and how Tsipras and Varoufakis will sell this to their fellow politicians... and most of all people.
What points has Greece capitulated on?
1. Completion of the current review – Greece has basically agreed to conclude the current bailout. Any funding is conditional on such a process:
Only approval of the conclusion of the review of the extended arrangement by the institutions in turn will allow for any disbursement of the outstanding tranche of the current EFSF programme and the transfer of the 2014 SMP profits. Both are again subject to approval by the Eurogroup.
This is a clear capitulation for Greek Prime Minister Alexis Tsipras, who said the previous bailout was “dead” and the EU/IMF/ECB Troika is “over”.
2. Remaining bank recapitalisation funds – Greece wanted this money to be held by the Hellenic Financial Stabilisation Fund (HFSF) over the extension period, and possibly be open for use outside the banking sector. However, this has been denied and the bonds will return to the EFSF, although they will remain available for any bank recapitalisation needs.
3. Role of the IMF – The Eurogroup statement says, “We also agreed that the IMF would continue to play its role”. Again, Greece has given in on this point and the Troika continues to exist and be strongly involved in all but name.
4. No unilateral action – According to the statement,
The Greek authorities commit to refrain from any rollback of measures and unilateral changes to the policies and structural reforms that would negatively impact fiscal targets, economic recovery or financial stability, as assessed by the institutions.
In light of this, a large number of promises that SYRIZA made in its election campaign will now be hard to fulfil. In the press conference given by Eurogroup Chairman Jeroen Dijsselbloem and EU Economics Commissioner Pierre Moscovici, it was suggested that this pledge also applied to the measures which were announced by Tsipras in his speech to the Greek parliament earlier this week – when he announced plans to roll back some labour market reforms passed by the previous Greek government.
5. Four months rather than six months – Greece requested a six-month extension, but the Eurogroup only agreed to four months. This is a crucial point: it means the extension expires at the end of June. As the graph below shows, Greece faces two crucial bond repayments to the ECB in July and August which total €6.7bn. This is a very tough hard deadline. There is limited time for the longer term negotiations which will take place – provided that a final agreement on the extension is reached. It is very likely we will be back in a similar situation at the end of June.

* * *
Has Greece secured any wins?
Greece has received a couple of small fillips in the wording:
The institutions will, for the 2015 primary surplus target, take the economic circumstances in 2015 into account.
This suggests that Greece may, during this year and the extension in particular, get more fiscal leeway. As we predicted many times, this would manifest itself as a lower primary surplus target. A small victory which may provide a bit of temporary breathing space for the government. In practice, though, it was already looking difficult for Greece to meet its target this year given significant shortfalls in tax revenue.
Greece also managed to get the word “bridge” into the statement, and a specific promise to discuss a fresh programme and approach:
This extension would also bridge the time for discussions on a possible follow-up arrangement between the Eurogroup, the institutions and Greece.
* * *
What happens now?
As was stressed in the press conference, Greece will on Monday “present a first list of reform measures, based on the current arrangement”. Moving forward from this agreement, which is still largely in principle, will be conditional on these measures being judged as sufficient by the EU/IMF/ECB as a step towards completing the current bailout.
Once that is confirmed work will begin on getting the “national procedures” in place, so that all the necessary parliaments (such as Germany and Finland) have approved the extension by the end of next week.
In the not too distant future, discussions will begin on the “possible follow-up arrangement”. As we outlined in extensive detail here, there are a huge amount of differences which need to be resolved. The crucial ones being labour market and pension reforms, as well as debt relief. Chances of an agreement remain unclear, but we would expect Greece to struggle once again to get what it wants.
Finally, the Greek government has to return to Greece and sell what is almost an entire capitulation to its own MPs (some of whom would have rather left the Eurozone than abandon their aims), its coalition partner, and the public (which has strongly supported the hard-line stance). We got a taste of this in the presser, when Finance Minister Yanis Varoufakis said:
From the very first day, we refused to see these negotiations as a zero sum game.
We’re beginning to be co-authors of our destiny.
The Eurogroup statement is a good example of ‘constructive ambiguity’ on primary surplus targets.
I’m pleased to report that our commitments are commitments we wanted to make anyway.
Focusing on the longer term and selling the openness of the negotiation as an escape from the current programme. This may or may not be true, it is in the end a negotiation.
* * *
Greece has folded this hand but the game of poker continues. Greece is now short stack and living hand to hand (day to day). It continues to be in a very tough position and how the evaporation of the vision which SYRIZA sold at the election is a crucial and potentially explosive unknown.
* * *
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this is what it feels like when you fuck a stranger in the ass, Larry
Austerity and the Troika still exist and will continue to do so. So it is written... so shall it be
can kicking gets old but they been doing so long they are addicted. but what happens in four months when it is worse conditions as deflation kicks in. the drama continues...
the important part is "4. No unilateral action – According to the statement"
as that is reliquishing sovernty, which they said they were dead against. so we shall see true colors as this issue is explained to the greek people.
Speaking of Greek sovereignty...
The government of Great Britain has finally agreed to the longstanding Greek government request to reunite the Elgin marbles with the Parthenon by announcing an offer to buy the Parthenon for 50 cents a pound and ship it to the British Museum in London...
"TIME" the only asset that central planners can not control.
Let the Greek people vote on the deal!!!
They already did, they voted for another group of criminals acting as saviors. The real deal is in prison. Golden dawn will rise again. In the mean time, I say they start hanging politicians and bankers.
The Greek people will just get stuffed chock full of SSRIs and opiate pain killers just like the USSA population, so that nothing will happen to the elites.
Greece folded because the Eurokrauts shoved millions into Swiss bank accounts of the new Greek politicians in power as well as deeds and keys to Mediterranean ocean side villas in Spain.
Wait for Mondays news...and even then extention for 4 month doesn't mean the problem is solved.
Just as in ancient times, there were Greeks that took Persian Empire troika money and fought against the interests of fellow Greeks, in some cases this was substantial numbers.
It must taste like stale moussaka.
The Greek Sheeple Just Got Handed To Them A NEW Empty Dried Bread Sandwich...
Here, Enjoy, We Will Have More For You In 4 Months...
Promise!
Goldman Wins Again...
4 months to forget about this crap. 4 months to prepare- both them and i or us.
6/28/15 or before redux xx, same crap different tyme. moar hope and change...
My bet is that Tsipras is trolling the ECB and the Germans, giving them some bait and time to sink the hook and reel in the big one. The big one being default and Grexit.
I'd guess the conversation in Greece will be like this: "Psst! (whispering) get your money out of the banks while the ECB is providing cash and convert it to Gold and Silver...pass it on!"
That would be nice.
waiting for the great downdraft. huge sucking sound of fiat going into a black hole vortex. it all starts as alittle deflation here and a tad there. then it slowly gain momentum as moar is printed fueling the great voooosh into the vortex of collapse...
My wishful thinking also. The time to set the hook may be only 72 hours. When Tsipras goes back with nothing and tells the German bankers, see I told you so, our last offer was the best offer, not this POS you are using for cover.
shut the fuck up donny, that wasn't very dude like....
A "market based solution!"
http://www.keeptalkinggreece.com/2015/02/20/greeces-mission-impossible-b...
logged it to be a dick and say, no suprise. many down votes on my comments, but once again politicians are politicians. know, understand and never get optimistic of their promisses of doing the right thing. they are the enemy.
and this is far from over. eventually the right things will happen, but unfortunatly to the peril of the majority. another sad day for the majority.
not happy, but predictable...
This thing was going to end in collapse ot war. The Greek chose radiation for all. Oh well, on a long enough time line...
How appropriate that your handle is "DeadFred."
It is dismal to think that once upon a time looking at the stars was encouraging ... now the certainly of death on a long enough time line is the only encouraging thought that is rationally possible to entertain.
If you really want to get depressed take a stroll thru your Merikan local mall and see what's growing there.
interesting thought. my take is "i will deal with the zero hedge motif on my terms"
they came for you and i had my gun ready for the knock, knock. no knock knock.
great, another day to enjoy...
You can announce any damned thing you want -
the question is how that will play out among the people in Greece.
Like Iceland ?
We'll see.
we told ya all, for months, for years, they cannot grexit, if you thinked about it, you are fucked as fool... they HAD to bend so circus keep going....
they take money for themselves and then lie to their own population, if they do not, their own families get hurt/killed, this is sparta, this is how it works... the only way to break the leash is NUKE.
you do not cut the USSA rope as you want, who the fuck you think you are....
of course i'm sad and disapointed as many ZHers... but..heeeeey.... stay on couch with ebt will never make revolution to come bro... youknowwattamean...
as long as lazy ppl prefer drip to fight... any speaking is pointless.
they had the option to go with BRICS
why they wast it is hard to understand
This flip-flop could also damage the credibility of the other anti-() parties.
there is no anti party.. it is total bluff only to get some % of vote from population to get a slot in the circus to get some money.
when you gain acces to new world, you never look behind.
they will humiliate their population like any other president in the world. do not be fool by beeing full of dreams.... illusion are dangerous because they have no flaw...
this is a full go WEST vs EAST. it will take decades, and finish in war, a solid one, a nasty one, this is the case with the money, when the money will worth nothing, the only way to shut up the opponent is to kill him.
get it written in paper on the fridge guys, some nice skilled kill will occur over the years.... in both side.
if you think de margorie with total was an accident... then, keep dreaming, good night... but reality is... you have your life, live it just as you want it to its best, and fuck you and shut the fuck up and die in the corner. not happy, sue 'em...if you can... you will not come to tribunal alive for the 1st day.
this is not the same world. we live on same planet, but like photoshop, many layers, and a bottom layer cannot draw on the upper ones.
one more time, be happy in the lower layer living your life just the best you can, until the overall draw become unreadable of complexity and the alt+W without saving comes to play.
grexit... rofl....
LOL you just said hope and change.
I wish I could upvote this more... That's fucking fantastic!
what comes out of agreements don't matter. they have always agreed to stuff, its about what they can and will do. would not be more prudent to prepare four months for a big shift like your monetary currency especially when your in mist of a bank run. if the EU thought greece will follow up with the plan then why shorten the term from six months to four.
Why would they want to join a bunch of Third World countries? (sure there are rich people in the BRICS but it's not so good for the average person)
More like when a stranger fucks you in the ass...
Unless you have played poker with Greeks, it seems the Greeks have folded.
This game is just getting started, as you will see next week. First, you need to
keep the sucker in the game by making him feel he is winning, then when the
pot is full of cash, you grab the money and run/exit.
I hope youre right.
Unfortunately i lost faith in a grexit as soon as they began to negotiate.
Its the tell.
never forget the night i had a horseshoe up my ass. i could win no matter what. once you win on real hands you own the table if played right. i had so much of everybodies cash i was getting worried about just getting the fuck out of there. some of the people playing were ex cons. it was dicey, but i also knew they play for keeps and understand loosing... true story. will never happen again. bluffing is one thing but ya gotta have some face. greece just doesn't have a jack...
No, this is what it feels like to be the stranger.
It seems that democracy is really nothing more than an opinion poll: no actual action will result from it.
Germany can never let a group like Podemos win in the Spanish election. Better to kick Greece in the teeth then deal with that nightmare.
Germany doesn't have the power to stop PODEMOS winning
They will try though
What good little doggies they are! Have a treat Yanis.
I stick by my earlier analysis of the foto. Schaeuble flashed the CRIP sign & Yanis folded.
"If u ain't BLU then u ain't TRU"
Let's wait and see, dont hyperventilate...Greece needed time. It got it.
Yeah is that how Tsipras is going to explain it to the Greek people? The Troika and austerity have not ended. Nothing has changed for the people on the street.
At the end of the day, "what difference does it make" whether 300 billion or 350 billion the debt is? As long as they won't / can't pay it, what exactly is lost?
Greeks do not want to exit, they want free Euros. That's the only reason they want to be in. They got what they want / deserve...
Yeah, even just four more months of living off Germany and the Eurozone, for the Greeks is better than getting off the gravy train immediately.
They want the money, and they don't wanna have to pay it back. The whole country has been constructed on that social principal. It's a simple as that.
Stalling is a well known tactic for three year olds, and it often works out in their favor!
I'm willing to give the benefit of the doubt to Tsipras. If only because if Greek pulled out tomorrow it would be chaos. As much as we'd all enjoy it from afar, i don't think the Greek people would much. Buying time gives them stability. Better to plan for a post-Euro Greece while on solid footing than to start printing Drachmas during a forced bank holiday. Even the most radical of political parties must know the realities of realpolitik.
Zero,, Tsipras just proved they are not wreckless hot heads. This will give them the time they
need to improve their bargaining poisition. Maybe even print up a bunch of Drachmas and have
chats with Russia and China to show the EU they mean businss.
Time will tell. Perhaps. But, I am more inclined to look at this the way honestann has - if they really wanted out they would have been printing Drachmas a long time ago and preparing for this moment. Seriously, there is no "right" or "good" time. In my opinion the uncertainty and frustration will fester amongst the people. Just one big fucking show with a shitty (yet truthfully probably expected) ending. It looked like an awesome Fuck you was being handed to the EU but instead the citizenry got it instead. Just another demonstration of democratic reform at its finest. It never actually EVER happens.
I won't (and neither should ZH or any other news channel),spend another moment on this. The bailout continues and Greece continues to bask in economic imiseration.
Beautiful thing. Disappointed? - always. Surprised? - never.
The Drachmas are ready----but a Central Banker will never admit such a fact.
Maybe, maybe not. One thing is clear as glass after this. Tsipras and his government don't actually hold to their word as they gave it. One way or the other, they cannot be trusted.
Zorba, what's your opinion on Tsipras. Is he inclined to change status quo in Greece and does he stand a chance against the deep state if he tries to?
Kind of the way I saw it too. I have no idea how good Tsipras is at playing realpolitik but I don't see this as much as the Greeks bending over as just extending his window of manuevability in the interim. Already has been a lot of run at Greek banks and yeah there needs to be some form of currency/standard mechanism of exchange in place even for the widespread black market activity to function semi-effectively.
Tomorrow or next year it will still be chaos only things for Greece will continue to deteriorate.
What we don't know, and can't know, is the inside story.
We don't know how well prepared are the Greeks for an exit. We don't know if they are negotiating with the Russians and Chinese.
It's too early to judge what took place at this point. Maybe the Greek people got screwed over again, and maybe not.
What dumb fucks.
America no different.
Indeed. These Greeks remind me of the RINO leadership in Congress. Talk tough during elections, fold when in Obama's penumbra. I wonder if the Greek people will be any bolder than Republican voters.
This was a long damned way to go (and a lot of time-wasting articles on the subject) to arrive at nearly the exact same place.
There is no "out". The EU is the fucking Hotel California.
Amen. I fail to see any winners here,
including the banksters.
They stab it with their steely knives
But they just can't kill the Beast
Welcome to the Hotel California
What a lovely place
When did the Greeks say they wanted to leave? They just said they wanted more free money without conditions. This whole "fight-the-power-Grexit-run to Russia" fantasy was just that... A fantasy. Giant waste of bandwidth.
This game has only started.
The blog entry is too pessimistic about Syriza and what it "capitulated on".
The Eurozone folded the other day when it extended €3.3 billion to Greece.
How's that whole Troika thing working out for Ireland?
Our country exited the Troika nearly a year ago.
Our national debt has increased by 300% since 2009 though.
And the level of personal indebtedness and corporate debt is also crippling our economy.
But you won't hear any of this in the (Irish) MSM.
The EuroZone didn't fold. That money probably went straight into the accounts of top Syriza party members to buy them off and get them in line. A relative bargain when you consider there was more than $600B on the line if Greece exited.
I absolutely guarantee you there were direct payoffs involved here.
He should have added, "We had to cave, no thanks to our patriotic citizens delaying tax payments and accelerating bank withdrawls even as they elected us."
During the press conference, Varoufakis said (too much in the first place) the old MoU is "in abeyance" while everyone in the Eurogroup stresses the "need to successfully conclude MoU."
We'll be back to when we came on Tuesday, but at least they averted the long-weekend bank run.
stupid rabbit, bailouts are for bankers!
Indeed they are Buzzy... indeed they are.
Whatthefakus happened?
Varoufakedit
It will be 'Varou fuck this' come Tuesday!
But....But.... But Martin Armstrong said that Greece would be.....
Oh never mind!
Who's Martin Alarmstrong?
He reminds me of that felon Martin Alarmwrong.
as said earlier... :
anyone, any news about ebola ?
- .........................fly noize..................................
this can go for decades.... i tell you.... seeing how it goes, this is endless....potentially speaking.
Tsipras & Yanis...couple of lying cunts.
Yanis is said to have a cery small dick which he tries to compensate with his ego, The chicks only buy it until they see the little wiener!
Rotten train connection...double...triple post? Is it beet:30 yet?
triple post :(
Donkey riders will be unhappy :-)
Tspiras should ask himself "What would Lloyd and Jamie do?"
If I were Tsipras I would pull a Goldman Sachs and take the last billions out of the Central Bank and lever them up to buy a couple of trillion dollars worth of Euro/$US currency swaps from Deutsche Bank and then very publicly tell the Troika to go fuck themselves.
If the ECB bails out DB then Greece will be able to pay off the entire debt and also have enough left for another giant Greek party.
If the ECB does not bail out DB the EU banking system collapses with the euro and thus the 340B euro debt becomes worthless but no giant Greek party.
Don't you just love the way they end it on a weekend?
Then you find out it isn't ended.
Monday will be a shitstorm and maybe a new government.
Wheeeeeeeeee.
Monday is a bank holiday in Greece.
Frog and the scorpion story....hey why did you sting me, I trusted and elected you!
Hey, you fucked up...you trusted me and you knew im a scorpion!
Only the laws of physics are enough to yoke the insanity of mankind.
Who folded? What? Who expected a Grexit this weekend?
A couple of thoughts:
Are the Greeks continuing their "slavery austerity program" as was originally foreseen? No
Did they make changes and have gained some room for maneuvering with their reforms? Yes
Will the Greek people with money on their bank accounts still get Euro bills when they go to the bank? Yes
Will the Greek people have more money in their pockets if they exit the Euro in 4 months than now? Yes
And a question to the "institutions": Have you people ever heard of the Greek general and statesman Pyrrhus of Epirus?
it might not look like it but this is the EE infection point - austerity is negotiable and all of a sudden piigs can fly - in principle that is...
Re the story that the "Read More Here" link takes one to and article whose headline is "Greece bends to Eurozone will to find short-term agreement"
Imo it should have been headed: Greece bends over to Eurozone will to find short-term agreement.
€200 billion GDP and they are supposed to make the payments in that bar chart?
Hahaha. Good fucking luck.
Greece is too broke to do anything other than agree to continue the EU/Troika game of Extend and Pretend. The only thing keeping the Greek government afloat is continued injections of cash by the Troika - a Life Support Drip Feed to a lifeless corpse.
The Troika will keep lending money to Greece - good money after bad, but it maintains the illusion that the EU financial house is in order, and shows the rest of the PIIGS that the Greek attempt at insurrection has come to naught.
Score one for the Troika.
EXTEND AND PRETEND, BABY!!!!!!!!!
Is it true?
Syriza is a fraud, just like the Tea Party has proven to be??
I knew those Tea Party fucks were a bunch of sellouts....I recall feeling pity for those poor clowns hanging tea bags from their hats for fucks sakes.
Who is the source of this analysis, praising Germany and criticizing Greece? None other than OpenEurope.
All you need to know about who they are and why they are lying about this agreement can be found in their own profile of what they do: “We are a non-partisan and independent policy think tank, committed to crafting and putting into action solutions to the European Union’s most pressing challenges.”
Did you catch the operative phrase, “solutions to the European Union’s most pressing challenges”?
Seems to have left out solutions to help the peoples of Europe. And when a democratically elected government wants relief whose side is this think tank on? Why, it’s the European Union’s.
This agreement is so important that it is almost criminal to select the spin provided by the European Union’s own public relations agency (might as well be).
So, in the end, the Greeks took it in the (rear) end. How very ...... Um, Greek.
The outcome is exactly like expected (by me at least) so very disappointing at first sight.
But maybe the Greek decided to play their aces later in the game, we'll see ...
I think the game is not over, it’s just beginning. This is just peddling along.
I mean what will happen in Greece and in Europe in general in the coming months, years?
I don’t see any improvement and Greece simply can’t pay these debts even if they try.
Greek Payback Math at 0% Interest
http://globaleconomicanalysis.blogspot.nl/2015/01/greek-payback-math-at-0-interest.html
Why Greece Won’t Ever Be Able to Pay Off Its Debts With Austerity
http://www.bloomberg.com/news/articles/2015-02-19/why-greece-won-t-ever-be-able-to-pay-off-its-debts-with-austerity
Socialism works until you run out of other peoples money. The greeks get more money, they may in fact bleed Germany for another 100 B or so to keep the banks capitalized. The greeks never did any austerity and never will.
Good call on the smokes. When the world re-sets, the anti-smoking nazis are gonna be so sad.
gold, silver, cash, ammo, weapons, whiskey, toilet paper, lighters, propane, tampons, bandages, dehydrated fruit, knives, cigarettes, motor oil, butane, firewood and candles are money baby!
gas, grass, or ass ...
nobody rides for free.
'60s bumper sticker, and oh so true.
DEFAULT
DEFAULT
DEFAULT
Okay, this settles it. Now everyone on earth can see without doubt that absolutely every government is 100% corrupt and 100% beholding to the globalist NWO. Even when non-politicians win office with an explicit mandate, they FOLD to the NWO globalists.
To the so-called dynamic duo. You had better wake up very, very soon and DEFAULT on 100% of fiat loans and exit the EU. Because otherwise you deserve to meet the guilotine at the hands of those who just elected you.
You have absolutely ZERO basis to further obligate the people who elected you. Got that?
I guess not. Jerks!
"otherwise you deserve to meet the guilotine at the hands of those who just elected you"
in america they send them to club med jail with visits by hookers or your bank pays a fine for you. in china they just kill them. which system will be better in the long run?
One of them has been sent to jail here? cough*Corzine*cough
Honestann. You are spot on.
Everyone? Not the Icelanders.
Greece is stalling for time, they both are.
Greece must leave the EU but had to stop the bank runs. EU is going to fail but has to extend and pretend. Both are kicking the can a few more month is all.
It was a surrender for Greece no doubt & they sold out people who elected them as usual. Of course they will justify the political tough speak as to why they bought 4 more months ext. They play the game get the headlines meet all the players & keep their families alive a little longer. Just buys time to kick the can down the road before all the other orchestrasted catastrophies & crisis's all take their toll on the planet for the eventual Cascade. Ukarine is volitle & ME has a low flash point w/ Suuni / Shiite / Houthi / Hamas / Hezbollah / "Twelves" all being promised a Islamic State or Neo Ottoman Caliphate & trying to unite for their Islamic manifesto for a Holy Jihad against Christians etc. Meamwhile Hamas & Hezbollah call for attacks on ISIS but yet ISIS doesn't attack Israel. Makes perfect sense. Used as Patsy's no doubt. Of course US economy is strong & everything is normal. The stupid, it burns.....
OXI DAY
https://www.youtube.com/watch?v=ig8sgY5vRWM
This appears to be a hint of possibly the beginning of "haircuts & capital controls" in the works, "As was stressed in the press conference, Greece will on Monday “present a first list of reform measures, based on the current arrangement” with Mondays 'banking holiday' and 'reform measures' occurring simultaneously
BUY MORE TIME SAY WHAT!!!!! god damn it they have depression level jobless and these left wing nuts just folded. Mate GOLDEN DAWN will rise to the top,it's just insane the lies they tell bare faced too...people will have to wake up and look closely at themselves!!!! just remember this is where DEMOCRACY was born too!! maybe it is where the beginning will END for all of us???
Fascinating. Not even sure that a Poker game is an accurate analogy; Greece went into these negotiations with a full mandate to pull out of the Euro and dissolve its Debt, and to then re-start its own currency. What cards did Brussels hold?- stop! or we'll shoor ourselves. ..and yet, ...this cannot even be about the Eurozone Banking sector, who should have insubstantial (direct) exposure to a Grexit. So, the Euro, as a concept?! Being part of the Eurozone ? ...did Brussels just argue that they were 'thinking of the children'? -and would thus not only be forced to shut a future Greek currency out of convertibility, but also would further initiate an insidious 'cold war' against Greek interests. If so, a dangerous set of words, it woud mean Europe is being held together through fear.
Syriza did NOT have a mandate to pull out of the Euro. It promised to stay in the Euro and get debt relief.
Move On Greece deserves it in having given up the opportunity to let the Euro bureaucrats/banksters blink and let the whole Euro Debt explodes.
Markets will be calmed by this fix but there will at best be slow grinds on the devastation of the Sovereign Debts of the PIIGS. Generations do not stand a chave of repaying them while the elite exit.
Let's party and celebrate yet another muppet not getting it.
Point No. 1 and point No. 5 contradict each other.
I say Greeks got 4 months more, their position is WAYS better, then before.
If they don't get bribed blackmailed corrupted....within the 4 months, then they will get out of Banksters more substance. The situation in Greece willnot get much worse, but I expect, that the possition of banksters will get worse:
-Ukraine
-Spain
-Portugal
-Italy
banksters will not stemm it.
Agree with you. I think they are playing the game here, not giving in.
Stall, get some more of the banksters money, then "Chop!"- bye EU!.
Unless of course The ECB buys lots of Greek new issues with its QE program.
As I've known along and have been proved correct yet again...
'Democracy' is a smoke and mirrors trick, all politicians of any 'popularity' are bought and paid for, before their names reach the 'ballot' papers; 'winners' have no power to change anything outside the written agenda, just follow a sample script, bluster as much as possible to misdirect the public, to hit bullet pointed objectives defined by their elite owners.
Problem is the Western economic model is a dead end and an ever decreasing circle that tends to zero - we are heading into a 3rd world environment, without the nice weather and resources.
Who knows what is going on behind the scenes. Maybe these two just thought: You want to stuff more of that dirty money down our throats? Fine, we'll take it and distribute it to our liking.
I ask myself what would happen to them if they go back to Greece and for the next 4 months start just spending that money and fulfilling their campaign promises, delaying sell-off of ports, pantheon and so on.
What would fucking Troika do? More bad words? More red lines? It's not like they go down and put a bullet in their heads. If they can't force their hand - and I mean really use FORCE to make them bend, how are they going to get the Billions back? The Troika MUST know that this will never be paid back.
Ok, you are all right.....can kicking......
A couple of points.
The Syriza government entered power too close to the 2-28 deadline to properly prepare for a Grexit. So they were stuck. 4 months will give them enough time, if they work hard at it.
It also gives the Eurogroup enough time to prepare for full fiscal union if they want to.
The Eurogroup can use force. A crack team of German special forces could go in and cap Tspiras and all his merry men at any time. Or take out their families.
The Troika knows they will never be paid back. That's OK, because government debt is never really paid back, ever. It really comes down to how fast is it refinanced with new debt. That rate has to be below a certain level to be acceptable.
The ECB will be implementing QE within the next 4 months. There may be an unstated side deal here for the ECB to buy up lots of Greek new issues - especially if there is a market shortage of other Eurozone bonds.
Don't worry: Malcolm Butler is playing for the Greeks.
Delete!
As per all of my predictions:
New boss, same as the old boss. Syriza merely new wolves in a different sheep's clothing. Given the opportunity, they sell out for "free" money.
The reaction on the street to this will determine, once and for all, whether the Greeks are slaves or men. I have low expectations. The Greeks will not lead us to the barricades. Or even join us there.
they were never serious. just more of the same bull shit . bow down to the masters. are there any men left anywhere
Only 3 choices for Greek politicians:
Apparently, choice #3 was taken.
they promised to suck cock abd got the tip upfront note, they have a history of not keeping their promises. They will suck your tuesday for a hamberger today. you think golden dawn will grow or shrink from these promises.
Sure I'll suck your cock Mr. Bankerman........... then, bite the fucker off!
do you see what happens larry? we all expected refinery fires as soon as oil prices dropped. instead we get this:
http://finance.yahoo.com/news/u-refinery-strike-widens-nations-070252933...
i guess the fires are postponed until march.
" A Shell spokesman said the company was disappointed by the Port Arthur walkout and strike notices to the Louisiana plants."
Icelanders............biggest balls in Europe.
Yes, Iceland with a population less than Luxembourg
Fn pimps! Sellout mfrs.
But really if these guys were for real they would have taken action on day one. Arrest a banker,a public audit,arrest the people that put thier name on the papers. Start a real coin. Talkers talk doers do.
Now lets see if these guys can keep Greece from burning. I guess its back in the Greek peoples hands. Its sad they did not arrest any bankers. That would have made them untouchable on the world stage.
What the Greeks accomplished could have been done by an average fifth-grader - it takes real men to solve a problem...
"Greece faces two crucial bond repayments to the ECB in July and August which total €6.7bn."
Greece does not have this money. How will they make this payment. I assume with another loan. How will that loan be serviced. I assume with more loans. The Greeks will be IN to the trokia for a century or more. Since no economic recovery is happening, and there is no evidence that a plausable economic recovery can occur, we can assume that all the EU is doing is Extend and Pretend, buy the EU project and it's banks more time. More time to asset strip, set up toll booths on public services, manipulate markets, and install a Shadow Government that rules instead of the Greek democracy.
Wasn't it all too good to be true? Greece voting to end the EU bailout game? To say no to the Troika? To go their own way? Really folks, we have all been played for dupes. The new Greeks government put on a nice show for their voters, then caved in to 90% of the Troika dictators.
No hope , no change, debt servitude for a century. The voters were played, made fools of, turned into chumps. When the Germans played hard ball, the Greeks bent over and took it.
You see, the Coup from Above is now complete. Sovereign democracy has been ejected from power by a Financiers and Bankers Coup. Ask yourself where the power to govern resides, ask who sets the rules, who tells the people how they will live and what they are allowed to do. It is a cabal of bankers and big market players, their institutions, empowered by the EU in Brussels, that dictate and rule. Anyone who disputes this fact had better present some serious counter evidence, because it seems clear the a Coup has taken place, a Coup by the 1% and their institutions. Be they Think Tanks, Banks, Market Makers, Corporations, Corporate Media and the all imporatant military industrial complex. Together they have taken the reigns of power, made a joke of democratic elctions, all political parties answer to the Coup Leaders. That is why Greece caved in, they met the Coup Leaders, and in a closed door session, were told the Rules of the Game. Behind closed doors, what do you think the Coup Leaders told the Greeks? Anyone care to hazard a guess??
Zionism, Neoliberalism, Neoconservatism. They rule the Media, Financial World and economic and foreign policy. The input by the people is ZERO. Oh, who are you voting for next time. MS Clinton or Jeb Bush? I know it will be a hot race, and Americans should choose carefully in order to make sure the right candidate will follow the will of the people, in the next act in the world's greatest deomocracy, and free nation.
OK, but America isn't the world's greatest democracy. It's no longer a sovereign State. It's owned by corporations. No politician rules. No election would change the status quo. Only the people could, but most of the people doesn't have a clue of what's going on.
"It's no longer a sovereign State. It's owned by corporations. No politician rules."
This is also true of UK, ever asked why no MP's, Senators, are unmasked as Peado's? Because they are being bribed and protected by Corporates, just look at Strauss Khan? This is also the reason they are afraid of UKIP, they don't have any 'dirt' on them, as weren't considered big enough to gain control. UKIP won't fold as Syrinza has.
This deal was offered; 1. because the US markets were closing. 2. A Referendum was mentioned and the EU don't like referendums. Which is why they rewrote the rules for holding one? http://t.co/1HhnvYsoyU
They'll get Jeb Clinton however they vote ... with moar war, moar taxes, higher food prices and more joblessness and one heck of a Big FSA.
What does zionism have to do with this? Are all the people within the Eurozone moving to Israel? Is it because Greeks voted for Greeks who borrowed from GS? Is Deutsche Bank full of the wicked kike? Is Shauble the evil twin of nuttyahoo? (could be!) I really don't get where the constant allusion to zionists comes from, or comes into it. Is the mighty zionist armada resonsible for the Chinese housing bubble too?
Personally I have nothing at all against Zionists as defined by those Jews who want a homeland for their people and want to live there. My problem is Zionist Jews who live in the West and who practice relentless and ruthless ethnic solidarity to exploit the rest of us.
Agree Monty, that and their meddling in Western politics, inciting war and flagrant propaganda.
Russia and China make deal with Greece in March to buy the entire country and tell Greece they should default on the EU.
Russia, China says part of the deal is they get to build air and naval bases on the islands and the gas pipeline is USED as collateral.
Art Cashin Just Warned Greek Crisis May Become “Financial Ebola” http://kingworldnews.com/legend-just-warned-greek-deal-no-substance-greek-crisis-may-become-catastrophic-financial-ebola/
There is absolutely no substance to this deal.4 months is enough to print Drachme
The bottom line is, GREECE has the WHIP hand here. Do they want to default ? No. Are they bankrupt? Yes.
Are they insolvent ? Yes. Is anyone hanging onto GREEK assets and collateral not damaged ? NO.
Only by loaning MORE money to a Bankrupt, can the Emperor keep the illusion he is not naked. Can Greece possbily repay the original terms of the loan. NO. What will happen. Some one will screw up and push the other side too far. Will it be the EU or GREECE. Don't matter, the consequences are the same and if fact still the same to the West if Greece is pushed into the East/Eurasian/Bricky camp of Russia, China, et al.
No point in wasting any more bandwidth here.
In other news: Prozac and Flouride have been added to the drinking water in Greece... Tsipras / Varoufakis the Vacilators of Greek. If the Rothschilds didn't kill 'em then the people will. Guess they're screwed either way. Personally, I would have taken down the EU/Rothschild bankers. That's my opinion, I could be wrong.
Grilled Escolar Gyro.
So this means that this will be a front page driver of markets for longer? AWESOME! I love having a completely unexpected market moving development at any random time of the day!!!