This page has been archived and commenting is disabled.

The Reason Why The Eurogroup Rushed To Approve The Greek Reform Package?

Tyler Durden's picture




 

As we noted earlier today, there was some confusion over the plight of the Greek reform proposal document, which initially was said to have been delayed until today, only for the Troika, pardon, Institutions, to flip around and say they had actually received it before midnight on Monday. How could the two be possible? Courtesy of Yannis Koutsomitis, who had the simple but profound idea of looking at the properties tab in the leaked Varoufakis draft of the agreed to proposals, we now know.

As it turns out, the reason why not only the Troika received an agreed to version of the Greek reform proposals "before midnight on Monday", but rushed these through with a favorable agreement today, is that, drumroll, the European Commission drafted the entire letter!

 

All Yanis Varoufakis had to do was agree to the letter that the Troika had previously written and agreed in advance was agreeable to it, and send it back. The skeptics are encouraged to play around the original pdf "leak" found here.

As for the actual author of the "Greek" reform package, a document which was created at 10:09 pm on Monday, February 23, 2015 (so technically, yes, before midnight on Monday) was one Declan Costello of the European Commission.

Who is Declan? Here is his bio courtesy of the CEPR's Policy Portal, VOX:

Declan Costello

 

Declan Costello is an Economist working in the Directorate General for Economic and Financial Affairs of the European Commission since 1991. Currently he is Head of Unit in the department responsible for the 'Coordination of structural refroms and of the economic service, which is involved in developing the economic framework for analysing progress with structural reforms at EU and Member State level towards raising growth potential (the so-called Lisbon strategy), and developing EU policies in response to the economic crisis. Prior to this, he was Head of Unit dealing with economic analysis of labour markets and social welfare systems, where he co-ordinated a project to make projections on the economic and budgetary impact of ageing populations for EU Member States. He has a degree in economics from Trinity College Dublin and a Masters degree for the College of Europe, Bruges. Representing the European Commission, Mr. Costello is also an alternate member of the Economic Policy Committee (EPC) which advises and prepares the EU's Council of Economics and Finance Ministers (ECOFIN).

But the biggest joke in all this? As the FT's Peter Spiegel revealed, the IMF, which is an integral part of the Institutional Troika, now pretends to not be on board with the very letter it helped draft (and one doesn't need to believe the pdf story above for that: after all all parties have said they cooperated over the weekend when drafting the final version of the letter) just to give the process some aura of legitimacy.

Dow Jones adds:

  • GREEK LIST FAILS TO MAKE CLEAR ASSURANCES ON PENSION, VAT OVERHAULS, LIBERALIZING CLOSED SECTORS - IMF'S LAGARDE
  • IMF'S LAGARDE: GREEK OVERHAUL PROPOSALS 'GENERALLY NOT VERY SPECIFIC'
  • IMF'S LAGARDE: GREEK PROPOSALS A GOOD STARTING POINT
  • IMF'S LAGARDE: GREEK PROPOSALS FAIL TO GIVE ASSURANCES ON IMPORTANT BAILOUT REFORMS
  • IMF'S LAGARDE: CURRENT GREEK BAILOUT PROPOSALS INSUFFICIENT TO RELEASE FUND CASH
  • EU FIN MINS CALL ON GREEK AUTHORITIES TO "FURTHER DEVELOP" AND "BROADEN" LIST OF REFORM MEASURES

Because the tragicomedy must go on!

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 02/24/2015 - 10:35 | 5822222 Cognitive Dissonance
Cognitive Dissonance's picture

Is this similar with me signing whatever confession they said they beat out of me?

<This is what you said between blackouts. Sign here and here and here.>

Tue, 02/24/2015 - 10:36 | 5822234 PartysOver
PartysOver's picture

Sure sounds like it.

Tue, 02/24/2015 - 10:40 | 5822249 BurningFuld
BurningFuld's picture

Nobody can say that Yanis isn't one hell of a tough negotiator. Can they?

Tue, 02/24/2015 - 10:41 | 5822258 GetZeeGold
GetZeeGold's picture

 

 

They had to approve it.....to see what was in it.

Tue, 02/24/2015 - 10:43 | 5822260 Gaius Frakkin' ...
Gaius Frakkin&#039; Baltar's picture

“developing EU policies in response to the economic crisis”

He was probably board with coughing “print moar” whenever he was asked for ideas on "containing" the economic crisis. Forging a PDF is so much fun in comparison.

Tue, 02/24/2015 - 10:44 | 5822269 Wolferl
Wolferl's picture

So, the Troika now drafts the documents of the "Greek government" and those puppet clowns Varoufakis and Tsirpas just put their three crosses on them? Told ya, the Greeks are just a debt colony of Brussels. Took Varoufakis and Tsirpas a few week to get it, but finally ...

Tue, 02/24/2015 - 10:47 | 5822290 waterwitch
waterwitch's picture

Hopa!!!!

Tue, 02/24/2015 - 11:00 | 5822328 Bokkenrijder
Bokkenrijder's picture

Disregard

Tue, 02/24/2015 - 11:17 | 5822406 smlbizman
smlbizman's picture

is this the guy of the "who's on first"...costellos?

Tue, 02/24/2015 - 13:10 | 5822775 Manthong
Manthong's picture

That’s OK.

The protests and riots are much more interesting in the summer.

Tue, 02/24/2015 - 13:15 | 5822790 walküre
walküre's picture

GREXIT is on the table for the next 4 months. Preparations starting now.

Reforms not due until July which is right past the 4 months extension is the DEAD give away.

FED rate hikes starting around that time as well.

Everything Is Awesome!!!!!!!!!!!!!!!!!!!!

Tue, 02/24/2015 - 14:42 | 5823166 Againstthelie
Againstthelie's picture

No. It's Democracy and the sheeple love it.

Tue, 02/24/2015 - 11:19 | 5822419 NoDebt
NoDebt's picture

At this point I'm not sure if there ever was a meeting, if Greece agreed to anything, drafted or approved a letter..... Frankly, I seriously doubt that Greece even exists.  

There is no Dana, only Zuul.

 

Tue, 02/24/2015 - 11:30 | 5822484 kowalli
kowalli's picture

new normal - you are fucked at the birth. PERIOD

Tue, 02/24/2015 - 11:49 | 5822566 Pure Evil
Pure Evil's picture

We're all slaves to the Annunaki.

Now get that pickaxe and dig for gold.

Tue, 02/24/2015 - 16:32 | 5823716 TheSecondLaw
TheSecondLaw's picture

NoDebt - that's fucking witty.  Made my evening.  Thanks for the mirth.

Tue, 02/24/2015 - 11:00 | 5822336 froze25
froze25's picture

Enter Golden Dawn, stage left.

Tue, 02/24/2015 - 11:16 | 5822401 GMadScientist
GMadScientist's picture

Quick what's Greek for Sieg Heil?

Tue, 02/24/2015 - 11:53 | 5822585 Pure Evil
Pure Evil's picture

Well, at least we know where Hitler picked up that limp assed Nazi salute.

Hey boyz, do my pits smell?

Tue, 02/24/2015 - 10:51 | 5822305 MarsInScorpio
MarsInScorpio's picture

How do you say "moar whore" in Greek?

-30-

 

Tue, 02/24/2015 - 11:17 | 5822405 GMadScientist
GMadScientist's picture

Austeros.

Tue, 02/24/2015 - 11:39 | 5822519 Nomatrix
Nomatrix's picture

The "disagreement" was the value of the bribe and not whether Greece would no longer be a debt's colony.

Tue, 02/24/2015 - 11:59 | 5822609 Stumpy4516
Stumpy4516's picture

The Greeks will be lucky to remain at the level of debt colony, I think the EU, Varoufakis and Tsirrpas may have other plans.   Varoufakis and Tsirrpas did not go the Greeks hat in hand and appologize saying it all they could do, they told the Greeks this was a win, a victory, despite it being contrary to all promises they made to get elected.  Not only that, they gave away the Greeks peoples right to make decisions without the bankers approval for the next 4 months.

The worry is that Varoufakis and Tsirpas were always puppets of the bankers.  This is has been nothing but rehearsed theater and that is why the bankers got what they wanted plus important SOVEREIGNTY rights of independent Greeks were given away to the bankers in this agreement.  The Greeks should beware of Tsirpas continuing to move/convert bank debt into Greek public debt while the Greeks get pennies and the foreign banks get dollars in the end.  And perhaps even more importantly to watch how Tsirpas uses their counties infrastructure, natural resources and land (islands in particular) as collateral as the debt is converted into public/citizen/govt debt.  In this way Tsirpas can serve the bankers true intent to turn Greece from a troublesome debt colony to a foreign owned land mass filled with helpless renters.  While also giving away any soverign voting rights to make changes. (Then rates for services and taxes will increase in dramatic fashiion and through foreclosure what was once privately owned property will also be taken.)

Maybe the jury is still out on Tsirpas and Varoufakis but if the Greeks do not get rid of them now it may be too late if they wait in order to evaluate these two further.

 

Tue, 02/24/2015 - 12:41 | 5822688 Bullionaire
Tue, 02/24/2015 - 13:09 | 5822770 stewie
stewie's picture

Unbelievable!  I wish I had read that article last month.  I would have restrained my cheering for the Greeks.  Tsipras must be in on it too.

Tue, 02/24/2015 - 14:25 | 5823066 Stumpy4516
Stumpy4516's picture

I had seen some of this recently but that article pulls it together.  It is clear.  And I have to agree that they must both be in on this.

They may go to extreme measures to prevent Golder Dawn from rising.

I bookmarked the page to share in other comments.

Disgusted in this and how easily I bought into the theater show until just recently. 

Tue, 02/24/2015 - 13:35 | 5822857 msamour
msamour's picture

If I were Varoufakis, and Tsipras, I would now go to a plebscite to ask the public for a mandate to default. If public says no default, then no one can accuse them of not having tried...

Tue, 02/24/2015 - 10:56 | 5822283 TruthInSunshine
TruthInSunshine's picture

Dear Yanis:

We received your prior letter of commitment and took the liberty of
revising it for you.

Please see attached, sign immediately & return (or not - we have your signature on file).

Sincerely,

European Commission

cc: IMF

Tue, 02/24/2015 - 10:58 | 5822325 Ghordius
Ghordius's picture

TIS, since the EU Commission is a group of commissioned officers specifically appointed to act as permanent secretaries at the EU at the behalf of the national ministers like Varoufakis and Tsipras...

... where is the technical difference between this and when my secretary prints out a letter for me to sign? perhaps it's time to revise this Myth of the EU Council "power"

bah, I don't expect even a fraction of the gallery to understand this point. next: what is a minister?

Tue, 02/24/2015 - 11:02 | 5822344 kraschenbern
kraschenbern's picture

The career bureaucrats are running the store?

Tue, 02/24/2015 - 11:40 | 5822524 Ghordius
Ghordius's picture

you mean Varoufakis should type his own letters, instead of having a glorified secretary typing it? as I said: bah. further, as I said, the real thing is what the Greek Parliament agrees to... or not

Tue, 02/24/2015 - 11:56 | 5822593 Pure Evil
Pure Evil's picture

Shall we expect more riots?

Or, have the Greeks assumed the position?

All that olive oil should come in handy about now.

Tue, 02/24/2015 - 11:07 | 5822345 TruthInSunshine
TruthInSunshine's picture

Has the larger point that Greece is allegedly "negotiating" the terms of a bailout package to remain a member state of the EU, with Yanis "elected" to represent the will of Greeks - not to act as a rubber stamp in a non-negotiation, adhesion process - been lost on you?

I bet it has based on your comment.

Tue, 02/24/2015 - 11:45 | 5822541 Ghordius
Ghordius's picture

Yanis Varoufakis was not elected to be Finance Minister of Greece. He was appointed to this task by the Greek Parliament, that can throw him out anytime it wishes

If the Greek Parliament feels he has acted as a rubber stamp in a "non-negotiation, adhesion process", it will boot him and Tsipras out

but taking the PDF signature of a glorified advisory secretary as evidence... sorry, it is comparable to that of a White House intern's for a US Presidential Decree

Tue, 02/24/2015 - 11:58 | 5822605 Pure Evil
Pure Evil's picture

Uh oh, the secrets out now.

You don't really expect Obama to take time off from golf and cornholin' to write a Presidential Decree do you?

Silly rabbit, Trix is for kids.

Tue, 02/24/2015 - 11:07 | 5822367 Balkan
Balkan's picture

In your paradigm, you're applying to another company, and their secretary prints out a letter for you to sign.

Tue, 02/24/2015 - 11:15 | 5822395 GMadScientist
GMadScientist's picture

I sign NDAs all the time. You had a point?

Tue, 02/24/2015 - 11:09 | 5822373 tarsubil
tarsubil's picture

And the President of the United States is a public servant elected by the people. I got a bridge in Brooklyn to sell you.

Tue, 02/24/2015 - 11:32 | 5822494 The Hidden Hand
The Hidden Hand's picture

You need to sharpen up your bureaucratic pecksniffian pencil:-

“In behalf of” means “for the benefit of” or “in the interest of”

“On behalf of” means “in place of” or “as the agent of"

Or did you forget the /sarc?

Tue, 02/24/2015 - 10:59 | 5822330 DeadFred
DeadFred's picture

Be cautious about downloading pdfs that support an alternative view, they can be laden with interesting code to track or mess with those who are interested in them. I once downloaded the incredibly badly done pdf that the Whitehouse has as proof of Obama's birth certificate and my computer disintegrated within days. Could have been a coincidence but the symptoms started immediately after so I think I'll take your word on this pdf.

Tue, 02/24/2015 - 11:12 | 5822380 Balkan
Balkan's picture

The mere .pdf of this certificate destroyed your computer. What to think about the original certificate itself!

Tue, 02/24/2015 - 12:00 | 5822612 Pure Evil
Pure Evil's picture

His computer just couldn't accept the bald face lies in the .pdf and decided to hari kari itself.

Tue, 02/24/2015 - 11:00 | 5822335 Balkan
Balkan's picture

And they even didn't trust Greeks giving them the .docx file of the letter. Kindergarten.

Tue, 02/24/2015 - 10:42 | 5822259 Gaius Frakkin' ...
Gaius Frakkin&#039; Baltar's picture

.

Tue, 02/24/2015 - 10:40 | 5822250 Pladizow
Pladizow's picture

There is only one solution - Revolution and collapse!

Tue, 02/24/2015 - 10:42 | 5822264 PartysOver
PartysOver's picture

I wonder if the greeks can strike and protest as well as the French?  Perhaps they should travel to France to get some pointers.

Tue, 02/24/2015 - 10:46 | 5822280 BobPaulson
BobPaulson's picture

A revolution won't happen until there is either cultural humiliation, murder of large number of civilians or kids starving. People are waaaay to comfortable for that still.

Tue, 02/24/2015 - 10:46 | 5822286 Peter Pan
Peter Pan's picture

What these politicians don't realise is that one day soon ordinary people are going to take shots at politicians and then things are either going to change for the better or the politicians are going to declare a full on police state.

And all this because they are happy to park the equivalent of the world's total indebtedness in tax havens holding almost $30 trillion, export people's jobs and crreate desd end jobs like invading other countries, spying on its people and Homeland Security.

Tue, 02/24/2015 - 10:41 | 5822256 pods
pods's picture

So we can put this one next to the scanned image of Chalky's birth certificate?

pods

Tue, 02/24/2015 - 11:07 | 5822368 froze25
froze25's picture

To be clear Obama's birth certificate was multiple scanned documents that were put together to form a composite image.  That is why there were so many inconsistencies.  Including but not limited to the use of Microsoft's font that makes letters appear to be typed on a type writer, that font didn't exist for many years later.  They also forgot to "flatten" the image before they created the PDF and left the layers accessible proving that it was a composite.  It is amazing (not really) that the media didn't cover this and white washed it for him.  His birth record is a shame as he is in total.

Tue, 02/24/2015 - 10:39 | 5822237 TruthInSunshine
TruthInSunshine's picture

Pneumatic Nail Gun sales will remain strong for the foreseeable future.

Long 40d 5" and 20d 4" nails!

Tue, 02/24/2015 - 10:46 | 5822284 Stoploss
Stoploss's picture

Must be the head of giving head as well, since he's the head of everything else. Also may want to head to a hiding place...

Tue, 02/24/2015 - 10:54 | 5822310 realmoney2015
realmoney2015's picture

This is how 'our' country is ran too! I heard a lobbyst in the aerospace industry talk a few years back. He was bragging that his team wrote a bill for the House. They also wrote a bill for the Senate. In both bills there was language that blocked all competition (by stating that the governemnt must used a government certified company and there is only 1 government certified company). The lobbyst then said they wrote the questions for the subcommittees. Then he said they wrote the answers for the subcommittees. So all this back and forth on these bills is all for show. The corporate lobbyst write the bills, the questions, and the answers. Congress goes along with it because their pockets are filled by these same corpations. 

Nothing will change until it all collapses and resets. I hope that you are preparing for the certain collapse. Top of your list should be guns, ammo, and water. After you have these then you should start stacking silver. It will be used as money after 'our' dollar system collapses. A good gift to help someone get started with silver are these candles: https://www.etsy.com/shop/ScentSavers

We can also start bartering with each other and using silver for trade today. There is no need to feed into the system that is robbing us. Stop going into debt. Don't have more than your monthly expenses in your bank account. Remember, if you cannot hold it, you do not own it. 

Tue, 02/24/2015 - 12:49 | 5822713 NoBillsOfCredit
NoBillsOfCredit's picture

"Confession" like "voluntary compliance" and being coerced to sign "income tax" returns swearing what you exchanged your labor for is "income". Watch Aaron Russo's movie. https://www.youtube.com/watch?v=O6ayb02bwp0 

Tue, 02/24/2015 - 10:34 | 5822227 ShrNfr
ShrNfr's picture

This is not going to go down well in Greece.

Tue, 02/24/2015 - 10:44 | 5822272 dufferin
dufferin's picture

Treason... 

but sheeple are fine, anyway... They'll vote 'harder' next time.

Tue, 02/24/2015 - 10:48 | 5822294 Stoploss
Stoploss's picture

The fuck you say.  He's the head, so it's going down.

Tue, 02/24/2015 - 10:36 | 5822236 redman38
redman38's picture

the whole system is one biglie

Tue, 02/24/2015 - 10:37 | 5822239 GMadScientist
GMadScientist's picture

Hey Yanis, got a choppah?

Tue, 02/24/2015 - 10:38 | 5822241 orangegeek
orangegeek's picture

none of this matters - when the check shows up, greece gets to pay its employees - the rest is noise

Tue, 02/24/2015 - 13:22 | 5822301 highly debtful
highly debtful's picture

None of this matters - there's an expiration date for this folly anyway. If Greece doesn't default now, it will default more spectacularly later on. When is anybody's guess, but that's the only question mark remaining now. And the same goes for all the bigger entities - the EU, US et al. - only difference is their playground is a lot bigger: more places to hide before they finally get exposed. 

It is clear they really want to keep this charade going till the bitter end, hoping for some deus ex machina to show up. Fat chance - debt dynamics have taken over, it's out of their hands now. 

Only individual self reliance will give you some chance of decently surviving what's heading our way.

Tue, 02/24/2015 - 10:40 | 5822247 williambanzai7
williambanzai7's picture

As I was saying...Troika Stockholm Syndrome

Tue, 02/24/2015 - 10:42 | 5822265 GetZeeGold
GetZeeGold's picture

 

 

Yeah......I did catch that....still funny!

Tue, 02/24/2015 - 10:52 | 5822248 Ghordius
Ghordius's picture

LOL...a bit stretched, isn't it? another "news" that is completely irrelevant, in one week, unless Varoufakis does not come out and say he signed a letter with no content from him

Tue, 02/24/2015 - 11:13 | 5822382 GMadScientist
GMadScientist's picture

Stretched so substantially as to be transparent as the ploys that made them so.

Tue, 02/24/2015 - 11:14 | 5822385 Oldwood
Oldwood's picture

So, is Greece paying anything back?

Is the EU giving them more money?

Why?

Nothing happens for without  reason. The debt was created deliberately and for what purpose?

And you must understand...it is not THEIR money that the EU is GIVING away. 

Tue, 02/24/2015 - 10:40 | 5822251 SheepDog-One
SheepDog-One's picture

I remember all the supposed panic and hand wringing over fear that 'Syriza' would possibly get elected.....all just staged from the start. People of Greece, you been duped.

Tue, 02/24/2015 - 10:40 | 5822252 Racer
Racer's picture

Truly incredible about turn, What have they got on YV to be able to do that

Tue, 02/24/2015 - 10:41 | 5822255 Monetas
Monetas's picture

"I'm running a little late, dear .... you go ahead and start .... without me !" .... EU Foreplay

Tue, 02/24/2015 - 10:41 | 5822257 Peter Pan
Peter Pan's picture

Didn't I tell you in the previous article that I had seen this letter before?

If only the man on the street you what mongrel dogs these politicians all are.

Tue, 02/24/2015 - 10:42 | 5822261 Who was that ma...
Who was that masked man's picture

As I've said before, Greeks will always be Greeks, Germans will always be Germans, and the results will always be the same.  Yawwwwn.

Tue, 02/24/2015 - 10:42 | 5822262 Doubleguns
Doubleguns's picture

I see no one in the room with a shocked face. Amazing!!! 

Tue, 02/24/2015 - 10:42 | 5822263 papaswamp
papaswamp's picture

Not only is the new boss the same as the old boss, but it is the old boss. Guess the Greek peeps got sold a bunch of fluff.

Tue, 02/24/2015 - 10:43 | 5822266 ejmoosa
ejmoosa's picture

Whatever they do it will not make a differnce.  Their monetary policy is flawed, and the system will collapse.  THey are just trying to buy time, and likely getting their own personal affairs in order for Fleeing Day.

Tue, 02/24/2015 - 10:54 | 5822311 Oldwood
Oldwood's picture

Flee to where? If there was someplace to go where they could borrow and spend with less repercussions, do you not think they would already be there? They have it as good as it  gets for them. The EU will not kick them out...ever. The losses are locked in. As they are for everyone. This is about power through crisis. Greece will scream loudly of the injustice of it all while they take the next check to the bank, and they will be one of the EU's biggest supporters. 

Tue, 02/24/2015 - 11:04 | 5822356 Doubleguns
Doubleguns's picture

I think its a misspell. Fleecing day.

Tue, 02/24/2015 - 10:43 | 5822267 Farqued Up
Farqued Up's picture

Nothing has changed, if it cost a nickel to shit, Greece would have to throw up.

Tue, 02/24/2015 - 10:44 | 5822273 Seasmoke
Seasmoke's picture

If ZeroHedge has taught me anything these past 5 years. It is. That I knew this would be the results OVER 2 weeks ago. .....

Tue, 02/24/2015 - 10:45 | 5822275 holgerdanske
holgerdanske's picture

This is a handbook on coralling and penning the sheap for shearing or slaughter.

How on earth did we get here?

Who gave anyone rights over me as an individual.

 

I want out!

Tue, 02/24/2015 - 10:45 | 5822276 roadhazard
roadhazard's picture

I'll sign it, give me the m000ney. I done told you I can't repay.

Tue, 02/24/2015 - 10:46 | 5822277 Oldwood
Oldwood's picture

All of this is to maintain perceptions. They stilll need "confidence"
no matter how contrived it may be. They don't want all of the chickens to fly the coup before they can get them properly plucked. 

Tue, 02/24/2015 - 10:45 | 5822278 whateverittakes
whateverittakes's picture

Another amusing and geat find ZH!

Tue, 02/24/2015 - 10:47 | 5822292 Racer
Racer's picture

And they agree to clamp down on corruption with this! FFS

Tue, 02/24/2015 - 10:50 | 5822298 Panic Mode
Panic Mode's picture

This time is different!! 

Tue, 02/24/2015 - 10:51 | 5822302 Jonesy
Jonesy's picture

Why all the song and dance, in the end someobdy is going to print more paper and tell us it's worth more than it is.  I guess it makes people feel like real work went into the process, and the now valuable "money" is what came of it.

A big, fat joke on the goyim who really do the work in society.

Tue, 02/24/2015 - 10:51 | 5822304 Neue Regel
Neue Regel's picture

 

IMF raises concerns over Greek plans

Hold the euphoria. The International Monetary Fund has written to the eurogroup, criticising elements of the Greek government’s reform plans.

Christine Lagarde says that:

Whilst the authorities list is comprehensive, it is not very specific, which is perhaps to be expected considered the government is new in office.

In the letter, just released, Lagarde welcomes signs of “stronger resolve” on tax evasion and corruption, but then warns:

We note in particular that there are neither clear commitments to design and implement the envisaged comprehensive pension and VAT policy reforms nor unequivocal undertakings to continue already-agreed policies for opening up closed sectors, for administrative reforms, for privatisation, and for labour market reforms.

Those undertakings are essential to Greece’s ability to meet the basic objectives of its programme agreed with the IMF, Lagarde adds.

 . Photograph: IMF

Tue, 02/24/2015 - 10:52 | 5822306 Sizzurp
Sizzurp's picture

EU godfather made him a deal he couldn't refuse.

Tue, 02/24/2015 - 10:52 | 5822307 lordbyroniv
lordbyroniv's picture

Send in the Clowns !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Tue, 02/24/2015 - 10:52 | 5822308 Which is worse ...
Which is worse - bankers or terrorists's picture

Why is it when I think of Tsipras and Vanoufakis, I keep thinking of Marcellus Wallace getting the business over the barrel in Pulp Fiction?

Tue, 02/24/2015 - 10:56 | 5822318 LawsofPhysics
LawsofPhysics's picture

Confess!!!  Confess!!

Greek sovereignty is long dead.

same as it ever was...

Tue, 02/24/2015 - 11:00 | 5822334 Peter Pan
Peter Pan's picture

Where dies the word drama come from?

It comes from the word drachma but with the ch in the middle missing.

The ch stands for change and given that there isn't any we are stuck with drama rather than drachmas.

Tue, 02/24/2015 - 11:05 | 5822350 bluskyes
bluskyes's picture

Look! you can see the marionette's strings.

Tue, 02/24/2015 - 11:04 | 5822355 adr
adr's picture

I'd say this proves that a group of incredibly wealthy men sit around a big table every year and draft a script for every event that will happen. The goal is to control everything and create wealth generating events they can plan for and profit off.

Some people may have believed the Greek drama and sold off positions. Positions the manipulators picked up on the cheap, knowing the value would once again explode once the scripted events ran their course.

EVERYTHING is a fucking Hollywood script written by the money changers. Wars, economic collapses, commodity shortages or commodity gluts.

You really don't think they would use the Delta Smelt as an excuse to divert trillions of gallons of melt water away from California to create a drought that would drive agricultural contracts through the roof? Of course they fucking would.

The only things they can't control are natural disasters, even though they are trying. They have successfully steered hurricanes. Once again to try and create opportunities where weak hands will sell off so they can buy.

Sounds like a wacko conspiracy theory right? There is no such thing as a conspiracy theory anymore. The real truth is so unbelievable that no one would believe it even if they saw it with their own eyes. Just the way the masters planned it.

Tue, 02/24/2015 - 11:05 | 5822360 anachronism
anachronism's picture

The run on the banks and the panic in the stock and bond markets should have been foreseen. The first thing Tsipras should have done was shut down the banks and the exchanges until negotiations with the Troika had been concluded. As it should have been anticipated, the financial assets within the Greek economy quickly vanished; and the new government had no money with which to operate.

This is a terrible misfortune. Because now, it is Syriza itself, which has put its name onto the Greek national debt. In the future, if they try to re-negotiate, they will rightly be charged with reneging on terms which they had submitted.

Tue, 02/24/2015 - 11:05 | 5822362 londoncalling
londoncalling's picture

guess the sky isn't falling in because of greece then

we better find a new end of the world idea

 

Tue, 02/24/2015 - 11:12 | 5822379 golden raccoon
golden raccoon's picture

Would not perhaps even a small edit by Costello of a document originally prepared by Varoufakis produce the discovered result?  While that is not an "optimal" draft to release for public consumption, it may not be the wholesale sellout the piece implies.

Tue, 02/24/2015 - 11:14 | 5822390 papaswamp
papaswamp's picture

Speaking of 'drafted'..... Lithuania has reinstituted the draft.... Someone is getting nervous.

http://en.delfi.lt/lithuania/defence/lithuania-to-reintroduce-military-c...

Tue, 02/24/2015 - 11:15 | 5822392 Smiley
Smiley's picture

Well trained little whores.  They'll get a towel bonus for this for sure.

Tue, 02/24/2015 - 11:25 | 5822403 damicol
damicol's picture

I couldn't have handled it better myself.

Variablefuckass is right on with his game.

Lets see now, he knows for a fact that Greece is bankrupt and will not and ca not pay.

So he is going the bankruptcy route, .

To whit,  Running a receivership is  a game played with creditors to extract the maximum amount possible before the  fucking steaming mess of shit is finally buried.

The whole idea is to run this thing on and on and and extract the maximum from creditors.

The bankrut  know the reality and they can handle it.

The creditors only know hope and wishful thinking and prayers and it is THEY, who keep the shit show on the road.

All the fucking bollox, the so called hard words from the fucking retarded  shit spewers in Brussels amounts to sweet fuck all. because they are creditors and they are the fucking clowns living in a fantasy of hope and prayer.

In a game or receivership, and that is exactly what this is, because Greece knows for an absolute certainty that this  shit is going to end only way way ultimately, and thats out of the fucking ponzi criminal scam  called the euro voucher, which is  totally fucking worthless.

As not even  Cyprus backs this fucking ponzi asswipe  only the gullible and stupid  actually believe it is a real currency.

So what to do,

 You play along. and when the creditors get desperate thinking you might not agree to give it another one last chance, it's please, i'm begging you, look I will even lend you a little more  as I'm sure something can be done to turn this around.

In a receivership, the first to pay loses. It is vital that you as a receiver do not let one single cent leave the door,.

However  you can cajole, beg  for more credit,  just a few more supplies,   just another  few dollars and we might be able to keep going, anything to prolong and weaken the resolve of the creditors.

Disaster day tomorrow, need a bit more cash, Oops, something unexpected came up, need a bit more cash,.

 You play the creditors like a fiddle, after all they have just lost their shirts, and now the idea is to get them to hand over pants , shorts, shoes and vest and if you can push that far, sell their grandmothers and children too.

I love the last touch..

They were begging desperately for a letter and Variablefuckass told the dumb fucking bastard "Fuck off, I'm not writing any letters, You want a letter you fucking write it, I can't be bothered to uncap my fucking pen, yawn, I'm off to get a glass of ouzo and some kip. Get one of your mincing little rent boys to draft it, I will look at it when I have time"

The dumb fucks fell for it hook line and sinker, and handed the cash over.

Greece 1

EU fuckwits -1

Now he has them in the bag, Variousfuckass  can keep going on  for as long as the dumb fucks  don't twig his real game.

Knowing the incompetence, stupidly, delusions and the rank, mindless slack jawed inanities that emanate from the fetid mouths of bureaucrats and pointless corrupt politicians, Greece can now fish them for a long long time.

But the one thing for certain is this, they still will never pay it back. Ever

 

 

 

 

Tue, 02/24/2015 - 11:58 | 5822606 GMadScientist
GMadScientist's picture

Meanwhile, the Greek people...

Tue, 02/24/2015 - 11:21 | 5822408 Firewood
Firewood's picture

 

Frankie Sinatra crooning My Way in the dimly lit boarding area as the "erratic Marxist" is (blushingly) ushered to busine$$ cla$$. The revolutionaries won't be carrying briefcase$!

 

"My final confession is of a highly personal nature: I know that I run the risk of, surreptitiously, lessening the sadness from ditching any hope of replacing capitalism in my lifetime by indulging a feeling of having become agreeable to the circles of polite society. The sense of self-satisfaction from being feted by the high and mighty did begin, on occasion, to creep up on me. And what a non-radical, ugly, corruptive and corrosive sense it was.

My personal nadir came at an airport. Some moneyed outfit had invited me to give a keynote speech on the European crisis and had forked out the ludicrous sum necessary to buy me a first-class ticket. On my way back home, tired and with several flights under my belt, I was making my way past the long queue of economy passengers, to get to my gate. Suddenly I noticed, with horror, how easy it was for my mind to be infected with the sense that I was entitled to bypass the hoi polloi. I realised how readily I could forget that which my leftwing mind had always known: that nothing succeeds in reproducing itself better than a false sense of entitlement. Forging alliances with reactionary forces, as I think we should do to stabilise Europe today, brings us up against the risk of becoming co-opted, of shedding our radicalism through the warm glow of having “arrived” in the corridors of power."

 

the above lament from the Graunian

http://www.theguardian.com/news/2015/feb/18/yanis-varoufakis-how-i-becam...

Tue, 02/24/2015 - 11:18 | 5822412 metastar
metastar's picture

I am tempted to say the ruling class are laughing stocks, but they are in fact extremely dangerous people.

We had a VP who once made everyone reapply for their jobs. He sent out a blank org chart where you could apply for any position. Of course, someone possessing only mild technically skills could open up the visio object properties and see the names already in the boxes. The VP who thought he was god's gift to IT created the visio file! He was a dangerous man. After some years, someone else ultimately filled the box which once had his name. Meet the new boss, ...

Tue, 02/24/2015 - 11:22 | 5822416 agent default
agent default's picture

I could be wrong on this but, what he has is the properties of a PDF document.  So if the original was received in MS Word the PDF matadata would only be relevant to the machine/used that made the conversion to PDF. Or he could have just saved it as a new document and then made the conversion. 

Mind you I don't doubt for a moment that the draft was dictated to them.  But this is a a bit too amateur even by Greek/EU standards.

Tue, 02/24/2015 - 12:35 | 5822659 nolaguy
nolaguy's picture

Agreed, but that would mean Greece sent their original letter in something like Word. I'd be surprised if Varoufakis did something amateur like that.

Tue, 02/24/2015 - 11:19 | 5822421 WTFUD
WTFUD's picture

When you willingly hand over the Sovereignty of your Country to the Money-Changers as far as i am concerned, FUCK GREECE.

Tue, 02/24/2015 - 11:20 | 5822425 Smegley Wanxalot
Smegley Wanxalot's picture

 

 

Dear Greeks,

You got fucked in the ass.  Then again, if stereotypes are true, you are used to this.

Sincerely,

Mario Draghi

Tue, 02/24/2015 - 11:22 | 5822436 Kaiser Sousa
Kaiser Sousa's picture

Greek = Pussy's.....

over it....

slave on assholes.......

Tue, 02/24/2015 - 11:38 | 5822512 HenryHall
HenryHall's picture

Did anyone expect honesty from the European Commission?

I guess so, there are still some naive people in the world. It won't happen though, honesty from EU officials is extinct.

Tue, 02/24/2015 - 11:39 | 5822521 WTFUD
WTFUD's picture

You can bet your last drachma that the Minister of the Interior has received his instructions from the Greek Military JUNTA to ACCEPT TROIKAS generous offer or disappear.

Fuck Alex & Yanis TWO WHORES intent on waving the EU Flag.

Fingers and Nuts crossed that Spain & Italy SEE THE LIGHT

Tue, 02/24/2015 - 11:53 | 5822582 Full Nelson
Full Nelson's picture

It would be interesting to know what kind of death threats Tsipras and Varoufakis have received in the past week(s).

Tue, 02/24/2015 - 11:57 | 5822599 They Tried to S...
They Tried to Steal My Gold's picture

Does it matter after you've been a serf for over a decade to be one for another 4 months? 

 

Judgement should wait for another 4 months.....

 

This gives them time to execute whatever plan they may have.....for all we know Germany & France pull out  and joins Russia  after Zero sends in troops into the Ukraine...

Tue, 02/24/2015 - 12:47 | 5822711 The central planners
The central planners's picture

Anal probe without vaseline. So this is how the whole european domino effect revolution ends. Thank you syriza.

Tue, 02/24/2015 - 12:49 | 5822714 css1971
css1971's picture

Really this is just bidding by the EC aristos for the greek slaves.

Tue, 02/24/2015 - 12:50 | 5822719 jughead
jughead's picture

"Old man, sign zee paper."

"I cannot sign zee paper"

SLAP SLAP

"Old Man, SIGN ZEE PAPER!"

"I cannot sign zee paper"

SLAP SLAP SLAP

"OLD MAN, WHY CAN'T YOU SIGN ZEE PAPER!"

"because...you have broken both of my arms!'

 

Tue, 02/24/2015 - 12:59 | 5822740 El_Puerco
El_Puerco's picture

Lets see; if I got it right, this time!..

 

C/P: 

The "Greek debt" is really not a debt of the Greek people. The institutional creditors and the Euro-banks knowingly lent money to high risk kleptocrats, oligarchs and bankers who siphoned most of the euros into overseas Swiss accounts, high end real estate in London and Paris, activity devoid of any capacity to generate income to pay back the debt. In other words, the debt, in large part, is illegitimate and was falsely foisted on the Greek people. }

Saludos...


Tue, 02/24/2015 - 13:23 | 5822816 kchrisc
kchrisc's picture

It's all fun and games until the guillotines show up.

The banksters need to repay us.

 

What a shame to steal the world, and lose one's head in the process.

Tue, 02/24/2015 - 13:36 | 5822868 gkampou
gkampou's picture

Has anybody considered the possibility that just the PDF was created by Costello's PDFMaker by using a Varoufakis supplied Word document???

Tue, 02/24/2015 - 13:51 | 5822934 Jano
Jano's picture

Syrzia Comunists betrayed their constituents. hahahahahahaha.

We can blame now nothing on Barry Soetoro now!

He is a straight stand-up guy, who deserves the Nobel Peace Price twice, the comunity organizer!

Tue, 02/24/2015 - 13:51 | 5822936 tarabel
tarabel's picture

 

 

Greece: We can't pay. We're broke.

Europe: Well, duh, about time you figured that one out.

Greece: We can't pay. We're broke.

Europe: Look, moron, we got that, okay? This isn't about making you pay. This is about telling you to sit down and shut the fuck up while we quietly inflate this away over the next thirty years. Got it?

Greece: We can't pay. We're broke.

Europe: Okay, look, we're going to give you a little extra money so you can afford batteries for YOUR HEARING AIDS and yeah, we already know you can't pay and you're broke. Now beat it, we've got serious work to do here.

Tue, 02/24/2015 - 14:10 | 5823013 Jano
Jano's picture

pdf file can be signed with a pgp signature.
digital signature belonging to somebody.
every official (digital) document, which I send out, carries my digital signature. That clever are the people in Greece, or EU as well.
The file from the link does not have ANY security measures, the Security line says no security.
Also only a moron would take such document as a binding .... and genuine .....
Yeah, it might have exactly the same text, as agreed, but it is not signed..... hence a toilet paper.
the whole article is a pure speculation and a misinformation in that sense.

Tue, 02/24/2015 - 14:10 | 5823016 Death By Cold S...
Death By Cold Steel Report's picture

Bring on Golden Dawn so I can watch another press conference about the Junta Bailout! Lets get this party going people!!!!

Tue, 02/24/2015 - 14:22 | 5823054 ageo
ageo's picture

No, Costello is not the author. Batman claims it.

https://twitter.com/kaxypoptkotsidi/status/570265290359119873/photo/1

Tue, 02/24/2015 - 15:11 | 5823260 El_Puerco
El_Puerco's picture

 

 Can

 

Saludos...

Tue, 02/24/2015 - 15:14 | 5823285 farmerbraun
farmerbraun's picture

"Had YV walked out Friday, can you explain exactly how Draghula and his fellow clowns would’ve handled the markets today?

It would have been an unmitigated disaster for them, for the euro, and for the (now largely EU) creditors.

By midday today [Monday] the cost of any Clubmed sovereign borrowing money would have trebled, and the demands upon the ECB would’ve strained it to the very limit.

Within half an hour of YV holding a press conference about the nature of what happened, Obama would’ve been on the phone blasting Schäuble’s ears off. Wall Street would be advising every multinational to remove all capital from the ezone immediately. And the French Left would’ve gone apeshit bananas at Moscovici…followed by Marine Le Pen. Throughout the last 24 hours, by contrast, I have had half a dozen reliable contacts telling me that the Syriza alliance is in bad shape. And the enemy (because that’s what they are) have returned to their heavily defended bubbles – certain once more that all power comes from the barrel of a gun. Perhaps Yanis took the right decision, maybe not. But he will have precisely the same inevitable ‘choice’ four months down the line. The restrictions demanded by the Fab Four dictate this – in the Teutonic sense of Diktat. During the 1930s, avoiding the f**k you response to Hitler left us with 47 million dead to bury."
Tue, 02/24/2015 - 15:41 | 5823424 HYMN
HYMN's picture

Greece missed it's chance to be the Edward Snowden of the Global Monetary system. They can't pay their dept in currencies, butt ohh how they are going to pay.

Tue, 02/24/2015 - 16:02 | 5823576 Joebloinvestor
Joebloinvestor's picture

I bet it isn't the first time a "suicide note" was dictated.

Tue, 02/24/2015 - 16:28 | 5823697 bullionbaron
bullionbaron's picture

Given the late hour of the documents creation, it seems much more likely that the content was created prior (perhaps in email form or in a different document format) and then was just copy/pasted into a new document by the European Commission from where it was then leaked.

Does being an author on a single document guarantee they also authored the content?

Tue, 02/24/2015 - 18:01 | 5824108 luna_man
luna_man's picture

 

 

I tell'ya, it would NOT be an circus without the "CLOWNS"!

 

Greece, run these clowns out of town...at least send them into hiding, until it's fixed...RIGHT?

Sat, 02/28/2015 - 04:35 | 5838841 EVILTOFU
EVILTOFU's picture

is he gooooooodddd. 

 

Sorry to disappoint! Our reform list was sent to D Costello as a Word docx - which he converted into pdf! That's all! zerohedge.com/news/2015-02-2…

Do NOT follow this link or you will be banned from the site!