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Schauble: "Germans Doubt Greek Promises", No More Money For Athens Until All Commitments Met
After the new Greek government fought valiantly a la David vs Goliath for several weeks, only to cave in the last minute and admit that the best it can do is continue the much hated policies of the predecessor Samaras government by extending the Greek bailout program, it now has a bigger problem: assuring its European "partners" that, having flipflopped, it is as trustworthy as the Samaras government. And none other than the German FinMin Wolfgang Schaeuble made that point early on Wednesday when in a radio interview with SWR2 radio, he said that it had not been an easy decision for euro zone finance ministers to extend the Greek rescue plan by four months and "much doubt remained about how credible Athens' latest reform commitments really were."
Reuters quotes Schauble who said that: "It wasn't easy an easy decision for us but neither was it easy for the Greek government because (they) had told the people something completely different in the campaign and afterwards."
"The question now is whether one can believe the Greek government's assurances or not. There's a lot of doubt in Germany, that has to be understood," said Schaeuble who despite his misgivings, he has urged German lawmakers to approve the Greek extension in a vote in parliament expected on Friday.
The finance minister made one thing very clear: No payments will be made to Athens unless Greek govt meets its commitments in full.
In other words, Greece may have bought itself a 4 month bailout extension on paper, but in practice unless it succeeds in boosting its tax collections in the coming days, its state coffers - already on the verge of being completely empty - will run out of cash, and Greece will then really have no choice but to declare full insolvency. The only question is how much longer will the Troika continue its "pass-thru" funding operations, where it gives Greece aid so that Greece can paid interest and maturities on Troika debt?
Something tells us that if the government runs out of all cash to pay government workers, it is all over anyway.
And then there is the issue of whether the proposed Greek bailout extension will even pass a Bundestag vote: according to Rheinische Post, up to 60 government members will vote against the Greek bailout on Friday when the vote on the extension is due, following reports that Greece now expects a third bailout in the summer amounting to at least €20 billion.
Full Schauble interview below.
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Her Shauble is missing his tiny moustache.
He will sell Germany into the poor house if it preserves the EUR and the EU by extension.
Yup he will do anything to preserve this union and the euro
One needs to ask himself why ????
Global Governance.
OKAY, who's the pig now??
Repeat after me.
I love my German paymaster. I love my German paymaster. I love, I love, I love my German paymaster.
Hmmm, silly me - i thought all whores got paid upfront?
They do.
So remind me again....which one is the whore?
like a drug deal. love is the drug. love of easy money, oh yea, so obvious.
completly of topic but had to post it: snowden for prez!
thats the way schauble, rub their noses in it, guaranteed to extend syriza's mandate to saying a deeper, more meaningful FU to the EMU.
Does he mean commitments to their electorate?
The EU will be just like the FED, everything will be be under the door and off the books. They must keep the system afloat at all costs.
I am just amazed there are Stupid People who still believe the Propaganda.
Let WWIII start for REAL!
And perhaps this is really what's going on here...rather than capitulating, maybe the Greeks have managed to force the Germans to reveal their true motives.
If they were to now decide to say fuck the EU, they'd have a much better case. And they can rightfully say, "We tried, we bent over, yet they STILL want to screw us."
It would look less like debt default, and more like self-defense.
Here is why:
http://x2t.com/1/Treuhand
Schäuble is a law and order, kind of neocon, character. He has little idea of how the world of finance works, apart from the tax-collecting details of the complex German tax code he helps to expand.
I doubt Schäuble understands how malicious the financial system is, how illegal the mafia-like Troika acts and how impossible the burden is Greece has to shoulder. I can imagine how Varoufakis must be driven almost to desperation having to explain something, this old fart is simple incapable of grasping.
"how illegal the mafia-like Troika acts"
"Illegal" means "disobeying the government". Government can violate a treaty, ignore its own constitution, and commit immoral acts, but it cannot disobey itself, so nothing government does is ever illegal.
EZB and IMF give order to Greece and Cyprus - against EU law.
And who thought this was a done deal?
It just started Vol 2 of the Mini Series. The Saga continues.
It's on.....it's off.......it's off.....it's on.
Is there a supervisor I can talk to here?
i have a switch like that in the bathroom. sometimes i wiggle it to get it on.
should i replace it?
wow, how many times is germany going to give greece an exit stratedgy? door wide open, just walk the fuck through it and see what is on the other side...
You know a 5 year old can change those out without getting killed.
i leave the power on at the panel for fun and excitment! and im only 58...
oh to be young again.
ps fuck schauble
Translation:
https://www.youtube.com/watch?v=1MLry6Cn_D4
I lasted 9 minutes....
OMG....3 million hits?
I lasted 20 sec lol
11 s
https://www.youtube.com/watch?v=wKbmuJSjOGs
.
The Beatles Revolution 9 Number 9 for 9 Minuteshttps://www.youtube.com/watch?v=k-NwzozflCQ
.
Leon Russell - This Masqueradehttps://www.youtube.com/watch?v=tn-br0h4rZk
If demons had faces.
nevermind
shauble," we know they will fail, so vote to give them the funds, but we know they will fail"
makes sense I guess??
Makes as much sense as lending someone money who tells you they can't pay it back.
More Bullshit! The can has already been kicked. Old news.
The question now is whether one can believe the Greek government's assurances or not.
No, the question is whether the Greek people are going to kick out the lying assholes in Syriza who promised not to fold to the Troika. The credibility of the current Greek government is irrelevant when they are gone.
bring on the next hitlery, greek style. history says it is the next outcome as the void of power welcome such types. then the hope and change thingy gets interesting. could the next big one be greece in origin? ukraine is to obvious...
I suspect secret concessions to Greece are being made. The big concern is whether or not the Italians, Spanish, and Portuguese find out...
Well they don't have a cold fusion reactor to barter with so theres is a different case.
sure, it's simply more "crisis" management as the show must go on. If the other PIIGS find out however, it just makes things more expensive and difficult to manage.
Same as it ever was...
That's ok dorothy, I don't think the big stuff is going to come for quite a while.
It's never difficult nor expensive for these sociopathic fucks when they know they have the ulitmate weapon at their backs... the police state. So far all that has been played is the financial state. When the SHTF, the sociopaths will use the full force of the police state. Just look at Ukraine as an example of what happens when the financial state fails. This is going to go on for a LONG time until things get so bad that the police state is required. Nothing can change until then.
Never happen, Greeks lie to eachother as a matter of course....when not threatened from afar. Euro-putzes were foolish enoght to let these dirtbags in the EU to begin with; everybody should just go home, let the shit fall where it does, and learn their lessons about "GREEK CULTURE".
simple as simple simon says:we want our pensions to continue...
-.-
The Greeks capitulated to no avail.
Schauble is a dick.
Varoufakis: "I suppose you expect me to admit defeat."
Schaeuble: "No Mr. Varoufakis, I expect you to die!"
If this isn't goading the Greeks I have no idea what you would call it. He's not confused.
"My dear Greeks, by surrendering to us, your government has lied to you. And now ve vould like to giff you ze money but we cannot trust such liars, you see."
perhaps the can isn't quite so far down the road?
Not sure if this is helpful....but we did save the label.
Money (Soup) Nazi- "No more money for you!"
Whoever tried to assassinate this asshole was a lousy shot. Pity.
Is he the wheelchair guy? Is that why? I'll have to search him on the net.
Wasn't Dr. Strangelove in a wheelchair as well? As I recall, he also had trouble with his arm. It kept rising up involuntarily, as if trying to make a familiar form of salute, but he had difficulty in restraining it.
Yeah! It kept trying to go Heil!
Peter Sellers was one of the greats!
Yep.
(Wik-opedia)
"The would-be assassin was declared mentally ill by the judges, and committed to a clinic because of psychoneurosis. He was released in 2004."
So, Wolfie betterhope the guy is not off at a range looking for a second chance.
It would appear that it was not so much Greece but the EU with the help of Draghi/GS that pushed Greece into the EU/Euro. Otherwise, Greece was vulnerable to alliances with Russia which the EU could not risk. Remind Germany of that.
This smell of secret concessions to greece that they dont want italian and portugese voters aware.
Think opposite.
Ahh yes, the beatings will continue until morale improves.
Golden Dawn in the next election in 3..2...1..
When things get serious, politicians lie...
Greeks = bad borrowers
Germans = bad lenders
Greeks + Germans = Clowns
Is Germany 'part of the EU' or are they 'all of the EU'? Obviously the EU is not a democracy. How can Germany speak for the entire EU? Or is this Hitler's wet dream?
Think of Germany as the self appointed spokesperson and backroom muscle.
<I said Nein, nein, nein. No more time. Pay up now.>
And we have NEVER heard that before, right?
/sarc
Schauble lied, Greek credit died. Of course he will lend them more, to protect repo collateral with the word "Greece" on it. He will even have his Euro-Lackey print the surrender letter!!!
you are so right
Today’s article’s headline is a rerun.
‘No More Gas For Ukraine Until All Commitments Met’
No more tanks or submarines either.
That's cold dude...
Shauble's panic starts. Good sign.
that's how I see it too
Greeks should just tell them to get fucked. Default, write off all external debts, return to the drachma, and watch their ship-building industry and tourism go through the fucking roof.
Hell, if they did that, I'd be buying up Greek beachfront with as much money and leverage as I could cotton together. Biggest sure thing ever. What are the wealthy northerners going to do for a summer holiday? Go lie on the beach at Dunkirk for 5 times the price?
The do that, they turn into Serbia overnight
The do that, they turn into Serbia overnight
Merkel is more important than Schauble.
Merkel will not let her WW2-guilt driven dream of the United States of Europe die.
That is why the Greece got an increase (not just a continuation) of the ELA.
However, if the current proposal really does need a Bundestag vote, and fails to get it, then it really will be over.
But I think there is suppport for Merkel/guilt for WW2 to get any German vote (at present - future influenced by growth of AfD).
Personally, I would investigate to see if The Netherlands need to vote in favour.
If they do, and since:
1. They have no interest in United States of Europe (just want free trade);
2. No WW2 hang-ups;
3. They think Southern Europe is an expensive waste of space
then I think they vote against and Greece is out.
Watson
"NO more money for greece until we cave again"
So Trokia out moved the Amateurs in Greece. We will provide the necessary propaganda so a contagion is removed and then slowly turn the vice so that they will comply. Now, the Amateurs in Greece need to decide how to retake back leverage otherwise they are literally FARKED. Revolution, coup and discontent etc will topple the current Syriza government or they Grexit somehow with a parachute otherwise, they are also FARKED. Stuck between a rock and a hard place. Going to be fun though.
Typical. Politicians always want everyone but themselves to stick to their words.
This man's face .....If I were Greek - I'd go home every night and dream of giving it a good shoeing...
I'm praying for YV to have a trick up his sleeve that will be leaving this NWO grotesque grinning gnome laughing on the other side of his face.
+1000 for that comment.
Wolfie knows that Greece could cause Germany's EFSF €40 billion guarantee to be realised, if Greece should exit the Eurozone.
Wolfie and Germany need Greece to stay in the Eurozone.
40 billion is just change for Germany in the times of zero percent interest for a 10 year German government bond. You´re in a delusion.
Schauble trying to play tough guy with the Greek school kids he met with.
He knew the Greeks he met with were unexperienced and naive.
Schauble's a lawyer turned politician (like most of them). He is driven to win the fight, not to do what's right.
The laws, the contracts, the agreements, the commitments, all must be obeyed / honored or his brain explodes, never mind common sense or freestyling it when necessary. Old school German, I lived there long enough to appreciate the good side of it and despise the bad side of it.
Meeting their 'commitments' will not stop Greece's bleeding via the current account, it will never make Greece competitive against Germany, it's pointless. The euro is a currency peg between nations, thereby making it very difficult for smaller nations to prevent gutting of local economic activity in favor of cheaper (pegged) foreign activity, be it within the EZ or without.
Germany has to perpetually recycle its surplus to deficit nations for the euro to work long term. Either that or the ECB has to keep funding deficit spending via expanding TARGET2 lending, collateralized by toilet paper (no Ghordo, T2 is NOT equivalent to the Fed's IDSA system, it's iDSA plus a wide open Discount Window (QE has always been happening). The current AND capital account move through T2 with a big smearing of lube).
Forced recycling means the German govt must strip profits from German exporters, which has the downstream effect of raising prices for German goods and services, stabilizing cross-border bleeding when foreign consumers in deficit nations consider buying local to be the better option.
Not going to happen. So Schauble's just being a dick. German corporations will not tolerate being stripped of their winnings and Greece simply cannot reform sufficiently to be competitive against German goods. Ever heard of a Greek automobile for example?
Why a small nation, lacking any technological prowess or resource wealth, would ever be dumb enough to join the Euro is beyond me. May as well just commit suicide.
Greece needs to reform, no question, but from a Greek perspective, the most comfortable way to do it is to leave the Euro first, devalue, raise protection against any EU agreements that gut local industry, nationalize at least one large bank to make iit the largest local lender (just look at North Dakota's model), and never again rejoin the Euro.
from a Greek perspective, this would also involve capital controls. further, the term "deficit nation" hides many ugly things, including Greek citizens preferring to have their cash abroad, or not recycling their profits in Greece in the Greek economy
at the end, every deficit has to be somehow financed, remember? it does not happen in a vacuum, and often it is government deficits powering it... coupled with other things
not that I disagree with all the rest, +1
What is Schauble, 10 years old? Can the man not summon the maturity to behave with a little grace, considering he got what he wanted?
This is why this whole thing will come apart, if it was ever 'together' to begin with. His comments the other day, now this, just demonstrates that this is NOT about Greek debt, but about Greek PUNISHMENT, a fact that is NOT lost on everyone watching.
What is he hoping for here? Well, the hand-rubbing glee with which he predicted the Greek people would reject Syriza's capitulation makes it clear that he WANTS the country's destabilization. It's almost like he's needling the Greek people, trying to get them out into the streets...I'll bet he'd even send them the Molotov cocktails.
Someone from one of the more responsible Euro area governments really needs to get Merkel on the phone, and tell her, "Bitch, get that God-damned dog back on his leash and slap a muzzle on him!"... Before Germany ends up dragging everyone into another war.
Germany's mask is coming off, and Herr Schauble is revealing his REAL agenda. Once the other Euro countries realize this, it will start to look like the undeclared war that it is, and Schauble will get what he apparently wants. The question is, do the German people want that?
And what happens when the Germans start to realize what their government is really up to? Do they really want this? I don't think they do.
At this point, Schauble's words weren't meant for Greece, they were meant as a warning to the other PIIGS. Germany knows that for the Euro to survive, and Germany to continue to benefit, it is Hotel California. NO ONE can leave.... ever.
Heil Schauble... (Sour Kraut)
I see the Germans would welcome a Revolution in their country. Someone might want to inform Fraul Merkel...
It Really is time to end this Euro Experemental Disaster.
Well, Varoufakis himself said that Greece is broke. So, whatever "investments" were made in the past, they will never be repayed. The day of reconing is coming, the fat lady is warming up her vocal chords, and till then I expect a whole lot more of meaningless semantics (i.e. more of the same, and panic behind the scenes panic to find a solution for something that has no solution).
With such diction Germany will have less and less friends around in the EU.
Everybody obeys, being afraid of Germany.
I am eager to see, how will Spain or Italy follow "Befehle vom Schäuble".
The so called "leaders" in the other PIIGS will be "given an offer they can't refuse". Just like Syrza. None of this ends until there is an actual revolution.
gee, reading schaubles words it makes it sound like the voters in Germany, and the eu in whole, have a say in what happens.
as an American i can't critize the eu citizens, beings america has at an ever increasing speed the last 60 yrs. has been working to duplicate the socialist European style of governance, and I thought I had a choice also.
the only good thing that may happen with the latest Greek tragedy is millions of eu' citizens will try to make sense out of 20+ broke eu countries forcing billions of dollars in loans to a country who won't, because they can't, repay it.
this backroom gruber frankenstein experiment, called the eu, throwing 20+ socialist countries into a bag with each trying to redistribute the other countries assets to their favor, with a crooked referee, the ecb, who gains the most when everyones broke, will not end well.
The same Schäuble-"No-More-Money-For-Athens-Until-All-Commitments-Are-Met"-Show as every year.
We are listening to this almost five years and everybody here can be sure there is no better working punchline for hungry cabaret artists in Germany...
Schäuble:
"I demand that you lie to us, in exactly the way we tell you to!
You will continue to say that you will pay back all your debts and this whole situation was all the fault of the borrower, never any on the lenders' side."
No money, FINE. Greece can't pay it back anyway if you haven't been listening.
Create Ukrainian conditions.. War with the Greek Albania border section.
Tough talk for the German audience. SNAFU spending other people's money is today as easy as yesterday