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No Deal: Eurogroup Concludes Meeting On Greece, No Further Fund Disbursement
As expected, and as tipped here earlier, today's Eurogroup meeting concluded without an agreement between Greece and its creditors as both sides cited "progress" and regurgitated familiar rhetoric around the need for a "comprehensive list of reforms", and a universal desire for a favorable outcome.
Full statement:
The Eurogroup today took stock of the state of play with the ongoing negotiations between the Greek authorities and the institutions. We welcomed the progress that has been achieved so far. We note that the reorganisation and streamlining of working procedures has made an acceleration possible, and has contributed to a more substantial discussion. At the same time, we acknowledged that more time and effort are needed to bridge the gaps on the remaining open issues. We therefore welcome the intention of the Greek authorities to accelerate their work with the institutions, with a view to achieving a successful conclusion of the review in a timely fashion.
The Eurogroup reiterated that its statement of 20 February remains the valid framework for the discussions. Once the institutions reach an agreement at staff level on the conclusion of the current review, the Eurogroup will decide on the possible disbursements of the funds outstanding under the current arrangement.
And from chairman Dijsselbloem:
- DIJSSELBLOEM SAYS INSTITUTIONS BRIEFED EUROGROUP ON GREECE
- DIJSSELBLOEM SAYS GREECE NEGOTIATIONS HAVE ADVANCED
- DIJSSELBLOEM SAYS MORE TIME NEEDED FOR COMPREHENSIVE AGREEMENT
- DIJSSELBLOEM SAYS GREECE NEEDS TO DELIVER COMPREHENSIVE LIST
- DIJSSELBLOEM SAYS COMPREHENSIVE DEAL NEEDED FOR ANY PAYMENT
- DIJSSELBLOEM SAYS NO GROUNDS TO DISCUSS 3RD PROGRAM YET
- DIJSSELBLOEM SAYS GREECE NEEDS TO COMPLETE 2ND PROGRAM FIRST
- DIJSSELBLOEM SAYS NO DETAILED DISCUSSION ON GREEK LIQUIDITY
In light of the above, we would ask the following: where, if not from local governments who have been extremely reluctant to comply with Athens' cash sweep decree, and if not from the IMF which will apparently not be paying itself tomorrow after all, is Greece going to get three quarters of a billion euros in the next 12 hours?
Greece has given order for ~EU750m IMF repayment due tomorrow, a person familiar with the matter says. Official asked not to be named, as he wasn’t authorized to speak publicly on the matter.
For those wondering what the IMF's procedure is in the event of a non-payment, here's a useful graphic which, we would note, seems to suggest that the matter could be kept quiet in the short-term if absolutely necessary:
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Whar riots?
I'd just stiff 'em and watch emergency funding from the banks come through at the last minute so that the banks can pay themselves.
Nahhh.. The Greeks just start using Rubles in a week or so.
DEFAULT And PRINT NEW DRACHMAS, You F'ing Clowns...........
Start A New Life Already Bitchez...
Throw those pathetic Greeks out of Europe already. Do you want to waste another good chance to get rid of those liars and cheaters?
Jeez, this sloooow-motion trainwreck (think Inception) can continue for MONTHS longer even when Greece stops paying the IMF?
3 months after non-payment the IMF executive committee gives "substantive consideration" to the matter
Get it done with already.
The dumb ones are the Germans and the Eurocrats who let them in the first place.
LOL.....so, to sum it all up.
If the Greeks don't make the IMF payment, the IMF is going to a) send some emails b) formally complain c) send some more emails.
If the Greeks dont pay they order a really nice lunch with wine and dessert. Then after lunch they talk and talk and talk. Then when they tire of talking they order dinner with wine and dessert. The food is fabulous I hear.
You might find this funny. This is EXACTLY how my house bank proceeded after my failure to pony up the monthly payments for a while!
Seeing this, I think Greece will be fine. Just send all emails that end with @imf.com to the SPAM bin and they will be good to go.
for fucks sake Greeks...
arent u tired of being pimped.......
The only comprehensive agreement is to fully accept Greek conditions before Greece definitely turns East.
So hurry up, Dijsselbloem!
Varoufakis has economic logic on his side when he states that Greece is unable to repay the creditors. That is likely the reason he was sidelined at the behest of the Institutions (formerly the Troika).
The problem is that Varoufakis has done nothing other than continue to pay the creditors at a cost of raping every piggy bank in the county.
Yes, that's surprising. It seems they still have not enough courage to say enough is enough. Nevertheless, eventually they'll have to do it want it or not. On the other hand, it's not that easy, refusing a due payment would mean game over and Greece will have to react swiftly. They are probably still buying some time.
If the Greeks try to leave, as they should - will the US [or Brits] fabricate some sort of unrest?
Apsolutely,!!!!! the boys and girls ARE already in position.
They are "THE PATRIOTS", of course of course.
Now the question is, WHICH PATRIOTS????
The 13th Tribe of course.
You really have to respect TIME. It is going TO catch up with them soon. Maybe tomorrow ....
The Eurogroup reiterated - that sums it up.
Exactly!!! Blah blah blah same shit as for three months now.
Keynesianism actually doesn't work if the central bank stops buying national debt to prop up gov spending and the value of that debt. That is the whole point of it--Hide printed money in government debt. Once that feedback loop fails, or is even questioned, sovereign debt is no longer a trusted inflationary reservoir....The inflation all comes out.
Sorry ECB. You don't get to pick and choose. Fork...
Funny, i find that the stock market plays a similar role. Keeping inflation in check by having fools invest in a "market" instead of spending that cash in the here and now keeping inflation at bay and hiding more printed dollars.
http://www.cnbc.com/id/38451750
LOL
Just turned off RT and their last news was Greece trying to unlock the new lifeline. It appears that is old news.
What we are dealing with is a state without money being asked to service over 300 billion Euros in debt, with an economy in depression. Told to sell assets and public services to those who can snap them up and become landlords over them, making Greeks pay forever for what was once public. Can't they see that this was the whole plan! Right now, as I write, Kiev's Junta is being led down this same path. Told to sell assets and to cut all social supports. Our western media has blacked out news from Ukraine because they don't want to shed light on the looting and raiding parties taking place there. Greece is the model for debt slavery and asset stripping. In one time, the elites asset stripped companies and corporations, raiding them and looting their assets. NOW, wlties have upped their game, they now raid and loot entire nations!
The coming was with Russia is just about this raiding plan. Under Yeltsin, Russia was open for debt slavery and asset stripping, Putin won elections and ended this entire idea of borrowing and becoming debt slaves, then selling off assets. This war is coming to force Russia to become Greece and Ukraine. Any other explaination by western media is a lie!
Come on, Hilldawg wants to rule, not die. It's not conceivable that they'd be so stupid as to actually wage war on Russia proper; even the corrupt and malevolent USSR eventually imploded rather than making total war on the West. Nuclear weapons are just too dangerous; they'll destroy everything; the idea of another war between major powers impossible.
Of course that's exactly what Alfred Nobel said about TNT....
I keep hearing about Greece. No one is talking about Austria.
The Hypo Bank goes under. Austria tried to restructure and found black hole after black hole of financial fraud, deceit and criminality. So, the EU told Austria assume the debt of the privately owned banks and put it on the taxpayer.
Austria said NO!
New crisis in Greece, Greece, Greece.
But, but, but said the EU. You have to. We'll sue.
Okay, but Carinthia province guaranteed the loans and they will be bankrupt in December. I read where the bankruptcy will result in a 50% plus loss for SENIOR bondholder and a wipe out for junior bondholders.
New crisis in Greece. Schäuble doesn't like Varoufakis. NO Deal! NO Deal!
Austria said that the government will no longer guarantee the savers' (guthaben) deposits. The bank will have to establish a 1.5 billion dollar fund to guarantee the deposits.
Varoufakis gives the finger. Greece, Greece, Greece.
The lawsuit between Austria and BayernLB, the constitutional complaint by BayernLB against Hypo and all the rest of the court cases will drag on for years.
Now, do the Nords fear that the Suds will be upset that Greece's debt is subject to restructuring, or do they fear that Austria, an EU country, non-Nato, strictly neutral (probably a nay vote for continuing sanctions), and a Nord country will be treated differently from Cyprus, Spain, Ireland, Portugal and the rest of the Suds?
I wish there was as much reporting on Austria as there is on Greece.
Pay me $10 today so I can pay you back $2 on your $10 loan from last Thursday.
Can a brother get a little NIRP ovah here?
...and go ahead and spend the other $8 on government payroll & pensions.....until next week.
Reorganisation and streamlining of working procedures . . . .
read_ Job cuts and 0(zero) hour contracts. . .
. . . and all the while these EU/Troika PARASITIC VERMIN are shuffled around in limousines with 3 admin. staff ( usually family ) and bodyguards.
That IMF document is missing the stage where they overthrow your government with the CIA and steal your gold.
The IMF has offered the new government of greece a free ride in a small plane maintained by Mossad International Airways.
Like the Donkey at the Poker Table who keeps buying in for a hundred bucks, then keeps losing after multiple Donk calls / bets. The other players say he's buying in for a " 'Fun'dred ", knowing he's expecting to lose it. So the EU is now realizing that they've been "fun"ding Greece.
The gig is up! The fat lady finally sings! (Who made that up?). The Greeks have been willingly cut off from ECB’s goodiez in the form of free QE money to buy up country’s bonds, effectively signing Greece’s death warrant.
The ECB and Germany knew all along that Greece couldn’t act up to the strict accounting rules and that Greece’s bookkeeping was rigged by Goldman Sachs. So that technically they couldn’t enter the EU anyways but ‘wink wink’ was given also for geopolitical reasons but also for the EU principle reasons and Greece is still known for it’s democratic principal historically. The ‘wink wink’ stands of course for we know that you know that we know what you know.
Having said that, in all honesty to Greece, many countries couldn’t’ live up to ECB’s strict accounting rules and therefore are belonging to the dusty rooms of history now with the crazy QE. So you can’t hold that against them. Greece is being massacred as a sick example of what happens if you don’t obey your dark EU masters who are not even elected!
That isn't to say that Greece doesn't have any other options, on the contrary, they have got plenty. First they will default on the banks cleaning Greece's distorted balance sheet which doesn't mean the have to leave the Euro monetary zone. That's propaganda because they know the Greek people like to hang on to the currency because it felt so good in the beginning but that is just fantasy thinking now the ECB is devaluing the Euro by QE. Maybe it's even better for Greece to diversify in other currencies with a future like the Rubel and the Yuan.
Greece could join the BRICS who do have a future to offer. Support the Russian pipeline trough Turkey and Greece, give Russia a port, leave NATO. Lend money from Russia and/or China and make a free tax haven with full anonymity to everyone and every company on the globe with much better weather and food than London and with nice sunny islands and casino’s – btw keep using the Euro or otherwise the Russian Rubel and say,
"It's your choice bitchez!" https://youtu.be/0smEgK5OFoc?t=1m27s
So how many Billions or Trillions of derivitives are tied to the Greek default? The "Troika" can never let those blow up, so they will give the Greeks the money at the last minute so that the Greeks can give it right to them.
That's my belief as well. Meanwhile they try to get as much as they can out of the Greeks.
Simply don't pay, and don't say anything publicly.
Then after the some time, or some disturbance in the farce...
LIE (Junker would approve)
Just say it's been paid.
The Troika pretends to loan to Greece, and Greece pretends to repay the Troika.
Seems to me the Greeks have been sandbagging as to how much money they actually have....another payoff....how they were saying they were broke months ago....liars...as usual.....the Greeks never change
I keep asking...no answer yet.
If the IMF doesn't get paid what liability that provided the Greek loans won't be paid back? Is it US funded? Printed by the IMF directly?
Who funded the Greek IMF loans?
are we there yet?
The BRICS have a plan.China wants agricultural assets,port facilities and railways etc.Greece is a productive agricultural economy shipping most products to Russia before the ban.Look for something along these lines because China wants these types of assets so the food does not go to the EU.Jim Willie from The GoldenJackass.com explains what's behind all this:
http://www.silverdoctors.com/jim-willie-full-blown-collapse-a-wicked-dep...
Greece is not a productive agricultural economy. They are huge net food importer.
China is Greece's #4 export nation. For some reason, the Chinese love Greek olives and olive oil.
Good bye NWO. Hello Putin.
If only.....
The EU needs Greece to come up with a "comprehensive" plan. The United States needs comprehensive immigration reform. Evidently neither will get what they need.
It was widely report that Greece made the $750M payment today, this article says not? Does anyone know?
Hey! What are all those Chinese doing here living in big homes on our islands? -- Greek newspaper headline in the year 2020.
Tsipras the clown is disappointing. All he does is pull faces. At least V talked.