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Sunday Deal Deadline Dies As Greece Prepares Desperate "Draft" Plan
A day after at least one report suggested Greece will “probably” make a bid to join the BRICS bank, marking the dreaded ‘Russian pivot’ and representing the last bit of leverage Athens has left now that regional and local elections in Spain have made it clear that ideologically similar parties may soon sweep to power in other periphery countries much as Syriza did in Greece five months ago, it appears the country and its creditors will miss the Sunday deadline they set for striking a deal that would unlock billions in aid. Although a deal is “close” it will not come today according to an unnamed Greek official who spoke to Reuters:
"Brussels Group talks will continue today, in the evening. Although we don't expect a deal today we are very close," a Greek government official said on condition of anonymity.
Another source close to the talks said the major issues holding up a deal remained. It was not immediately clear if the talks would continue in Brussels on Monday.
In an interview published in newspaper Corriere della Sera on Sunday, Greek Economy Minister George Stathakis said he expected a deal in "a few days", followed by a meeting of euro zone finance ministers to approve disbursement of the aid.
It's quite possible the sense of urgency around the negotiations has now eased because, as we mentioned on Saturday, it looks as though Greece can buy a few weeks by opting to "bundle" its June payments to the IMF, something the Greek government has denied (meaning it's probably assured) but which seems increasingly likely especially given cryptic comments like this one from economy minister George Stathakis:
- STATHAKIS SEES `TECHNICAL SOLUTION' SOON TO MEET IMF PAYMENTS
While it's unclear whether that means the country will find yet another channel by which they can ask creditors to pay themselves back as they did with the IMF last month or whether that's a reference to bundling the payments is unclear, but here's what Stathakis told Corriere della Sera:
"There shouldn't be any neeed [to bundle the payments]"
We shall see.
Meanwhile, Kathemirini says PM Alexis Tsipras has a draft agreement that includes concessions on pensions which will be presented Sunday evening on a teleconference with French President Francois Hollande and German Chancellor Angela Merkel.
Via Kathimerini:
Government officials attending an emergency summit under Prime Minister Alexis Tsipras on Saturday prepared a draft agreement as Greek sources cited by the Athens-Macedonia News Agency indicated that negotiators in Brussels were close to a deal on value added tax, curbing early retirements and the gradual merging of pension funds.
According to sources, the draft deal will likely be presented during a new teleconference between Tsipras, German Chancellor Angela Merkel and French President Francois Hollande on Sunday that the Greek premier has requested in a bid to break the current deadlock with a political solution.
The issue of Greece is expected to be discussed on Monday during a meeting in Berlin on Monday between Merkel, Hollande and European Commission President Jean-Claude Juncker. Sources indicated the Tsipras might meet the three on Monday night as pressure grows for a deal in the coming days.
In sum: the tragicomedy continues.
Speaking of tragicomedy, we'll take another opportunity to show you what hell looks like for the Greeks:
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Kicked the can...
Throw those pathetic Greek out of Europe already. They are just liars and cheaters.
Goldman Sachs was the perpetrator of the fraud that has resulted in this current predicament. Not only did Goldman commit fraudulent acts, the bankers received healthy bonuses for doing so. Nice work if you can get it....and live with a clean conscience.
Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country's already bloated deficit.
http://m.spiegel.de/international/europe/a-676634.html#spRedirectedFrom=...
Long Souvflaki!
Short Jewflakey bux
Kicked the can...
yep, as i said so many times to the fucktards still believing in a "grexit" : the party is endless and nothing gonna happen by the political side, ever.
the only way it will go south is a break in food chain supply worldwide, otherwise, no-fucking-thing gonna happen.
Yep and it was all spearheaded by one Mario Draghi when he still worked for Goldman Sachs.
It is his ass that is on the line for this one. He will be the one suicided as retaliation if a 'real' default happens aka one that once it happens can't stop the margin calls and derivative dominoes from falling using accounting tricks. Like the IMF using accounts in the Greek's name to pay itself.
I did not know that!
So Mario Draghi is behind this fiasco from working on both sides. Sadly too typical.
http://www.zerohedge.com/news/just-what-mario-draghi-hiding-ecb-declines...
Also a good documentary on Goldman Sachs and it's role playing Child molestor offering free candy to the the childish Greeks. You need to enable subtitles since it is not in English
VPRO Backlight Documentary.
https://www.youtube.com/watch?v=QWDKK0mpDSo&feature=youtu.be
I read somewhere on the internet that in the "bylaws" of the EU, countries can opt themselves out, but not be taken out of the EU by other countries. So actually we may see an exit from Germany before we see one from Greece. I've only read this from one source but cannot relocate it, so if its true could someone verify it here?
All debt is paid. Either by the borrower, by the lender, or in the present day world...socialized on the backs of taxpayers.
They will be all paid back before the midpoint of the onsetting mini ice age.
HAHAHAHAHAHAHA
What a crock of dung.
Who is going to be stupid enough to make a loan to Greece?
Call it for what it is.
CHARITY.
Someone who wants to be paid by Greece would be "stupid" enough to loan money to Greece.
You mean someone WHO THINKS THEY MIGHT BE REPAID.
It is called,"I'll show me!"
Not really. RE-PAID doesn't really figure into the equation. And since the money now loaned never leaves the ECB (except for a di minimus amount to cover the operating deficit of the Greek government) the "lender" can have a high confidence that they will be PAID (perhaps even same day).
I hope you brought enough for everyone to smoke whatever you're high on.
Find an actual error in what I wrote, instead of tossing ad hominems.
You are correct .
REPAID does not figure into any equation involving a loan to Greece.
Somebody who is scared of the consequences of Greece defaulting. We really don't know how far that blowback would reach, but I bet somebody has an idea, and they're scared shitless.
But, yeah, Greece's problem is too much debt, so the wankers at the troika think that the solution is more debt. If they want a solution, they can print the money in secret, hand it to Greece, and hope that everybody chooses to believe the deception. That's what it would take too for that to work, people choosing to be willfully ignorant about what's going on.
Ev - somebody? Try evertbody. The banks of voarious countries all are holdin geach others paper - prolly with ZERO reserves. and that is before you go down just one level to credit default swaps... it is a game of musical chairs with 1/2 the chairs missing; gotta keep the music playing.
ElV so your saying Greece needs a bunch of willfully ignorant Americans, maybe we can ship Baltimore, Detroit and Shicago over with some printed benniebux.
You bet they are scared.
The Greek system of corruptness and not paying taxes may come to an end.
Corrupt politicians might even get prosecuted.
The downside to this is that Greeks would not be able to justify not paying taxes.
Greek debt of at least $65,000 per taxpayer can never be repaid. The same applies for Portugal, Spain, Ireland, Italy and France.
The US has debt and unfunded liabilities of at least $1,400,000 per taxpayer. Keep buying those 30 year US bonds - financial suicide is painless, it brings on many changes.
"The same applies for Portugal, Spain, Ireland, Italy and France."
u forgot the U.S.......
Greece is boring. Post another article about the millennials,
and how bad the have it so we can rip them to pieces. Thanks Tyler
Or Ferguson Mo but this Greece shit is so boring
As long as Greece is in NATO, "jack shit" will happen. They will NEVER be allowed to leave, even if they default and join the AIIB or BRICS.
NATO troops would be there in a jiffy, to... "Ensure Stability & Peace in the region"
Time to... "Move along, nothing to see..."
I agree. Pick your poison.....Bears, Eagles or Dragons.
Government destabilization aka the Ukraine playbook will be implemented covertly by NATO to put in their troops and political puppets into place before Greece is allowed to leave or have 'real' default that can't be covered over using accounting tricks.
SO NATO's budgets and funding are tied to the ECB and derivatives exposure underlying a Greek default.
'to defend democracy with some humanitarian bombing'.
That payment schedule is fucking ridiculous! What the hell are these people smoking over there in Brussels?
Not only should the Greeks default, but they should be calling for the immediate arrest (and psych evaluation) of anyone who had a hand in drawing that up...
That isn't a financial agreement, it's a criminal act. There must be meeting of the minds in contracts, and there is no WAY all of the Greek people could consent to such nonsense, and even if they could, we have laws that don't recognize such contracts as legitimate. Just because you get someone to agree to something doesn't mean you have an enforceable contract. If one of the parties is under extreme duress because of the other party, (*cough* Greece, Germany *cough*) they cannot consent to a contract with them in the eyes of the law. In fact, both sides here are SO thoroughly SICK of each other that no meaningful "meeting of minds" is EVER going to happen, so forget about any contracts they make with each other.
In a perfect world, this would be taken out of their hands altogether, and an unbiased third party decide, based on the facts as they stand. But of course that has zero chance of happening
they are not smoking, they sniffing the white stuff
So we're measuring can kicks in nanometres at this stage?
My level of concern can be measured in micro give-a-shits.
Nash equilibrium = Groundhog Day.
Kick the can = rigged dice toss game based on the Monty Hall Problem with the dice landing on the edge of the coin and instead of picking another door they just keep resetting the game each time.
The computers have run out of mini-games to play and now they have to keep shortening the duration of the last game left to keep their precious overall coordinated Nash equilibrium intact.
quote:"In sum: the tragicomedy continues.
Speaking of tragicomedy, we'll take another opportunity to show you what hell looks like for the Greeks:
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2015...
"
thats not the debt greece have to pay the eu, thats the money the eu have to pay greece every year in future to not to loose it to russia, may even more
Maybe Greece can start buying Powerball tickets. Every little bit helps.
Bemused Observer
That payment schedule is fucking ridiculous! What the hell are these people smoking over there in Brussels?Not only should the Greeks default, but they should be calling for the immediate arrest (and psych evaluation) of anyone who had a hand in drawing that up...
That isn't a financial agreement, it's a criminal act. There must be meeting of the minds in contracts, and there is no WAY all of the Greek people could consent to such nonsense, and even if they could, we have laws that don't recognize such contracts as legitimate. Just because you get someone to agree to something doesn't mean you have an enforceable contract. If one of the parties is under extreme duress because of the other party, (*cough* Greece, Germany *cough*) they cannot consent to a contract with them in the eyes of the law. In fact, both sides here are SO thoroughly SICK of each other that no meaningful "meeting of minds" is EVER going to happen, so forget about any contracts they make with each other.
In a perfect world, this would be taken out of their hands altogether, and an unbiased third party decide, based on the facts as they stand. But of course that has zero chance of happening
*****************************************************
Bemused Observer - YOU SUMMED IT UP COMPLETELY CORRECT!!!!!!!!!!!!!!!
The "gradual merging of pension funds" is nothing more than an EXCUSE to steal all of the pension money from the people of Greece, and give it to the European Banks.
At this stage - the process is a travesty. Greece might as well SEPARATE and be done with it. Otherwise, the international banking system will suck the life out of the people.
YES, things will be terrible in Greece when the country exits. But things are terrible now. I am reminded of the old words from the Spanish Civil War ...
It is better to DIE on your feet
Than to live on your knees!
"Greece_________________"
fll in the blank...
Booooooooooooooooooooooring.
Repost:
Meanwhile, la financial elite is hiding a conservatively estimated $7.6 TRillion (now prob. worth around $10 trn) in tax havens, ~25x debt of Greece. Ergo, 5% wealth tax would solve Greece's issues.
http://www.nytimes.com/2014/06/16/opinion/a-piketty-proteges-theory-on-t...
Yawn. Another Greek deadline passes. Wake me when something happens.
Now here's some real and tragic news. John Keryy fell off his bike in Switzerland and broke his jaw. I mean his leg.
"John Keryy fell off his bike in Switzerland"
T'was the French Alps methinks. Kerry French Alps
The technical solution to the problem is an IOU to the IMF in return for cash to redeem the IOU.
The best outcome is for the Greek debt to be frozen and for Greece to be told to figure out its own problems before interest and then capital repayments are made. I mean let's face it, when was the last time the US started paying its debt off? 0r more the point when has it ever stopped growing its debt?
Amazing how Europe trembles at the thought of a tiny country going bust when it accounts for such a miniscule proportion of Euro GDP. That should tell us everything we need to know about how solid the system is.
And even if a deal is signed it will be meaningless, damaging and fraudulent.
Well, the Flemish part of Belgium goes through that kind of hell since many decades : they have to transfer over 8-16 billions of euro's EACH YEAR of their taxes to Wallonia and Brussels - both economic socialist graveyards. Those regions are worse off than Greece .... and there is no sign of improvement, the French speaking inhabitants of Belgium have the same latino-style approach as the Greeks - and the result is the same : debt, budget deficits, high taxes, dwindling industry, unemployment, in 1 word : Detroit.