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Here Are The Three Options Being Discussed In Brussels

Tyler Durden's picture




 

With the ATMs literally running out of cash in Greece after PM Alexis Tsipras announced a referendum in a dramatic, early morning televised address to the nation, EU finance ministers are meeting in Brussels today to determine what the next steps are now that Athens has effectively given creditors an ultimatum. 

According to MNI, three options are being discussed at the Eurogroup emergency session. 

The first involves effectively hitting the "reset" button, withdrawing all existing proposals, and extending the deadline for the end of the second program although without providing for more liquidity.

Alternatively, the EU may decide to stick to a proposal tabled on June 1, which represented a compromise on fiscal targets but preserved creditors' "red lines" on pensions and the VAT.

Finally, the EU may decide to present Yanis Varoufakis with a take-it-or-leave-it proposal that contains VAT compromises and special considerations for Greek islands which are critical to the country's tourism industry. Varoufakis would then need to call Alexis Tsipras and attempt to secure a hasty agreement.

(Finnish Finance Minister Alexander Stubb talks to Yanis Varoufakis on Saturday)

We'll get more color later today once the emergency meeting breaks up. For now, we'll leave you with the following from MNI (citing sources close to the negotiations): 

Another Eurogroup source said that the Ministers are preparing for all possible scenarios but the "spin" of the situation is to put the blame to the Greek government for backing down while knowing that a new compromise proposal was about to be presented during the Eurogroup meeting.

Meanwhile, at the ATMs:

 

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Sat, 06/27/2015 - 10:29 | 6241091 Pool Shark
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Option 4: Hire more caterers.

 

Sat, 06/27/2015 - 10:31 | 6241103 CaptainAmerika
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It is difficult to free fools from the chains they revere  http://www.philiacband.com/propaganda.html

Sat, 06/27/2015 - 10:35 | 6241117 PrayingMantis
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option 1: Grexit

option 2: Russia

option 3: all of the above

Sat, 06/27/2015 - 10:38 | 6241125 Save_America1st
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I like how the ATM-bot was programmed to state that it can no longer dispense "money".

 

hahahaha...oh, the irony.

Got phyzz???? ;-)

Sat, 06/27/2015 - 10:44 | 6241148 Antifaschistische
Antifaschistische's picture

I'm begging Greek TV to cut to TSIPRAS playing a round of golf while the EU meets in their emergency sessions (in sweating desperation trying to figure out how to continue the liquidation of Greece)

Sat, 06/27/2015 - 11:33 | 6241313 Bumpo
Bumpo's picture

Greece has its own problems to worry about now, and its not pretty. But at some point the EU will be faced with passing along Greece's debt to the other EU members. Once those bills show up in the mail, or even discussion of sending those bills out in the mail, will trigger EU hell like a card game that just had its table turned over.

Sat, 06/27/2015 - 13:35 | 6241739 basho
basho's picture

good point.

Sat, 06/27/2015 - 10:45 | 6241149 Save_America1st
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They need to go with Russia all the way.  Russia will treat them very well.  Not like the blood-sucking vampire scum of the EU or even our own treasonous U.S. gov-scum sociopaths.  Russia will make an example out of Greece on how well they will be treated and they will also protect them very well due to that gas pipeline, sea ports access, etc.

Quite frankly, I don't see how Greece can lose by going with Russia at this point.  I hope they do so that they can show the way for other countries to exit the NWO-EU-U.S.CORP tyrannical empire.

Sat, 06/27/2015 - 11:11 | 6241265 shovelhead
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So you think Russia is in the free lunch business?

Sat, 06/27/2015 - 11:48 | 6241383 Farmer Joe in B...
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They may be willing to take some losses on Greece to improve their image in the eyes of the world. The gas line into Europe and starting the collapse of the Euro is just icing on the cake. 

Very likely money well spent...

Sat, 06/27/2015 - 12:43 | 6241595 ThroxxOfVron
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"So you think Russia is in the free lunch business? "

 

Ignorance?

While Ukraine was playing by their rules Russia provided fuel to Ukraine at what might have been the most generously subsidized/below-market prices in the entirety of Europe/Eurasia.  

IMHO, what agreements or concessions nations such as the UK or DM would agree to in order to be granted that kind of sustained fuel subsidization is highly debatable...

Sat, 06/27/2015 - 11:20 | 6241294 eforce
eforce's picture

Russia will just enable their addiction to debt/socialism.

The EU is trying to force them to go cold turkey.

Sat, 06/27/2015 - 13:38 | 6241746 basho
basho's picture

ridiculous.

suggest you study up on the situation instead of showing your ignorance

Sat, 06/27/2015 - 10:31 | 6241107 invisible touch
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5) sod off

Sat, 06/27/2015 - 11:11 | 6241266 Fun Facts
Fun Facts's picture

Option 5:

Crash the new Greek government in a plane, just like they did to the old non compliant Polish government.

Then get a new stack of Greek puppet government players who play ZWO ball.

Sat, 06/27/2015 - 13:40 | 6241748 basho
basho's picture

i would guess only the poles would put the entire gubment on one plane along with a case of vodka.

it's genetical.

Sat, 06/27/2015 - 10:33 | 6241112 Monetas
Monetas's picture

Troika means three options :  1. Ramirez .... political cartoons 2. Banzai .... cut and paste 3. Monedas .... word smith

Sat, 06/27/2015 - 10:47 | 6241161 Rock On Roger
Rock On Roger's picture

Monetas is not the the artist he thinks he is.

Are you going to edit your mistake or leave it stand?

Sat, 06/27/2015 - 10:57 | 6241197 Monetas
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Monedas is my nom du guer or nom du plume or it's my most frequently banned name ! LOL

Sat, 06/27/2015 - 11:05 | 6241239 Rock On Roger
Rock On Roger's picture

I see, OK then, carry-on.

Sat, 06/27/2015 - 11:05 | 6241241 Pliskin
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Moany Ass.

Sat, 06/27/2015 - 13:41 | 6241757 basho
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"3. Monedas .... word smith"

wordsmith?

more like a wannabe comedian. lmao

Sat, 06/27/2015 - 10:34 | 6241115 Nutflush60
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SCOTUS  about to intervene, an order all debt forgiven with euro membership retained. Greeks have a right to live a dignified life, and all who oppose are homophobic racists on the wrong side of history.

Sat, 06/27/2015 - 10:52 | 6241182 nmewn
nmewn's picture

"SCOTUS about to intervene..."

lol...no doubt.

So what is the peoples recourse when the Chief Justice of SCOTUS clearly either has mental issues or is hopelessly personally compromised by someone or something?

"But this Court is not a legislature."-Roberts, on ghey marriage.

"Congress passed the Affordable Care Act to improve health insurance markets, not to destroy them,"- Roberts on explaining that Congress' wording of "state exchanges" doesn't actually say or mean state exchanges.

Sat, 06/27/2015 - 11:55 | 6241410 DonutBoy
DonutBoy's picture

You are so right, it is indecipherable.  Does the SCOTUS write laws or not?  How is it that their job became divining the purpose of laws in direct conflict with the words?  I too wonder if Roberts is personally compromised.

But let's not forget the sleazy weasel that is congress.  They could have passed a law any time since this made the SCOTUS docket that said "BY STATES WE MEAN STATES".  They lack the cohones to actually decide the issue.  Indeed they could do this Monday and by doing so return law-making to the legislative branch of government - but of course that would mean owning the consequences and weasels don't do that. 

Sat, 06/27/2015 - 19:59 | 6242846 Bazza McKenzie
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While not disagreeing with your assessment of congress as being sleazy weasels, for a law to be enacted it also has to be signed off by the president.  That means any clarifying law saying "states means just states" would have to be agreed by Obama, of which there is no chance.

Sat, 06/27/2015 - 11:58 | 6241419 Singelguy
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It makes you wonder what dirt the NSA and the CIA have on Roberts. It seems like the message conveyed was , vote our way or we will expose and humiliate you!

Sat, 06/27/2015 - 12:45 | 6241603 ThroxxOfVron
ThroxxOfVron's picture

Legislature and Court = same team, different jerseys.

Or, maybe a better analogy is: the umpires are actually on the teams, and there is really only one team...

Sat, 06/27/2015 - 10:36 | 6241124 Peter Pan
Peter Pan's picture

It matters not what Greeks vote for.

What really matters is whether they can really deal with the reality of their situation.

Sat, 06/27/2015 - 10:40 | 6241130 AustrianJim
AustrianJim's picture

Sorry, I was taking a nap. Is there some problem in Greece?

Sat, 06/27/2015 - 10:42 | 6241140 Peter Pan
Peter Pan's picture

No problem. Just problems.

Sat, 06/27/2015 - 11:00 | 6241216 Pliskin
Pliskin's picture

Nah...go back to sleep Jim, we'll wake you up in a couple of years for an update.

Sat, 06/27/2015 - 10:42 | 6241141 Amish Hacker
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Really, there have been only two options all along: extend and pretend. They appear to have run out of extend, but there's still plenty of pretend left.

Sat, 06/27/2015 - 10:44 | 6241147 MILESCFA
MILESCFA's picture

There really is just one option... to "extend and pretend" or not to. And the reason is fairly simple, to wit: everyone is talking about "Greek debt" but it really is "Greek debt aka EU bank and govt assets". When the EU bails out Greece, it is not bailing out Greece, it is bailing out banks and govts in the EU. The same principle applies to the Fed in the US. The solution will only come when the market and/or the people force these institutions to act. I understand the German people are getting fairly tired of the whole situation, so something MIGHT be in the offing, but I would not bet on it, after all....

 

Everyone is looking for a solution, but the US has known about Social Security (et.al.) insolvency for, what, at least 20 yrs? Has anything been done; not really, just a few tweaks here and there to push the deadline back.

 

"extend and pretend", "extend and pretend", "extend and pretend".... say it 3 times and you might believe it.

 

 

Sat, 06/27/2015 - 12:18 | 6241513 Troy Ounce
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There really is just one option... to "extend and pretend" or not to.

 

True

Sat, 06/27/2015 - 14:28 | 6241877 flapdoodle
flapdoodle's picture

The old "lets not and say we did" strategy... after all - the "loans" to Greece are paid directly to EU creditor banks and narry a sou goes to the Greeks themselves... the ECB can easily print up what's missing.

Sat, 06/27/2015 - 10:46 | 6241156 OneTinTrooper
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Monetize, enrich, and evaporate

Sat, 06/27/2015 - 11:00 | 6241214 cwsuisse
cwsuisse's picture

Neither of the three options looks realistic.

Sat, 06/27/2015 - 11:03 | 6241226 Freddie
Freddie's picture

Interesting photo with the Finnish finance minister.  I wonder what was said.  

The Finns had been talked about as a lynchpin to possibly sinking the EU.  Finnish voters were tired of financing the lazy greeks but it is really sending money to the banksters.  The Finns were seen as possibly leaving the EU or euro but like the Mafia or really the See Eye Aye - no one leaves.

More recently, Finland was getting all NeoCon towards Russia.  They fought a horrible war with the USSR but Putin and Russia have not made any moves towards Finland.  Just the typical Baltic ziocon Soros stooge whining.

Sat, 06/27/2015 - 11:20 | 6241292 RealityCheque
RealityCheque's picture

Poor dears, that better be a catered meeting. With the usual hookers, rent boys and blow. Because at this rate they'll be working until past 5pm!

Wake me up when community theatre is over and the pre-determined, long planned and known by all parties result is "given" to the serfs, sorry, "people".

Sat, 06/27/2015 - 11:42 | 6241355 B2u
B2u's picture

I know....the three options being discussed are fish, chicken or vegetarian....for lunch...

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