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Greece Caves, Formally Requests ESM Bailout: Full Headline And Next Steps Summary
As we reported yesterday, following the latest European leaders summit, Greece was given until the end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of Europe's currency bloc and into economic ruin.
"The stark reality is that we have only five days left ... Until now I have avoided talking about deadlines, but tonight I have to say loud and clear that the final deadline ends this week," European Council President Donald Tusk told a news conference.
It did that moments ago when Greece officially submitted a request for a three-year loan facility from the European Stability Mechanism also promising to implement tax reform, and pension measures at the beginning of next week, which had been the biggest sticking point in negotiations for the past 5 months. And to think Syriza's main election promise was no more bailouts and the Greek people resoundly said not to just this over the weekend.
As Bloomberg reports, the loan will be used to meet Greece’s debt obligations, and to ensure financial system stability. Greece proposed immediate implementation of measures, including tax, pension reforms as early as next week. Govt to detail its proposals for specific reform agenda on July 9 at latest or tomorrow.
More details from the WSJ:
Greece formally requested a three-year bailout from the eurozone’s rescue fund Wednesday and pledged to start implementing some of the overhauls demanded by creditors by early next week, according to a copy of the request seen by The Wall Street Journal.
Crucially for Greece’s creditors, the letter says the government would start implementing some measures, including on taxation and pensions, by the beginning of next week, though it doesn’t go into details.
The letter is a first step toward fulfilling a demand by international creditors, who have given Athens until Sunday to come up with tougher measures they would impose in return for desperately needed financing that could keep the country from bankruptcy and even worse economic turmoil.
The full list of overhauls and budget cuts is what will determine whether the application for a new rescue program will be approved by the rest of the eurozone. The currency union’s leaders said Tuesday they would assess whether it makes sense to start formal negotiations on a bailout program at an emergency summit on Sunday.
In other words, and as expected, Greece has essentially capitulated to Troika demands which will come with far harsher terms and even more austerity, just to keep the myth that Greece is an "equal member" in the Eurozone, yet virtually all the proceeds will go back to repaying the ECB, the IMF and other official taxpayer-backed European creditors as well as the occasional private holdout creditor.
This is all happening as Tsipras is currently talking in the Euro parliament, where he is trying to strike a far more cooperative tone now the only Greek hope is that it is not too late for Europe to accept any offer Greece will propose, oblivious of the referendum.
Earlier he submited the following statement after the Eurozone summit.
Here are some of his speech highlights via Reuters:
Thank you for the invitation-& honor-to address the elected representatives of peoples of Europe.
The Greek people's brave choice in conditions of unprecedented pressure, does not mean a break w/Europe.
My country was used to experiment with austerity. The experiment, we must admit, failed.
The majority of Greek people feel that there is no other choice but to stop treading this road to nowhere.
Our proposal to the institutions includes: credible reforms based on a fair sharing of burdens.
It includes the adequate coverage of the country's financial needs.
It includes a strong investment program, primarily for combating unemployment and encouraging entrepreneurship.
It includes a commitment to begin a sincere discussion regarding a solution to problem of sustainability of Greece's public debt.
Our proposals for financing our obligations & restructuring our debt will not burden European taxpayers.
I'm not one of those politicians who claim that foreigners are to blame for all of Greece's woes.
Previous governments created clientelistic state, furthered corruption & strengthened ties to economic elite.
Our proposals focus on reforms that aim to change #Greece, reforms that the Memoranda purposely did not include.
Now, must reach a viable & honest compromise, one that will avoid a historical break & goes against EU tradition.
And I am sure that we're all aware of-& we'll all take into account-our historic responsibility. Thank you.
It is unclear if Tsipras has converted the Syriza hard cores to his camp just days aftter the critical Greek "Oxi" referendum passed on a landslide, but at least one MEP was convinced:
All of us, urgently, by Sunday, have to do what needs to be done, whatever it takes, as Mr. Draghi says, so we see the word Grexit wiped out of EU vocabulary for ever.
- Dimitrios Papadimoulis, MEP FROM TSIPRAS'S SYRIZA PARTY
But others were not easily fooled:
So if this piece de theatre continues I think we will be more and more confused about who and what we are trying to save. Are we trying to save the currency union, Greek society, the credibility of the government, the creditors, the reputation of Angela Merkel, or the infallibility of ever closer-union?
We certainly cannot save all of these. There will be some casualties.
- Ryszard Legutko, MEP FROM CONSERVATIVE GROUP ECR
In any event, the latest Greek crisis, if only for the time being, is likely about to close this weekend. Will the can be kicked for 3 years or will the Greek people confirm they have had enough and rebel from under Tsipras, we will hopefully find out shorly.
In the meantime, here is the recap of all the key Greek headlines and events in the past several hours from Reuters and Bloomberg...
- 1147 - German finance ministry spokesman rejects measures that reduce the current value of Greek debt such as debt reprofiling
- 1139 - European Banking Authority says remains vigilant but markets coping well so far with Greek uncertainty
- 1130 - Greece proposes to implement as early as next week tax and pension reform measures, letter shows
- 1125 - Greece requested a three-year loan from the European Stability Mechanism bailout fund but didn't specify volume of financing sought, a euro zone source tells Reuters
- 1125 - European Council President Donald Tusk says without unity on Greece we will in four days wake up in a different Europe
- 1122 - If Greece and its creditors don't agree by Sunday to start talks on third bailout, it will be necessary to think about other options, a spokesman for the German finance ministry says
- 1117 - Greek Prime Minister Alexis Tsipras tells EU Parliament he will come up with very specific proposals on Thursday
- 1015 - Technical experts will review Greece's request for an ESM loan on Wednesday but there will be no conference call among euro zone ministers, a spokesman says
- 0956 - Russia is not in a position to help solve the Greek debt crisis, and the EU should resolve it on its on, the chief executive of Russia's second largest bank VTB says
- 0947 - Greece lodges formal request for bailout loan with the euro zone's special support fund, a spokesman for the European Stability Mechanism says
- 0920 - European Central Bank Governing Council member Ewald Nowotny says hard to imagine that ECB council could increase emergency liquidity for Greece
- 0904 - Bank of Italy and ECB member Ignazio Visco says ECB will will do what it can to contain financial and economic consequences of Greek crisis.
- 0903 - Greece successfully rolls over T-bills to refinance a maturing six-month issue
- 0820 - Greek Prime Minister Alexis Tsipras tells European Parliament says will present details proposal to EU in next 2-3 days.
- 0812 - Greek Prime Minister Alexis Tsipras tells European Parliament the referendum gave him a mandate to find a socially just and economically sustainable solution to end the crisis.
- 0747 - EU Economics Commissioner Pierre Moscovici tells BBC radio an agreement between Greece and its euro zone partners is still possible.
JULY 7
- 2347 - Euro zone members give Greece until the end of the week to come up with a proposal for sweeping reforms in return for loans
- 2135 - Merkel says she hopes to have sufficient reform proposals from Greece this week to be able to ask the German parliament to approve negotiations on a new long-term aid programme for Athens. If the reform list was adequate and Greece took some prior actions to enact first measures, she says she is sure that short-term finance can be provided to help Athens over its immediate funding needs.
- 2030 - Austria's finance minister says Greece's request for financial aid from the European Stability Mechanism (ESM) is so far very vague.
- 2020 - Summit over; Italian Prime Minister Matteo Renzi says a final meeting on Greece, involving all 28 EU leaders, will take place on Sunday.
- 1932 - Greek banks could start to run out of cash over the next two days if creditors do not agree to a new aid deal, two sources familiar with the country's financial system say.
.... and here are the key catalysts in the coming days.
- July 8: Greece scheduled to submit request for a bailout agreement to the European Stability Mechanism
- Euro area finance ministers may hold a conference call to assess Greece’s request for a new program * European Central Bank Governing Council will review liquidity situation of Greek lenders
- Greek bank holiday, capital controls decree expires; government set to renew it
- July 9: Greece must submit its reform agenda, which will be assessed by the European Commission, the European Central Bank and the International Monetary Fund. Results will be given to the Eurogroup, which will hold another call to discuss the new proposals
- July 10: Greece needs to refinance EU2b in t-bills
- July 11: Euro-area finance ministers will meet in Brussels
- July 12: Euro-area and EU leaders will hold meetings to discuss the results of Greece’s expected comprehensive reform agenda
»
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Greece isn’t going anywhere.
Not to be insulting but Greece has a low IQ, if ya know what I mean.
Wrong! Greece is just playing the other European countries fears. They are asking for emergency aid and the Germans will denie it. That will show to the Greek population that their suffering is due to Europe inflexibility and lack of solidarity. The present Greek government wants to get out from Europe currency and its loanshark bankers, there is no alternative and they want the people to just get it and accept it. Finally Europe will be the loser, particularly Germany. Italy, Spain and others will follow and it will be good for everyone. They can still keep free trade and .... adopt the yuan as common currency (joke)
Wrong! Greece is just playing the other European countries fears. They are asking for emergency aid and the Germans will denie it. That will show to the Greek population that their suffering is due to Europe inflexibility and lack of solidarity. The present Greek government wants to get out from Europe currency and its loanshark bankers, there is no alternative and they want the people to just get it and accept it. Finally Europe will be the loser, particularly Germany. Italy, Spain and others will follow and it will be good for everyone. They can still keep free trade and .... adopt the yuan as common currency (joke)
Take a sip of coffee .... count to ten .... think of beautiful magicians .... hit save button once !
There is no evidence that Tsipras, or the people, want out of the EU. What they want is debt forgiveness and the security blanket of being part of something bigger. Otherwise Drachma would be distributed to the banks already. The economy is terminal with severe hardships to come regardless of the decision to be IN or OUT of the euro. The difference is if they are out, then they get debt forgiveness through default and a clean slate, if they are in then they are a permanent banana, er, I mean olive, republic. To the people of Greece I say take the humanitarian aid discussed by Germany and give the EU the finger.
As to who will be the losers, it's always the citizen, never the state, haven't people figured that out yet? If times are going to be hard no matter what then why not be independent and at least try for something better?
The banks are still closed. But, people report scattered stores and restaraunts are now posting prices in Drachmas....
so you would rather that the Bankers win? The Bankers ARE the state
UNFUCKINGBELIEVABLE
MY SOURCES SAY THAT TSIPRAS IS FOLLOWING ADVICE (OR ORDERS) FROM THE GREAT CAPITULATOR HIMSELF..., BARACK OBAMA.
Obama threatened to drone him and his family, right before the color-coded "riots" start.
Well, if anyone knows how to bend over it's Barack. But he does know how to give as well as he gets. Even a reach around for his special friends.
Now there's a big, fat Greek pussy for you.
There are some new Swiss bank accounts with Tsipras' name on them, with a number followed by plenty of zeroes as the balance. There will be a three year bailout plan with austerity that Tsipras will lock the Greeks into, but he will resign or call new elections after the Greeks protest en masse. Tsipras won't care - he will be part of the 1%.
Typical, the Greek voters showed the courage of their convictions in the referendum vote, then the political leadership sells them out. Not so different from the recent referendum votes in Scotland (seriously, a +10% change in polling just days before the vote or digital cookery of the results?) and Switzerland - just plain BS hysteria, except the Greeks had the guts to take a stand. Will there be a terrorist event in Athens in the coming days, just to reinforce the globalist political agenda in case the people are somehow confused about what to believe?
My sense of participating in democracy lasts until about 5 minutes after the vote results are announced, then apparently everything changes and there are new priorities for the elected leaders.
Politicians win office by telling people what they want to hear, not what is real. There is no other way out for Greeks. Reality rules.
When you broke, you broke.
Banksters be lovin Merkel. Consigliere to the mob.
Greeks are being made an example of due to their poor choice in ideologies.
Left wing politics must be purged from the EU.
That would be the entire EU, Greece is just the worst offender.
Tsipras (syrup ass) .... now, you will never forget it !
hell comes to breakfast quicker than we all imagined
Yanis..he is out for a reason..dark reason: so banksters insert technocrat and the game of debt goes on.
light reason: others more antibankster anti odious debt get to clean the plate
obvious reason: hell is coming to breakfast and he will be out of the country let others take the blame.
https://www.youtube.com/watch?v=ZX56rbqZhto
"A pale horse came to breakfast, and hell rode with him".
Look for a new and improved version of the Greek Riot Dog... this won't end well.
"credible reforms based on a fair sharing of" (TAX)
"burdens."
BRING BACK the Greek elites' non-taxed $$ secretly stashed in Switzerland...NOW!!!!!
After 72 hours of freedom,the Greeks decided that "3 hots and a cot",inside the Eurozone penal colony,wasn't so bad,afterall..
Voting. Hahahahahahahaha.
Seriously.
If you don't control your money supply, you don't control anything.
Breaking news, John Boehner is crying.
"It's only in the movies that the people win, in real life banksters win, always."
Sorry, Sendoku, but there is a very subtle way to derail any dissidence, and it's by pretending one is sad about a bad situation while hinting it can't change. Braying TINA with crocodile tears in your eyes is braying TINA nevertheless. Sheer trolling.
If you were right, if bad things could never be changed, we'd still be living in caves.
The whole of human evolution is one big revolution.
On to the next one! Tally-ho!
Maybe in the middle ages, but certainly not anymore. People have shown over and over that they simple can't change anything.
The corrupt people ,the system has grown too big to fail.
Thats just the way it is.
Even those springs where the people think they are fighting for the cause end up being the victim of a political agenda behind the scenes.
This is new boss same as the old boss.
Who is this TINA chick?
There
Is
No
Alternative
/guessing
duplicate
Cliffnotes version...
Varoufakis was told that he had 24hrs to leave Athens otherwise he and his family would be skydiving without a parachute at 20,000 ft over Santorini!...
The rest is too predictable from the EU/NATO gang... Tsakalatos is the guy who "also doesn't like ties and loves motor bikes" that unfortunately unlike Varoufakis has a 15 in Goldman Sachs dick up his ass and is only too happy to drop the soap in the shower when Draghi and friends "need a workout"!
What comes next if they are not compliant?...
Looks like a job for Larry Silverstein, Langley and the Mossad to preserve the "Union"!!!
NIGEL FARAGE WAS SO FUCKING RIGHT.
I MEAN <<CORRECT>>
C'mon, we can give that can one more kick... whats a little 25% VAT and pension cuts between socialists, why not toss in an 85% income tax also. Alls well, I'm sure this conflicted population will agree.
Well said. All is well. Gold at 800. Gimme a break.
First Cyprus, now Greece. The template has been laid down and the dry run has been executed...the banksters are coming for the biggest prize that hasn't been stolen yet, pensions.
Mutual funds, 401K's, IRA's and pensions... The Last Cash Grab.
Don't say you weren't warned, take your fiat cash and start, add and keep on stacking bitchez!
"In other words, and as expected, Greece has essentially capitulated to Troika demands which will come with far harsher terms and even more austerity, just to keep the myth that Greece is an "equal member" in the Eurozone, yet virtually all the proceeds will go back to repaying the ECB, the IMF and other official taxpayer-backed European creditors as well as the occasional private holdout creditor."
WELL CRY ME A RIVER.
Let's just fisk that bullshit:
"far harsher terms and even more austerity"
Far harsher than when Greece was threatening to flood Europe with Middle Eastern terrorists.
"the myth that Greece is an "equal member" in the Eurozone"
SPARE US THE VICTIM-and-PITY FEST: Every nation IS an equal member, it's just that some carry their responsibilities and others don't.
"yet virtually all the proceeds will go back to repaying the ECB, the IMF and other official taxpayer-backed European creditors as well as the occasional private holdout creditor."
GEE...what an "UNFAAAAAIR" thing: that people who lent the money should get it back.
*rolls eyes*
GEE...what an "UNFAAAAAIR" thing: that people who lent the money should get it back.
---------------
*rolls eyes* moron, how much REAL COLLATERAL backed all those fake invented ones and zeroes Greece was "lent"
let us know when you're done punching yourself in the face
Well played Alexis and Yanis.
This is a pragmatic sensible dialogue.
I just hope the ECB can see the wisdom in a major debt haircut.
Here is a party with a popular mandate meeting you halfway.
If you accept to shake this hand, everybody wins.
Make it worth our European while.
Never ending bs.
Tsipras is the definition of a traitor, the man is simply a coward of the highest order. A 3 year bailout and then what? Delay and pray? Extend and pretend? The country is bankrupt! The Greek banks are insolvent! 98.5% of politicians by nature choose the easy option and the bastard called Tsipras, is no different. I had such high hopes and thought Tsipras was at the very least principled, but alas I am f**king disappointed in the political classes yet again, further explaining the decision of Yannis Varoufakis to resign. The Greek people should hold a referendum to change her name from Greece to Procrastinate. Greece will now be fully deserving of the forthcoming rectal damage, to be inflicted by the Troika. Greece had a chance to save herself, but decided to bend over instead. F**k them. Banksters 5 - Greece 0.
Duck and Cover? Stop, drop and roll? Bend over and kiss your ass goodbye?
Let me get this straight. You have a country that doesn't have a currency, and just borrows to pay its bills, and pensioners. Then at this monment you realize its not a country; its a vassal.
Now you have this same Vassal, that now can't meet its obligation from its sweat, from its own brow. Then you have the money printers; printing just to keep an illusion going.
You loan money to someone who can't pay, then expect them to pay, but they really cant pay. This all works out for the good because of what?
Conclusion: The leaders of the Vassal Membership Slave block, also know as the EU aren't really visionaries. They are detorted retread converts from the days of Baal. They have neither the will, or consent of the govern; thus they will ultimately fail. The mission of the vassal states should be simple. Start there own currency, or keep your currency. At least till the will of the govern approves other wise.
interestingly, "being a vassal" was something... neutral, without any negative connotations, for most of Europe's history
another term for "the vassals of the King" or "the vassals of the Emperor" was... the nobility
some of the Baltic Nations used to be vassals of Sweden, which used to be vassal of Denmark. Scotland was seen as vassal of England, even though actually it was a Scottish King that succeded Queen Elizabeth I
were the Eastern European countries vassals of Russia during the Warsaw Pact? or dominions? or just allies? Finland used to be a Russia, as in "The Tsar of All Russias"
did you miss the "loan money to someone who cant pay"
"knowing they cant pay"
and
"taking out an insurance policy against their all but certain default"
wtf? if I took out an insurance policy on my house and burned it down to try and collect, you know damned well they'd have forensics there to prove that I left all the gas valves open and a lit candle in the other room! and I would go to jail, not collecting my UNearned "insurance payout"
get real, ghordo
Well, so much for "Game Theory".
Incidentally, I looked up the definition of "austerity" - apparently, one of the less used meaings is: "living within ones' means". Huh. They may want to try that for a change.
But don't worry guys, I still want the bankers to hang.
Makes you wonder if he received any notes mentioning nail guns or high buildings can be used to transform potential energy into kinetic energy.
"He [Tsipras] was also strongly critical of Greece's failings as a society, citing a history of clientelism, corruption, chronic tax evasion that had "run riot", inequality and "the nexus of political and economic power." As reported in an Athens newspaper.
He said this in front of the EU? Nothing like a head of state trashing his own country in front of foreign officials.
Are you implying that what he said is untrue?
Gee, kinda like obozo.
to be fair there was a rifle pointed at him, a bullet to the brain, waiting, if he doesnt "shape up"
I dont understand why is everybody so surprised, did you guys actually expected something else? Of course it was all farce, I was telling you for weeks now. So here is what comes now:
- more bailouts
- more strikes in Greece
- business as usual
Buy eur/usd here and more at ~0.8-0.7 for long term investment, or start picking bottoms with a tight SL.
Again, why the drama?
What are they covering up?
Is this about smashing hope?
I feel kind of like the old guy sitting at the bottom of the Exxon Valdez in Waterworld.
When the oil starts to burn he says "Oh thank god".
Tsipras had better be careful or we'll see his head on a pike in front of the Acropolis.
This seems like capitulation at face value, but we don't know the details yet.
The debt overhang will worsen if any deal with further austerity is struck, and the Greek people will be disappointed. Better exit now, the Germans won't give up with the bad medicine otherwise. They seem to have forgotten that they were spared the debt in 1953 after almost destroying Europe.
Western propaganda. No deal from Greece has been submitted. Get the "facts" straight. Its all bs.
+1 "No deal from Greece has been submitted" yet. I was waiting for someone to point it out
to the very last one, politicians are whores and filthy scum. Greece will destroy the life of every old person and those that built the country. sad as it sounds, the last pol to stand his ground for their people was Mugawbe. Obama would let every last one of us take it up the ass if his daughter could get a job. they all need to be exposed and punished
oh jeez there is going to be pink mist come election time which will probably be sooner rather than later.
Tsipras is a piece of shit. He is a tripple agent. He just totally fucked anyone under 50 in his country.
Now the pensioners can continue eating up their young. Except in this case the analogy is the move "The Road" in which the very bad men lock up people in the basement, hack off a leg or arm when they need to eat, suture up their "long pig" and throw the guy back into the hole until the next meal time.
Short of a revolution/civil war, I think the Greek Long Pigs will be locked up in the celler of the EU woodshed for at least another 3 years.
I thought the end was nigh again? Dominos, apocalypse etc etc
Knew it would be a snore.
Way to stand-up and bend-over... Keep kicking the can until that sumbitch is dust!
When you get "visited", idealism and principle go out the window when you family's lives are at risk. I'm guessing Greece's bankers were tired of this dragging on and Tsipras was "visited".
Tsipras was black bagged, and taken to the REAL rulers.
Then, MIB brain wipe, and told instructions.
putin regime: Ukraine shot down the plane MH17, and that is why Russia is the only country in the world that opposes the UN tribunal.
... makes sense....
Russia rejects calls for MH17 tribunalcan also be named "Russia rejects foregone conclusion of kangaroo court that has zero evidence against them"
"Russia rejects calls for MH17 tribunal"
The 2nd half of the sentence reads: "arguing that the investigation into the incident has not been completed."
So much for fucking democracy, the politicians' employers, the people, have spoken last week and they are ignored.
Greece, don't bother paying taxes or listening to .gov. The government in Brussels can deal with this as the big banks. Live your lives and don't pay any of them no mind.
Passive resistance is the best way to deal with the scum.
Mr Tsipras: you're going to want to beef up security as you've just betrayed the 61% of your countrymen who voted no. they will be looking for answers....and blood.
dont overlook the probability that the ECB told him his wife, kids and dog would be shot...
” the inherent virtue of socialism is the equal sharing of misery”
Churchill
Mr. Tsipras, say it with dead flowers
Goldman: 1
Sovereign nations: 0
Forget about Greece and start worrying about China!
Only in the last 3 weeks, the Shanghai Stock Exchange lost the equivalent of 10 Greek debts: http://www.atlanticperspective.com/home/the-chinese-stock-market-crash-is-10-times-bigger-than-greek-public-debt
Geat, they're going print up some more fresh money and loan it to greece and hope it doesn't go stale before they get it.
The can will be kicked....believe it. Any fantasies about a "heroic" Greece fighting the man is laughable. The NO vote was cause they want MORE free shit with no strings attached. German taxpayers and savers should bend over and get ready for it, cause it's coming in hard.
As predicted after the Ambrose E-P piece yesterday afternoon. They set the stage for a deal with Greek contrition. The Germany will hard line it publicly and quietly concede relief quietly.
Damn good thing they had a referendum. What the hell does that even mean anyway?
It means people are told that their vote means something when really it doesn't.
Any more questions?
I think we've all seen this porno before.....
Tsipras gets down on his knees, holds Merkel's pudgy little penis between his thumb and index finger, closes his eyes and makes a perfect O shape with his mouth, then sucks feverishly with this song playing in the background.
https://www.youtube.com/watch?v=QhW3P7_jvWY
Disgusting, the EVIL psychopathic banksters at the EU are blackmailing the Greek people
This is the worst play I've ever seen.
So the referendum was a fraud, huh?
It's official 50% of Zero Hedgers think it's all a bluff and 50% think Greece is leaving the EU. Bottom line: It's all speculation until rumor becomes fact.
Buy the rumor, sell the fact. Only people close to Tsipras know what is going on and I don't think they will be speaking to Zero Hedge or other investing outlets.
Market technials look weak. Market needs to bounce soon or we will be soon be in a correction and I have my doubts if the Western markets cannot correct without full blown contagion thanks to too much risk in the form of derivatives exposure (banks didn't learn a damn thing from 2008).
I think everybody is winging it.
The banks learned plenty.
Full retard will get bailed out.
Again. And again...
We got 'laws' for that now.
Now you know why a prison riot usually never fixes prisons.
Final, triple cereal, deadline this week. We mean it this time, Buster.
I wonder if nsa/cia are sharing intel w/merkel, lagarde, etc? (I initially started to ask if they were spying on the greeks but quickly realized the absurdity of that). does the troika effectively have a tap on tsipras, etc?
I also wonder if they're sharing it (and/or intel on chinese market interventions) w/favored firms (goldman, jpm, etc)?
There have been several Tsipras caves moments in the last month or so. I think he is just putting up and offer that he knows will be rejected to avoid the blame of choosing to leave the Euro. He knows they will not accept the offer.
From Grexit to Grovelling. Not pretty.
Repentance often involves a bit of kneeling, blushing, tears, self-loathing, begging hand-wringing, promises, some other stuff.
By tomorrow evening he'll be back to coke and hookers ... with sanctioned indulgences.
Tsipras can go to hell! I thought for sure he was going to be the banking dragon slayer, but, now, I know he is working for the EU. Fuck 'em all!
He had a Road to Damascus moment, the wholly Profit appeared and said, "Tsipras, why doest thou persecute me? It is hard for thee to kick against the pricks." Whereupon he fell to the ground weeping and did rend his garments, and repenteth, saying, "I believeth in thy wholly profit", and the redeemable asset descended and alighted on him, and he became Saint Tsipras.
Hey, it happens.
3rd bail-out a waste of time. Referendum a waste of time. Greek democracy a waste of time. Syriza a waste of time. Tsipras a waste of time.
He has achieved nothing. He has done more damage by allowing the EU to deliver a harsh example to Italy, Spain, Portugal, Ireland & France. This will not speed up the time it takes to destroy the Euro.
Who's next in Greece? New Dawn?
So...The entire economic situation must be alot worse than anyone is letting on.
This is the reason Tsipras continues to have this stupid smile on his face.
He has seen what is in the glowing briefcase, and it has driven him mad.
Hence the term non-binding referendum.
Stupidest shit I ever saw,,,, the greeks will be back in a year or so going through the same shit.
What is it with these morons? They get elected by saying their going to do this or that then, once elected, morph into the irresponsible parasite like the rest.
Not my country so I have no dog in the fight BUT it seems the same everywhere. Here in the ufsa,,, look at the jerks their 'allowing' us to choose from. Stale bread. This isn't democracy,,, it's demockery!
The choice is always between a giant douche, and a shit sandwich.
"If you like your Oxi
You can keep your Oxi..."