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Tsipras' Letter To The Troika: Full Text
Follows the full text of a letter Greek PM Tsipras send to the Troika: Commission President Juncker, ECB's Draghi, and the IMF's Lagarde regarding the latest Greek deal proposal.
Dear President and Managing Director,
The attached proposal for a comprehensive and specific reform agenda by the Minister of Finance of Greece - aimed at complementing the request for a loan facility from the ESM of July 8 2015 - is conveyed to you following the Euro Summit decision of July 7 2015.
In this context, it will be assessed by the three institutions to be presented to the Euro Group. It constitutes the result of many months of formal and informal negotiations that the Greek government undertook with the institutions at all levels, aiming at reaching a program that will be economically viable and socially just.
With this proposal, the Greek people and the Greek government, confirm their commitment to, fulfilling reforms that will ensure Greece remains a member of the Eurozone, and ending the economic crisis. The Greek government is committed to fully implementing this reform agenda - starting with immediate actions - as well as to engaging constructively on the basis of this agenda, in the negotiations for the ESM Loan.
This reform agenda constitutes part of the wider effort of the Greek Government, towards reforming the Greek economy and public administration, through fighting corruption, clientilism and inefficiency, promoting social justice and creating a positive environment for sustainable economic growth. Thanking you for our cooperation,
Yours sincerely,
Alexis Tsipras
What is left unsaid: any debt haircut requests (recall just on Sunday night Tsipras requested a 30% debt haircut in line with the IMF's debt sustainability proposal), and any mention of the Greek referendum which Tsipras personally called two weeks ago to the day to reject precisely the proposal he is now presenting.
In that light it is probably not surprising that we get headlines such as this one:
- CDU'S FUCHS SAYS DOESN'T REALLY TRUST GREEK GOVERNMENT
He may as well be speaking for over 60% of the Greek population.
As for Greece being "fixed", while a deal may get done this weekend, one thing is certain - if and when the ECB hikes its ELA and lowers its collateral haircut to give Greek banks more breathing room, any and all freed up deposits will be promptly withdrawn within minutes by the local population which won't fall for the same trap twice, until Greek banks have zero deposits and the entire Greek banking system is one giant Eurosystem liability.
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in terms of doublecrossing ones population, this is pretty bad
triple crossed :D
we multi-crossed some folks...
Either Tsipras is buying time or that visit from Victoria Jewland is weighing heavy on his mind
ACROPOLIS NOW! When The Trojan Horse Meets Achilles’ Heel
I said it about 10 days ago that the whole fight between the Syriza and Troika is/was a farce!
The only trick they wanted was to have a new formula (i.e. it should not be the same as Cyprus where the second largest bank got bankrupted and closed) to take the money from the poor and give it to the rich. Because the rich can never lose!
This is exactly how this will eventually unfold in the next several weeks.....
Don't forget a revolution may dawn upon the powers that be, unless the Troika has already thought about it ....and the referendum was just a way to ease the pain for the sheeple and make them easily give 10% or maybe 20% of their wealth without making much noise.
... Evil brings men together.
~ Aristotle
MMMMmmmm...""voting""
I see it works about as well in Greece as it does in the US.
Obviously, Aristotle was a "conspiracy theorist".
LOL absolute classic, love the window too.
Think so? Look at what the Mulsim has done to America.
Maybe he's buying time for Greek depositors, a double double cross.
Wait, what was I thinking, he's a politician.
Scumbag.
Sucking and Rioting to commence....................in Greece
Sucking the Euro out of the banks and Rioting against the current Government
Turns out the Greece people are the "Marks" in the greatest con of the EURO €
Ya think? That's nothing compared to the whole team of people in the US that do that sort of thing on a daily basis. Collectively, it's known as Congress.
That "doublecrossed" population amounts to a Greek Occupy Wall Street movement, who wanted more and bigger government to protect from predatory corporations, not realizing that the government is prostituted to those same monied interests.
I offer that Tsipras may actually be courageous enough to spare his people a likely calamity. Besides, socialists must be parasitic to industrious taxpayers and Greece has a shortage of that demographic. Greece is toast without a host.
And he's gone .....
neeeeext
CDU'S FUCHS SAYS DOESN'T REALLY TRUST GREEK GOVERNMENT
He may as well be speaking for over 60% of the Greek population.
Tsipras turned out to be a sellout:
Greek government approves brutal austerity measures in proposal to EU
Greece’s Syriza-led government agreed to a massive new €13 billion (US$14.34 billion) package of austerity measures yesterday evening, less than a week after Sunday’s landslide “no” vote in a referendum on European Union (EU) austerity.
The proposal would be the deepest package of cuts since the EU austerity drive began in Greece in late 2009. It goes well beyond the proposed €8 to 9 billion in cuts initially demanded by the EU in talks with Syriza.
http://www.wsws.org/en/articles/2015/07/10/gree-j10.html
How come there are no articles about this in ZH?
Turkmenistan says Russia's Gazprom has not paid for any gas this year
"Since the beginning of 2015, OAO Gazprom has not paid for its debts to state concern Turkmengas for the shipped volumes of Turkmen natural gas," Turkmenistan's Oil and Gas Ministry said in a statement on its official website
"Russian company Gazprom has become insolvent on its natural gas purchase-and-sale contracts due to the continued global economic crisis and economic sanctions imposed by Western nations on Russia," the ministry's statement said.
Gazprom Cancels Italian Contractor’s Deal for Black Sea Pipeline
LONDON — The Italian oil field contractor Saipem said on Thursday that Gazprom, the Russian natural gas exporter, had canceled its 2.4 billion euro, or $2.6 billion, contract to build a pipeline under the Black Sea.
Nicholas Green, a senior research analyst at Sanford C. Bernstein in London, said that while the Turkish Stream project might still proceed, searching for a new contractor with the required pipe-laying ships would delay the project at least six months.
He also said that Gazprom’s treatment of Saipem probably had damaged the Russian company’s reputation with other contractors. “I would imagine that international contractors would definitely think twice” about working for Gazprom, he said.
Gazprom postpones gas pipeline expansion for Turkish Stream
The news about Gazprom’s decision to stop the expansion of the single system of gas pipelines for gas injection into the future Turkish Stream was announced by Member of the Management Board of Gazprom Sergey Prozorov in his letter addressed to the executives of the three daughter companies of the concern, Caspian Energy News (www.caspianenergy.net) reports with reference to RBK. It involves Gazprom invest, Gazprom centrremont and Gazprom komplektasiya companies. S. Prozorov asks their directors to stop (starting from July 1 until the reception of the special permission) investment projects on expansion of the system of Southern Corridor gas pipelines, which was required for linking the offshore and onshore sections of the South Stream. The South Stream was replaced by Turkish Stream last year. It was supposed that the Southern Corridor would be built for its needs (part of the route and the major parameters of both streams were the same – 4 lines of the pipelines with total capacity of 63 bcm per year).
For those who understand russian - here is more info:
https://youtu.be/4BOQR4AWmXs
Hey potato head .. don't you have some children at a cultural festival in Riga to spin this propaganda at ? :D
Ahhh and here comes my little pathetic putin regime puppies who are paid to be trolls but they lack the skills so al they do is make a little sounds and farts - nothing serious.
Well putin puppies!/ BARK! Bark you fools :D
ha ha ha
This is certainly significant news. The question that immediately comes to my mind is if this, being the case, how will it be weathered by the gov?
i'm italian, look at saipem performance on the italian stock market and guess who is doing really bad right now.. and to be fair i read a lot of article here on ZH about the cancellation of the south stream and it was always clear there was some damage to the russians but it has to be said that the collateral damage for EU partners is huge and comes in a already desperate situation for many industrial realities (closing or being sold for some pennies in 3.... 2.... 1....)
"creating a positive environment for sustainable economic growth"
AKA sell the kitchen sink to the banksters.
Coward + Traitor = Human Garbage
WE ARE NOT SPARTA!!!! Not even f'n close.
Tpsirpis is throwing his people a bone. Agree to austerity, release the capital controls, withdrawl what little money they have left and say FU to the EU
And then rinse and repeat.
Jellyfish.
... Tsipras ... sounds like ... Cheap-R-Us ...
This deal is as bad as the previous ones and will fail because it exceeds the means and energies of the Greek people. It is designed to keep the other PIGS in line and to keep the can going a little while longer.
In any case we know that every single prediction of the IMF and the other idiots has always fallen well short of the target.
Now we will have to witness the daily and ongoing destruction of human beings who will be sacrificed to appease the gods of the debt pyramid.
No doubt the Greeks carry their share of blame and responsibility for their predicament but there are limits to what international institutions should be able to do in the name of the Euro.
I'd like to see the 'attached proposal'.
I guess this is it :
http://www.wsj.com/public/resources/documents/GreekProposals070915.pdf
STILL, what difference does it make when Any deal is a deal you can't pay. Even if you take ALL the pensioners money it ain't enough.
the debt writeoff has been PROMISED to Syrza by France's Hollande and IMF PROVIDED it does not figure in the document. So goes the rumour about the "face saver" for Schauble, Mutti and Diesel-Bloom.
Also interest moratorium will also be a provision. So Although OFFICIALLY SYriza capitulates and EU is "face saved" what is left unsaid opens a door for Greece.
It's established that two things here are unsustainable going forward. 1. Greek national debt. 2. Greek spending and pensions. Both sides MUST yield in these areas. Refusal by either side to concede would be failure....no solution. Right now it does not appear either side is willing to negotiate in good faith. Maybe a coalition of under 20's from each side should sort this out. They're inheriting it.
The guy is a die hard commie. He will always put the needs of the government before the needs of his own people.
FOR FUCHS' SAKE
Greece does not have the funds to transition to anything new. Their choices are a crippling civil war or crippling austerity.
No new Drachma for the masses?
Syriza has committed suicide for Greece by buckling to more austerity.
The shitshow will be kicked down the road, and I firmly believe that exit from the Eurozone will eventually happen.
But nothing is certain yet of this "deal", the bailout has to be passed in many parliaments first.
Perhaps the Nationalism of Golden Dawn will better fulfill the will of the Hellenes than the Internationalism of Syriza.
There are really only two kinds of Socialism. One takes care of the common people and the other destroys them.
They should hang this loser from the highest tree. How dare he drags Greece through all this suffering, only to reverse course at the last minute and sell them down the river.
Europe will totally fall for it and be on the hook for billions more. They won't get paid back because they can't get paid back. This is actually comical.
May as well keep extracting as much as possible from them before they figure it out. Max out the credit card before filing bankruptcy.
Tsipras, don't you ever cross your masters again.
Someone in the EU must have pictures of Tsipras sucking Merkels cock, why else would he capitulate?
I think its been said already but costs of bailouts, etc don't mean shit at the end of the day. Allowing a country to leave the Eurozone would effectively be the end of the EU so that had to be avoided at all costs.
So after months of wrangling and useless bullshit, can = kicked!
Shit sandwich bite in 3...2..1
(7 seconds) https://www.youtube.com/watch?v=Db_qXKBle08
30 percent? Maybe that would of worked 5 years ago. Need more like 60 percent now similar to what the Germans got.
A different suggestion. Could Tsipras be calling the EU bluff here? As in, he knows that these proposals aren't going to fly anymore with Germany as they say the situation has deteriorated further. He can then turn around and say "well we bent over for you and you still didn't give us the deal, it's all on you now".
I will bet anything Victoria Nuland told Tsipras, "You leave the EU and we will KILL YOU!" as in assassinate... just as Nicholas Sarkozy told George Papandreou the same thing back in 2011 after he announced HIS referendum. (That one was actually to leave the Euro and go back to the drachma) Sarkozy told him at an already-planned EU leader's summit in France a few days after Papandreou had thrown up his hands and said, "Let the People Decide." that he would either cancel the proposed referendum or he would be killed. Not surprisingly, the referendum was cancelled.