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Deal Struck Following Total Capitulation By Tsipras: Market Awaits Greek Reaction To Draconian Deal Terms
Last night, when we concluded our overnight summary state of affairs we said that "we expect some resolution around first light this morning, and while another Greek can kicking and some last-moment "hope" is surely in the cards, we know two things: Greece is officially finished - there is no way the Tsipras or any other government can politically recover after such a humiliating spectacle when half of Europe made a mockery of the Greek people; and perhaps better, we finally have seen the true face of Europe: visible only when things are finally falling apart."
Sure enough, just around 9am CET, after a 17-hour mammoth all-night session, Greece did manage to cobble together a "deal" if one may call this latest embarrassing can-kicking that, which was nothing short of total capitulation by Tsipras: a prime minister who 8 days ago was victorious cheering the passage of a referendum that rejected a far less draconian deal.
As part of the deal, Greece "surrendered to European demands for immediate action to qualify for up to 86 billion euros ($95 billion) of aid Greece needs to stay in the euro" as Bloomberg politely put it.
We would put it as follows: Greece agreed, at the cost of ceding its sovereignty to Europe, to allow the Troika to repay itself. Even Greek prime minister Tsipras admitted as much saying "Greece will fight to return to growth and to reclaim its lost sovereignty." He started the "fight" by being brave enough to put up a smile for the reporters.

Worse, there is no actual deal term sheet on the table: while the summit agreement averted a worst-case outcome for Greece, it only established the basis for negotiations on an aid package, which would also include €25 billion euros to recapitalize its weakened financial system, money which would come from Greek asset sales.
The politicians were greatly relieved, perhaps most of all to be finally able to go to bed. Here is the statement by Euro president Donald Tusk:
Good morning. Today, we had only one objective: to reach an agreement. After 17 hours of negotiations, we have finally reached it. One can say that we have 'agreekment'. Leaders have agreed in principle that they are ready to start negotiations on an ESM programme, which in other words means continued support for Greece.
There are strict conditions to be met. The approval of several national parliaments, including the Greek parliament, is now needed for negotiations on an ESM programme to formally begin.
Nevertheless, the decision gives Greece a chance to get back on track with the support of European partners. It also avoids the social, economic and political consequences that a negative outcome would have brought. I welcome the progress and the constructive position of Greece that helps to bring back trust among euro zone partners.
Following national procedures, the Eurogroup will work with the Institutions to swiftly take forward the negotiations. Finance ministers will also as a matter of urgency discuss how to help Greece meet her financial needs in the short term, so-called bridge-financing.
I would like to thank the President of the Commission Jean-Claude Juncker and the Eurogroup President Jeroen Dijsselbloem for their dedication and involvement in this progress. Without your work, today's agreement wouldn't be possible. Thank you.
One wonders just how effective leaders of a multi-trillion political and monetary block are at cobbling together deals at 4 am in the morning, when the biggest motivators is just to get a deal signed.
The terms of the deal are largely as had been agreed upon by the finance ministers previously, and contain numerous draconian clauses which make the much-hated "memorandum" from the second bailout tame in comparison. Furthermore, Greece also capitulated on the IMF remaining as a key part of the deal, as well as the formation of a €50 billion "escrow" fund which would receive proceeds from the liquidation of Greece assets, and where the first €25 billion of capital would be used to bailout the insolvent Greek banking system.
According to Reuters, "Tsipras finally accepted a compromise on German-led demands for the sequestration of Greek state assets worth 50 billion euros - including recapitalized banks - in a trust fund beyond government reach, to be sold off primarily to pay down debt. In a gesture to Greece, some 12.5 billion euros of the proceeds would go to investment in Greece, Merkel said. The Greek leader had to drop his resistance to a full role for the International Monetary Fund in a proposed 86 billion euro bailout, which Merkel has declared essential to win parliamentary backing in Berlin."
Perhaps the toughest condition for Tsipras to swallow was Germany's insistence that Greek state assets worth up to 50 billion euros be placed in a trust fund beyond government reach to be sold off with proceeds going directly to pay down debt.
Berlin initially wanted to use a structure in Luxembourg managed by its own national development bank, KfW, but diplomats said it was flexible on the location.
One diplomat said that was tantamount to turning Greece into a "German protectorate", stripping it of more sovereignty.
But Merkel declared the matter a "red line" for Germany.
Bloomberg adds that "the agreement shifts the spotlight to the parliament in Athens, where lawmakers from Tsipras’s Syriza party mutinied when he sought their endorsement two days ago for spending cuts, pensions savings and tax increases. They have until Wednesday to pass into law key creditor demands, including streamling value-added taxes, broadening the tax base to increase revenue and curbing pension costs."
The agreement cobbled together in the last minute "was billed as its last chance to stay in the euro... with Greece running out of money and its banks shut the past two weeks."
The hope is that now that Greece may have a deal in place, the ECB will open up some ELA taps and allow Greeks to withdraw some more of their €120 billion or so of hijacked deposits. Assuming, of course, the Greek parliament passes the deal.
The politician comments were split as per the pre-bailout posture with many of the northern European nations less than thrilled:
First it was Merkel who said thatt "trust has to be rebuilt, the Greek authorities have to take on responsibility for what they agreed to politically here. It reflects the basic principles which we’ve followed in rescuing the euro. It now hinges on step-by-step implementation of what we agreed tonight."
Then it was Dutch Prime Minister Mark Rutte's turn to talk to reporters saying that "only after the Greek parliament agrees
with all the measures that have been decided this week, is there a base to reopen negotiations for the ESM program, which could take weeks. The Greek proposals of two days ago were insufficient. They needed to take measures, which they can translate into actions. The current measures are fierce, but necessary to heal the Greek economy and government." Rutte added that he is unhappy with the fact that he has to break electoral promise to Dutch constituents on no further Greece aid "This summit was about the position of Greece in the euro zone, but it was also about the credibility of our coin, the euro."
Tsirpas naturally tried to spin the total capitulation as at least some victory: "Greece will be able to stand on its own feet with agreement reached at EU summit, Greek PM Alexis Tsipras says in statement broadcast live on state-run ERT TV. Agreement with creditors “tough”, averted transfer of Greek assets abroad. Greece will keep fighting to return to growth. Greece has sent message of democracy, dignity across Europe. Measures included in the deal will inevitably cause recession to Greek economy. Agreement with creditors will put Grexit talks in the past."
Well not really: only until the next government comes in power promising to undo the current memorandum just as Tsipras did.
But the punchline came from Malta's Prime Minister Muscat who said that "The Greek government has accepted practically everything... It accepted all the crucial and important points.”
Some more details: the conditions that Tsipras swallowed comprised a laundry list of unfinished business from Greece’s two previous bailouts and a new demand for the government to transfer 50 billion euros of state assets to a holding company that will seek to either sell or generate cash from them. His creditors rejected Tsipras’s pleas for a cut in the face value of Greek debt of about 310 billion euros.
* * *
And now comes the hard part: convincing both Greece, the Euroskeptics, and the market (after kneejerking higher the EUR is now down on the session), that the deal is viable.
Calling that vote “has turned into one of the most expensive economic policy mistakes in the European Union for a long time,” Holger Schmieding, chief economist at Berenberg Bank in London, said in a note to clients Monday. “The much bigger sums which creditors now need to offer and the tougher conditions Greece now has to meet make it harder for both sides to deliver on the bargain.”
Rabobank adds that "implementation of Greece deal will remain subject to “considerable” risk given domestic political backdrop, Rabobank strategists write in client note. New governing arrangement likely necessary after Greek govt’s volte-face in accepting deal and clearly flouting result of July 5 referendum. A new unity govt or an early election very possible. Further deteriorating macro backdrop raises odds that disappointing economic performance will drive Greece’s debt metrics to rapidly unwind benefits from any debt relief." Rabo adds thatt Greece’s influence on mkts will remain limited, as long as any missed targets and delayed reforms occur within context of a bailout agreement.
It concludes that sustainability of Greece’s public debt likely to remain a threat in longer term. Which is true considering Greek debt/GDP is about to surpass 200%.
In fact, the sellside consensus is clear: Greece was "comprehensively routed" by German. Quote Demetrios Efstathiou of ICBC Standard Bank (via the Guardian):
- Tsipras had to concede on almost every point; Merkel comes out as a winner, and should be able to get the deal though the German parliament.
- Germany’s extremely tough position would serve as a warning to other Eurozone nations. There are arguments that she even pushed too far.
- Varoufakis may have gambled, Tsipras and Syriza may have lost, but Greece may be the ultimate winner - Greece has a golden opportunity to implement in record time the drastic reforms that it desperately needed and which successive governments have been unwilling to commit to.
- The formation of a national unity or special purpose government to pass the reforms in the tight time-frame is now required. Elections would have to follow at a later stage.
- The debate will now move on to the reaction of the Greek people. There is no easy answer. Only time will tell. The way I see it is that the Greek people will be relieved to see their banks reopen, their pensions and savings to be still denominated in euros, and the tourist season not destroyed. They should also be celebrating the implementation of structural reforms, but I doubt that.
- Greece must now push through parliament, by Wednesday, July 15th, a series of legislations that include the streamlining of the VAT system, and pension measures.
ADM's Marc Ostwald also agrees that the measures in this bailout package are “infinitesimally worse” than the ones turned down in last Sunday’s referendum. He adds that what is on the table as a deal highlights that: a) there is no long-term future for the Eurozone; b) the desire on the part of Eurozone creditor nations to completely destroy the Greek economy - it can certainly be asserted that this is indeed a worse deal than the 1919 Treaty of Versailles.
This is how he views next steps:
- Tsipras will have to form a new government of national unity as soon as he gets back to Athens
- By Wednesday 15th, Greece will have to pass laws including simplifying VAT rates, and applying VAT on a wider basis, cutbacks on pensions, and making its statistics agency independent.
- Once these have been passed, ESM bail-out parliamentary process can commence, and this will require parliaments in Finland, Germany, Austria, Netherlands, Slovakia and Estonia to approve starting ESM talks
- The Greek parliament will then have to rush through further laws to attain brige financing to pay the ECB on July 20th.
Others, such as Joerg Kraemer, chief economist at Commerzbank, sees elections as imminent, saying Greek parliament will presumably pass the required reform laws partly with votes from big opposition parties; Tsipras will find no majority of his own in parliament and new elections are likely after a possible agreement on 3rd bailout program. In other words, a new Greek political party is set to take over with promises of undoing what Tsipras just "achieved."
- Heads of state and government kicked the ball back to Athens as the country has to pass numerous and unexpectedly tough reform laws before talks about 3rd bailout program can start
- Eurogroup will clarify how Greek government is to be financed until 3rd bailout program enters into effect
- As long as negotiations are ongoing and not officially declared to have failed, ECB will probably keep ELA ceiling for Greek banks stable; may even raise it if Greek banks are about to become illiquid
Most importantly, as we said yesterday, the Summit over weekend has shown once again how deeply divided euro zone is politically.
ABN's Nick Kounis piles on saying the agreement reached this morning in Brussels averts Grexit possibility only in near term, reduces risk of bank collapse as ECB likely to increase ELA, Nick Kounis.
- Greece made all the concessions, accepted very tough measures; more to come as this only opens door to ESM negotiations
- EU50B in asset sales isn’t realistic; parliamentary processes in Greece and other countries will be difficult
- Biggest risk now is implementation in coming days, weeks, months against the background of deepening recession
- Doesn’t see big concession to Greece on debt as language almost exactly the same as in 2012.
But the most damning assessment of the capitulation came from Greece itself aftter Minister of Labor Panos Skourletis said in interview with state-run ERT-TV that "Greek snap elections aren’t possible at this stage, due to country’s economic situation, but will be needed this year as there’s “an issue,” with the govt’s parliamentary majority."
He adds that the agreement currently negotiated between Greece and its creditors isn’t viable, no one can say what will happen after a few months. "I can’t see how we can avoid elections in 2015, they are necessary. We have a government which has probably lost its parliamentary majority, which believes, says and supports the opposite things from what those that it is forced to implement, under the threat of a gun.
Nikos Filis, the parliamentary spokesman for Tsipras’s governing party, said that Greece had been “waterboarded” by euro-area leaders during the negotiations and accused Germany of “tearing Europe apart” for the third time in the past century. “#ThisIsACoup” became the most-trending Twitter hashtag in both Greece and Germany overnight.
* * *
And now we turn our attention to the Greek reaction where the population will weight the opportunity cost of reopening banks, if only briefly as any ELA increase by the ECB (expect capital controls to continue for weeks, if not months or longer if indeed the bank bailout funds will come from Greek asset sales)...
ECB told that if gives extra €2bn of ELA, banks re-open tmrw - not as normal, €60 withdrawal limit to stay, but to provide other services
— Robert Peston (@Peston) July 13, 2015
... will promptly see all incrementally freed deposits be withdrawn, versus the harshest "deal" possible, far worse than anything Samaras' government had in store for Greece.
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Rehypothecated and in Chinese and Indian vaults already. Pussy socialists gave up the gold long ago.
Feel sorry for the Greeks but all their fucking around brought this upon themselves. They simply cannot have it both ways and I'm glad that is finally clear. Hopefully they soon choose to default on everything and get out. They will be a poor country but that is about what they are worth, apparently.
The French CAC up 2%.
Those "poor" French that pay $30 for a coffee must of been shitting their little French knickers over the week-end.
Their Economy has been way over the cliff for so long. But hey congratulations - you have just made your future far more worse now.
Well done you grovelling little Poodles.
Tsipras: "Deal will allow us to stand on our own feet again"
Yes, true - but minus a head.
Mr Tsipras: pussy assed faggots everywhere are embarrassed at your conduct. They would like to dismiss you from their ranks.
And the Greeks get OWNED by the eupeeon money masters, again.
https://youtu.be/E1d_dmKBiiI
The socialist.
The bankers' useful idiot.
Greece is a banker gamble that didn't pay off.
Bankers worked on the assumption that Germany would pick up all debts, if there were problems.
This lead to bond yields across the Euro-zone being exceptionally low.
Following this assumption, lending to anyone was like lending to Germany, but there was a slightly higher margin in lending to Greece which made it more profitable.
When it became apparent Germany was not going to pick up the tab, bond yields soared in countries like Greece and sustainable debt became unsustainable.
The EU moved the banker’s bad debts to the taxpayers of Europe and the bankers gamble has been left to run its course, with them being saved from any losses.
2008 - a banker gamble that the US Government would stand behind the sub-prime housing sector.
Consequence of assumption:
"It’s nearly $14 trillion pyramid of super leveraged toxic assets was built on the back of $1.4 trillion of US sub-prime loans, and dispersed throughout the world" (pg 404, “All the Presidents Bankers”, Nomi Prins)
With a global economy still on its back after seven years.
"Rutte added that he is unhappy with the fact that he has to break electoral promise to Dutch constituents on no further Greece ai"
Oh well......this is not the first and probably not the last time he broke his promise. After all: He is a politician.
But .. but we voted OXI
I wonder if anyone thinks Greece will keep its promises this time. Kabuki theater at its best as they use more debt to solve a debt problem.
The last thing the Greek people needed was a "This is the best thing we could do..." These pathetic Greek leaders [?] need to take a lesson from the Russian people during WWII. When Russia was being invaded by MASSIVE German armies, the Russian people realized that their survival depended on their ability to manufacture war materials. So what did they do? They dismantled their industrial base, loaded it on railroad cars, transported it eastwards, unloaded it, re-assembled it and continued to manufacture war materials in areas distant from the invading German armies. Decisive and drastic measures saved the day and also, Russia and its peoples. They acted in their self-interest as if their survival depended on it, which it really did. The Greeks on the other hand, meekly submit to their masters and HOW pathetic is that?....Submission is rarely in your self-interest or betterment, once a slave, always a slave...and whipped you will be!
Bank run is still on.
Here's what you've got now: your bank account has been closed for 2-3 weeks and the government is about to jack your taxes up by 50% in some cases on VAT. And if you have a pension, you're about to take a haircut.
The other stuff can be privatized. But that means those bloated organizations are going to cut half their staff easily.
So what are you left with? You still have your deposits in the bank. The second it opens, you need to be on line to take all of your money out. Don't get fooled again by these assholes. This is going to get worse in a 6 months.
you need to be on line to take all of your money out...
If I read the terms agreed to, the 60. per day rule remains in effect.
Bank runs might create a problem for the whole system.
The Germans don't even want ownership of Greece. They were hoping for a no vote. I don't see how the average German is happy today.
Now I know what guns are for, I expect a few will be pulling them out shortly and someone will get whacked.
What did Emiliano Zapata say? Something to the effect, "I would rather die on my feet than live my life on my knees."
Lesson?
Never borrow what you can't print.
What happens when you send a socialist jellyfish to a knife fight ......
http://allrecipes.com/recipe/sesame-jellyfish-salad/
Greece, in selfless fashion, has done what is good for Germany. Committed suicide.
T-sip thought: "If we can't be part of the club, we will die." "So we might as well
kill ourselves."
Perhaps the Greeks can now fulfill his death wish.
Europe don't bother holding any more Referendums.
We know you will do the opposite of what the people want.
Its Europe's version of the TARP, all over again. Who knew?
greece is looking for that euroteat, but would be better off in the long term weaning itself off it. once a junkie, always a...
Wow as it turns out Tsipras was totally owned by somebody. A massive sellout of his country, almost treason.
Almost?
Yet another government fails to stop the banksters.
Now curious to see how the Greek people react to this. Military probably thinking they got a chance here.
FFS Tsipras had a strong majority of the people behind him and even his party. Yet he still gave away the farm.
If they hold another referendum maybe they can get even worse terms than this.
Me thinks Tsipiras has watched too many Sienfield episodes......straight out of the bizarro world
It's the summer of George. And there is nothing wrong with manure.
Well, at least my manure.
#GreekSlaves Tsipras lays Greece face down, ready.
You know what never ceases to amaze me is that the world just doesn't seem to understand what is really going on in Greece.
Many (not all, some of the bloggers on ZH are aware of this, but many still don't get it) want to distill this argument down to a false narrative, a conflict between two artificial factions:
Faction 1: Lazy Greek people that are getting yet another bailout from hard working Europeans.
Faction 2: Rapacious German people bleeding the Greek people dry.
Doesn't anyone realize that virtually all of any new ballout money and proceeds from Greek asset sales is going to go to crooked cabalist bankers like Goldman Sachs and their EU and Greek political puppets?
Neither the German nor the Greek peoples are going to see a penny of this money. On the contrary, this is a simple transfer payment from the European taxpayer to the cabal.
The best thing that could happen for both the German and the Greek peoples now is to let Greece default, leave the EU, and stick it to these cabalist parasites.
It's worse than that.
Just like TARP, they created the money out of thin air to bailout originally. Now they want the money that never previously existed to be paid back. And those "proceeds" won't be retired. They'll be distributed back to each country so they can spend even more money.
And how? They raise your taxes. And sell off state property to what's going to be insider deals (Suez is going to buy their transmission grib no doubt).
Greek people did it to themselves. The majority insisted on staying, which left Tsipras very little option. He was fucked no matter what.
Well good to know.
Next memeberstate to be destroyed please.
Thinking about Varoufakis resigned and away on familly matters (eh, holiday).
Cowards all of them! Total disgrace for the Greek people . Tsipiras was elected so he would not do what he just did. He lied to his people, They were willing to stand on their own but he wasn't despite what he told them he would do. Democracy ends where it began. The Germans and Americans who rule this banker lead cabal are failing. This 'deal' is a suicide mission for both sides..promising what it can't deliver Papering over economic failures once again..they will continue to try to get away with this but all it will bring them is what it brought Weimar Germany which tried the same thing. The key thing about capitalism that these mental defectives can't get through their heads is when something fails, let it fail before the failures get worse and worse and leads to worse disasters.
So,
"Rutte added that he is unhappy with the fact that he has to break electoral promise to Dutch constituents on no further Greece aid "This summit was about the position of Greece in the euro zone, but it was also about the credibility of our coin, the euro."
What's new ?
<Tsipiras was elected so he would not do what he just did. He lied to his people>
Politicians are nothing but professional liars. Haven't you learned that from America's "leaders"?
So let me summarize. The Greek People just borrowed another 95 Billion Dollars that will be deposited in their Banks. In return, they will pledge basically everything asset the country has....the money deposited in the banks will be spent to pay the interest on their debt, which means there won't be any money in the banks....Greek will be in default again, every last piece of Greece's former assets will be confiscated by their creditors, and the Greeks will then have no money, no assets, no future potential to recover.....basically POOF....and it's GONE! lmao....brilliant.....In addtiion, every single red cent will be in cabal banker's accounts, and Greeks other creditors will be SOL. Brilliant...am I missing something.>??
Brilliant...am I missing something.>??...
Well, they'll still be contributing their 2% of NATO's capability and have a spoiler's position in voting down anything the armed responders have a mind in doing. We'll see how soon that 100% agreement thing gets changed to further remove any vestige of sovereignty their smiling leader may think he’s salvaged.
jmo.
Tsipras shows that any one can be bribed, even a communist.
especially a communist
This just proves yet again voting does not mean squat!
It boggles my mind that the people of Greece are not out in the street rioting against this surrender. The world is owned by the banks now and politicians and the sheeple will comply or else. The real prize the Greek gold will indeed be apart of that trust. This is the real prize, tangible assets for the bankers. We comment about Greece but looking at any government these days and you will find the same thing even in the good ole USA. We have capital controls in place here as well, just at a higher denomination.
Many speak so highly of the German economy and yet if Germany was on the DM, do you think their economy would be any better then Greece? Not at all Germany needs the Euro to continue to have its advantage in production. Europe is being taken over one country at a time without a shot being fired. I wonder how large the bribe was to sell out your entire population or what TPTB have on the new Greek PM. The former finance minister jumped ship most likely because he knew Tsipras was going to cave.
Many forget what the government hands out can easily be taken away. This is coming to all industrialized countries in the modern world. What is even crazier still is countries are handing over their governments for numbers in a computer and ink and paper. None of it is real.
And so it is done, time to switch focus on Ukraine or somewhere else again for half a year or so ;).
Anyway, everything as expected and foretold earlier. As for Greece, I expect now more heavy strikes incoming and that is going to ruin economy further. So whatever calculations they made, numbers will be much worse and another bailout will come to waste.
https://www.youtube.com/watch?v=t99KH0TR-J4
Tsipras has turned out to be the wrong leader the Greekks were looking for.Having no plan b and now extending misery over a longer timeline. Everiyhing is for sale now to satisfy the Banksters.Their protests are meaningless. They really believed they had a choice and could vote away their misery..All these politicians are actors not true leaders.
Yes, it is sad but not unexpected. Yet another proof of The Plan B in action. Before Blaming Merkel or Tsipras, Folks, you need to explain what justice should be and why.
The Death of Capitalism is in progress, but I have to move on.
http://just-a-thought-from-thinair.blogspot.com/
How to improve investment skills https://www.youtube.com/watch?v=Va3kOgGzNDQ
Nobody should forget what a disaster tsipras has been to europe and greece. After all his bluster at the end of the day he cant pay Greeces bills with campaign promises and he cannot build trust by ranting about his creditors being terrorists and criminals. For a brief few hours Greek citizens could party on the streets of Athens, all ignorant that their No vote changed nothing. tsipras ran that country off a cliff all the while telling his voters they were in safe hands. The worst kind of demagogue, he didnt even have the guts to take the country out of the EU. Holds a snap referendum that hours later he completely ignores with the excuse that he actually had no mandate to take the country out of the euro zone, THEN WHY HOLD IT AT ALL??? WHY LIE TO YOUR PEOPLE WHEN KNEW A BETTER OFFER WOULD NEVER HAPPEN??? ALL YOU DID WAS SHUT THE ECONOMY DOWN AND DRIVE GREECE FURTHER INTO DEBT. He has been a blight for all of us here in Europe. I can only hope the rest of The EU realizes that false prophets and demagogues are only telling them what they want to hear.
Yves nailed it. Syriza was a big airbag, put in power by Soros et al to absorb the rage of the Greek people and prevent them to put together any meaningful organisation against the Euro gangsters.
http://www.vineyardsaker.co.nz/2015/05/02/why-syriza-failed-by-yves-smith/
Deal with Gazprom was ready for signature, Greece walked away.Syriza was put in power to put Greece under servitute to European capital.
Hence the exceptional brigade at ZH are rejoicing. The thing is, hymies, the more you make peaceful resolution impossible, you make violent revolution inevitable.
I only hope that this time around the final solution is indeed Final, as some insects are better extinct.
Tsirpas was either going to be killed by the EU or by his own people. I guess he figured Greeks are pussies so he'll play ball with the EU.
Tsipras gave the Greeks what they want. Polls have consistently shown 70-80% of Greeks want to remain in the Eurozone whatever the cost.
The retired folks want their pensions to keep coming, even if they are cut, and the young people want the option of moving west to get a job.
I doubt Tsipras ever considered leaving.
You are deadly wrong.
Euro and moving west to get a job are two different and independent things.
it is 11:17 in the EU, 11 countries running theur own curencies and 16 idiots in goosestep running after Germany.
anyone prepared to suggest how long Syriza lasts as the Government?
I thought the Greek people voted to exit the Eurozone?? What happened to that???
The referendum was never couched as a choice to leave the euro, in fact tsipras expressly told the greeks that the vote was only about the terms of the bailout and they were not to vote on whether they want to stay in the euro zone,. Otherwise he would have lost, since 80 pct of the greeks didnt want to go back to the drachma.
If he's alive in September...
I still don't understand what is so bad about leaving the Euro. Canada isn't using the Euro, and they seem to be doing ok. Australia, New Zealand, and Britain are not using Euros. Who is pushing this narrative that using your own currency is the end of the world?
They go now to debt levels at 190% of GDP.
How do they want to pay it back?
That Tsirpas is a full moron. Was he also a GS employee (or shareholder)?
Well they won another 2 years. and thats it.
After 2 years they will be in a range of 220% gdp:debt.
It's your money or your life, and hurry up we're running out of time here.
"since 80 pct of the greeks didnt want to go back to the drachma"
The Greeks sound as stupid as Americans. We need to cut spending! But don't cut the military, don't cut medicare, don't cut social security, and don't cut education.
I'd start by cutting Jamie Dimon's and Lloyd Blankfein's balls off.
This is just the start that is coming for America. The bankers just took over the country and stole their only real assets. Our political elite just signed over parts of our freedom with their trade bills. When will they show up on our doors demanding payment from the American people for the trillions of debt that our politicians put us in?
Debt destroys freedom and the idiots that sign on to it simply can't understand the math. Bankruptcy would have saved Greece and instead, this banker bought leader handed his countries freedom to the EU slavemasters for what?
When does this thing blow?
Tsipis just a punk after all. I'm paying up on my bet, sick at heart. It's clear that I didn't understand the inner dynamics of Syriza.
If Tsipis had wheeled and turned and declared a state of emergency and shouted defiance against the Troika and EU, which he had the whole Greek people (or 79%) demanding that he do, it would have been the start of a more intense battle and struggle, but the people would have been behind him. July 13, 2015, would have been remembered forever as Independence Day II.
The 'old school' Greek Communists refused to join Syriza. Didn't trust them. They're in a good position now to take the lead of the popular outrage.
As is Golden Dawn on the other side. Same lineup as during the Greek Civil War that ended over 60 years ago.
If it comes to a civil war, Russia and China cannot intervene. The US can.
It is obvious to any fool that no matter who was negotiating on the Greeks side this would be the outcome.
The Dark Pool is too strong to be overcome by mere mortals.
Maybe they should hold another referendum?
LOL, "voting."
If all those bankers and political dudes involved in this shit know whats good for them, they better have included an amount for higher fences, more razor wire, guard dogs, and security personnel for themselves in that bailout package. And if they were real smart, they probably should have included a ban on the manufacture and sale of pitchforks.
Once again, Pure Evil triumphs .....
Seinfeld, The Watch, Episode: 046
JERRY: Lemme see if I understand this. In other words, you held out for ... less money.
GEORGE: I was wrong, you were right.
JERRY: You know, the basic idea of negotiation, as I understand it, is to get your price to go ... up.
GEORGE: You're smart, I'm dumb.
JERRY: You know, this is how they negotiate in the bizarro world.