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Troika Returns To A Conquered Greece Amid Anger, Security Threats
"The letter has been sent," a Greek government official told MNI on Friday, referring to a formal (if begrudging) invite from Athens delivered to the IMF and the rest of the dreaded troika.
The trio - comprised of the IMF, the ECB, and the European Commission - was famously booted from Greece in late January by a rambunctious Yanis Varoufakis who proclaimed that Syriza, which had just swept to power on an anti-austerity platform, didn’t "plan to cooperate with that committee."
Six months later and "that committee" has turned out to be quite a bit more resolute in its demands that Varoufakis (or perhaps anyone else for that matter) anticipated, as Syriza’s meteoric rise effectively sowed the seeds for its own destruction by emboldening like-minded parties across the periphery, effectively forcing the troika to harden its stance or risk a veritable rebellion against the EMU-wide push for fiscal discipline.
Earlier this year, a symbolic (and absurd) rebranding effort re-christened the trio "the institutions", a name which creditors smugly adhered to until June 27 when, after PM Alexis Tsipras’ surprise referendum call forced Varoufakis to beat a hasty retreat from a Eurogroup meeting, Mario Draghi joked that at least finance ministers could go back to calling it the "troika".
Now, a day after the Greek parliament legislated away its last shred of dignity (and sovereignty) by passing a second set of prior actions, the stage is set for the troika to return to Athens. Here’s Bloomberg with more:
Six months after former Finance Minister Yanis Varoufakis gave them the boot, Greece’s three main official creditors are sending representatives back to Athens within days, the European Commission said Friday. Their acceptance draws a line under the antagonism the Syriza government displayed in the afterglow of its election victory as Prime Minister Alexis Tsipras recognizes the pain required to save his country from economic calamity.
After tapping a 7 billion-euro ($7.7 billion) bridge loan to avoid defaulting on theEuropean Central Bank this month, Tsipras is racing to complete negotiations on a third bailout in five years before about 3.2 billion euros more comes due to the ECB on Aug. 20.
"We’re looking ahead to extraordinarily difficult negotiations," said Ralph Brinkhaus, deputy parliamentary leader of German Chancellor Angela Merkel’s Christian Democratic-led bloc. "Further aid is therefore not automatic."
To release the funds, Tsipras needs to get past the troika.
The troika’s presence in the Greek capital has often been met with throngs of angry protesters lamenting years of austerity that saw the economy contract by a quarter and unemployment soar to the highest in the European Union.
A man was arrested in 2013 for throwing coins at then IMF mission chief, Poul Thomsen, as he arrived at the Greek finance ministry. Now European department chief at the fund, Thomsen requires 24-hour bodyguard protection whenever he visits Athens, on the recommendation of police.
The European team works out of a bullet-proof office with double security doors outside the center of Athens where there are no EU flags or insignia to attract attention. The former head of the commission’s team in Athens was guarded by an armed, plain-clothes policeman.
Last year, a bomb exploded outside the IMF offices.
Bullet-proof offices, security details, and bombs tells you pretty much everything you need to know about the reception creditors’ technical teams are likely to receive upon their triumphant return to what is now effectively a conquered nation and it also helps to explain what exactly officials mean when they say that the start of formal negotiations has been delayed due to "logistical issues." From Reuters:
Talks on tying up a new bailout deal for Greece failed to start on Friday as had been expected, with officials blaming security worries for delaying the negotiations with international creditors who are detested by many Greeks.
But representatives of Greece's creditor institutions - the European Commission, the European Central Bank and IMF - said they cannot begin until the right location is found, given the talks' sensitivity and the wide public anger about austerity policies imposed under the first two bailouts.
"There are some logistical issues to solve, notably security-wise," a European Commission official said. "Several options are on the table," the official said, without giving more details.
So essentially, the troika are still trying to decide on a suitable safe house.
Ultimately, Greece will need to wrap up negotiations by August 20, when another payment to the ECB comes due.
If talks are not concluded by then, Athens will likely look to tap the remainder of the funds in the EFSM in the form of a second bridge loan. As we’ve explained on too many occasions to count, the ECB must be paid - even if “payment” involves the creation of still more circular funding schemes - so Mario Draghi has an excuse to preserve the ELA liquidity drip that’s keeping the Greek banking sector afloat.
In the coming days, we’ll see if the presence of those who must not be named and who have succeeded in transforming Greece into a vassal state of Brussels will be enough to spark renewed social instability and transform Syntagma Square into 1965-era Watts (or modern day Baltimore).
"Varoufakis [once] said that 'motorcades' of the creditors' representatives moving around the Greek capital were humiliating,” Bloomberg notes.
While that may be true, we suppose motorcades are better than tanks.
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Tsipras to Merkel: Angela, I had a dream that you gave me €89 billion.
Merkel: Honey, I will write off €300 billion… in you NEXT DREAM! ;-)
Looney
Funny how when you sellout an entire country.....it tends to tick some people off.
And yet this...troika?, act like everything they are doing, and have done in the past, is best for everyone.
Not just rich German industrialists and world bank entities.
not here apparentlyt
I’m so sick of Greece.. go F yourselves.
Oh, but you do that all the time anyways.
You will likely hear more of it in the months to come. The tentative "deal" between the Greek government and the creditors is not viable, politically or economically.
Germany, in particular, is stuck between a failing relationship with Russia and a faltering array of EU partners who will soon seek greater German financial commitment for the Eurozone.
So now after 6 years the IMF will officially and publicly be shown the Greek cooked Books (finally).
(not that anyone is a fan of the IMF...but, that is the real story)
Greece, your owners are returning to rub your noses in it. Be a good populace and stand around while your country and future are sold. America, look elsewhere, as this is not happening to you. Back to sleep, that's it...
Johnny Depp, and some other Disney characters, are waiting with checkbooks to buy your islands.
Stand and Deliver ! should be a bankster pirate feast.
Merkel might actually want to bring a tank this next visit.
Bullet proof offices? I thought guns were illegal in europe? Doesnt that mean the guns seize to exist?
LMFAO!
You idiot.
Isn't that the logic that the establishment use to try to take our guns? Like Trump saying that we need to ban 'assualt' weapons. Doesn't that mean that assualt weapons wouldn't exist anymore? Otherwise what's the point of banning them?
Oh wait my brain just started functioning properly. Some floride must have just flushed from my system. If they ban something, it still exists. But they will only exist in the hands of criminals. Their definition of criminal is anyone who does not follower their rules.
we europeans call anyone that does not follow stupid rules... a citizen that ought to be cautious about not getting caught, that's all. see trade with Russia
I bet you think "Idiocracy" is a documentary.
Unfortunately there is a lot of truth to that movie. Haha. You guys apperently don't recognize sarcasm. Of course europeans have guns. No matter what the laws, people have guns.
Why did Mike Judge set that story 500 years in the future? Reverse Darwinism manifests over decades, not millennia, and its contagion was set loose among the American sheeple population long ago.
oh wait, your brain didn't just start functioning.
First, look at your premise. You 'think' or rather, unthinkingly say that guns are illegal in Europe. That is simply not true. Most countries have laws controlling what guns people can have and use, and where, but most if not all countries in Europe allow guns legally.
Next, banning a type of gun, doesn't mean that all guns are banned. So, even if assault rifles are banned, you can get killed by a handgun, shotgun, rifle, and many other types of guns.
Furthermore, Greece has an ownership rate of firearms of about 22.5 per 100. Much less than the US' 100+ per 100 but still is 1 in 5.
That's why you are an idiot.
Even if there is a ban, it doesn't mean that type fo gun doesn't exist. If they ban 'assualt rifles' (whatever they decide an assualt rifle is), assualt rifles will still exist. That was my point. And I dont think they are any accurate statistics of gun ownership for any geographical area. There are always people who don't want their mafia, gangs, or government (they all are the same) knowing what guns they have.
I thought guns were illegal in europe? Doesnt that mean the guns seize to exist?
no. your point was that guns were illegal in europe, which is a silly statement. Your next statement that "doesn't that mean guns cease to exist" is a stupid strawman. Nobody thinks gun control eliminates the issue. It's against the law to speed isnt it? But yet people still speed. Your whole argument is stupid and ill thought out. I should have just said LMFAO and called you an idiot.
All that's missing is the Nazi flags on the front fenders.
sure
"a day after the Greek parliament legislated away its last shred of dignity (and sovereignty)"
and how did Varoufakis vote as Member of Parliament? the article does not mention, but I did check. he voted... yes
now please explain why. nope, in a vote of frigging 230 yes on a total of 298 present his vote was not crucial. nevertheless, he voted... yes
Well, in his defense, voting doesnt matter.
period, eh? tell me why a Greek vote ought to be binding to foreign nations. if you think so, then we could have an europen or chinese vote on US spending, eh?
That will happen once the TPP goes into effect
I dont think it should be binding. In this case, Greece voting is not binding becasue they dont have the guns. If the US or russia held a parlimentry vote to force another country to do something it holds a bit more weight since the country doesnt want to be nuked. Voting works only if you are prepared to take action to force the resolution. This is why voting doent matter. The sheeple just bend over.
http://www.independent.co.uk/news/business/news/greece-news-live-varoufa...
You're a shill or an idiot.
Note to citizens of Greece:
At this point you will have to fight to get your country back. Voting & politicians will not do it. Its horrible that it has come to this, but it has. There is now no other way. So its your choice: chose to live under a new European king - or chose to keep your sovereignty. I sincerely wish you all the best.
they seem to prefer the EUR to the Drachma. btw, Greece had once a king, and German, to boot. they called him Otto
ah, so simple, so simple, this world. ask the US Congressional Hellenic-Israeli Alliance (CHIA)
Ghodius that was always the problem with the Greeks. Seventy percent of the population wanted the Euro. The No vote did not mean a thing to their politicians. If the Greeks wanted too, they could oust all of their politicians, the problem is the military is waiting in the wings if things get out of control.
This is the price the Greeks will pay for using the Euro. Many forget that there are many subsidies being apart of the EMU that is not discussed.
If only Greeks had this much balls
https://www.youtube.com/watch?v=okHGCz6xxiwHopefully they'll be able to find lots of rope and some lamp posts to go with the welcome mats.
I think Greeks have plenty of rope given to them in the form of Euro fiat and the Greeks hung themselves with it.
Any tanks this time?
Will all Greeks make their way to the Airport, line up, drop your pants, bend over. Troika has come for their payment, enojoy the 'ride' its going to be a very long one, and you are all going to be very sore.
they can't make their way to the airports except to fetch or bring back the millions of tourists that this summer are coming to Greece. that's business, you know?
This is just a show...they will GIVE them more money to spread around....looking like they are doing something...10-20% of it will be stolen by the politicians..the rest to pay interest.....its really just living in the clouds without a parachute....right now Greece is just a 5 year old with a weekly allowance....they will add nothing to the EU from now on..nothing....but a lot o meetings and nice lunches coming up.....that is for sure
There is not one single member of the so called "Troika" that has been elected to the position they hold, not in the IMF, not in the ECB and not in the EU Commission, they are all appointed positions.
Why should anyone else think that the way they vote matters ?
At the moment it's the Greeks but we're all in line
this terrible, terrible thing called appointment system is everywhere in europe
Cameron of the UK is appointed by the British Parliament. Tsipras of Greece is appointed by the Greek Parliament. Merkel of Germany is appointed by the German Bundestag
our judges are appointees, all of them, everywhere. it's called Parliamentary_system
terrible, I tell you, terrible. the horror! the horror! if only we could vote for people like Member of the Hellenic Parliament Varoufakis to appoint... wait a moment, we did
Varoufakis was elected as member of parliament and then appointed by his MP peers to "EuroCrat" Financial Minister in the EU Council and then... disappointment followed
I agree that the appointment system is horrible, but at least it's honest. TPTB let you know very clearly that you have no choice in these matters of appointment, whereas the total illusion of choice is given with anything that involves "voting".
I still find it amusing that you give Y.V. any credit whatsoever in the engineering of something that was miles above his pay grade, just another puppet as it were, dancing to the tune of controlled opposition.
While I generally think an unplanned, uncontrollable market crash is impossible, if those people are killed by a Greek mob, I would have to say that would be the one thing that would scare everybody but the central banks out of DM stock markets. If there's one thing investment professionals and insiders are bucking on, it's that no one will resist their enslavement/the overall grand plan. The Greeks could still change the world and alter the course of history. If these people are torn apart by a mob, others will be inspired, rapidly, and everyone knows it. They move about in Greece like that velociraptor trainer in Jurassic World. It's all confidence and no chance of survival should something go wrong.
Sometimes The Dragon Wins.
Everything is working to plan and the Germans are making the same mistakes as they did in World War II.
By that I mean that the suffering and humiliation of the Greeks will reach such a level that something will explode in the psyche of the Greeks and then there will be a different reckoning to the one planned by Europe.
Outsiders can rub their hands with glee at the thought of buying Greece on the cheap but when a nation turns on its slave masters, I doubt anyone will have the balls to come and collect the rent.
Any Greek who believes that the first 100,000 euros will be safe in the bank account is being lulled into a false sense of security.
Troika is using it's power to achieve it's Agenda...
While Refusing to see Debts as part of the Market Place not Government.
-
- Separation of Powers, Judicial, Legislative, Executive, Central Bank? Stock & Bond Markets? Private Banking? Credit & Debt?
Greeks = bitches.
nuff said.
We are all Hellenes now, boy. Try to keep up.
The Acropolis would make an impregnable redoubt with an unrestricted field of fire over Athens once the heavy weaponry is shipped in by helicopter.
The Parthenon itself will be a suitably imposing Troika HQ with all EU flags streaming bravely in the wind, if not the Swastika.
Britain might throw in the Elgin Marbles as a gesture of goodwill. That would plese Anal Clooney, anyway.
Britain might throw in the Elgin Marbles ???
are you nuts!! the Plan is that Britain will cart off the rest of the Acropolis as part of this deal
Back in the 1976 when the UK needed bailing out from the IMF, the creditors stayed at a secret location in London under pseudonyms so no one knew they were there.
Now of course this is a stark warning to any other failed countries they will be embarrassed if they stand up to the creditors. The world will know they're dead-beats.
Greece can butt fuck themselves to extinction now
Wonder if the Greeks are saving all those Glass Bottles after finishing their drinks and refill them with Petrol?
with retsina, they don't need to finish and refill..
Observe there has been a massive 180 degree IMF paradigm shift.
Pre-3rd-Bailout: IMF played along with cooked books and bailed out major countries.
Paradigm shift: lender to players .... now if > 100% debt/GDP now unsustainable debt.
Post-3rd-Bailout: No more loans to unsustainable debtors.
The last is the first to not get another IMF loan ??
This is what the stock market, commodities, and companies are freaking about now.
Greece will be the first post-easy-money-IMF template. "hard-money-IMF-template"
Should be eventful.
I took a Tsipras this morning
While that may be true, we suppose motorcades are better than tanks ??
not always