Greece May Open Border Fence With Turkey, Accept Refugees In Exchange For Release Of Bailout Cash

Tyler Durden's picture

As part of its third bailout from this summer when the party that was elected on an anti-austerity, "no more debt" platform caved to Europe's every demand (under the threat of deposit confiscation and bank failure) and promised to unleash even more "austerity", while raising Greek debt to 200% of GDP over the next few years, Athens was supposed to get its first €2 billion installment of the first €26 billion tranche for discretionary spending purposes sometime around now.

Unfortunately, it isn't, if only for the time being, for the simple reason that - surprise - it hasn't implemented most of the reforms demanded under the terms of the Third bailout agreement.

According to Reuters reports, the country and its international creditors "remained at odds over the treatment of non-performing loans at Greek banks, a government official said on Sunday, holding up part of the first installment of aid under a multi-billion-euro bailout." 

Furthermore, "discussions have stumbled over how to foreclose on non-performing loans at Greek banks. Athens insists resolving the issue should not result in thousands of Greeks at risk of losing their homes."

According to Kathimerini, the key issues being discussed over the weekend were the criteria that apply to home repossessions, the rules governing the 100-installment payment plan for unpaid taxes and the coalition’s continuing efforts to find a fiscal measure to replace the 23 percent value-added tax rate on private education, which it agreed in the summer but has since pledged to scrap.

On the issue of primary residence repossessions, the Greek government is trying to find a formula that would protect at least half of local homeowners, compared to the proposal from the institutions, which would lead to just 20 percent not facing the threat of losing their home if they do not keep up with their mortgage repayments.


The two sides’ positions on the installment scheme, which allows taxpayers who have amassed debts to the state to pay them off in up to 100 tranches, also differ substantially. Greece’s lenders want those who enroll in the scheme to be removed from it if they miss a payment by more than a day, compared to the current 26-day grace period they have been given. Athens is mulling the possibility of gradually reducing the limit from 26 days and linking it to the performance of the country’s economy.

Greece's progress in meeting the terms of the bailout is due to be assessed at a meeting of euro zone finance ministers, known as the Eurogroup, on Monday. "There is a distance with lenders on that issue, and I don't think that we will have an agreement soon," a government official told Reuters.

Reuters adds that the Greek Prime Minister Alexis Tsipras and European Commission President Jean-Claude Juncker discussed the bad-loans issue by telephone on Sunday. French President Francois Hollande and German Chancellor Angela Merkel also talked about it by phone, another government official said.

The problem is that having done what it always does, namely kicked the can since the summer, the creditors are actually demanding credible reform. That may be a challenge: public dissent already stirring over broad terms of the bailout - a nationwide strike has been called for Nov. 12 - the official said Greece would stand its ground.

"This call is the first step for the issue to be solved at a political level," the government official told Reuters. "We will use all the time (we have at our disposal) to reach an agreement and discussions might continue on Monday morning if required."

Yes, this means that the endless Greek soap opera may be coming back for another season, even though this time it is assured to be an utter and total flop and zero viewership, following this summer's anticlimatic and farcical conclusion.

Perhaps realizing that another wave of social unrest and failure to obtain creditor cash may well lead to a violent social upheaval, Tsipras seems to be contemplating a Plan B, one which would see Greece accept thousands of refugees destined for Europe in exchange for getting the earmarked cash without any reform.

Kathimerini reports that Citizens’ Protection Minister Nikos Toskas suggested that the Greek government would be willing to consider opening a safe passage for refugees through the fence on the Evros border in northeastern Greece if there is an agreement with Turkey, Bulgaria and the European Union.

"We can’t just open everything when there is a danger that everything will close in Europe,” said Toskas in reference to other eastern and central European countries installing fences at their borders. 

Well, you can... if there is enough incentive, like allowing the government to reneg on most of its promised reforms (avoiding another period of social unrest) and instead getting a few billion in wire transfers in exchange for accepting several thousand Syrian refugees.

Everyone wins... except the Greek people of course, but they lost long ago.

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blabam's picture

Fuck these freeloading assholes. Just leave already and devalue your shitty currency/ default and don't come knocking for help when the muslim Turks start messing with you. 

Boris Alatovkrap's picture

Sad is time when great nation, founder of democratic philosophy is sell national defense for debt relief. Is make Boris cry little bit (in manly way).

In other news, Boris is long chain link and barb wire manufacture industry.

greenskeeper carl's picture

this is so fucking predictable. they open the border and let in a flood of new refugees who must then be cared for by the government(taxpayers). I wonder if the new "bailot money" will be enough to cover the costs. Even if it is, they will let in a flood of refugees now, for the PROMISE of moar money later. Only it isn't actually "moar money" its just moar debt. So the greek people get fucked twice- once when they let all these people in, and again when they are told they must pay back the debt. And then, when they eventually, inevitably, default and leave the euro, there will be hundreds of thousands of angry, rioting third worlders living with them.


Unbelievable that they will still, after everything else, allow this to happen.

jefferson32's picture

Everyone seems to have forgotten that earlier this year Greece threatened Europe with "a wave of migrants" if they didn't get what they wanted.

"Greek minister threatens Europe with wave of migrants potentially including IS jihadists" (March 2015)

QED, this "refugee crisis" is blatantly and obviously manufactured to coerce Germany into subsidizing peripheral-European debt.

HowdyDoody's picture

Greece's borders are wide open already. Anatoly Shari, an old fashioned journalist, has followed 'refugees' on their travels from Turkey into Greece and beyond.

The 'refugee' flow is well organised and financed.



Pairadimes's picture

The moneychangers have found so many creative ways to sell the future.

Sergeiab's picture

"The EU should do its best to undermine national homogeneity"

Peter Sotherland, current UN special representative for international migration. Chairman of Goldman Sachs international until june 2015. Former head of the WTO

Anonymous User's picture
Anonymous User (not verified) jefferson32 Nov 8, 2015 5:53 PM

Greeks are fu*ked. The greek way. Slow deep and hard:

TeaClipper's picture

"And then, when they eventually, inevitably, default and leave the euro, there will be hundreds of thousands of angry, rioting third worlders living with them."

No there wont, because once those "economic migrants" or illegal immigrants as we use to call them, gain the right to stay, they will be free to travel anywhere within the EU, and the last place they will want to stay is Greece. Germany, Scandinavia, and the UK is where they will all gravitate to.

God help us

silent one's picture

The only way a real man can cry manly is to cry bullets at his oppressors.

sgorem's picture

the greek government stills are running 24/7, free ouzo for the sheeple till this thing blows over. long booze, hookahs, and hash.

PoasterToaster's picture
PoasterToaster (not verified) Nov 8, 2015 4:15 PM

Supranational arm twisting, courtesy of the international "banking system".  Who would have that that giving up your State to the shadow banking clan would EVER have resulted in such a thing?


Anopheles's picture

Greece could have declined to take any of this 3rd round of bailout money, and, they could have NOT taken the loans in the first place.  Then they wouldn't have any of that arm twisting. 


But then they would have had to implement their crippling reforms.  And they aren't willing to do that.  Once a deadbeat, always a deadbeat.    And you blame the "shadow banking clan" ??   

I guess you also blame the banks and banksters when YOU default on your own loans. 

PoasterToaster's picture
PoasterToaster (not verified) Anopheles Nov 8, 2015 4:44 PM

I blame dipshits like you who believe nonsense.

Anopheles's picture

What nonsense?  That Greece didn't get THEMSELVES into trouble? 

Oh yeah, the banks put a gun to Greece's head and MADE them borrow $300 billion like drunken fools. 

Or that Greece went to Goldman and ASKED THEM to hide their debts, and GS obliged?  You think Greece didn't know what GS was doing?  Greece WANTED to get into the EU and the ONLY was was to cook the books. 

Now, somehow it's the banker's FAULT for doing exactly what Greece WANTED?

Look in the mirror sometime and see the moron staring back...

Sergeiab's picture

Watch your carbon footprint, MSM & your beloved leader whoever he may be. Everything's gonna be alright

Killdo's picture

I go to Greece often and what you say is consistent with what my Greek friends told me. 

I read in Michael Lewis' Boomerang that Greeks find it very hard to trust each other. I found that hard to believe but my Greek friends confirmed. 

When I was dropping my friends' kids to school (a public school) I noticed that children are forced to pray and cross themselves before they are allowed to enter school in the morning. Regardless whether their parents are religious or not. 

I also saw the books 8 year or so olds use - there are drawings of day to day things with 'god' in the upper corner of every drawing. So from an early age they are brainwashed to think their invisible master is watching over them who will probably solve their problems, so no need ot be responsible. 

 I also saw that kids feel betrayed by the relgious brainwashing. Betrayed by both their teachers and their (often atheistic) parents. So this is what Greeks grow up with . No wonder they find it hard to trust each other or to be responsible

agent default's picture

None of that.  Courtesy of the baby boomer generation who borrowed and spent throughout their working life time, voted all sorts of retirement benefits from them, sent  the bill to the future generations and now sell everything for scrap value just to keep the gravy train going for a little bit longer, the future be damned.  Same throughout the West.  A generation of pervasive sell outs and sell offs.

EuroPox's picture

Hitlery: "What difference does it make?"

Greece: " What difference does it make?"

When you are a bunch of thieves, crooks and liars, I guess the answer is: "Not a lot!"  

nmewn's picture

Hell, over here they opened the fence, give them "bailout money" and ask for nothing in return but their vote.

EuroPox's picture

Double post deleted.  Sorry! I only hit save once!

HenryHall's picture

Greece should just sell them citizenship and passports for one or two thousand Euros "invested" in government bonds. And then send them on their way free to legitimately travel anywhere in the EU in search of work. Not limited to the Schengen area.

state college's picture

Not in my backyard!

adonisdemilo's picture

More bribery and corruption. Not really a surprise, standard Modus Operandi.

You had your chance to tell them to FUCK OFF and you blew it.

They won't let go until they own every last blade of grass in Greece.

Welcome to the New European Mafia.

Perspicere's picture

Weaponized refugees when you think you've seen it all.

general ambivalent's picture

Tylers might appreciate this domino-effect video:

silverer's picture

Let Greece be the can kicking lesson you can see out the front windshield.  You can shake your finger at Greece, but they may actually come out no worse than a number of other countries eventually facing the same fate.  Greece's claim to fame is they will have gotten there first.

Phoenix901210's picture


I saw a Telegraph article that Frances finances were worse than Greeces.

Plus every country across the EU has the same problem. Spain has so much unemployment etc.

MEFOBILLS's picture

Ahhhhh…. The magick of swaps.  Presto Changeo and the magickician waves his wand and claims things exchanged/swapped/balanced, etc.

Economists and Banksters are the new priests.  Whenever they do their magick swaps, they have their thumb on the scale.  The swap or exchange is never even, it almost always has usury embedded.  The hidden hand with its thumb on the scale, wants to take something in the transaction.

As most people know, Greece got themselves into Euro debts.  Since Greek government cannot issue Sovereign Euro’s from its government, it must hypothecate them at banks.  At foreign banks, debt instruments grow as they will, and over time Greek citizens find a debt hook shoved into their mouth.   Pay more, work harder, go into austerity to pay debt holders.  Work for cheap to grab money out of a vanishing money supply.

Euro debts were hypothecated in German/English/French banks in EXCHANGE for Greek Sovereign Bonds.

This then caused new Euro Credits to be emitted from private banks, to then be spent in Greece.  Meanwhile, greek debt instrument (the bond) is held in a foreign bank, demanding its former Euro credits back, and more.  Greece rolls over former debts with a new bond, and the interest become principle in new one, and now new debt goes exponential, demanding much more credit back than what was created.  This puts the future on a debt hook for Euros that Greece doesn’t have.

Even worse, Greek government spends Euros in Greek economy on consumption items, like new BMW’s, so the credit as money soon leaves the local money supply. 

All of this fraud due to uneven usurious swaps; fast forward and then bond holders demand islands, airports – all of the things that can generate a free lunch forever.  Usually, the things they want are the former paid for commons that the past created.  All this fraud is by way of swaps for debt instruments, to then cancel the instrument.

So, now Greece wants to SWAP/Exchange accepting invasion of foreign elements to cancel the debts, in order to keep homes from being foreclosed.

Where is usurious thumb on this is unbalanced magick scale?  Greek citizens have a foreign element in their country forever – they screw the future to pay for today.

The swap is a bad future to have some relief today, to settle debts that should never have been created outside of Greek law.  This swap is also fatal; as you cannot undo unwanted DNA once it is injected into your population.

A prime directive is to never let your debts extend past your law.  Ignore this prime directive at your peril.

This Alice in Wonderland world also is predicated on DEBT AS MONEY paradigm.  The true nature of money is law. 

Humans can invent science, art, music.  We can build beautiful buildings and go into space.

Yet, somehow it seems to be beyond the monkey part of our brains to admit that money is law; and also that SWAPS/EXCHANGES should be even as possible for both Debtor and Creditor.   It is truly a wonder to observe how brilliant humans are, and equally stupid.

All money is law.  All countries are sovereign.  If you don’t have your own money, your own borders, common language, and common culture, you are not a country.

hedgiex's picture

Isn't that exactly what the global Oligrachs want i.e. no Sovereign nations with their pesky culture and sentiments as wll as the vanities of their own currencies. Have some emphaties too for those places where the BS of nations means generations under Oppression by their own Crony Capitaliist Cronies. Is it not time for these Cronies to be at least checked by globalization. Not that the globalization force is a panacea for woes but a change is better than no change when it does not matter anymore.


Soul Glow's picture

What happened to 300?

back to basics's picture

If you are referring to the 300 brave Spartans at Thermopylae, they are long dead. If you, however, are referring to their cowardly 300 MPs of today, unfortunately for all Greeks, they are still alive and well. 

Dre4dwolf's picture

No Muslims are going to stay in Greece, the country is broke there isn't anything to mooch off, they will move through Greece North into Europe, Greece is like a "rest stop".

The idea that the Greek govt can even maintain a fence is idiotic, most of this supposed fence/gate has probably been salvaged by nomads and sold for scrap lol


The country is broke, the Greek govt is nothing it doesn't really even exist its not real in any form, its like a few hundred people in a building fighting over 5-10,000$ a year salaries lol because thats all that left everything has been stolen already, they are about to start rolling blackouts in greece because they cant afford electricity and people think that Greece has some kind of control over its border? its laughable. 


Greece isn't European anyway, only the lemmings in Greece believe they are "part of europe" and those people wont survive once the shit hits the fan so their opinions don't matter anyway.


The only way Greece will exist as a nation state or at all in 10 years is if the Euro goes extinct and at this point its pretty much 50/50.


grunk's picture

Saudis will underwrite it.

grunk's picture

My Big Fat Greek Jihad.

yogibear's picture

Dealing with the satanic banksters  has its consequences, 

WTFUD's picture

At last some Growth!S/C Tip your hats to everyone who made this possible; a special mention to NATO.

While the displaced, droned folks flea to the lands of milk and honey the ensuing chaos takes our minds off the guillotine candidates for the time-being.

DFCtomm's picture

The EU is going to dump millions of refugees into Greece and then cut them loose. Letting the refugees into Greece is the same as letting them into any part of Europe because of the schengen agreement, so they must kick them out of at least that. I'm betting that's what happens. Greece get's paid to accept millions of "refugees" while Schengen is taken down, and then when Greece is full it's cut loose.

Oldrepublic's picture

good luck with that policy in the country which invented the term xenophobia

unicorn's picture

so refugees are a kind of new currency? (in times of banning cash...)

Sparehead's picture

Greece may lose again, even if the other countries don't shut their borders, when the winter turns harsh and many of the migrants decide to turn south and settle in a warm Mediterranean European country, like oh let's see...Greece! 

Joe A's picture

Greece can be remarkably cold in winter. Freezing temperatures, snow, hail, hard icy winds, etc.

silverer's picture

Hey wait a minute!  Where did they get the money for that fence?

Heavenlysunshine's picture

Deutschland, Deutschland ueber Alles. Ueber Alles in der Welt !!

Jack Burton's picture

Europe has cancer and it looks terminal. The seat of the cancer is in Brussels, and the disease spreads from there as most cancers do. Now the rot is not far off, and limbs will need to be cut off to save the core for a little longer.

Merkel the insane communist bitch in Germany has done all in her power to weaken the patient, with her mad schemes to take in all the world's migrants in one year.

Greece is just a swollen pimple compared to the tumor growing out of control in the seat of the EU Parliament, where the greed mongers and American bribed whore hang out.

While the patient grows weaker, it's neighbor acoss the sea has put the sick man up to picking a fight with the eastern nation who has none of the Brussels cancer, but the Americans want to spread a good thing, and use military force to bring Russia into the fold, ruled by washington and corrupted by Brussels cancer. Is it any wonder the Russian build weapons and vow the smash anyone crossing their border.

Never thought I would live long enough to see Europe fall to level of an old dieing cancer patient, kicked and prodded by Washington to take part in a war on Russia, only because Russia refuses to be ruled from Washington.

Obama and his gang of merry men are off their fucking heads. Yet we citizens seem to still support the gang of fucking lunatics. Next up, the war mongering bitch Clinton, the dried up old war hag, who longs to lead the third world war and attack Russia. As she said "Putin is Hitler, and we must take action to defeat him and his country".

In 2015, people are so hopelessly clueless due to Public Educations and Corporate Media. I hear people actually support Clinton for president! Now ain't that a sign of complete mental break down?

Rant Over!