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Troika Releases Statement On Greece: Commentary Attached
Summarizing the Troika'a statement, with some gratuitous commentary
- Sixth tranche depends on Eurogroup, IMF approval: the use of Greece as a passthru vehicle for Eurobank funding will continue until morale and bank CDS improve
- Troika says Greek recession to be deeper than anticipated, 2011 fiscal target no longer within reach: the 50% negative revision in deficit to GDP in the past month has been duly noted
- Recovery only expected from 2013 onward: when it will be Bundesrepublik Griechenland
- Privatization revenue below expectations: must sell more islands to the Chinese, more gold to Qatar
- Additional Greek measures likely needed; essential more emphasis placed on structural reform - back in the day "freefall bankruptcy preparation" was not called "structural reform"
- Greece needs additional measures for 2012, 2014 - must be certain future penetration can proceed absent lubrication
- Greece overall made important progress - riotcam viewership is now PeyPerView and is used to pay for G-Pap's 3rd winter vacation
Source: Bloomberg
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I thought Sausage would be named Finance Minister.
So that's how we divide the carcass.
So, do they get the cash or no?
Yes.
8:08a ET October 11, 2011 (MarketWatch)
FRANKFURT (MarketWatch) -- Greece's troika of international lenders -- the European Union, International Monetary Fund and European Central Bank -- on Tuesday said Athens is likely to receive an 8 billion euro ($10.9 billion) tranche in early November. The joint statement comes after officials from the three institutions completed a delayed review of Greece's efforts to meet terms of last year's 110 billion euro rescue. The Greek government proposed additional austerity measures after failing to meet fiscal targets. "Once the euro group and the IMF's Executive Board have approved the conclusions of the fifth review, the next tranche of 8 billion euros(5.8 billion euros by the euro area member states, and 2.2 billion euros by the IMF) will become available, most likely, in early November," the statement said.
In any other country there would have been a full scale rebellion after this clusterfuck. If the Greeks don't decide to take to the streets and get really violent towards this mess of a policy, they deserve whatever they get. The passivity of the Greek population is just disgusting.
Perhaps they're feeling a little sheepish that the root of the problem is that they willingly borrowed all that money and blew it on a wild spending spree.
Kind of like rioting because you maxed out your credit cards and don't want to work to pay them back. Not gonna get you a lot of sympathy either.
The maxed out credit card applies to most of the West at this point. And the really worrying question is whether Greece is just a testbed for policies about to be implemented in other countries in the near future.
You have a valid point, but lets face it, Greece is the most advanced case of this problem. Their fate could be a salutory warning to others to change their ways before it is too late.
Nobody more richly deserves to be made an example of than the lazy, profligate, tax-dodging Greeks and the fools who lent money to them. Its a shame that we can't have both the lenders getting completely stiffed and the Greeks being forced to repay every euro.
And the morons who kept lending money to what was demonstrably a basket case consumption/corruption driven economy. But its true you cannot have it both ways, however, if Greece defaults, then the Greeks will have to live within their means. So.... what does Greece produce again? Sounds like one hell of a lesson to them.
People, you are missing the point. The government is corrupt. They lied about the deficit. They let their buddies get away with not paying taxes. The spent a higher percent on their military by far than most other countries in the world, enriching the coffers of Germany and France. They refuse to allow an independent commission of Greek citizens to examine how the debt was accumulated. They like it when the media and others blame "all Greeks" and the "culture of tax evasion" because it deflects the blame from them. In every country there are people who act immorally. In the US, we have a high murder rate. Do we need a lesson too?
In the right hands, Greece can produce a lot. It used to produce agriculture until it joined the EU. It has the best fruits and vegetables of any place on earth. There are untapped natural resources there that people are suddenly becoming interested in, like natural gas. Why do you think everyone is focused on Greece? If it were just a matter of preventing default, the EU and the US could have just paid what Greece owes to the banks-- chump changes for the big boys. They want Greece's assets. Or do you think the IMF and EU are just softies out to help Greece?
Your words are music to the Greek government's ears.
The government lied about the deficit. They lied even to get into the EU, throwing their country in a monetary union where it did not belong.
They "discovered" their error just when a Greek-American, friendly with the IMF chief, took power.
No one in the government got punished. There was no investigation. There was no examination of the debt-- what was the money spent on? Why so much for the military? Why so many additional billions over the estimate for the Olympics?
How do they get away with it? By blaming the population. Just as you are doing.
Even if some Greeks did not pay taxes (we know that doesn't happen in America, right?), that would not have caused a global meltdown. It simply would have resulted in a higher deficit which the government would have been forced to deal with or leave the EU. Just like any other country. The crisis was caused by the corrupt government's lies. Not the hairdresser's retirement age or anything else, much as you and your Reagan icon would like to blame it on the little people.
I am sick and tired of people saying shit like that when they don't know. This generalization is not diserved for all the ones that didn't borrow. I am certain there is a vast majority of people in Greece, have never seen a bloody bank loan their entire lives, and yet you and a bunch of fucking morons keep bleating out that everyone borrowed money form Banks.
I live in Canada, and I never borrowed a cent from a Bank, but there are many other Canadians that did borrow, and they are all in debts t their eye balls. I didn't borrow, I don't even have a credit card. I live poorly, sometimes having to decide if i am going to eat, or if I am going to pay my bills. I cannot find a decent paying job, because they let too many people immigrate in the 90's that got their "cheap" education somewhere else. Most people in Westernized countries can no longer find a decent paying job because they all got sold down the drain to communist countries with no labour laws. Canada, just like the U.S. is in deep shit because the people that borrowed were either fed lies, or the Bankers lied, and commited fraud. In most cases it was both. In the U.S. right now cities are going Bankrupt, taking away light posts, not prosecuting misdemeanour crimes, releasing convicts early, etc, etc... There is a full blown collapse of North American society, and no one seems to be noticing.
You have no bloody idea what is actually going on judging by your coments. Do a little research, and get a fucking clue. It's free you won't need to borrow for that.
He wants no clue - he wants to get the populations of europe to hate each other, instead of focussing on those who rape them all..... that, or maybe he's just another overly narcist middleclass slavedriver - a fucking hypocrite, that complains about those above him, while kicking those below him.
But really, does it matter if he's a sockpuppet or a hypocritical bigot? He's a piece of shit either way.
You make a valid point, and one that the mainstream media misses. They don't get how devastating the measure have been for the poor and middle class in Greece. Meanwhile, the rich, who never paid taxes, continue to be without tax worries. I too have been disappointed with the passivity. Don't let the molotov-throwing hoodies fool you. Many are either working for the police, or unintentionally serving the interests of the police. That's why they are never arrested. They serve to justify the police brutality.
The situation must have been studied ahead of time. The Greeks may be all talk and no action, and thus be good guinea pigs. I say this with great disappointment, being of Greek descent. I cannot believe what the corrupt government and the troika is doing to Greece. And I also cannot believe that the inhabitants of Greece are related to those who so bravely stood up to the Nazis. Greek resistance to the Nazis was the longest by far of any occupied country. They lost over 10% of their population during WWII.
*I am editing this comment to say that it was written in frustration. Truly, there is no easy way to fight against an economic occupation. Peaceful protests will be met with police brutality as the hoodies/undercover police will provide the justification for it. Violent protest will bring to power a "law and order" government that will likely back the IMF. I suppose the best way is to crush the government slowly-- by strikes and other economic weapons, which is what the Greeks are doing.
Did I get that right--the Greek people will be punished until banker morale improves?
Griechenland. Too funny.
Agreed - that was very well done, but I still miss Marla. If you never got to experience her wit, trust me, it was something to behold.
Everything is looking rosie (if you like a mad max world)!
“Greece needs additional measures for 2012, 2014” because the initial measures were so successful (sarc).
The Greek economy is hurtling toward the event horizon of a singularity and after it has been swallowed by it raising tax rates to 100% on a ZERO GDP will provide ZERO tax income.
My prediction stands....Greece is sort of a Code Red, per Men of Honor. THey will beat Greece into a bloody, heaving pulp, and ask the rest of the world if that is what they to become.
The police were beating up US war veterans in Boston this morning. What do you think they will stop at?
My prediction stands....Greece is sort of a Code Red, per Men of Honor. THey will beat Greece into a bloody, heaving pulp, and ask the rest of the world if that is what they to become.
The police were beating up US war veterans in Boston this morning. What do you think they will stop at?
The police were beating up US war veterans in Boston this morning. What do you think they will stop at?
Were they beating them up before the occupy movement started? Hmmmm...I wonder what changed to provoke this...
This just in...New, to-be-printed, digi-Euros will feature G-Pap in a toga with Et tu Brute inscribed on edible, 50% grape-leaf paper.
What # Greco-bailout rumor are we on, anyway?
NWO currency: Obambucks.
"More than enough for everybody."
"Never fell like you're light."
"All you can want for free."
"No effort required."
"100% satisfaction guaranteed or your money back."
The Troika is a farce. Make no mistake about it, Greece is going to get whatever amount of money it needs because no matter what, Nigel Farage must be silenced...regardless of how many trillions of euros it may cost.
They will keep up the charade until they are satisfied that their banks can withstand the losses. Then they will let go, assuming the rest of the periphery is stabilized.
"is likely"...another grey term....they could have they were going to get it..or they were not....but "is likely"..always an out word....we don´t need clariity..no give us smoke and mirrors.... another great job by the bankers....kick the can..and keep us guessing
Love the commentary
TD you are freakin' hilarious.
So, how much for an island these days?
For a moment, I thought the commentary was the actual solution proposed.
"must sell more islands to the Chinese, more gold to Qatar"
They also began a hydrocarbon exploration program in the Aegean, so we now know where those proceeds are going..
European Union and International Monetary Fund officials indicated Greece will get an 8 billion- euro ($11 billion) loan next month under a 110 billion-euro bailout, as European leaders move to reopen talks on a new package that may mean deeper writedowns on Greek debt.
The team of officials from the EU, IMF and European Central Bank said Greece has made “important progress” in fiscal consolidation, according to an e-mailed statement today upon completion of a review in Athens. The mission warned that more spending cuts would be needed in 2013 and 2014 to meet deficit targets.
Greece has made "important progress" such a hard concept to get ones head around. No one can seriously believe this piffle.
The Troika's proctology exam is finding more of the same... This is news?
the troika = grading on a curve
"heluva job, brownie!"