Loans and Finance

Loans and Finance

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News and information about loans, money, debt, finance and business issues.

Saturday, March 28, 2015

Varoufakis Is Amused

Friday, March 27, 2015

Greek Government Denies Varoufakis Resignation Rumours

Has Varoufakis Left The Sinking Trireme?

Rat Considers Leaving The Sinking Trireme


Greece Gives Troika and Eurozone The Two Fingered Salute

As per amna.gr the Greek government has issued a "clarification" of its stance wrt "reforms":
"The list the government will submit to the Eurogroup for reforms will be an elaborate national reform plan of the Greek government, it said in a non-paper released on Thursday. 

The government stressed there would be no recessionist measures and called for the understanding and support of the Greek society. 

According to the statement, the memorandum ended on January 25 and the new Greek government signed for an extension of the loan agreement based on the Eurogroup decision of February 20. 

Negotiations are taking place on the basis of reforms proposed by the Greek side, and they do not include recessionary measures or measures of reduced pensions and wages or measures that will further throw the labour market off track.

"If we had signed to continue the memorandum, then what would the purpose of negotiations be?," it asked, adding that "the new government would have continued to apply whatever the previous government had bequeathed it. It is obvious something like that cannot be done - on the contrary." 

It cited laws that it had voted to deal with the humanitarian crisis and the overdue debts, in contrast to the previous finance minister's intentions. Referring to the previous prime minister, the government said that Antonis Samaras "in essence is doing what the technical experts began doing when they came to Athens. 

Despite the decision of February 20 - which does not say anything about the completion of 'the current programme' - Samaras and the technical experts thought that on January 25 absolutely nothing changed in the country." This is why, the government said, Prime Minister Alexis Tsipras sent the letter to European leaders to meet on the sidelines of the EU Summit in Brussels, "to clarify the content of the February 20 decision. And that is exactly what happened." 

If the main opposition, the government said, "wants to contribute to the effort of the government to give the Greek society a breather, it would be best if it does not try, even through rhetoric, to mix the country up in the memorandum past - the power of habit is understandable, and the weakness of the opposition is understandable."

"In the significant days ahead of us, we are asking for the support of Greek society in the struggle for dignity, prosperity and social justice," it concluded."
This of course will go nowhere, the Greek government has in effect stuck two fingers up to the Troika and the eurozone. Thus Greece will default and be forced out of the eurozone.

 

Thursday, March 26, 2015

Greece Has But a Few Days Left

According to the Wall Street Journal, Greece will likely run out of cash on or around April 9 when it must repay €420 million ($460 million) to the International Monetary Fund.

There will then be two T-bill repayments to be met in mid April.

Where will the cash come from?

No one knows, actually everyone does know it won't come from anywhere as there is none left!

Just to help things along the ECB has instructed Greece’s biggest banks to refrain from increasing their exposure to Greek government debt.

Syriza wasted the last two months, now it has but days left before exiting the eurozone or worse.

Wednesday, March 25, 2015

Heinz To Merge With Kraft

Shh....Whisper It Quietly, But Greece is Broke!

Tuesday, March 24, 2015

Tsipras Leaves Berlin Empty Handed

The much vaunted and hyped meeting between Tsipras and Merkel yesterday (hyped by Greece that is) ended in abject failure for Tsipras.

Merkel has washed her hands of Greece, pointing out that the German government won't decide if the Greek reforms (anyone seen the new list that was promised by the way?) are up to snuff and noting that Germany will not offer any extra liquidity on its own.

Tsipras has therefore walked away empty handed, and Greece's fate continues to rest on the Troika and Greece agreeing terms (only if the Troika signs off on Greece's yet to be drafted revised reform list).

For absolute clarity:

NOTHING HAS CHANGED!

However, a lot of time has been wasted and the clock is ticking. Greece will very soon run out of money.

Monday, March 23, 2015

Greece Looks To Iran

Ahead of today's meeting between Tsipras and Merkel (wherein Tsipras will tell Merkel Greece can't keep up its payments unless it receives aid, and Merkel tells Tsipras no aid will be forthcoming without reforms) the Greeks has thrown this into the mix:

Pure coincidence of course that it is announced just ahead of the Merkel meeting!

Irrespective of Greece's games, today Tsipras either publicly accepts Germany's conditions wrt reforms and Troika access (unhindered and unfettered) or Greece will be out of the euro in the comings days.

Friday, March 20, 2015

Acropolis Now - Greece To Present Another Set of Reforms

The result of yesterday's late running euro summit was that Greece has been forced to agree to draft another set of reforms, to be placed in front of its creditors in the coming days.

By then it probably will have run out of money and its banks will have been emptied of cash.

But hell, Tsipras doesn't seem at all worried!

Thursday, March 19, 2015

Greece Declares War

Ahead of today's EU summit, Greece has passed a “humanitarian bill” which Bild has described as a:
"declaration of war".

Thus we see Greece will leave the Eurozone not with a whimper, but kicking and screaming (which has been the game plan all along!).

Wednesday, March 18, 2015

The Budget 2015 Live

Tuesday, March 17, 2015

Greece's Last Throw of The Dice


Farewell Greece!


German Finance Minister Wolfgang Schaeuble is telling the world how it is, wrt Greece.

As per Bloomberg:

"None of my colleagues, or anyone in the international institutions, can tell me how this is supposed to work.

Greece was able to sell those treasury bills only in Greece, with no foreign investor ready to invest. That means that all of the confidence was destroyed again."
The clock is ticking, Greece as a result of its "game plan" will not remain in the eurozone. The only question remaining is when will it go.