Algo Feeding Time - Greek Deal Done BS

Apparently a deal will be done today, a Eurogroup meeting held and the referendum called off!

That at least is today's Greek rumour!

Yanis Varoufakis has just gone into the Ministry of Finance today and told reporters: "We want to stay in the euro but want a viable solution. The proposals from lenders was not viable." 

Taking Cash To Greece

Travellers to Greece are being told by all and sundry to take plenty of cash.

However, there is one question that no one appears to know the answer to.

What happens when these travellers leave Greece with surplus cash, will they be allowed to take it out of the country?

No one knows!

Syriza Is Delusional

Today is the day on which Greece defaults on its promised bundled payment to the IMF, and when the current funding arrangements for Greece run out.

Thus it should come as no surprise to learn that Tsipras is becoming ever more delusional and, from the Prime Ministerial bunker, has threatened to use an injunction via the European Court of Justice against the EU if there is any attempt to force a Grexit.

Meanwhile Syriza's "plan" is for the people to vote "No" in the forthcoming referendum (how will Greece pay for that I wonder?), thus giving Tsipras the mandate to renegotiate with the Troika who (theoretically) will cave in at that point and offer better terms.

This is of course utter bollocks and completely delusional.

Whoever thought this up clearly is in need of being sectioned for his and other people's safety.

Tsipras Urges Calm

As the Greek banking system implodes, and "enjoys" a week's holiday, Tsipras has told the citizens of Greece that their deposits are safe and that

"any difficulties will have to be dealt with calm".

How very British of him!

Meanwhile Tsipras has sent a letter to the heads of the eurozone begging them to reconsider the offer made to Greece which he walked away from.

How very Greek of him!

ECB To End Greek ELA

As per the BBC, the ECB will end Greece's ELA thus collapsing the Greek banking system.

Game over!

Tsipras Gives Troika The Finger - #Greferendum

In a wholly expected move, Tispras threw his toys out of the pram yesterday and rejected the Troika's offer of a few months extra funding (with strings).

Using words such as "blackmails", "dignity" and "ultimatum" in a TV address, he publicly announced a referendum on the Troika's demands to be held on 5th July.

Whilst this is all very theatrical and faux "defiant", there is a fundamental problem with the referendum. In order for the people to vote on the Troika's offer, there needs to be one on the table. As soon as Tsipras rejected the offer, and called the referendum, the Troika removed their offer and went into Plan B mode.

What is Plan B?

The imposition of capital controls and enforced buy ins.

A foretaste of what will hit the Greek people on Monday has already been served by Alpha Bank, which has announced that web banking will "operate with limited functionality" over the weekend. As per Zero Hedge:

"From Saturday 06.27.2015 at 11:30 am to Monday 29/06/2015 at 8:00 am through the Alpha Web Banking there will be possibilities: Information on the balances and accounts and cards movements. Registration of orders on transfer of funds at a later date (will not be direct transfers executed). Registration of orders on payments dated 29/6 or higher . Enter orders for transfers to other banks dated 30/6 or later. The transfer orders will be registered for Sunday 28/06/2015, will be performed on Monday 29/06/2015."

Thus Syriza's game of chicken has backfired spectacularly.

Tsipras Just Doesn't Get It

After 4 failed Greece meetings Eurogroup meets again Saturday. Tsipras sees Hollande and Merkel aiming for political deal over fin min heads

— Andrew Neil (@afneil) June 26, 2015

Tsipras just doesn't get the fact that Merkel will not give him a deal without the buy in of the Troika.

Like it or not, the Troika come first not the Eurozone leaders.

Take It or Leave It Time For Greece

2 offls: if @atsipras doesn't have deal by 11am, creditor plan given to 1pm #eurogroup. "Take it or leave it" arrives http://t.co/RlEEmhd884

— Peter Spiegel (@SpiegelPeter) June 25, 2015

Greece On Its Own From 1st July

Greek media reporting lenders told Tsipras last night as talks broke down: "from July 1st you will be on your own".

— Robert Nisbet (@RobNisbetSky) June 25, 2015

For once a pretty clear and straightforward message, that cannot be misinterpreted!

Troika Rejects Greek Proposals

TSIPRAS: INSTITUTIONS REJECTED GREECE COUNTER MEASURES - GREEK OFFICIAL - MNI

— Fabrizio Goria (@FGoria) June 24, 2015

That's fucked it then!

Little Progress on Greek Deal

Positions of creditors and Greece still apart before eu/imf/ecb meeting with tsipras today, not much progress made on Tuesday - eu official

— Fabrizio Goria (@FGoria) June 24, 2015

As I noted yesterday, don't believe the hype!

The Daily ELA

ECB APPROVES FUNDING REQUESTED BY GREEK CB ON EMERGENCY LIQUIDITY ASSISTANCE TO GREEK BANKS - BANKING SOURCE Ht @moved_average

— MineForNothing (@minefornothing) June 24, 2015

They shoot horses don't they?

IMF Express Doubts Over Greek Proposals

#IMF concerned Greek proposals too recessionary (93% are tax hikes) & wld weaken #Greece's competitiveness ~Berenberg pic.twitter.com/9A84XMUqdz

— Yannis Koutsomitis (@YanniKouts) June 24, 2015

Tsipras is now caught between a rock and a hard place, as both the IMF and Syriza express "concerns" over the proposals.

Don't Believe The Greek Deal Hype

Despite yesterday's algo driven bull run, and the lies of the Eurogroup politicians, a Greek deal has not yet been secured and is far from certain of being secured.

Aside from the fact that the proposals (the wrong one and the right one) were submitted late, which means that no one has yet gone through the technicalities, there is also the fact that even if the Troika sign off on the proposals the Greek parliament has to ratify them.

That aside, there is also the small matter of a Greek bank run being staved off by daily increases in the ECB's ELA.

FT: Greek bank deposit withdrawals hit €1.6bn on Monday after €2bn of withdrawals on Friday http://t.co/7qZjXgBeH1 ht @SpiegelPeter

— MineForNothing (@minefornothing) June 23, 2015

FT: One commercial banker has reported unofficial capital controls already being implemented at Greek banks at €3,000

— MineForNothing (@minefornothing) June 23, 2015

Even IF a bank run is avoided and the Greek parliament approves this, there is no way they will implement it properly!

This is far from being a done deal!

Troika To Take Days To Respond

Creditors' institutions unlikely to formulate common position on it on Monday, a few more days needed for clarifications: #Euro zone offcial

— Yannis Koutsomitis (@YanniKouts) June 22, 2015

FARCE ALERT!

GREEK OFFICIAL DENIES GOVERNMENT SENT WRONG PROPOSALS TO EU - But @fastft said... https://t.co/DmR5j9J6Q5

— *Russian Market (@russian_market) June 22, 2015

New Greek Proposals, With Differences, Just Sent

New Greek proposal sent just now with slight differences ~@Elbarbie | http://t.co/0jzef7nCsM #Greece

— Yannis Koutsomitis (@YanniKouts) June 22, 2015

ECB Raises ELA

ECB RAISES EMERGENCY FUNDING CAP FOR GREEK BANKS - BANKING SOURCE

— lemasabachthani (@lemasabachthani) June 22, 2015

Based on the wrong documents, or the fact that pre orders of cash withdrawals topped Euro1BN yesterday?

Greece Sent The Wrong Documents

Aaaaaahhh... Greece sent the wrong documents to Eurogourp. - Bring me more popcorn! pic.twitter.com/GwOZBIZ2w0

— *Russian Market (@russian_market) June 22, 2015

You couldn't make this up if you tried!

3 sr officials tell me #Greece told institutions they sent wrong document at midnight. Have promised revised version http://t.co/ae5yDfC1U4

— Peter Spiegel (@SpiegelPeter) June 22, 2015

Greek Fantasy vs Greek Reality

Fantasy

Athens stock exchange index surges at open pic.twitter.com/KIAr5fZHgy

— Bloomberg Markets (@markets) June 22, 2015

Reality

Reuters' Frankfurt and Brussels sources say Greek pre-orders for deposit withdrawals for Monday have already reached 1 billion euros

— zerohedge (@zerohedge) June 21, 2015

Take Cash To Greece

ABTA advises British tourists heading to Greece to take enough cash to last their entire holiday as ATMs may run dry

— MineForNothing (@minefornothing) June 21, 2015

Merkel Demands Deal Before Monday

Angela Merkel has warned there must be a deal between Greece and its creditors before Monday's emergency EU summit.

Otherwise, she said, the summit would not be able to make any decision.

I predict that Greece will send over a few pages of a faux "deal" around midnight on Sunday, and claim that is has done everything possible to resolve the crisis.

Greece Claims The ECB Won't Let Greek Banks Collapse

#Greece says #ECB won't let its banks collapse http://t.co/Mn20bbeD6Y

— Efthimia Efthimiou (@EfiEfthimiou) June 20, 2015

The question is, has the ECB specifically stated that it won't let Greek banks collapse?

Greece Not Credible, Not Serious

Jeroen Dijsselbloem, the Dutch finance minister who chairs the Eurogroup, said about yesterday's failed meeting:

“too little measures have been put forward that have been assessed to be credible or serious.”

Christine Lagarde has confirmed that there will be no grace period, and that 30 June is the deadline for Greece's Euro1.6BN payment to the IMF.

There will be an emergency Eurozone leaders' summit on Monday. Disregarding any false hopes that this will undoubtedly raise, it is clear that capital controls are coming and that Greece will default and exit the eurozone.

Tsipras' Empty Promises

Tsipras made pledges that were never in his power to deliver - @StephenFidler1 cuts to heart of the Greek mess http://t.co/05wFcHerz4

— Simon Nixon (@Simon_Nixon) June 19, 2015

No Greek Deal Expected

No one, not even the Greeks, expect a deal to be done at today's eurozone meeting of finance ministers.

This marks a first!

Greece Can't Pay, Won't Pay Odious Debt

Greek parliamentary inquiry "we came to the conclusion that Greece should not pay this debt because it is illegal, illegitimate, and odious"

— Paul Mason (@paulmasonnews) June 17, 2015

Game On!

Greece's Painful Course

The Greek central bank has said that failure to reach a deal will lead to a painful course ie default and Grexit.

Quite so!

However, the more painful course is for Greece to remain in the eurozone under the terms demanded of it by the troika.

UK Not in Deflationary Cycle

UK #inflation rate rises to 0.1% http://t.co/IHbaiEMli4 pic.twitter.com/hELt62R6CA

— Real Business Rescue (@RealBizRescue) June 16, 2015

As I noted in May, the UK is not in deflation.

Grexit Now On The Cards

#Germany | Merkel's chief whip @MGrosseBroemer says #Grexit has to be accepted in an extreme case. /via @robinalexander_ #Greece

— Yannis Koutsomitis (@YanniKouts) June 16, 2015

Greece To Be Isolated

It seems that plans are afoot within the eurozone to isolate Greece from the eurozone financial system, to temporarily close the banks and to implement capital controls.

The likelihood of a Grexit is now being recognised even by the likes of Hollande.

Details as per Suddeutsche Zeitung.

Greek State of Emergency Alert

Germany's EU Commissioner Guenther Oettinger has said that the European Commission should brace itself for a "state of emergency" in Greece from July 1 if Athens does not reach an agreement with its creditors.

It is clear that Greece has pissed off its European partners once too many times.
 

The Greek Tragedy Continues

Yesterday Greece delivered yet another plan, which took approximately 45 minutes to be rejected as inadequate.

Greece, true to form, is blaming everyone else.

Just in case you thought those naughty Greeks in Brussels didn't try, this from the @guardian. #Greece pic.twitter.com/OtW966gozs

— Omaira Gill (@OmairaGill) June 15, 2015

Greece Prepares To Default

Greece will not repay creditors, if deal is not reached – Defence minister - http://t.co/Fjv9qIYZ5s pic.twitter.com/45kH2HLLeC

— enikos_en (@enikos_en) June 12, 2015

No Rush To Resolve Greek Tragedy

Dijsselbloem: Will not rush into Greek deal; deal only possible if substance is correct. #Greece must be ready for 'difficult measures' ~BBG

— Yannis Koutsomitis (@YanniKouts) June 12, 2015

Greece Fucked By Membership of Eurozone

Very bad news. #Greece unemployment Q1 2015: 26,6% (vs 26.1% in Q4 2014 & 25.40% est.) http://t.co/v68kKIBdrj /via @statisticsGR

— Yannis Koutsomitis (@YanniKouts) June 11, 2015

Pressure Grows For Return To Drachma

Syriza MP Lapavitsas says if #Greece returns to drachma, liquidity issue will be solved by money printing. #facepalm #fiattoiletpaper

— Yannis Koutsomitis (@YanniKouts) June 10, 2015

Tsipras Threatens Eurozone

Greece warns EU leaders: Allow us to fail and it's 'beginning of the end' for eurozone http://t.co/qbtWRSdvRX pic.twitter.com/gSUrGWjGrk

— Trending Greece News (@greekolizer) June 9, 2015

The threat is all very well and good, except for the fact that:

1 Greece entered the eurozone of its own free will.

2 Greece's entry was on the basis of fraud by the Greek government.

3 The eurozone itself is flawed, and will fail anyway.

4 Greece's best option is to default and leave the eurozone.

5 A "fuck off" fund of money has been set aside to give to Greece when it leave the eurozone.

In other words, the threats are meaningless and irrelevant.

Latest Greek Proposal Kiboshed In Less Than an Hour

Again? https://t.co/1lXv7tKboV

— *Russian Market (@russian_market) June 9, 2015

Less than one hour later

REVISED GREEK PLAN NOT CREDIBLE, INTERNATIONAL OFFICIAL SAYS - IMF? Circus.

— *Russian Market (@russian_market) June 9, 2015

Lancing FIFA's Septic Bladder

In the event that there is a person or organisation on this planet that hasn't received or given a bung from/to FIFA, will he/she/it please stand up and make themselves known?

Advice To Tsipras

This isn't a "negotiation", this is a hostage situation.

Your only chance is to try to escape!

Greece Is A Busted Flush

Greece will not pay the IMF today and has instead asked to bundle its payments to the end of the month when, by happenstance, the current bailout ends.

Coincidentally Tsipras has stuck two fingers up to the Troika, and said the terms demanded by the Troika are unacceptable.

At this stage, even the most hopeful/moronic of Europhiles can surely see that Greece is a busted flush and that the best option for the Eurozone, and the Greek people, is to give Greece a wadge of  "fuck off money" and ask them to leave the Eurozone.

My advice to hapless people of Greece is simple, if you have any money left in your bank accounts take it out now; because capital controls and bail ins are coming!

Greece and Troika Miles Apart

Despite the bullshit spouted by Tsipras that a deal is imminent, Greece and the Troika are miles apart.

The clearest and simplest evidence of the gulf between them lies in the size of their respective "ultimatums".

The Greek proposal for a deal was 46 pages long. The proposal from the European creditors was five pages long #Greece

— Ed Conway (@EdConwaySky) June 4, 2015

No Compromise For Greece

Despite Tsipras attempting to cobble together a 46 page list of reforms, that he hoped would persuade the Troika to release much needed funds, his efforts were in vain.

The Troika cannot be bothered to read the document and has, instead, issued its own document that Tsipras will have to sign if he wants any more money.

Harsh?

In the words of Dijsselbloem:

"It is a misunderstanding that we have to meet each other half way.

That is not our intention."

In other words, it's over Greece!

Lancing FIFA's Septic Bladder

Now that FIFA's Septic Bladder has been lanced, we will see a tidal wave of puss and poison gushing forth from the last twenty years or so of the financial accounts of that most corrupt of organisations.

The Farce That is The Eurozone

Eurozone has become an utter joke https://t.co/Iwn6RnwQgE

— Ken Frost (@ken_frost) June 2, 2015

Greek Deal NOT Imminent

Reuters: EU officials close to the talks have said progress is very slow and they remain a long way from convergence

— MineForNothing (@minefornothing) June 2, 2015

No surprises there then!

Greece Uses The C Word

Bank of #Greece's Stournaras says "compromise is not very far away" ~@CH_Events

— Yannis Koutsomitis (@YanniKouts) June 2, 2015

Given that the world has been subjected to "deal imminent" headlines every few days over the last couple of months or so, I will believe it when I see it!

Tsipras Throws His Toys out of The Pram

Tsipras has thrown his toys out of the pram over the weekend, and vented his spleen against the Troika and the Troika's alleged threat to democracy.

The tantrum was an attempt to yet again persuade Merkel to sway the troika's hand.

She won't!

She can't!

Why does Tsipras not get this?

Greece has choice of leaving the eurozone, and taking control of its own currency. The choice is Greece's, that's democracy!

Tsipras had better stop playing politics with people's lives. There is a full scale bank run going on in Greece now, and the people of Greece need to exit the eurozone if they wish to have a chance of surviving this.