Alleged Greek Agreement Reached

DIJSSELBLOEM SAYS AGREEMENT REACHED ON SECOND GREEK MILESTONES

— MineForNothing (@minefornothing) December 2, 2015

All very well and nice, except that it's not in Dijsselbloem's gift to judge the validity or otherwise of any "agreement" made; it's down to the Quadriga.

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

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

Eurogroup Chief Dijsselbloem: “That [Greece is] all but broke, we knew already.” - finally something him & Greek FM Varoufakis agree on...

— Open Europe (@OpenEurope) March 25, 2015

Varoufakis's Letter To Dijsselbloem

Here is a link to the text of Greek Finance Minister Yanis Varoufakis's letter to Eurogroup President Jeroen Dijsselbloem outlining Greece's proposed reforms.

Good luck with achieving all of that within the next four months!

Diesel-Boom's Master Plan

As the markets ready themselves for the mother of all bank runs, as and when the banks re-open in Cyprus (I cannot see that they will open before Easter), the apparatchiks of the Eurozone have also been making plans.

The Slog reports that Diesel-Boom has a plan all ready to go live, that will impose capital controls within the Eurozone that will prevent people moving money out of the Eurozone:

"A plan is ready to go, and has been since January.

But the FinMins have yet to discuss it – not that this will make much difference. Now he’s in the Eurogroup driving seat, Dijsselbloem has become a prime mover in all this”.

As the Slog notes, Diesel-Boom has no clue as to the way markets work. He studied agriculture at University, took a masters in it at UCD, and then became a local councillor before moving onto the national political scene in the Netherlands.

Cyprus is the Eurozone's Czechoslovakia (betrayed by the Munich Agreement in 1938).

The Diesel-Boom Theme Tune

Diesel-Boom is now so popular, that a specially commissioned theme tune has been written for him.

Feel free to make up some appropriate lyrics, I'll start you off:

"Diesel-Boom,

Disel-Boom,

He's a star,

He'll go far...etc"

The Hand of Diesel-Boom Detected In The Market

Jeroen Dijsselbloem has been busy again, today saying that there were no signs of a bank run in periphery countries or deposits moved from periphery to core.

That's nice.

Except that the banks in Cyprus are closed, and are likely to remain closed until after Easter.

Once they re open there will most certainly be bank runs and deposit moves.

Meanwhile maybe someone should tell Dijsselbloem that the banks are shut and, more pertinently, that he should shut his mouth!

Chaos and Confusion - Courtesy of Dijsselbloem

As I noted yesterday, the idiotic remarks made by Jeroen Dijsselbloem about Cyprus being the template for future bailouts would cause chaos.

I was right.

As per the Guardian, by the end of the day shares in Europe were tumbling, the euro was dropping against the dollar and the cost of insuring European banks against default was rising.

Today we see further confusion and chaos caused by a split between Dijsselbloem and ECB executive board member Benoit Coeure being made public.

Coeure has flatly rejected Dijsselbloem's views, as per the International Business Times:

"I think Mr. Dijsselbloem was wrong to say what he said.

The Cyprus experience is not a model for the rest of Europe because the situation had reached a level which cannot be compared with any other country."

All very well, but the damage has now been done and the markets now no longer know who trust or believe from the Eurozone.

The Man Who Caused the Eurozone Bank Run

Ladies and Gentlemen please put your hands together for the man who started the bank run in the Eurozone, and put an end to the Euro experiment, Dutch Finance Minister Jeroen Dijsselbloem.