Varoufakis The Traitor?

A week is a long time in politics and, having outed himself as planning a surreptitious hack of the Greek tax system in order to create a parallel currency, Yanis Varoufakis now faces the very real prospect of being tried for treason.

It is not without irony that the Quadriga (nee Troika), having overridden the Greek referendum result and turned Greece into a vassal state, is now looking around for "traitors" in order to publicly punish them:

"pour les encouragement des les autres".

Step forward Yanis Varoufakis, whose head will soon adorn the eagle headed spear of the Quadriga!

Oh, and for the record, the European commission has denounced as “false and unfounded” claims by Greece’s Varoufakis that the Quadriga had exclusive control over Greece’s tax system.

All clear then?!

Troika Morphs Into Quadriga

It seems that the Troika s simply not larger enough to deal with Greece's third bailout negotiations. As such an extra member has been added, namely the ESM.

Thus the Troika has been officially renamed the Quadriga.

What is a Quadriga?

It is a chariot of the gods drawn by four horses.

As Zerohedge points out, the finest example of a Quadriga sits astride the Brandenburg Gate in Berlin.

There's irony for you!

Troika Arrives - Confusion Reigns Supreme In Athens

As the Troika starts to arrive in Athens (even though its safe house has yet to be arranged), there is some confusion over what happens next.

The Greeks say no further prior actions will be taken prior to an ESM loan:

There will be no other prior actions legislation before ESM loan agreement ~#Greece gov't official

— Yannis Koutsomitis (@YanniKouts) July 27, 2015

Yet the Troika, according to ekathimerini, expect the Greek government to draft another bill with prior actions so it can be passed through Parliament in the next two or three weeks.

As ever with this ongoing car crash confusion reigns supreme!

The Return of The Troika

The Troika are set to return to Athens.

However, their return is currently being delayed (and thus the start of bailout negotiations are also delayed) because of security fears. A safe house needs to be found for the group of technocrats, lest the local population try to do them some harm.

Such is the state of affairs within the eurozone!

Greece Back To The Future

Greece managed to submit its proposal before yesterday's deadline.

The irony being that it is more or less the same as the one put forward by the Troika in June, which was rejected by Tsipras and the Greek people.

As Robert Peston says, it's more or less total "capitulation":

I've obtained copy of Athens' detailed reform proposals - almost total capitulation to creditors http://t.co/oGKMJ4l7Cx #GreeceCrisis

— Robert Peston (@Peston) July 10, 2015

Varoufakis Resigns

Hot on the heels of an Oxi vote of around 61% Varoufakis, the man who said he would resign if the vote was Nai, has resigned as Finance Minister.

He cites the fact that he wants to give Tsipras every chance to maximise his negotiating strength with the Troika.

Very noble, given that he called the Troika "terrorists". However, let us not also forget that he promised a deal would be done within 24 hours of the result.

How's that looking then?

Oh, irrespective of him no longer being officially Finance Minister of Greece, he will doubtless still be advising Tsipras in the background and most certainly remains an MP.

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 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.

Troika Rejects Greek Proposals

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

— Fabrizio Goria (@FGoria) June 24, 2015

That's fucked it then!

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

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!

Greece's Open Issues

The wave of hyped, fake optimism exuded by Tsipras about a deal soon being reached between Greece and the Troika has of course been well and truly quashed.

Merkel has said that further work needs to be done with the Troika. As noted before, Merkel has in the past told Tsipras that it is not in her gift to disburse funds nor to persuade the Troika to do a deal.

Quite why Tsipras doesn't understand that is beyond me.

For the record the "open issues", as Bloomberg describes them, between the Troika and Greece include:

- Pensions
- Vat
- Targets for a primary budget surplus

These issues will never be closed; because Greece has neither the intention, nor the ability, to resolve them!

Varoufakis Expects Deal Within a Week

Greek Finance Minister Yanis Varoufakis told Star TV that he expects an agreement with the Troika within the next week.

Same old same old.

There is no justification for this hype or optimism, it will go the same way as all previous optimistic headlines about a deal being imminent have gone! 

Greece Gives Two Fingered Salute To Troika

Greek gov't spokesman Sakellaridis says #Greece won't adopt "zero deficit rule" for pensions funds, won't cut supplementary pensions

— Nick Malkoutzis (@NickMalkoutzis) May 18, 2015

With that gesture, Greece flounces off without any further bailout or help.

Greece's Hail Mary

#Greece FinMin @yanisvaroufakis meets in Washington #ECB President at 10am, US Treasury Secretary Jack Lew at 4.30pm & #Italy FinMin at 6pm.
— Manos Giakoumis (@ManosGiakoumis) April 17, 2015

Still attempting a political solution, and avoiding facing the Troika.

This will fail.

Mr Tsipras Goes To Moscow

Tsipras to Moscow today, meeting Putin tmrw. Russia ready to give Greece cheaper gas, loans, wants “Greek assets” in exchange - @kommersant.
— Tom Parfitt (@parfitt_tom) April 7, 2015

Greece is now playing its last hand, designed to try to force the Troika's hand.

It won't work!

Varoufakis Plays The Blame Game

Varoufakis blames the 'Institutions' for leaks of reform proposals. "Citizens' trust is undermined by such actions" http://t.co/SNcfSvP01v
— Yannis Koutsomitis (@YanniKouts) April 2, 2015

Leaked or not, it doesn't detract from the fact that the Troika has rejected the list of reforms as being inadequate and woolly.

Troika Nixes Greek Reforms Proposals

As per the Wall Street Journal:

"Greek proposals for a revised bailout program don’t have enough detail to satisfy the government’s international creditors, eurozone officials said, making it more likely that Athens will need to go several more weeks without a new infusion of desperately needed cash."

Indeed the Troika are singularly unimpressed with the proposals, as per a eurozone official:

"The proposals were piecemeal, vague and the Greek colleagues could not explain technically what some of them actually implied.

So, let’s hope that they present something more competent next week.” 

Scathing comments to say the least!

The final nail in the coffin for Greece is the fact that euro finance ministers will not meet to discuss Greece until mid April, thus Greece will not get any money at all until then (if at all).

There will be an emergency debate in the Greek parliament today, the end game has begun and it is probably a matter of days before Greece bites the bullet and leaves the eurozone.