Tsipras Demands Debt Relief

Alexis Tsipras, Greek prime minister, insists that Greece will legislate additional tax and pension reforms demanded by the Quadriga.

However, no legislation will be passed until a deal on debt relief was in place.

Notwithstanding this, Tsipras is confident that a deal to be wrapped up by May 22.

How many times have people expressed "confidence" that a deal for Greece would be "wrapped up"?

Delusion at the very height of government!

Tsipras Wins - Greece Loses

.@fastFT: Greek bond yields at year low after Tsipras win http://t.co/Lcgd92BK5d

— Financial Times (@FinancialTimes) September 21, 2015

Tsipras is a canny politician, but a lousy financial leader of his country.

Tsipras Backs Varoufakis

Fearful of what might happen if Yanis Varoufakis is charged with treason, Tsipras has given him some protective cover.

#Tsipras: Of course, obviously, I personally ordered FinMin to put together team to manage emergency situation #greece

— Kathimerini English (@ekathimerini) July 31, 2015

The questions are:

- Will this be enough, and

- What happens of Tsipras is also charged with treason?

Greek Bond Market To Collapse

*TSIPRAS PROPOSES INTERNAL SYRIZA PARTY BALLOT ON SUNDAY

— Michael Hewson (@mhewson_CMC) July 30, 2015

Tsipras Wanted To Bring Back The Drachma

It seems that Tsipras really did want to Grexit and bring back the Drachma.

Greek media report that Tsipras asked Putin for Euro10BN to underwrite the currency. However, Putin said no.

However the fact that, had Tsipras still opted for Grexit, he would have got a Euro50BN handout from Schaeuble raises serious questions as to why he bottled it and opted for a deal that will destroy Greece.

Greece Dies A Little Bit More Everyday

Tsipras "won" the vote, at the cost of his party's support.

That was the easy bit!

Now all he has to do is stay in office, secure some funding in the short term then acquire Euro85BN in the coming months.

As I write this the Eurogroup conference call is underway, that will determine if Greece gets any short term funding.

Tsipras Speaks #EPlenary

Tsipras is speaking at the European Parliament #EPlenary.

Make of it what you will.

The reality is that no proposal has been submitted and, if one springs forth that includes debt restructuring, it is unlikely to be accepted (as Tsipras knows full well!).

Our proposal to the institutions includes: credible reforms based on a fair sharing of burdens. #Greece #EPlenary

— Alexis Tsipras (@tsipras_eu) July 8, 2015

Our proposals for financing our obligations & restructuring our debt will not burden European taxpayers. #Greece #EPlenary #olomeleiaEK

— Alexis Tsipras (@tsipras_eu) July 8, 2015

Our proposals focus on reforms that aim to change #Greece, reforms that the Memoranda purposely did not include. #EPlenary #EUsummit

— Alexis Tsipras (@tsipras_eu) July 8, 2015

Latest Greece Rumour - Tsipras Folds

KLAXON Tsipras... he say yes. The latest from @SpiegelPeter >> http://t.co/QUEODCKEKm #SPIEGELMANIA

— Katie Martin (@katie_martin_fx) July 1, 2015

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!

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.

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!

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.

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

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!

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.