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

The Eurozone's Fuck Off Greece Fund

Despite Euclid meeting his fellow eurozone financial ministers in Brussels yesterday, he brought no proposals with him.

Unsurprisingly, even the eurozone is now exasperated by these games. As such Tusk and Juncker have given Greece a "final deadline" (how many times has Europe given Greece "deadlines" only to move them back?) to present a credible plan by Thursday, that will be decided upon by a full EU summit on Sunday.

Why are the EU leaders outside the eurozone coming?

Plan B now has been officially mentioned.

Juncker has said that if the proposal by Greece is unacceptable, Greece will be exiting the eurozone. As such the EU leaders will discuss what humanitarian aid will be given to Greece.

As I have noted several times before on this site, a fund (aka "fuck off money") has been set aside to be given to Greece as and when it exits, in order for Germany et al to wash their hands (with a "clean" conscience) of any further problems within Greece.

Syriza has played the game in order to maximise the "fuck off" fund. Once it has left the eurozone Syriza will turn Greece into a Marxist state funded by the eurozone's fuck off fund.

Euclid In A Nutshell

Take a bow, @irishtimes subeditor pic.twitter.com/Ju9wrqb8we

— Ruadhán Mac Cormaic (@RuadhanIT) July 7, 2015

Expect no change in Syriza's policy.

Grexit Coming

Juncker has said that the solution to the Greek crisis won't come Tuesday.

Quite so!

However, what he has failed to mention is the date that he expects the "solution" to materialise.

Whilst the naive idiots who think that Syriza's rehash of a proposal that was rejected may start the ball rolling towards a solution within the eurozone, the reality is that Syriza is preparing for Grexit and has been doing so ever since it took office.

Coming soon:

- Bank nationalisations
- Parallel currency
- Full blown Grexit

I wonder if the people who voted OXI realised that this is what they voted for?

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.

The Elephant in The Parthenon

As the embattled people of Greece go to the polls today, there is one small point that everyone is ignoring.

What is that?

The package on which they are voting is no longer on the table; ie the vote is irrelevant.

Whatever the outcome of this vote, the powers that be will use the result for their own agenda and the Greek people will continue to suffer.

Varoufakis Speaks

Greek Finance Minister Varoufakis to @elmundoes: "What they are doing with #Greece has a name: terrorism".

— Vincenzo Scarpetta (@LondonerVince) July 4, 2015

Mafia Style Democracy In Action

* Ecb's Constancio says cannot say in advance whether ECB would provide ELA if referendum outcome is "no" - RTRS

— Fabrizio Goria (@FGoria) July 3, 2015

Greece Is Fucked

The IMF has said that Greece needs another Euro50BN bailout, and that the debt is unsustainable and will need to be restructured.

Greek FinMin Varoufakis: Says IMF Proposal Is ‘Music To His Ears’ -Greek Debt Is Unsustainable $EURUSD

— Live Squawk (@livesquawk) July 3, 2015

Music or not, Greek banks are down to their last Euro500M. The emergency is now, not in the months it will take to negotiate/approve (if at all) a Euro50BN bailout and debt restructure!

Varoufakis To Resign If Yes Vote

BREAKING: Varoufakis - I will resign as finance minister if Greek voters back bailout deal in referendum. Live here: http://t.co/iOe5sNKdfq

— Bloomberg Business (@business) July 2, 2015

I bet 10 Drachmas he doesn't!

Pressure on Greece Increases

Eurozone finance ministers have ruled out any further talks on a fresh bailout for Greece until after the referendum.

Meanwhile the IMF put the other boot in, as Christine Lagarde said that Greece must sign up to economic reforms before it gets debt relief.

However, Varoufakis has stated that the banks will open next Tuesday. Quite how they will open remains a mystery. For good measure he has also had a go at the ECB.

#Varoufakis - #ECB is and has been making up its rules as it goes along

— Open Europe (@OpenEurope) July 2, 2015

Greece Crisis Live

#greece Tweets

Schaeuble Says Nein!

Schaeuble says there is no basis to have serious negotiations with Greece at moment.

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

Greece Defaults To The IMF

Greece has become the first developed country to default to the IMF.

Lagarde will act immediately, and will not delay reporting the default officially.