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!

No Extension, No Disbursement, No Greece

Idea of extending Greek bailout until autumn with partial disbursement is nonsense. Review must be within programme in June - source

— Bruno Waterfield (@BrunoBrussels) May 21, 2015

Varoufakis On Schaeuble

My answers (verbatim) to Die Zeit on Dr Schäuble http://t.co/l4kOBFGqhT

— Yanis Varoufakis (@yanisvaroufakis) May 20, 2015

Greece Deliberately Poisons The Well

Despite Varoufakis claiming a couple of days ago that a deal was imminent, the Greek government is determined to bollocks up the faux negotiations and poison the well.

As per Reuters:

"The Greek government's parliamentary speaker said on Wednesday that Athens will not make a payment to the IMF that falls due on June 5 unless it has reached a deal with its creditors by then."

That all but screws up the minuscule chance the Greece might have had of gaining some form of reprieve.

It's game over folks!

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! 

UK Not Yet In Deflation

Prices fell 0.1% in April. NOT deflation, which is persistent and long running fall in prices.

— Andrew Neil (@afneil) May 19, 2015

Much like a recession, negative inflation becomes deflation when it is persistent over two successive quarters.

Greek Government Spokesman Starts Bank Run

Serious guff by Greek gov spox Sakellaridis: He added the Cyprus-style bail-in of deposits element to the Cyprus-style last-minute blackmail

— Yannis Koutsomitis (@YanniKouts) May 18, 2015

No one is suggesting or implying Cyprus-style bail-in of deposits for #Greece and suddenly Sakellaridis needs to deny such a scenario.

— Yannis Koutsomitis (@YanniKouts) May 18, 2015

Greece will pay salaries and pensions at end of month - Spokesman. - Geez... does the spokesman know that he initiates a bank run?

— *Russian Market (@russian_market) May 18, 2015

Greece hopes to conclude final agreement in May - Spokesman. -... and the Oscar for the "bank-run starter" goes to the Spokesman.

— *Russian Market (@russian_market) May 18, 2015

The Greek Yields are on fire... Dax too.. Thank you, Mr. Spokesman.

— *Russian Market (@russian_market) May 18, 2015

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.

Greek Municipalities Refuse To Play Ball With Tsipras

Alexis Tsipras

Unsurprisingly Greek municipalities are not playing ball with Tsipras, and his Dick Turpin cash grab. They are refusing to hand over their money to the central government.

I wonder if the embassies are being more compliant?

Only 4 out of 325 municipalities have so far opened mutual accounts at Bank of #Greece to transfer assets as requested by gov't ~@airetosgr

— Yannis Koutsomitis (@YanniKouts) May 18, 2015

Greece Asks Embassies To Hand Over Cash

In a sign of utter desperation, Athens has requested its foreign embassies and consulates to hand over their spare funds to the government in order to stave off a domestic default on pensions, wages etc.

Barclays May Face $60M Fine

Bloomberg reports that Barclays Plc will probably be fined for violating a three-year-old settlement over interest-rate rigging, the amount of the fine may be up to $60M.

Greece Sets New "Deadline"

Government Spokesman: Greek government wants a deal with creditors by the end of May

— Jonathan Ferro (@FerroTV) May 14, 2015

FFS!

Had they really wanted a deal they would have made one in the last 100+ days since being elected to office.

Varoufakis Blames The Media

I spoke of a possible ESM-mediated repayment of ECB's SMP GGBs and some journos report I announced....nonpayment. Astonishing propaganda!

— Yanis Varoufakis (@yanisvaroufakis) May 14, 2015

Varoufakis Calls For Debt Push Back

Varoufakis has called for Greece's debt repayments to the ECB to be pushed back.

Fat chance, the ECB and Greece's other creditors are not going to budge!

Greece Back In Recession

GREEK GDP FELL 0.2% IN 1Q, PUTTING ECONOMY BACK IN RECESSION

— Jonathan Ferro (@FerroTV) May 13, 2015