Loans and Finance
Friday, May 22, 2015
Greece's Open Issues
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:
- Targets for a primary budget surplus
These issues will never be closed; because Greece has neither the intention, nor the ability, to resolve them!
Thursday, May 21, 2015
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
Wednesday, May 20, 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
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!
Tuesday, May 19, 2015
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.
Monday, May 18, 2015
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
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
Saturday, May 16, 2015
Greece Asks Embassies To Hand Over Cash
Friday, May 15, 2015
Barclays May Face $60M Fine
Thursday, May 14, 2015
Greece Sets New "Deadline"
FFS!Government Spokesman: Greek government wants a deal with creditors by the end of May— Jonathan Ferro (@FerroTV) May 14, 2015
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
Fat chance, the ECB and Greece's other creditors are not going to budge!
Wednesday, May 13, 2015
Greece Back In Recession
GREEK GDP FELL 0.2% IN 1Q, PUTTING ECONOMY BACK IN RECESSION— Jonathan Ferro (@FerroTV) May 13, 2015
Game Over For Greece
Despite believing in the irrevocable nature of the eurozone experiment (even though all currency unions end in failure) the members of the eurozone are now putting together a loan package to hand over to Greece when it exits the eurozone.
At best Greece might have just under a month left. However, it is quite probable it exits any day now.
Tuesday, May 12, 2015
Greek Government Steals From Escrow Account
Syriza MP Vitsas confirms €757ml payment to IMF through escrow accnt at Bank of #Greece; says gov't was tipped to the accnt by IMF's Lagarde— Yannis Koutsomitis (@YanniKouts) May 12, 2015
Greece Runs Out of Cash In Two Weeks
Right on cue up pops "sidelined" Varoufakis (who still holds office), warning that Greece will run out of cash in two weeks and that the liquidity issue is "terribly urgent":
"The liquidity issue is a terribly urgent issue. It's common knowledge, let's not beat around the bush.Then why oh why has the Greek government squandered the last 100+ days since it was elected to office?
From the perspective [of timing], we are talking about the next couple of weeks."
The Germans have all but given up on Greece, and are now pushing for Greece to hold a referendum in the hope that Greece self exits from the eurozone.
Monday, May 11, 2015
EU Doesn't Think Greece Can Pay IMF
EU CONCERNED OVER GREECE'S ABILITY TO PAY IMF TUESDAY-SOURCES— Guy Johnson (@GuyJohnsonTV) May 11, 2015
Greece Has No Money
#Greece | Syriza parl group head Filis: There is no money for the creditors. We either reach agreement or we call referendum ~@AvgiOnline— Yannis Koutsomitis (@YanniKouts) May 11, 2015
Greeks Can't Eat Their Cake and Have It Too
65.9% of Greeks want compromise with lenders but 56.7% say gov't mustn't give in on pension, labour reform https://t.co/G6UY17Eaux #Greece— Nick Malkoutzis (@NickMalkoutzis) May 11, 2015
Friday, May 08, 2015
Tsipras Optimistic of Deal Soon
Wednesday, May 06, 2015
Greece Taxes Cash
Greece taxes cash https://t.co/KubASaFcE6— Ken Frost (@ken_frost) May 6, 2015
Greece Blames Everyone and Juncker On Edge of Breakdown
As Greece blames everyone but themselves for the ongoing failure to implement reforms, Juncker now sees an evil Anglo Saxon plot to destroy the eurozone.Scheming Anglo-Saxon speculators are concocting plots against the euro, says an increasingly deranged @JunckerEU. http://t.co/2DGquO4WAW— Daniel Hannan (@DanHannanMEP) May 6, 2015
Those whom the gods wish to destroy, they first make mad. It seems that both Greece and the eurozone are heading for an almighty disaster, which they will blame on everyone but themselves.
Tuesday, May 05, 2015
Greece's Reality Gap
"The IMF thinks the gap between the two realities is very large right now."The optimism espoused by Greece, and some participants of the ongoing talks, is clearly misplaced (no surprises there then!).
Monday, May 04, 2015
Varoufakis Predicts Death of Eurozone
Varoufakis has spoken about the eurozone noting if it "doesn't change it will die", adding that
"no country, not only Greece, should have joined such a shaky common monetary system."