Loans and Finance
Tuesday, June 30, 2015
That at least is today's Greek rumour!
Yanis Varoufakis has just gone into the Ministry of Finance today and told reporters: "We want to stay in the euro but want a viable solution. The proposals from lenders was not viable."
However, there is one question that no one appears to know the answer to.
What happens when these travellers leave Greece with surplus cash, will they be allowed to take it out of the country?
No one knows!
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.
Monday, June 29, 2015
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
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!
Sunday, June 28, 2015
Saturday, June 27, 2015
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.
Friday, 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.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
Like it or not, the Troika come first not the Eurozone leaders.
Thursday, June 25, 2015
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!
Wednesday, June 24, 2015
Positions of creditors and Greece still apart before eu/imf/ecb meeting with tsipras today, not much progress made on Tuesday - eu official— Fabrizio Goria (@FGoria) June 24, 2015
As I noted yesterday, don't believe the hype!
Tsipras is now caught between a rock and a hard place, as both the IMF and Syriza express "concerns" over the proposals.
Tuesday, June 23, 2015
Aside from the fact that the proposals (the wrong one and the right one) were submitted late, which means that no one has yet gone through the technicalities, there is also the fact that even if the Troika sign off on the proposals the Greek parliament has to ratify them.
That aside, there is also the small matter of a Greek bank run being staved off by daily increases in the ECB's ELA.
FT: Greek bank deposit withdrawals hit €1.6bn on Monday after €2bn of withdrawals on Friday http://t.co/7qZjXgBeH1 ht @SpiegelPeter— MineForNothing (@minefornothing) June 23, 2015
Even IF a bank run is avoided and the Greek parliament approves this, there is no way they will implement it properly!FT: One commercial banker has reported unofficial capital controls already being implemented at Greek banks at €3,000— MineForNothing (@minefornothing) June 23, 2015
This is far from being a done deal!
Monday, June 22, 2015
Aaaaaahhh... Greece sent the wrong documents to Eurogourp. - Bring me more popcorn! pic.twitter.com/GwOZBIZ2w0— *Russian Market (@russian_market) June 22, 2015
You couldn't make this up if you tried!
Athens stock exchange index surges at open pic.twitter.com/KIAr5fZHgy— Bloomberg Markets (@markets) June 22, 2015
Reuters' Frankfurt and Brussels sources say Greek pre-orders for deposit withdrawals for Monday have already reached 1 billion euros— zerohedge (@zerohedge) June 21, 2015
Sunday, June 21, 2015
Saturday, June 20, 2015
Otherwise, she said, the summit would not be able to make any decision.
I predict that Greece will send over a few pages of a faux "deal" around midnight on Sunday, and claim that is has done everything possible to resolve the crisis.
The question is, has the ECB specifically stated that it won't let Greek banks collapse?
Friday, June 19, 2015
“too little measures have been put forward that have been assessed to be credible or serious.”Christine Lagarde has confirmed that there will be no grace period, and that 30 June is the deadline for Greece's Euro1.6BN payment to the IMF.
There will be an emergency Eurozone leaders' summit on Monday. Disregarding any false hopes that this will undoubtedly raise, it is clear that capital controls are coming and that Greece will default and exit the eurozone.
Thursday, June 18, 2015
Wednesday, June 17, 2015
However, the more painful course is for Greece to remain in the eurozone under the terms demanded of it by the troika.
Tuesday, June 16, 2015
The likelihood of a Grexit is now being recognised even by the likes of Hollande.
Details as per Suddeutsche Zeitung.
Monday, June 15, 2015
It is clear that Greece has pissed off its European partners once too many times.
Greece, true to form, is blaming everyone else.
Friday, June 12, 2015
Thursday, June 11, 2015
Wednesday, June 10, 2015
The threat is all very well and good, except for the fact that:Greece warns EU leaders: Allow us to fail and it's 'beginning of the end' for eurozone http://t.co/qbtWRSdvRX pic.twitter.com/gSUrGWjGrk— Trending Greece News (@greekolizer) June 9, 2015
1 Greece entered the eurozone of its own free will.
2 Greece's entry was on the basis of fraud by the Greek government.
3 The eurozone itself is flawed, and will fail anyway.
4 Greece's best option is to default and leave the eurozone.
5 A "fuck off" fund of money has been set aside to give to Greece when it leave the eurozone.
In other words, the threats are meaningless and irrelevant.
Tuesday, June 09, 2015
Again? https://t.co/1lXv7tKboV— *Russian Market (@russian_market) June 9, 2015
Less than one hour later
REVISED GREEK PLAN NOT CREDIBLE, INTERNATIONAL OFFICIAL SAYS - IMF? Circus.— *Russian Market (@russian_market) June 9, 2015
Saturday, June 06, 2015
Friday, June 05, 2015
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!
Thursday, June 04, 2015
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
Wednesday, June 03, 2015
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.
In the words of Dijsselbloem:
"It is a misunderstanding that we have to meet each other half way.In other words, it's over Greece!
That is not our intention."
Tuesday, June 02, 2015
Given that the world has been subjected to "deal imminent" headlines every few days over the last couple of months or so, I will believe it when I see it!
Monday, June 01, 2015
The tantrum was an attempt to yet again persuade Merkel to sway the troika's hand.
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.