John Helmer: What is Russia’s Answer to Greece’s Plan B? Smile, Blow the Whistle, Pass the Red Card
Helmer’s post confirms our view that Russia will not rescue Greece, and for many of the same reasons that we’ve stated.
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The Alternative in Greece
Let us begin with what should be indisputable: the Eurogroup agreement that the Greek government was dragged into on Friday amounts to a headlong retreat.
Read more...ECB and IMF to Greece: No Escaping the Austerity Hairshirt
We warned readers who are still keen to take the Syriza “Hope is coming” slogan as something more promising that a subconscious echo of the Obama 2008 “Hope and change” campaign, that the memo that Greece signed with the Eurogroup last week did not represent a victory or a lessening of austerity. The comments by the ECB and the IMF on the reform list from Greece submitted Monday confirmed our earlier readings, that austerity is still very much on in Greece.
Read more...Ilargi: How Far Is It From Kiev To Athens?
A detailed analysis of why the unbelievably uncreditworthy Kiev government is getting big IMF loans.
Read more...The Mitt Romney Connection: How the Scammers Behind Virgin Gold Mining Corporation Bit Off More Than They Could Chew (VII)
… while FBI agents, moved from white collar fraud investigations, help search behind bushes for an Al Qaeda terrorist, hundreds of swindlers roam Utah. – Lynn Packer, utahpoliticalcapitol.com Mitt would make a good Moses. Think about it. – Former Romney campaign official By Richard Smith Let’s start in 2006, with one of The Seattle Times’ […]
Read more...Eurogroup to Review Greek Reform Proposals; Meeting Set for Tuesday (Updated)
As we indicated earlier today, the Eurogroup appears to still have its hand in the mix of determining whether the reform list submitted by Greece is adequate. A meeting is set to review the proposed Greek reforms tomorrow. The journalists who are in the mix are sending tweets that suggest that they are not yet clear on some key issues in the state of play. As of this posting, only some high level details of the reform list have leaked out.
Read more...Troika Not Happy with Initial Draft of Greek Reforms; Eurogroup Reported Still in the Mix (Updated)
As most readers may know, Greece and the Eurogroup ministers agreed to a memorandum last week that would replace the bailout that expires on February 28 with a four-month deal that the memo stresses is in the same framework.
But as much as the memo language was agreed by the ministers, it is not yet a done deal. And it is already looking like we might have a wild ride among the negotiators today.
Read more...Benchmarking the Greece/Eurogroup Bailout Memo and Process
Greece and the Eurozone have entered into what amounts to a letter of intent in the form of a memo released yesterday. It’s important to understand, even as a basis for further negotiations, what this document is and is not. Because this is not a definitive agreement, as in it explicitly states that Greece’s detailed structural reform proposals must be reviewed and approved by “the institutions,” the new name for the Troika, as well as approval by the Eurogroup finance ministers before any funds are released, there is still uncertainty as to how its deliberate ambiguity will be resolved.
Read more...Greece Capitulates On Bailout, Reaches Four Month Deal
Syriza folded on its position of not taking bailout funds.
Read more...Greece’s Fate in ECB’s Hands if Eurogroup Talks Fail
As most readers know well, Greece made concessions yesterday to the Eurogroup that, although contested as to how far they went, were seen as big enough concessions to win the support of Eurogroup head Jeroen Dijsselbloem and Italy. But Germany’s Wolfgang Schauble almost immediately rejected them, setting the stage for a showdown today. As we’ve discussed from the outset, the biggest bone of contention continues to be “conditionality,” otherwise known as structural reforms. Greece wants to be able to revise some measures as long as it can still meet its primary surplus target. Germany insists a deal is a deal and Greece must reaffirm all the terms of its existing agreement.
The meeting is set to start in Brussels at 3 PM local time, so we’ll know soon enough how things turn out. The two sides are making friendlier noises as of this morning, but we’ve seen these public displays of collegiality before, only to be followed by negotiation ruptures.
Read more...The Logic of Greece’s Request for a Loan Agreement Extension
Yves here. There’s been a heated debate among members of the commentariat as to whether the latest proposal by the Greek government to the Eurogroup ministers was a significant concession or a carefully worded formulation that did not give much ground. This interview with Dimitri Lascaris, a top securities lawyer in Canada, gives a nuanced discussion of that issue, including the politics on the Greek and German sides.
Read more...Obama Administration Throws Greece Under the Bus; ECB Leak Recommends Capital Controls; Greece Weighing Capitulation (Updated: Germany Rejects Greek Proposal)
Things are not going well for Greece. It appears Syriza has largely capitulated to the demands of the Troika.
Read more...Greek Government Faces Cash Crunch Next Week
Greece is facing a cash shortfall even sooner than expected.
Read more...ECB Could Pressure Greece by Refusing to Increase ELA (Update: Small Increase Approved)
The ECB seems to be keeping Greece on a short leash by approving only a small increase in the ELA.
Read more...Mathew D. Rose: Greece – It’s a Revolution, Stupid!
As Greece’s struggles to secure relief from impossible-to-pay-debt that served to prop up otherwise insolvent French and German banks, and to be permitted to implement measures to reduce distress and restore growth, more and more observers are recognizing that this is really a struggle over democratic self-control versus rule by an unaccountable technocracy with inflexible rules, using finance as their enforcement weapon. This speech in the European Parliament today by UKIP leader Neil Farage echoes some of the themes of Mathew Rose’s post. Rose also explains how the many Germans justify the counterproductive destruction of a society that they have turned into a vassal state.
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