SHTF Greece

[crimethink]

http://www.telegraph.co.uk/finance/economics/11715198/greece-crisis-live-no-yes-referendum-polls.html


It comes as some sources also suggested ATMs will not open this evening in a bid to save money after EU leaders threatened to withdraw the euro in the event of a 'No' vote.

(...)

Greek army forces and riot police ramped up security this morning as it emerged a secret plan had been drawn up to ensure troops can cope if there is widespread public disorder.




http://www.telegraph.co.uk/finance/economics/11716318/Greeces-Yanis-Varoufakis-prepares-for-economic-siege-as-companies-issue-private-currencies.html


Greece has stockpiled enough reserves of fuel and pharmaceutical supplies to withstand a long siege, and has set aside emergency funding to cover all the country's vitally-needed food imports.

Yanis Varoufakis, the Greek finance minister, said the left-Wing Syriza government is still working on the assumption that Europe's creditor powers will return to the negotiating table if the Greek people don't agree to their austerity demands in a referendum on Sunday, but it stands ready to fight unless it secures major debt relief.

"Luckily we have six months stocks of oil and four months stocks of pharmaceuticals," he told The Telegraph.

[crimethink]

https://s1.yimg.com/bt/api/res/1.2/bQY2FVk8h_mOFvqOAk7xRA--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTY3NDtpbD1wbGFuZTtweW 9mZj0wO3E9NzU7dz05NjA-/http://media.zenfs.com/en_us/News/afp.com/Part-PAR-Par8219630-1-1-0.jpg

Sugar, flour, rice: panicked Greeks stock up on essentials

https://news.yahoo.com/sugar-flour-rice-panicked-greeks-stock-essentials-175737930.html

[Neuro]

It shouldn't be long until the result of the vote starts coming in now...

[EE_]

NO! Stock positive on Monday? Gold negative?

Official projection shows 'no' winning in Greek referendum
The Associated PressMENELAOS HADJICOSTIS, GREG KATZ, IULIIA SUBBOTOVSKAIA, EFTEHIA KATSAREAS, ELENA BECATOROS, and PAN PYLASJul 5th 2015 2:30PM

ATHENS, Greece (AP) -- Greece faced an uncharted future as its interior ministry predicted Sunday that more than 60 percent of voters in a hastily called referendum had rejected creditors' demands for more austerity in exchange for rescue loans.

Prime Minister Alexis Tsipras, who was gambling the future of his 5-month-old left-wing government on the vote, insisted that a "no" vote would strengthen his hand to negotiate a better deal with creditors, while a "yes" result would mean capitulating to their harsh demands.

Supporters of the No vote react after the first results of the referendum at Syntagma square in Athens, Sunday, July 5, 2015. Greece faced an uncharted future as its interior ministry predicted Sunday that more than 60 percent of voters in a hastily called referendum had rejected creditors' demands for more austerity in exchange for rescue loans.

The opposition has accused Tsipras of jeopardizing the country's membership in the 19-nation club that uses the euro and said a "yes" vote was about keeping the common currency.

With about a quarter of the votes counted Sunday evening, the Interior Ministry issued an official projection that the "no" side would win handily.

The vote was held amid banking restrictions imposed last Monday to halt a bank run, with Greeks queuing up at ATMs across the country to withdraw a maximum 60 euros per day. Banks have been shut all week, and it is uncertain when they will reopen.

Governing left-wing Syriza party Eurodeputy Dimitris Papadimoulis said that "Greek people are proving they want to remain in Europe" as equal members "and not as a debt colony." The referendum was Greece's first in 41 years.

Papadimoulis said the country should wait for the official and final results of Sunday's referendum, and called on his fellow countrymen to remain calm.
Minister of State Nikos Papas, speaking on Alpha television, said it would be "wrong to link a `no' result to an exit from the eurozone. If a `no' prevails that will help us get a better agreement."

Tsipras' high-stakes brinkmanship with lenders from the eurozone countries and the International Monetary Fund resulted in Greece defaulting on its debts this week and shutting down its banks to avoid their collapse. He called the referendum last weekend, giving both sides just a week to campaign.

"Today, democracy is defeating fear ... I am very optimistic," Tsipras said earlier in the day after voting in in Athens.
European officials have openly urged Greeks to vote against the government's recommendation.

"I hope people say 'yes,'" European Parliament President Martin Schulz told German public radio. "If after the referendum, the majority is a `no,' they will have to introduce another currency because the euro will no longer be available for a means of payment."

As voters flocked to polling stations, large lines once again formed at ATMs.
Daniel Tsangaridis, a 35-year-old Athens resident, said he didn't expect banks to reopen soon, despite a government pledge that they would do so Tuesday.
"It's not going to happen in the next 48 hours," he said. "If the situation improves and we can have a deal, then the banks will open."

Tsipras' left-wing Syriza party came to power in January after a six-year recession. Since then, the standoff between Athens and its international lenders has grown more bitter, and early signs of some economic growth and recovering employment in Greece have disappeared.

The debt-wracked nation also suffered repeated ratings downgrades and lost access to billions of euros after its existing bailout deal expired last week.
Polls published Friday showed the two sides in a dead heat with an overwhelming majority - about 75 percent - wanting Greece to remain in the euro currency.

"Today, we Greeks decide on the fate of our country," conservative opposition leader Antonis Samaras said. "We vote `yes' to Greece. We vote `yes' to Europe."
The sense of urgency was palpable as Greeks struggled to decipher a convoluted referendum question after being bombarded with frenzied messages warning of the country's swiftly approaching financial collapse.

Neither result on Sunday, however, would lead to a clear answer on what Greece should do about its overstretched finances.
Greece is no longer in a bailout program since its previous package expired last Tuesday. It now has to negotiate a new one with its creditors that involves even more money for the government and banks and new economic austerity measures.

Despite the Greek government's assertion that a "no" vote will not lead to a euro exit, most experts agree it would open up more uncertain financial outcomes.

A number of European politicians, including Jeroen Dijsselbloem, the top eurozone official, have said a "no" vote would jeopardize Greece's place in the 19-nation eurozone. Investors are also likely to believe a "no" win increases the chance of a so-called "Grexit," where Greece returns to its own old currency.
---
Online:
Official referendum website: http://www.referendum2015gov.gr/en/

[expat4ever]

Basically, NO, we don't want to give up our cushy lifestyle seems to be what they are saying. Good for them though. If things get to bad then Greece will just print their Euros and inflate. If they say no to the debt then they can stave off inflation for a little while but it will come eventually if they start printing. Iceland seems to be doing ok but the only way Greece can do the same is to cut spending in the end anyway. Cutting 360 billion in debt is a great way to cut spending though.. Screw the bankers.

[mick silver]

ATHENS, Greece (AP) — Greeks overwhelmingly rejected creditors' demands for more austerity in return for rescue loans in a critical referendum Sunday, backing Prime Minister Alexis Tsipras, who insisted the vote would give him a stronger hand to reach a better deal.
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Tsipras gambled the future of his 5-month-old left-wing government on the vote. The opposition accused him of jeopardizing the country's membership in the 19-nation club that uses the euro and said a "yes" vote was about keeping the common currency.
With 70 percent of the votes counted, the "no" side had more than 60 percent. The interior ministry predicted that margin would hold.
Finance Minister Yanis Varoufakis said Sunday night that creditors planned from the start to shut down banks to humiliate Greeks and force them to make a statement of contrition for showing that debt and loans are unsustainable.
On Sunday, "the Greek people said 'no more' to five years of austerity," he said.
Thousands of government supporters gathered in central Athens in celebration, waving Greek flags and chanting "No, No, No."
View gallery
http://l.yimg.com/bt/api/res/1.2/yQfgRNIHDdPmfc1W.3bBbA--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTIyODtxPTc1O3c9MzAw/http://media.zenfs.com/en_us/News/ap_webfeeds/f9d67452f3125b1d7b0f6a7067001aa8.jpg
(http://news.yahoo.com/photos/supporters-no-vote-react-first-results-referendum-klafthmonos-photo-190930792.html)Supporters of the No vote react after the first results of the referendum at Klafthmonos square in A …

"We don't want austerity measures anymore, this has been happening for the last five years and it has driven so many into poverty, we simply can't take any more austerity," said Athens resident Yiannis Gkovesis, 26, holding a large Greek flag in the city's main square.
Governing left-wing Syriza party Eurodeputy Dimitris Papadimoulis said that "Greek people are proving they want to remain in Europe" as equal members "and not as a debt colony." The referendum was Greece's first in 41 years.
Minister of State Nikos Papas, speaking on Alpha television, said it would be "wrong to link a 'no' result to an exit from the eurozone. If a 'no' prevails that will help us get a better agreement."
Tsipras' high-stakes brinkmanship with lenders from the eurozone countries and the International Monetary Fund resulted in Greece defaulting on its debts this week and shutting down its banks to avoid their collapse. He called the referendum last weekend, giving both sides just a week to campaign.
"Today, democracy is defeating fear ... I am very optimistic," Tsipras said earlier in the day after voting in in Athens.
View gallery
http://l1.yimg.com/bt/api/res/1.2/QBVBaFu9OAeqcn2BU09RKw--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTE5ODtxPTc1O3c9MzAw/http://media.zenfs.com/en_us/News/ap_webfeeds/adde1f9af3025a1d7b0f6a7067005461.jpg
(http://news.yahoo.com/photos/supporter-no-vote-waves-greek-flag-first-results-photo-185142738.html)A supporter of the No vote waves a Greek flag after the first results of the referendum at Syntagma …

European officials had openly urged Greeks to vote against the government's recommendation.
"I hope people say 'yes,'" European Parliament President Martin Schulz told German public radio. "If after the referendum, the majority is a 'no,' they will have to introduce another currency because the euro will no longer be available for a means of payment."
Belgian Finance Minister Johan Van Overtveldt was one of the first eurozone ministers to react to the initial results.
"This likely 'no' complicates matters," he told Belgium's VRT network, but insisted the door remained open to resume talks with the Greek government within hours.
The vote was held amid banking restrictions imposed last Monday to halt a bank run, with Greeks queuing up at ATMs across the country to withdraw a maximum 60 euros per day. Banks have been shut all week, and it is uncertain when they will reopen. Large lines once again formed at ATMs on Sunday.
View gallery
http://l.yimg.com/bt/api/res/1.2/0L1o.d2fJSBCLaynXjxgpg--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTIwMDtxPTc1O3c9MzAw/http://media.zenfs.com/en_us/News/ap_webfeeds/717d6772f2e85a1d7b0f6a706700a658.jpg
(http://news.yahoo.com/photos/supporters-no-vote-wave-greek-flags-first-results-photo-182302689.html)Supporters of the No vote wave Greek flags after the first results of the referendum at Syntagma squ …

Daniel Tsangaridis, a 35-year-old Athens resident, said he didn't expect banks to reopen soon, despite a government pledge that they would do so Tuesday.
"It's not going to happen in the next 48 hours," he said. "If the situation improves and we can have a deal, then the banks will open."
The Syriza party came to power in January after a six-year recession. Since then, the standoff between Athens and its international lenders has grown more bitter, and early signs of some economic growth and recovering employment in Greece have disappeared.
The debt-wracked nation also suffered repeated ratings downgrades and lost access to billions of euros after its existing bailout deal expired last week.
Polls published Friday showed the two sides in a dead heat with an overwhelming majority — about 75 percent — wanting Greece to remain in the euro currency.
View gallery
http://l3.yimg.com/bt/api/res/1.2/72szHRvNHbPchWlT723WcQ--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTIwNjtxPTc1O3c9MzAw/http://media.zenfs.com/en_us/News/ap_webfeeds/d9f693e5f10f511d7b0f6a706700750f.jpg
(http://news.yahoo.com/photos/greeces-finance-minister-yanis-varoufakis-center-waves-supporters-photo-094653798.html)Greece's Finance Minister Yanis Varoufakis, center, waves to his supporters after voting at a po …

"Today, we Greeks decide on the fate of our country," conservative opposition leader Antonis Samaras said. "We vote 'yes' to Greece. We vote 'yes' to Europe."
The sense of urgency was palpable as Greeks struggled to decipher a convoluted referendum question after being bombarded with frenzied messages warning of the country's swiftly approaching financial collapse.
Neither result on Sunday, however, would lead to a clear answer on what Greece should do about its overstretched finances.
Greece is no longer in a bailout program since its previous package expired last Tuesday. It now has to negotiate a new one with its creditors that involves even more money for the government and banks and new economic austerity measures.
Despite the Greek government's assertion that a "no" vote will not lead to a euro exit, most experts agree it would open up more uncertain financial outcomes.
View gallery
http://l.yimg.com/bt/api/res/1.2/4kxQdX2q.X3BuDFD4964BA--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTIwMTtxPTc1O3c9MzAw/http://media.zenfs.com/en_us/News/ap_webfeeds/5125e97df0b4501d7b0f6a706700410a.jpg
(http://news.yahoo.com/photos/greeces-prime-minister-alexis-tsipras-center-speaks-media-photo-080656847.html)Greece's Prime Minister Alexis Tsipras, center, speaks to the media after voting at a polling st …

A number of European politicians, including Jeroen Dijsselbloem, the top eurozone official, have said a "no" vote would jeopardize Greece's place in the 19-nation eurozone. Investors are also likely to believe a "no" win increases the chance of a so-called "Grexit," where Greece returns to its own old currency.
___
Online:
Official referendum website: http://www.referendum2015gov.gr/en/
___
Associated Press writers Elena Becatoros, Greg Katz and Demetris Nellas in Athens, Greece, Raf Casert in Belgium and Pan Pylas in London contributed to this report.


Alexis Tsipras
austerity

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[gunDriller]

Before the EU was a twinkle in the EU Banksters' eye, Greece did quite well.

in the 70's, Tourism was a major industry - because it was worth visiting.

We lived there when I was a kid.

NO FVCKING TV.


Thinking that was a Good Thing.

They need a medium of exchange, that can be supplied to banks, that can
be given to account holders.

I nominate their old big silver coin.

How can they have enough cash to load up on Silver to prepare for withdrawing
from the Euro ? STIFF THEIR CREDITORS - because they need to buy Silver - which
just happens to be on sale.


This could be one of the best things to happen to Greece in a half century.

It's how they navigate through it that matters.

With foresight, they could have kept
some powder dry so that they could tell big bankster banks, "we want to open our banks
Monday morning so our people can get back to work. We spent our Dollars
and a little bit of our Gold on Silver
coins. Nothing left for you, but we'll give you a good deal on a one week vacation in
Crete/ Corfu "


I think that's what the EU and to some extent the mainstream media is afraid of -
that Greece will show that they will bring back some economic models from the
70's THAT WORKED, and sort of "do an Iceland".

Then other European states, like Italy and Spain, will be thinking "Hmmm. Worked
for Greece. Worked for Iceland." Of course, there are $Trillions in credit derivatives
tied up with that debt.

Then while the EU is crumbling, everybody is vacationing in Greece. :)

[madfranks]

Basically, NO, we don't want to give up our cushy lifestyle seems to be what they are saying. Good for them though. If things get to bad then Greece will just print their Euros and inflate. If they say no to the debt then they can stave off inflation for a little while but it will come eventually if they start printing. Iceland seems to be doing ok but the only way Greece can do the same is to cut spending in the end anyway. Cutting 360 billion in debt is a great way to cut spending though.. Screw the bankers.

Greece can't print Euros and inflate, only the ECB can do that. That's the whole reason for this current state of affairs, Greece can't print their way out, because they are beholden to a different currency controlled by others. That's why one of the options is for Greece to exit the Eurozone and re-introduce the Drachma as their currency, one they can control and print.

[mick silver]

JP Morgan says its base case is Greek exit from euro zonehttps://s.yimg.com/lq/p/us/news/editorial/d/0c/d0c3eb8ca18907492a4b337b5cec5193.jpeg (http://www.reuters.com/) 1 hour ago




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DUBLIN (Reuters) - JP Morgan's base case is for Greece to exit the euro zone after early indications showed the Greek electorate had voted against the terms of a bailout offer from creditors.
"Although the situation is fluid, at this point Greek exit from the euro appears more likely than not," JP Morgan analyst Malcolm Barr wrote in a research note.
(Reporting by Carmel Crimmins; Editing by Kevin Liffey)

[mick silver]

FEAR is new weapon in Greece: EU leaders resort to same terror tactics as the U.S. vaccine industry to scare everyone into irrational obedience

Learn more: http://www.naturalnews.com/050296_government_terrorism_fear_tactics_Greece_co llapse.html#ixzz3f3Iokxo3

[crimethink]

Debt repudiation and international barter are twin tools Greece can use to survive, and prosper. Although that surely means war against her, as it did in the 1930s for another country that tried it. For, "Thou shalt not declare thine independence from the self-chosen Master Race's international banking syndicate."

[gunDriller]

paying people zero interest on their savings, you would think, would have a beneficial side effect -

they keep their money as cash. then if the ATM's break down, no big deal.


My question is - Travel Restrictions ?

having money in banks is super convenient for people who travel.

of course, a small bag of gold sovereigns, or of cash, works good.

but then you have to worry about 2 kinds of thieves - government thieves, and the old-fashioned kind.


being able to move your $$ around safely in a situation like this is very important.

[expat4ever]

They can move freely throughout Europe. Lets say a greek goes to Italy or Spain, can they then take out more than 60 Euro?

[Sparky]

Potentially historic event, with the result a 60-40 blowout.

I say that now Europe has to give the Greeks what they want at the negotiating table. They can't allow them to leave the Euro; the implications are too great. No Greek exit.

[osoab]

It's a long summer.

They will put the screws to Greece.

[crimethink]

They can move freely throughout Europe. Lets say a greek goes to Italy or Spain, can they then take out more than 60 Euro?

Only if they have a bank account domiciled in another country.

[crimethink]

Potentially historic event, with the result a 60-40 blowout.

I say that now Europe has to give the Greeks what they want at the negotiating table. They can't allow them to leave the Euro; the implications are too great. No Greek exit.

"They" most certainly can, especially if the goal is a Euro collapse, with cascade effect to the rest of the world, with the "solution" of a "global currency" being offered. The time is ripe for a Babylon Dollar.

Of course, other scenarios are possible, including the assassination of the Greek Prime Minister.

[ShortJohnSilver]

ODIOUS DEBT - Greece owes nothing for loans that did not benefit their country.

[madfranks]

Potentially historic event, with the result a 60-40 blowout.

I say that now Europe has to give the Greeks what they want at the negotiating table. They can't allow them to leave the Euro; the implications are too great. No Greek exit.

But then other debt laden countries next after Greece will know that Europe has no teeth.

[midnight rambler]

But then other debt laden countries next after Greece will know that Europe has no teeth.

Expect things to get real fucking exciting from here on.

[Hitch]

What do you all think? Is the Euro going to collapse and take down gold and silver with it. Might be a good buying opportunity in metals for folks with US dollars here soon. Then again, might be time to pull everything out of the banks. This could be global?

[expat4ever]

I heard that Each country in the Eureozone has their own printing presses so more than likely the Greeks print and the greek Euro goes to shit while the rest do ok. For now anyway. Eventually this all plays out across Europe and the world. As we all know there isnt enough money ever printed to pay principle and interest.

[Glass]

I heard that Each country in the Eureozone has their own printing presses so more than likely the Greeks print and the greek Euro goes to shit while the rest do ok. For now anyway. Eventually this all plays out across Europe and the world. As we all know there isnt enough money ever printed to pay principle and interest.

there plenty of people to tell you that you don't need to print the money to pay the interest. Peoples energy does that. It's magic or something.

And yes they print their own Euros. The Euro numbers are prefixed by a letter. Can't recall which is which but I think Greece is the letter P. It gets so silly that within the EU, some EU notes from specific countries are considered more better-er than other euro notes from lazy, gimme gimme pay no taxes or your debts countries.

Reading all the BS in the media is, well don't know, not frustrating or angering or saddening. Just the same old myths being trotted out. e.g. Greeks took what they weren't entitled to and spent it, now the piper wants paying and so on.

[Twisted Titan]

It's a long summer.

They will put the screws to Greece.


Absolutely

Once the provisions dry up, the grumbling bellies will riot.

[crimethink]

I heard that Each country in the Eureozone has their own printing presses so more than likely the Greeks print and the greek Euro goes to shit while the rest do ok. For now anyway. Eventually this all plays out across Europe and the world. As we all know there isnt enough money ever printed to pay principle and interest.

The Rothschild Crime Syndicate dba "European Central Bank" will marshal armed force against Greece if they print Greek Euros unilaterally.

Does Tsipras have the balls to mint Gold & Silver Drachmas, repudiate the "debt," and tell "them" μολὼν λαβέ?

[crimethink]

And yes they print their own Euros. The Euro numbers are prefixed by a letter. Can't recall which is which but I think Greece is the letter P. It gets so silly that within the EU, some EU notes from specific countries are considered more better-er than other euro notes from lazy, gimme gimme pay no taxes or your debts countries.

The Greek national code is Y.

The most popular Euro is X - Germany's. X Notes are virtual Deutsche Marke...apparently people believed that this was coming, and that German-issued Euros would ride out devolution better. I am not aware of any legislation indicating X Notes are "better" than, say, Y Notes, or even U Notes (France).

Incidentally, not all Y Notes are printed by printer code N, which is the Bank of Greece - Y Notes can also have printer codes F, G, P, and R (for printers in Austria, the Netherlands, and Germany [latter two], respectively).

[Sparky]

But then other debt laden countries next after Greece will know that Europe has no teeth.


Expect things to get real fucking exciting from here on.

Yes, exactly. That's when the real fun begins.

Thinking about this...the only favorable outcome for the Euro Union is if Greek stays in the union on Europe's terms, i.e. not setting a bad precedent for Spain and Italy to follow. So I think this will happen; Tsiprias will agree to a bad deal, but it will be framed as a good deal to make it look like the referendum vote was effective, and that Tsipras was a hero. The only concession by Europe will be that they will pretend that Tsipras gained something in the negotiating table.

It's amazing that 75% of everything that is presented to us in this world is a fabrication. It would be easier if it was 100%, because then we could just accept everything as false. But 25% is real, which is what makes it hard.

[EE_]

Yes, exactly. That's when the real fun begins.

Thinking about this...the only favorable outcome for the Euro Union is if Greek stays in the union on Europe's terms, i.e. not setting a bad precedent for Spain and Italy to follow. So I think this will happen; Tsiprias will agree to a bad deal, but it will be framed as a good deal to make it look like the referendum vote was effective, and that Tsipras was a hero. The only concession by Europe will be that they will pretend that Tsipras gained something in the negotiating table.

It's amazing that 75% of everything that is presented to us in this world is a fabrication. It would be easier if it was 100%, because then we could just accept everything as false. But 25% is real, which is what makes it hard.

I think 100% is false. It's easier that way.
You are probably right, Tsiprias will sell out the Greek people.

[Glass]

The Greferendum Shocker: Tsipras "Intended To Lose" And Is Now "Trapped By His Success"

Call it "game theory" gone horribly "chaos theory."
The Greek prime minister who decisively and unexpectedly pushed for a referendum on the last weekend of June, "never expected to win Sunday's referendum on EMU bail-out terms, let alone to preside over a blazing national revolt against foreign control." He got just that, and in a landslide vote at that even though "he called the snap vote with the expectation - and intention - of losing it."


Call it game theory gone horribly chaos theory.

It all started with a report by the Telegraph's Ambrose Evans-Pritchard, whose release of on the record comments by Yanis Varoufakis (which we noted was rather surprising (http://www.zerohedge.com/news/2015-07-05/greece-contemplates-nuclear-options-may-print-euros-implement-parallel-currency-nati)) that Greece was contemplating a parallel currency and potentially nationalizing Greek banks over the weekend, was supposedly the catalyst that got the Greek finmin fired. As a reminder, this is what Varoufakis told AEP on Sunday night (http://www.telegraph.co.uk/finance/economics/11719688/Defiant-Greeks-reject-EU-demands-as-Syriza-readies-IOU-currency.html): "If necessary... issue parallel liquidity and California-style IOU's, in an electronic form. We should have done it a week ago."

And this is what the WSJ said (http://www.wsj.com/articles/greek-finance-minister-yanis-varoufakis-resigns-after-referendum-1436162284)on Monday morning:

... the premier decided to act after Mr. Varoufakis told a U.K. newspaper late Sunday that Greece might introduce a parallel currency and electronic IOUs similar to those issued previously in California. Mr. Varoufakis quickly backtracked on his comments to the Daily Telegraph, but his prime minister had had enough, the people familiar with the matter say.



That was the first indication that the wheels had officially come off the Greek wagon.

Moments ago, we got confirmation of just that, when in another surprising twist it was again the Telegraph's Evans-Pritchard who reported that the Greek prime minister who decisively and unexpectedly pushed for a referendum on the last weekend of June, "never expected to win Sunday's referendum on EMU bail-out terms, let alone to preside over a blazing national revolt against foreign control."

He got just that, and in a landslide vote at that even though "he called the snap vote with the expectation - and intention - of losing it."

Also according to the Telegraph, "the plan was to put up a good fight, accept honourable defeat, and hand over the keys of the Maximos Mansion, leaving it to others to implement the June 25th "ultimatum" and suffer the opprobrium."

He had good reason: according to another Varoufakis quote provided by AEP, "[the Troika] just didn't want us to sign. They had already decided to push us out." In other words, as we speculated in mid-June, the only question was who gets stuck with the blame, and when Tsipras called the referendum, he made it quite easy for Europe; it was even easier when Greece collectively voted "Oxi" to a referendum spun in Europe as one whether or not to remain in the Eurozone.

There is more: with Tsipras having already checked out it was a case of "after me, the flood"



This ultimatum came as shock to the Greek cabinet. They thought they were on the cusp of a deal, bad though it was. Mr Tsipras had already made the decision to acquiesce to austerity demands, recognizing that Syriza had failed to bring about a debtors' cartel of southern EMU states and had seriously misjudged the mood across the euro

But it is what happened next that took everyone by surprise: "Syriza called the referendum. To their consternation, they won, igniting the great Greek revolt of 2015, the moment when the people finally issued a primal scream, daubed their war paint, and formed the hoplite phalanx."

Suddenly the stakes are even higher for Tsipras, who is "now trapped by his success." According to Costas Lapavitsas, a Syriza MP, "the referendum has its own dynamic. People will revolt if he comes back from Brussels with a shoddy compromise."

Ironically, that is precisely why the market soared today after it tumbled early in the morning, because it appeared that the Greek finmin was doing just: accepting a shoddy compromise. Of course, it wouldn't be the first time: the Greeks had come home with "compromise" deals on many previous occasions only to have Syriza tear them apart. And this time the stakes are higher not only for Tsipras but the entire party, which realizes it faces a mutiny by the people, mostly the young ones, those with little to lose, if some 60% of them voted against a deal "at any cost" just to see the government fall back to just such an outcome.

The Syriza MP Lapavitsas is correct when he says that "Tsipras doesn't want to take the path of Grexit, but I think he realizes that this is now what lies straight ahead of him."

More @ ZeroHedge (http://www.zerohedge.com/news/2015-07-07/greferendum-shocker-tsipras-intended-lose-and-now-trapped-his-success)

[singular_me]

they may not allow greece to collapse.... or the rest of the EU will see how fast they recover going back to their original currency and more will want to exit... then there still is the russian bailout wild card....
----------------------------
8th July 2015
European leaders warn next five days are ‘most critical moment in the history of the EU’ as Greece is given one final deadline

Christian Noyer said he was concerned that major civil unrest could break out if a deal isn't struck by the weekend
He said he fears that Greece descend into 'riots and chaos' if a bailout compromise is not found this week
Alexis Tsipras told the European Parliament today that he is confident the end-of-the-week deadline will be met
But he claimed that Greece had been used as an 'austerity laboratory' by the rest of Europe over the past five years

http://www.dailymail.co.uk/news/article-3152938/European-leaders-warn-five-days-critical-moment-history-EU-Greece-given-one-final-deadline.html

==============================

GREECE: The One Biggest Lie You Are Being Told By The Media
July 6, 2015 By

Truth and Satire
Global Research News

Every single mainstream media has the following narrative for the economic crisis in Greece: the government spent too much money and went broke; the generous banks gave them money, but Greece still can’t pay the bills because it mismanaged the money that was given. It sounds quite reasonable, right?

Except that it is a big fat lie … not only about Greece, but about other European countries such as Spain, Portugal, Italy and Ireland who are all experiencing various degrees of austerity.

It was also the same big, fat lie that was used by banks and corporations to exploit many Latin American, Asian and African countries for many decades.

Greece did not fail on its own. It was made to fail.

In summary, the banks wrecked the Greek government, and then deliberately pushed it into unsustainable debt … while revenue-generating public assets were sold off to oligarchs and international corporations. The rest of the article is about how and why.

If you are a fan of mafia movies, you know how the mafia would take over a popular restaurant. First, they would do something to disrupt the business – stage a murder at the restaurant or start a fire. When the business starts to suffer, the Godfather would generously offer some money as a token of friendship.

MORE
http://21stcenturywire.com/2015/07/06/greece-the-one-biggest-lie-you-are-being-told-by-the-media/

[gunDriller]

what Greece needs is a Debt Jubilee, aka debt forgiveness -

άφεση του χρέους



but how do they tell the rest of the world, "about that debt ... "


incidentally, one of the reasons Greece has the big deficit is that they were HUGE into
debt-financed military spending. they have the 3rd or 4th largest military in Europe.

it's just that now they're having trouble paying for batteries !



i don't know how much they are in hock for but it's big, in the hundreds of billions.


"you were stupid to loan to us, you knew we couldn't pay it back, so come have some
Souvlaki, and enjoy our beaches and the Mediterranean."


who's the lucky Grecian that gets to write that Dear John letter ?

[singular_me]

waiting for the greece official exit ????

Inspired by Greece, UK Public Wants Its Own Austerity Referendum
‘The wave of joyous solidarity at the Greek “No” vote still resounds across the world today, revealing millions who identify with the struggle and have had enough of being bullied and controlled.

Whether it is Euro bullies, other governments or corporations, the sight of a country shaking its fist in a fight for the people while refusing to be blackmailed has brought a spark of much-needed hope worldwide.

Unlike Greece, Britain can always print more money—but deficit obsession, fear-mongering, and austerity fever still rule. As ordinary people suffer increasing hardship, the Tories have made no secret of their plans for another £12 billion of welfare cuts—due to bite harder this week as Chancellor of the Exchequer George Osborne unveils his emergency budget. Over the weekend, more pompous announcements revealed that higher earners will no longer be eligible for “subsidised” social housing and will be required to pay “market rates” instead.’
http://theantimedia.org/uk-public-wants-its-own-austerity-referendum/
====================



they may not allow greece to collapse.... or the rest of the EU will see how fast they recover going back to their original currency and more will want to exit... then there still is the russian bailout wild card....
----------------------------
8th July 2015
European leaders warn next five days are ‘most critical moment in the history of the EU’ as Greece is given one final deadline

Christian Noyer said he was concerned that major civil unrest could break out if a deal isn't struck by the weekend
He said he fears that Greece descend into 'riots and chaos' if a bailout compromise is not found this week
Alexis Tsipras told the European Parliament today that he is confident the end-of-the-week deadline will be met
But he claimed that Greece had been used as an 'austerity laboratory' by the rest of Europe over the past five years

http://www.dailymail.co.uk/news/article-3152938/European-leaders-warn-five-days-critical-moment-history-EU-Greece-given-one-final-deadline.html

==============================

GREECE: The One Biggest Lie You Are Being Told By The Media
July 6, 2015 By

Truth and Satire
Global Research News

Every single mainstream media has the following narrative for the economic crisis in Greece: the government spent too much money and went broke; the generous banks gave them money, but Greece still can’t pay the bills because it mismanaged the money that was given. It sounds quite reasonable, right?

Except that it is a big fat lie … not only about Greece, but about other European countries such as Spain, Portugal, Italy and Ireland who are all experiencing various degrees of austerity.

It was also the same big, fat lie that was used by banks and corporations to exploit many Latin American, Asian and African countries for many decades.

Greece did not fail on its own. It was made to fail.

In summary, the banks wrecked the Greek government, and then deliberately pushed it into unsustainable debt … while revenue-generating public assets were sold off to oligarchs and international corporations. The rest of the article is about how and why.

If you are a fan of mafia movies, you know how the mafia would take over a popular restaurant. First, they would do something to disrupt the business – stage a murder at the restaurant or start a fire. When the business starts to suffer, the Godfather would generously offer some money as a token of friendship.

MORE
http://21stcenturywire.com/2015/07/06/greece-the-one-biggest-lie-you-are-being-told-by-the-media/

[crimethink]

what Greece needs is a Debt Jubilee, aka debt forgiveness

The Rothschild Crime Syndicate neither forgives nor forgets.

[Sparky]

The dynamics associated with this situation are fascinating. For years we've been looking for a SHTF trigger; this has all the ingredients because of the potential domino effect. I still say they stay in the EU, but the effects will ripple across all the other debt-ridden EU countries. And it's coinciding with the stock market fiasco in China, and the Japanese attempt to print their way out of deflation.

The U.S. is looking good right now amongst all the other clowns in the circus. Our turn is still a decade away. Europe -> Japan -> U.S.

[singular_me]

mega mess is coming...
---------------------------

07.07.2015
Almost 60 percent of the Dutch population is willing to abandon the euro currency amid the Greek debt crisis, according to a study by the Consumer Research Office of the Dutch Telegraaf Media Groep, published Tuesday.

Read more: http://sputniknews.com/europe/20150707/1024325946.html#ixzz3fRXUi95o





waiting for the greece official exit ????

Inspired by Greece, UK Public Wants Its Own Austerity Referendum
‘The wave of joyous solidarity at the Greek “No” vote still resounds across the world today, revealing millions who identify with the struggle and have had enough of being bullied and controlled.

Whether it is Euro bullies, other governments or corporations, the sight of a country shaking its fist in a fight for the people while refusing to be blackmailed has brought a spark of much-needed hope worldwide.

Unlike Greece, Britain can always print more money—but deficit obsession, fear-mongering, and austerity fever still rule. As ordinary people suffer increasing hardship, the Tories have made no secret of their plans for another £12 billion of welfare cuts—due to bite harder this week as Chancellor of the Exchequer George Osborne unveils his emergency budget. Over the weekend, more pompous announcements revealed that higher earners will no longer be eligible for “subsidised” social housing and will be required to pay “market rates” instead.’
http://theantimedia.org/uk-public-wants-its-own-austerity-referendum/
====================

[Jewboo]

Tsiprias will sell out the Greek people.



http://www.usay.gr/content/data/multimedia/images/150/merkel_tsipras_50_shades.jpg

http://i.huffpost.com/gen/2538948/thumbs/o-GREECE-GREASE-FILM-POSTER-570.jpg?6

http://cbw.ge/wp-content/uploads/2015/07/TSIP4.jpg

[osoab]

Schaeuble Proposes A Trade: US Takes Greece, Germany Takes Puerto Rico (http://www.zerohedge.com/news/2015-07-09/schaeuble-proposes-trade-us-takes-greece-germany-takes-puerto-rico)

[Sparky]

Seems to be playing out as I suspected. Tsipras gets his political victory at home, and then agrees to a bad deal. Expect the EU to make it look like they compromised so that Tsipras saves face at home. It's all theater.

[Horn]

Greece could print all the Euros they wish to, though the ECB might call them counterfeit they'd still work in Greece.

[madfranks]

Greece could print all the Euros they wish to, though the ECB might call them counterfeit they'd still work in Greece.

If the goal is to kick the can down the road as far as you can, this suggestion would never work. It may help for the very short-term, but basically would guarantee the collapse of the Euro.

[Jewboo]

Seems to be playing out as I suspected. Tsipras gets his political victory at home, and then agrees to a bad deal. Expect the EU to make it look like they compromised so that Tsipras saves face at home. It's all theater.




https://pbs.twimg.com/media/CIqthuPWoAEbEoI.png
Bailed a Hero at the perfect time


:rolleyes:

[Neuro]

The dynamics associated with this situation are fascinating. For years we've been looking for a SHTF trigger; this has all the ingredients because of the potential domino effect. I still say they stay in the EU, but the effects will ripple across all the other debt-ridden EU countries. And it's coinciding with the stock market fiasco in China, and the Japanese attempt to print their way out of deflation.

The U.S. is looking good right now amongst all the other clowns in the circus. Our turn is still a decade away. Europe -> Japan -> U.S.
You really think so, a decade? If I recall correctly one major trigger for the great depression in the US was Germany's default on war reparations, this was 80 years ago and financial instruments were not nearly as interconnected globally with a network of computers with instant access to all information. If Europe goes, so will Japan and so will USA, pretty much immediatelly. It only boils down to how we define 'goes'...

[singular_me]

greek politicians show their true colors....

==================
Greece debt crisis: Athens accepts harsh austerity as bailout deal nears
10th July 2015
‘The Greek government capitulated on Thursday to demands from its creditors for severe austerity measures in return for a modest debt write-off, raising hopes that a rescue deal could be signed at an emergency meeting of EU leaders on Sunday.

Athens has put forward a 13-page document detailing reforms and public spending cuts worth €13bn with the aim of securing a third bailout from creditors that would raise €53.5bn and allow it to stay inside the currency union.

A cabinet meeting signed off the reform package after ministers agreed that the dire state of the economy and the debilitating closure of the country’s banks meant it had no option but to agree to almost all the creditors terms.’
http://www.theguardian.com/business/2015/jul/09/greece-debt-crisis-athens-accepts-harsh-austerity-as-bailout-deal-nears?CMP=share_btn_fb


EXCELLENT CRASH COURSE FOR NEWBIES

https://www.youtube.com/watch?v=-zkeK72aFAc

http://www.davidicke.com/wp-content/uploads/2015/07/CEV-9a8UIAAP7EG1.jpg

[Horn]

The true power of Democracy is becoming very evident here... 0

[crimethink]

it had no option but to agree to almost all the creditors terms

Plenty of options. GFY being one of them.

"They" are assuming the Greek people will do nothing after this shameless betrayal of the clearly stated Will of the People.

"If voting could change things, it would be illegal."

[crimethink]

All this talk of "austerity" for the little people of Greece...yet no talk of austerity for the banksters. How about the banksters accept 3% simple interest instead of compound usury?

[Jewboo]

http://www.aeginaphotographer.com/wp-content/uploads/2013/08/tonis_sfinos_1.jpg
Fuck our pensioners



http://cdn.images.express.co.uk/img/dynamic/78/590x/split-image-of-beach-goers-and-Greece-leaders-586017.jpg
Austerity is causing sunburn in Greece





https://paulboylan.files.wordpress.com/2012/01/hairy_beach_dude_for_jesus.jpghttps://2.bp.blogspot.com/-HiBphWQo9Kc/UlpbJBDKIOI/AAAAAAAALx0/QTO5R-KcIzQ/s640/6pack.jpg
Real Spartans........................ vs........................... Hollywood Spartans

[singular_me]

Greek debt crisis: Goldman Sachs could be sued for helping country hide debts when it joined euro
11th July 2015
http://www.independent.co.uk/news/world/europe/greek-debt-crisis-goldman-sachs-could-be-sued-for-helping-country-hide-debts-when-it-joined-euro-10381926.html
-----------------------
Greek government approves brutal austerity measures in proposal to EU
By Alex Lantier
10 July 2015
https://www.wsws.org/en/articles/2015/07/10/gree-j10.html
---------------------
Tsipras Betrays Referendum, Sells Out to the Banks
11th July 2015
‘Greek Prime Minister Alexis Tsipras has proposed eleventh hour concessions to European central banks despite the overwhelming rejection of an austerity deal by the Greek people.

He told Syriza lawmakers they must back reforms and keep the country in the euro. “We are confronted with crucial decisions,” he said during a party meeting, according to officials. “We got a mandate to bring a better deal than the ultimatum that the Eurogroup gave us, but certainly not given a mandate to take Greece out of the eurozone,” he added. The “cap-in-hand capitulation” proposal offered by Tsipras is strikingly similar to the harsh austerity measures rejected on July 5 by 61 percent of voters.

In addition to heavy VAT or value added taxation, the plan calls for “strong disincentives to early retirement, incur penalties for early withdrawals, make all supplementary pension funds financed by own contributions” and other measures. Zero Hedge noted on Thursday “the truth is that while making some concessions, the Greek proposal may still be insufficient for Merkel, and certainly won’t be sufficient for the IMF due to the lack of real pension cuts.”’............
http://www.prisonplanet.com/tsipras-betrays-referendum-sells-out-to-the-banks.html

[Sparky]

You really think so, a decade? If I recall correctly one major trigger for the great depression in the US was Germany's default on war reparations, this was 80 years ago and financial instruments were not nearly as interconnected globally with a network of computers with instant access to all information. If Europe goes, so will Japan and so will USA, pretty much immediatelly. It only boils down to how we define 'goes'...

Yes, a decade. The untenable European situation was identified more than five years ago, and we're still watching for the first casualty. Then we have to see how the next countries in line react (i.e. Italy, Spain, Portugal). Then we have to await the EU response. More negotiating, more summits, more temporary bailouts. Large ships have many compartments to fill before they sink.

The trigger for the U.S. will be the baby boom demographic finally overwhelming the social welfare system. Some time around 2025, give or take a few years.

"Goes" means a systemic breakdown in structure that causes widespread and long lasting disruption to the normal way of life to which societies have become accustomed. See the SHTF Index checklist. All this talk, and Greece hasn't really "gone" yet. They're just on the brink. Things take time.

[Jewboo]

"Goes" means a systemic breakdown in structure that causes widespread and long lasting disruption to the normal way of life to which societies have become accustomed. See the SHTF Index checklist. All this talk, and Greece hasn't really "gone" yet. They're just on the brink. Things take time.



https://a248.e.akamai.net/f/1015/2073/5m/blogs-images.forbes.com/erikkain/files/2011/06/swat.jpg

https://solari.com/blog/wp-content/uploads/2013/04/article-2311443-19637835000005DC-695_LG_964x526.jpg

http://cdn0.dailydot.com/cache/61/90/6190069f4a04295464dbcc67ba605c5b.jpg

http://www.honeybeeisland.com/images/large/thousand-islands-boldt-castle.jpg

http://blog.luxuryproperty.com/wp-content/uploads/2008/09/mega-yacht-a-11.jpg
Enjoy your riots goyim


:rolleyes:

[singular_me]

a bad twist that may not be bad at all ;D

--------------------------
24 hours to save the euro: Germany prepares for a ‘temporary’ Greek exit as euro project on the brink of collapse
12th July 2015

‘The German government has begun preparations for Greece to be ejected from the eurozone, as the European Union faces 24 hours to rescue the single currency project from the brink of collapse.

Finance ministers failed to break the deadlock with Greece over a new bail-out package, after nine hours of acrimonious talks as creditors accused Athens of destroying their trust. It leaves the future of the eurozone in tatters only 15 years after its inception.

In a weekend billed as Europe’s last chance to save the monetary union, ministers will now reconvene on Sunday morning ahead of an EU leaders’ summit later in the evening, to thrash out an agreement or decide to eject Greece from the eurozone.’

http://www.telegraph.co.uk/finance/economics/11734202/24-hours-to-save-the-euro-Germany-prepares-for-a-temporary-Greek-exit-as-euro-project-on-the-brink-of-collapse.html

========================
So now the isolationism (which was vilified in order to create monetary unions) would be OK ??? LOL

‘A British exit from the EU could spark a free market “chain reaction” across the continent, encouraging countries such as Denmark and Sweden to take control of their own destiny.

Politicians from Switzerland and Iceland’s largest parties claim the UK would be able to stand outside of the EU, dismissing the idea that it could be left isolated as “nonsense”.

Rather, Britain could emerge from the EU to enjoy a free-trade only relationship and become more prosperous, they argue
....................’http://www.telegraph.co.uk/finance/economics/11731694/Brexit-vote-could-trigger-European-free-market-chain-reaction-say-Swiss-and-Icelandic-MPs.html




Greek debt crisis: Goldman Sachs could be sued for helping country hide debts when it joined euro
11th July 2015
http://www.independent.co.uk/news/world/europe/greek-debt-crisis-goldman-sachs-could-be-sued-for-helping-country-hide-debts-when-it-joined-euro-10381926.html
-----------------------
Greek government approves brutal austerity measures in proposal to EU
By Alex Lantier
10 July 2015
https://www.wsws.org/en/articles/2015/07/10/gree-j10.html
---------------------
Tsipras Betrays Referendum, Sells Out to the Banks
11th July 2015
‘Greek Prime Minister Alexis Tsipras has proposed eleventh hour concessions to European central banks despite the overwhelming rejection of an austerity deal by the Greek people.

He told Syriza lawmakers they must back reforms and keep the country in the euro. “We are confronted with crucial decisions,” he said during a party meeting, according to officials. “We got a mandate to bring a better deal than the ultimatum that the Eurogroup gave us, but certainly not given a mandate to take Greece out of the eurozone,” he added. The “cap-in-hand capitulation” proposal offered by Tsipras is strikingly similar to the harsh austerity measures rejected on July 5 by 61 percent of voters.

In addition to heavy VAT or value added taxation, the plan calls for “strong disincentives to early retirement, incur penalties for early withdrawals, make all supplementary pension funds financed by own contributions” and other measures. Zero Hedge noted on Thursday “the truth is that while making some concessions, the Greek proposal may still be insufficient for Merkel, and certainly won’t be sufficient for the IMF due to the lack of real pension cuts.”’............
http://www.prisonplanet.com/tsipras-betrays-referendum-sells-out-to-the-banks.html

[monty]

http://blogs.ft.com/brusselsblog/files/2015/07/draft-eurogroup-4pm-Copy.pdf

The Eurogroup stresses the crucial need to rebuild trust with the Greekauthorities as a pre-requisite for a possible future agreement on a new ESMprogramme. In this context, the ownership by the Greek authorities is key, andsuccessful implementation should follow policy commitments.


The Eurogroup expects continued full involvement of the IMF [and welcomes theintention by Greece to seek full involvement of the IMF in the monitoring andfinancing of the programme.] This is a precondition for the Eurogroup to agreeon a new ESM programme.


Given the need to rebuild trust with Greece, the Eurogroup welcomes thecommitments of the Greek authorities to legislate without delay, by 15 July, afirst set of measures. These measures, taken in full prior agreement with theinstitutions, will include:


the streamlining of the VAT system and the broadening of the tax base toincrease revenue;

upfront measures to improve long-term sustainability of the pensionsystem as part of a comprehensive pension reform programme;

the adoption of the Code of Civil Procedure, which is a major overhaul ofprocedures and arrangements for the civil justice system and cansignificantly accelerate the judicial process and reduce costs;



the safeguarding of the full legal independence of ELSTAT;



full implementation of the relevant provisions of the Treaty on Stability,Coordination and Governance in the Economic and Monetary Union, inparticular by making the Fiscal Council operational before finalizing theMoU and introducing quasi-automatic spending cuts in case of deviationsfrom ambitious primary surplus targets after seeking advice from theFiscal Council and subject to prior approval of the institutions;



the transposition of the BRRD at the latest within a week with supportfrom the European Commission.
Immediately, and only subsequent to legal implementation of theabove-mentioned measures as well as endorsement of all the commitmentsincluded in this document by the Greek Parliament, may a decision to mandatethe institutions to negotiate a Memorandum of Understanding (MoU) be taken.This decision would be taken subject to national procedures having beencompleted and if the preconditions of Article 13 of the ESM Treaty are met on thebasis of the assessment referred to in Article 13.1.
In order to form the basis for a successful conclusion of the MoU, the Greek offerof reform measures needs to be seriously strengthened to take into account thestrongly deteriorated economic and fiscal position of the country during the lastyear. The Greek government needs to formally commit to strengthening theirproposals in a number of areas identified by the institutions, with a satisfactoryclear timetable for legislation and implementation, including structuralbenchmarks, milestones and quantitative benchmarks, to have clarity on the

[monty]

direction of policies over the medium-run. They notably need, in agreement withthe institutions, to:




carry out ambitious pension reforms and specify policies to fullycompensate for the fiscal impact of the Constitutional Court ruling on the2012 pension reform and to implement the zero deficit clause or mutuallyagreeable alternative measures by October 2015;



adopt more ambitious product market reforms with a clear timetable forimplementation of all OECD toolkit I recommendations, including Sunday


trade, sales periods, pharmacy ownership, milk, bakeries,[over-the-counter pharmaceutical products in a next step], as well as forthe opening of macro-critical closed professions (e.g. ferry transportation).On the follow-up of the OECD toolkit-II, manufacturing needs to beincluded in the prior action;




on energy markets, proceed with the privatisation of the electricitytransmission network operator (ADMIE)[, unless replacement measurescan be found that have equivalent effect on competition, as agreed by theinstitutions];



on labour markets, undertake rigorous reviews of collective bargaining,industrial action and collective dismissals in line with the timetable andthe approach agreed with the institutions. . On the basis of these reviews, labourmarket policies should be aligned with international and European bestpractices, and should not involve a return to past policy settings which arenot compatible with the goals of promoting sustainable and inclusivegrowth;



adopt the necessary steps to strengthen the financial sector, includingdecisive action on non-performing loans and measures to strengthengovernance of the HFSF and the banks, in particular by eliminating anypossibility for political interference especially in appointment processes.
On top of that, the Greek authorities shall take the following actions:




● to develop a significantly scaled up privatisation programme withimproved governance.
[The Greek authorities will invite an independent body to assess the priceof assets sold and will investigate the best way to further increase theindependence of TAIPED with the involvement of the Commission.]
[I]OR
[Moreover, valuable Greek assets of [EUR 50 bn] shall be transferred to anexisting external and independent fund like the Institution for Growth inLuxembourg, to be privatized over time and decrease debt. Such fundwould be managed by the Greek authorities under the supervision of therelevant European institutions;]



● in line with the Greek government ambitions, to modernise andsignificantly strengthen the Greek administration, and to put in place a

[monty]

programme, under the auspices of the European Commission, forcapacity-building and de-politicizing the Greek administration. A firstproposal should be provided by 20 July after discussions with theinstitutions. The Greek government commits to reduce further the costs ofthe Greek administration, in line with a schedule agreed with theinstitutions;




● to fully normalize working methods with the institutions, including thenecessary work on the ground in Athens, to improve programmeimplementation and monitoring. The government needs to consult andagree with the institutions on all draft legislation in relevant areas withadequate time before submitting it for public consultation or toParliament. The Eurogroup stresses again that implementation is key, andin the context welcomes the intention of the Greek authorities to requestby 20 July support from the institutions and Member States for technicalassistance, and asks the European Commission to coordinate this supportfrom Europe;



● [finally, to amend or compensate for “roll-back” legislation adoptedduring 2015, which have not been agreed with the institutions and runcounter to the commitments agreed in the framework of the 20 February2015 Eurogroup statement.]


The above-listed commitments are minimum requirements to start thenegotiations with the Greek authorities. However, the Eurogroup made it clearthat the start of negotiations does not preclude any final possible agreement on anew ESM programme, which will have to be based on a decision on the wholepackage (including financing needs, debt sustainability and possible bridgefinancing).


The Eurogroup takes note of the possible programme financing needs ofbetween EUR 82 and 86bn, as assessed by the institutions. The Eurogroup invitesthe institutions to explore possibilities to reduce the financing envelope, throughan alternative fiscal path or higher privatisation proceeds. Restoring marketaccess, which is an objective of any financial assistance programme, lowers theneed to draw on the total financing envelope. The Eurogroup takes note of theurgent financing needs of Greece which underline the need for very swiftprogress in reaching a decision on a new MoU: these are estimated to amount toEUR 7bn by 20 July and an additional EUR 5bn by mid August.


The Eurogroup acknowledges the importance of ensuring that the Greeksovereign can clear its arrears to the IMF and to the Bank of Greece and honourits debt obligations in the coming weeks to create conditions which allow for anorderly conclusion of the negotiations. The risks of not concluding swiftly thenegotiations remain fully with Greece. The Eurogroup will discuss these issues asa matter of urgency.


Given the acute challenges of the Greek financial sector, the total envelope of apossible new ESM programme would have to include the establishment of abuffer of EUR 10 to 25 bn for the banking sector in order to address potentialbank recapitalisation needs and resolution costs, of which EUR 10bn would bemade available immediately in a segregated account at the ESM.

[monty]

The Eurogroup is aware that a rapid decision on a new programme is a conditionto allow banks to reopen, thus avoiding an increase in the total financingenvelope. The ECB/SSM will conduct a comprehensive assessment after thesummer. The overall buffer will cater for possible capital shortfalls following thecomprehensive assessment after the legal framework is applied.


There are serious concerns regarding the sustainability of Greek debt. This is dueto the easing of policies during the last twelve months, which resulted in therecent deterioration in the domestic macroeconomic and financial environment.The Eurogroup recalls that the euro area Member States have, throughout thelast few years, adopted a remarkable set of measures supporting Greece’s debtsustainability, which have smoothened Greece’s debt servicing path and reducedcosts significantly.


[Against this background, in the context of a possible future ESM programme,and in line with the spirit of the Eurogroup statement of November 2012, theEurogroup stands ready to consider possible additional measures to smoothenGreece’s debt servicing path even further, if necessary, to assure that grossfinancing needs remain at a sustainable level. These measures, includingpossible longer grace and repayment periods, will be conditional upon fullimplementation of the measures to be agreed in a possible new arrangementwith Greece and will be considered after positive completion of the first review.]


The Eurogroup stresses that [nominal] haircuts on the debt cannot beundertaken.
The Greek authorities reiterate their unequivocal commitment to honour theirfinancial obligations to all their creditors fully and timely.


[Provided that all the necessary conditions contained in this document arefulfilled, the Eurogroup and ESM Board of Governors may, in accordance withArticle 13.2 of the ESM Treaty, mandate the institutions to negotiate a new ESMprogramme, if the preconditions of Article 13 of the ESM Treaty are met on thebasis of the assessment referred to in Article 13.1.]


[In case no agreement could be reached, Greece should be offered swiftnegotiations on a time-out from the euro area, with possible debt restructuring.]





12-July-2015 16:00

[crimethink]

Tsipras agrees to treason....

Greece debt crisis: Bailout deal at a glance

http://www.bbc.com/news/world-europe-33504487

The Greek parliament must immediately adopt laws to reform key parts of its economy - by Wednesday [and if they don't? -ct]. The reforms include: streamlining the pension system [translation: "austerity" for little people to increase revenue for banksters -ct], boosting tax revenue - especially from VAT, liberalising the labour market, privatising the electricity network [theft of public resources, as usual -ct], extending shop opening hours

[crimethink]

http://economictimes.indiatimes.com/tech/internet/thisisacoup-trends-on-twitter-as-eurozone-agrees-tough-greece-deal/articleshow/48051377.cms

#ThisIsACoup trends on Twitter as eurozone agrees tough Greece deal

"The Germans could not do it with tanks so now they try it with banks"

(not historically accurate, but I laughed anyway)

[EE_]

Greece rescue deal a done deal...as expected.
Money trumps slavery every time.

Wall Street celebration scheduled for today.

Gold and silver expected to tank.

[EE_]

Looks like the whole worlds stock markets are celebrating today.
Greece, a country that didn't matter, it sure did matter!

[Horn]

Greece, a country that didn't matter, it sure did matter!

Greece is like that steel knob in Frankenstein's head, is where you connect the electricity for reanimation.


https://www.youtube.com/watch?v=kaIZWjItReI

[Sparky]

You really think so, a decade?
...


At this rate, it may take a decade just for Greece to collapse.

As expected, some type of deal came together, because it had to. But the situation remains untenable, and this is simply tightening the vice. SHTF only becomes real when the masses get involved. That started with the referendum vote. This new deal has many hurdles. It's going to become apparent to the Greek citizenry that they have lost both their pride and their sovereignty, while their standard of living continues to decline. Like birth pains, the time between contractions gets increasingly short. If the deal gets approved over the next two weeks, I give it about a year.

Now let's talk about that "if". A number of things have to take place for the deal to move forward, including ratification by both EU and Greek legislators. Even if ratified, there's going to be a lot of public dissension. There's a chance it won't be contained, and the whole thing unravels before the end of July, rather than a year from now.

[EE_]

To bad this wasn't posted in a Greek newspaper.

Iceland Recovering Fastest in Europe After Jailing Bankers Instead of Bailing them Out
Claire Bernish
June 11, 2015

(ANTIMEDIA) After Iceland suffered a heavy hit in the 2008-2009 financial crisis, which famously resulted in convictions and jail terms for a number of top banking executives, the IMF now says the country has managed to achieve economic recovery—“without compromising its welfare model,” which includes universal healthcare and education. In fact, Iceland is on track to become the first European country that suffered in the financial meltdown to “surpass its pre-crisis peak of economic output”—essentially proving to the U.S. that bailing out “too big to fail” banks wasn’t the way to go.

Iceland is beautifully, yet unfortunately, unique in how it chose to handle the disaster. It simply let the banks fail, which resulted in defaults totaling $85 billion—lending ample justification for the prosecution and conviction of bank executives for various fraud-related charges. The decision seemed shocking at the time, but the gamble has obviously paid off.

Choosing a different route, the U.S. bailed out the banks and let executives off the hook by levying fines that ultimately ended up being paid by the corporations—meaning the executives ostensibly responsible for the mess got off scot-free.

“Why should we have a part of our society that is not being policed or without responsibility?” special prosecutor Olafur Hauksson said after Iceland’s Supreme Court upheld the convictions for three bankers—and sentenced them to between four and five and a half years each. “It is dangerous that someone is too big to investigate—it gives a sense there is a safe haven.”

Hauksson, a police officer from a small fishing village, ended up taking the role of special prosecutor after being urged to do so when the first announcement to fill the position drew no applicants. The Icelandic Parliament even aided the prosecution’s effort by loosening secrecy laws to allow investigation without the hindrance of requiring court orders.

Six of the seven convictions that ended up in Iceland’s Supreme Court have been upheld, and five cases were scheduled for the top court as of February. An additional fourteen cases appear likely to be prosecuted. By contrast, the animosity Americans felt toward their largest financial institutions after the bailout has grown bitter. After the banks pled guilty in May for manipulating global currency and interest rates, the court imposed a paltry fine of $5.7 billion—which won’t even go to the people most affected by the fraud. Iceland’s successful prosecutions and economic recovery remain the subject of envy for Americans.

Shortly, however, Iceland’s economic health will be put to the test.

Strict capital controls that were applied when banks were circling the drain six years ago will now be loosened, allowing foreign investors—whose assets have essentially been frozen since then—to take their business elsewhere. To prevent a possible repeat crisis, the finance minister announced a 39% tax for anyone choosing to do so. “The danger is capital flight and a consequent fall in the value of the krona,” explained University of Iceland economics professor, Thorolfur Matthiasson. “That would be tantamount to October 2008, bringing back bad memories for ordinary people and possibly making most businesses unsustainable due to balance-sheet problems.”

Though many are nervous, there is still cautionary optimism since Iceland has certainly weathered the storm before.
http://theantimedia.org/iceland-recovering-fastest-in-europe-after-jailing-bankers/

[EE_]

What Assets Did Greece Just Hand Over To Europe: "Airports, Airplanes, Infrastructure And Most Certainly Banks"
Submitted by Tyler Durden on 07/13/2015 08:54 -0400

With the provocative and dramatic Greek "time out" language pulled from the final finmin and summit draft language, the two most humiliating aspects of the latest extend and pretend "deal" for the Greek people will be the return of the Troika's (surely we can call it the Troika again as part of the Greek capitulation) IMF mission to Athens, and the escrowing of some €50 billion in Greek assets in a liquidation fund.

Granted said fund will not be domiciled in Luxembourg as was originally envisioned, but Europe will still have control and first refusal rights over what are technically Greek properties, in the process Athens handing over about 25% of Greek GDP (and sovereignty) over the Brussels.

What are these assets? For the answer we go to the horse's mouth, Jeroen Dijsselbloem, who laid out the holdings of the proposed Greek privatization that would be sold off as follows: "it still is going to be an independent fund, valued at €50 billion which can be airplanes, airports, infrastructure and most certainly banks.”

Bloomberg quotes the Eurogroup finmin president:

They will be brought in with the target to privatize those in the coming years, but we will take our time for that.

We then hope for proceeds of EU50 billion, but that will be clear later.

The banks first have to be refinanced from this aid program, but after that I take it that they’re worth money and then we can sell them.

The proceedings are aimed at lowering Greece’s national debt.

In other words, Greece will be liquidated piecemeal to repay creditors. In even other words, the proceeds from the Third Greek Bailout will not only not reach the Greek people, but Greece will have to sell itself in pieces to top off the creditors' funding needs.

Dijsselbloem concludes: "That is good for Greece, but also good for us. We are in the end the ones from whom the money is borrowed."

It was not exactly clear why this would be good for Greece.

So for all those curious, here are some of the "assets" that already have, or soon will hit Ebay.
http://www.zerohedge.com/news/2015-07-13/what-assets-did-greece-just-hand-over-europe-airports-airplanes-infrastructure-and-m

[EE_]

Greek Lawmakers Won't Back Deal; Finnish FinMin Says "Can't Agree" To New Greek Loans
Submitted by Tyler Durden on 07/13/2015 12:47 -0400

Is the Greek "deal" falling apart already?

New comments are coming across the wires fast and furious over the last few minutes indicating that not only is Syriza's Left Platform taking a stand against the new agreement (as expected), but also the Greek junior coalition partner. Meanwhile, Finnish FinMin Alexander Stubb (who has been a thorn in the Greek's side of late) is out with some very cautious commentary as well.

From Reuters:

LEFTIST GROUP OF LAWMAKERS IN GREECE'S RULING SYRIZA PARTY CONSIDERING VOTING AGAINST BAILOUT DEAL - SOURCE FROM LEFTIST PLATFORM
GREEK JUNIOR COALITION PARTY LEADER SAYS PM TSIPRAS FACED A COUP IN BRUSSELS FROM GERMANY
A leftist group of lawmakers in Greece's ruling Syriza party may vote against a bailout agreement in parliament, which will vote within days on a cash-for-reforms deal key to rescuing Greece, sources from the leftist platform said.

'The leftist platform is oriented towards not voting," a source from the leftist platform told reporters. "They could declare present or give a 'No' vote or abstain," the source said.

Separately, sources close to Energy Minister Panagiotis Lafazanis, a Syriza hardliner who fiercely opposed new austerity measures, said he is not expected to resign for now.

Euro zone leaders made Greece surrender much of its sovereignty to outside supervision on Monday in return for agreeing to talks on an 86 billion euros bailout to keep the near-bankrupt country in the single currency.

"He is not expressing an intention to resign voluntarily for now," aides close to Lafazanis said.
From Bloomberg:

KAMMENOS: GREEK PM TSIPRAS WAS BLACKMAILED AT EU SUMMIT
STUBB SAYS FINLAND CAN'T AGREE TO NEW LOANS FOR GREECE
KAMMENOS: INDEPENDENT GREEKS PARTY WON'T AGREE TO BAILOUT DEAL
STUBB: NO EUROGROUP AGREEMENT ON BRIDGE FINANCING FOR GREECE
STUBB: GREECE BRIDGE FINANCING HAS TO BE AGREED ON TOMORROW
http://www.zerohedge.com/news/2015-07-13/greek-lawmakers-wont-back-deal-finnish-finmin-says-cant-agree-new-greek-loans

[Horn]

How Shocking!!




or not.

[expat4ever]

Deal or no deal
Lets make a deal!!
Sounds like TV shows.

[Sparky]

There's enough bad blood here that it's going to be a rough ride ahead regardless of how the deal plays out. Grab some popcorn.

[Horn]

https://www.youtube.com/watch?v=AHWLVxg8MxA

[Jewboo]

http://cdnpix.com/show/imgs/2e921c7203907f5c6a34c11a65d4a6e0_small.jpg


Greek ATM machines are now being converted to dispense these.

:rolleyes:

http://en.protothema.gr/wp-content/uploads/2015/07/atm-lines-405x270.jpg

[EE_]

https://youtu.be/RvEwBI_u5Rw?t=3m31s

[monty]

http://failedevolution.blogspot.gr/2015/07/eurozone-is-ready-to-explode-but.html


Eurozone is ready to explode, but probably not for the reasons you think

globinfo freexchange


Wolfgang Schäuble and the German leadership of the eurozone have good reasons to worry, maintaining an uncompromising attitude in the negotiations with Greece. But the repayment of Greek debt, which amounts to EUR 317 billion, is not one of the most important ones. The Greek debt is insignificant in comparison with the financial dynamite of the German (and other) banks, which in recent months gives more daily ignition signs.


Only Deutsche Bank, the largest bank in Germany, is significantly exposed, holding dubious financial products known as "derivatives", worth 67 trillion euros. This amount is similar to the GDP of the entire world and 20 times greater than the GDP of Germany. Any comparison with the situation of the bank Lehman Brothers in 2008 would not be irrelevant. Just when Lehman Brothers went bankrupt, had available derivatives of only 31.5 trillion. The crisis of 2008 confirmed the concise definition of derivatives as proposed by the American tycoon Warren Buffet: "financial weapons of mass destruction."


2008 may now be a past, but recent developments are particularly bleak for Deutsche Bank. The competent authorities of the US and Britain imposed on the bank in April a fine record (which, together with a previous fine, are EUR 2.2 billion in total) for fraudulent interbank rates. In early June, two co-CEOs suddenly resigned. Four former bank executives had been prosecuted by the German judicial authorities for false statements and misleading testimonies. A few days later, prosecutors raided the bank's offices in Frankfurt to collect customer data.


At the same time, financial products are becoming daily more precarious. Immediately after the announcement of the failure of the negotiations between Greece and the "institutions" on June 12, the risk of eurozone bonds recorded vertical rise. The German ZEW economic outlook index fell on June 16 for the third consecutive month, and has fallen by 43% in three months.


Admittedly, Germany is no exception. Other countries have similar problems, such as Austria, Netherlands and Finland. But these are minor compared to the size of the risky investments of Deutsche Bank.


In view of the above problems, a possible Greece's stance of payments should not be of particular concern in the eurozone, especially when it has repeatedly announced that the "institutions" have ready plans to handle a potential Grexit. But perhaps the intensive efforts of the German leadership, highlighting the crisis of the European periphery economies (Greece, Spain etc.), as the main problem of the eurozone, are simply a smokescreen to cover the inherent instability of the financial system. Because as the developments have shown so far, the primary objective of European leaders is to protect banks.


When a giant bank must get rid of "junk" bonds or to obtain additional liquidity, turns to the ECB. Immediately before the PSI, the ECB helped Deutsche Bank, among others, to sell at a good price the "toxic" Greek bonds, which are now held by the ECB, which of course is backed by European taxpayers. The Deutsche Bank and the other banks had relatively insignificant losses from PSI, in contrast to the Greek pensioners. And since the banks did not failed, they didn't have to learn any lesson, convinced that the leaders of northwestern Europe would not leave them helpless in a similar situation in the future.


This situation is coming closer every day, and even a small jolt of the bank boat (a Greek default), can have unintended consequences, such as an uncontrolled chain bankruptcy. Because if something goes wrong, the Deutsche Bank, like most banks, is able to cover only a small part of "derivatives" and other toxic products held.


Therefore, Mr. Schaeuble, Mrs. Merkel and the other "tough guys" of the eurozone have every reason to worry. Of course, the real reason for their concern and their intransigent attitude can not be the Greek debt, which corresponds to 0.5% of the derivatives possessed only by one German bank, but the insecurity created by the possibility of the financial paper tower turbulence.


For the German leadership, the Greek crisis is a convenient scapegoat to divert attention of the European public from the painful reality. The tough stance of lenders to Greece and the countries of the periphery of Europe notably aim at avoiding two undesirable developments. First, a shaking of the market, which can cause a default or a deletion of part of the Greek debt. Second, a series of concessions to Greece, which will threaten the European neoliberal establishment. But when the bank boat starts sinking, the adaptation of the Greek passengers to the captains' orders cannot by itself prevent the sinking.


The Greek negotiators probably know a lot more than the usual accusations by their interlocutors and the "institutions", who use Orwellian tactics to present as 'inexperience' the thorough negation of Greek side to adapt in a flimsy financial framework.


Source:


http://tvxs.gr/news/egrapsan-eipan/aytos-einai-o-pragmatikos-logos-tis-adiallaksias-soimple (http://tvxs.gr/news/egrapsan-eipan/aytos-einai-o-pragmatikos-logos-tis-adiallaksias-soimple)


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[Jewboo]

Greek parliament approves bailout deal (http://www.usatoday.com/story/news/world/2015/07/15/greece-parliament-bailout-vote/30176167/)

:rolleyes: Politicians just sold their young citizens into perpetual slavery.

[osoab]

Greek parliament approves bailout deal (http://www.usatoday.com/story/news/world/2015/07/15/greece-parliament-bailout-vote/30176167/)



:rolleyes: Politicians just sold their young citizens into perpetual slavery.

Citizens are slaves.

[ximmy]

The people are very happy that their government has decided to stay with the euro...

Celebratory fireworks and cheers of elation filled Greek cities today...

https://www.youtube.com/watch?v=jx5QkTTs21M
Published on Jul 15, 2015
Полиция разгоняет протестующих в Афинах слезоточивым газом и светошумовыми гранатами

В столице Греции в среду начались ожесточенные столкновения между противниками мер экономии и полицией. Приходят сообщения о пострадавших.

[EE_]

The people are very happy that their government has decided to stay with the euro...

Celebratory fireworks and cheers of elation filled Greek cities today...

https://www.youtube.com/watch?v=jx5QkTTs21M
Published on Jul 15, 2015
Полиция разгоняет протестующих в Афинах слезоточивым газом и светошумовыми гранатами

В столице Греции в среду начались ожесточенные столкновения между противниками мер экономии и полицией. Приходят сообщения о пострадавших.

It amazes me that in a society that has broken down, they can still get cops to go out there to try to stop rioters. What do they promise these guys?

[Glass]

It amazes me that in a society that has broken down, they can still get cops to go out there to try to stop rioters. What do they promise these guys?

I was thinking this myself... who is paying these guys? Not the government maybe?

[Jewboo]

http://crete-carrentals.com/images/content/images/beach-party-falassarna-crete.jpg

HEY...SOMEBODY GO CHECK IF THE ATM MACHINES ARE WORKING NOW




:rolleyes: what a pathetic people...lol

[crimethink]

Greek parliament approves bailout deal (http://www.usatoday.com/story/news/world/2015/07/15/greece-parliament-bailout-vote/30176167/)

:rolleyes: Politicians just sold their young citizens into perpetual slavery.

It is very, very important that each & everyone of us goes to the polls at every election. Our voices count!

ROTFLMAO

[crimethink]

It amazes me that in a society that has broken down, they can still get cops to go out there to try to stop rioters. What do they promise these guys?

"Law enforcement" exists to protect the government, not the People. You can be sure the Greek "government" won't run out of money to pay the pigs.

[crimethink]

I was thinking this myself... who is paying these guys? Not the government maybe?

Whenever government proposes "tightening the belt" / "cutting the fat" / "austerity" one thing is never cut: "law enforcement." During California's "fiscal crisis," the California Highway Patrol continued to hire more officers, buy new vehicles, and basically do nothing differently, all the while California was occasionally issuing IOUs to creditors.