In contradiction to what “named” government officials state, Mr. Durden, the writer of this article, reports Athens may be prepared to chance a missed IMF payment and D-Day is coming on April 9. He references The Telegraph article, which has quotes by “unnamed” officials. By the way, the author goes by the name Tyler Durden, which is a pseudonym for Zero Hedge's key author(s) used to hide their identities.
Consider the source. The author of the article appearing in The Telegraph, Evans-Pritchard, is a long-time opponent of the European Union's constitution and monetary union. The statements in the article are quoted by an unnamed “official” source and are contrary to named sources, such as Prime Minister Tsipras’ statements. .
Also Minister of Labor Skourletis when questioned about his comment: “There is enough cash-until the end of April” after previously saying only enough $ to last 10 days, said "The 10 days does not matter if you are 10, 20 or 25 days..."if finally emerge [rupture] which I do not wish nor I consider the most probability will occur with the main responsibility of our creditors." Sorry I can’t stick around for any more posts – I’ve other things to do.
Not true. The statement of the IMF: "Some members of the group return to their base, as part of a normal rotation," while making it clear that negotiations continue normally.” The article appearing in Spiegel is part of a disinformation effort. These statements may be read at bankingnews.gr or newmoney.gr.
Sonogottzilla, Yes, I agree it’ll go down to the wire. I haven’t read about the banking reforms yet. I keep thinking that Eurobank may have an advantage because it has a higher percentage of private ownership and will not have to do what the ECB dictates. I’d like to know if Eurobank has support of ESF (European Social Fund) instead of ECB dependence, which might be an advantage.. One chart shows ELA and ESF and another chart shows ELA and ECB, just like the other Greek banks. I’ll give you my opinion later – sorry, I’ve been at the computer all day and don’t have time to read the reforms now.
Hi Maria, I have the link, “translate DOOT google DOOT coom” (of course use the h..p protocol) saved to my favorites bar so it can be clicked on in a hurry. You highlight the words to be translated copy and paste them into the translator, which automatically determines what language it is. Cut, copy and paste are basic functions that everyone should master. My reply didn’t go through earlier b/c link wasn’t disguised thoroughly.
Ha, I hope you don’t ask this question too often b/c you’ll get many different opinions. No one knows for sure what will happen to Greece. However, I believe Germany wants Greece to stay in the Euro and Greece wants that to – I’ve read too much of what Tsipras says to think otherwise.
I can understand why the Eurogroup is holding out regarding pensions. The labor minister says, “We will not force families to reverse the plans they have made,” Three in every four pensioners in Greece have managed to secure early retirement, which they say makes the pension system unsustainable. “In the public sector 7.91% of pensioners retire between the ages of 26 and 50, 23.64% between 51 and 55, and 43.53% between 56 and 61” Maybe that’d work out if the amount of pension wasn’t too high? “In the Social Security Foundation (IKA), 58.61% retire between 56 and 61. I don’t know if their IKA benefits are based on a system similar to the SSA in the U.S.; IKA benefits may be too high.
There may be a possibility of the gov accidentally running out of money. I hope it’s possible for them to monitor how much money is available at any given moment to avoid an accident that’d cause a missed payment. The IMF is studying how to handle a situation like that as it’s never occurred before."If a repayment delay leads to a ‘credit event’ it should be clarified in legal terms whether to activate the payment of CDSs (Credit default Swaps) and what bonds would respect that.
The ECB will probably keep the banks running through ELA. However, this is a speculative situation and a speculative stock. As they say, never put all your $ In one stock and never invest more than you can afford to lose.
Thanks Glee for the posts. I believe the government may have had its hopes set too high for a positive development In the EuroWorking Group today, even though they said beforehand, “no spectacular decisions are expected, it will require more time to agree.”
Since Mr. Spiegel points out that it was the same list of reforms as presented last Friday, the gov. must not be willing to compromise (yet). At least it was "costed" as requested. Also, Varoufakis said he’d present additional reforms ONLY after the Eurogroup agreed to release some funds.
As everyone has said, the drama will continue to the 11th hour. And I think Greece will blink first.
Of course the whole article - or so we all hope - not true, with the Greek minister choosing to respond via personal account on Twitter and wishes all Happy April Fools, attaching the link to the Bitcoin article.
Crazy sense of humor!
According to sources, the aim is to achieve primary surplus of 1.2% - 1.5% of GDP.
Top executive yesterday reported additional revenue from 3.2 to 4 billion Euros. Revenues from privatization in 2015 were revised to 1.5 billion (700 million below the target) derived from privatization of Piraeus Port Authority (PPA), Horse Racing and regional airports.
Also requests creation of investment compensation with the EIB and one "bad bank" to deal with non-performing loans.
Ha, MOF says he will present an additional list of reforms in Excel format that haven’t been leaked to the media after funds due Greece are released. You can't make this stuff up!
"Sources very closed to Greece’s minister of finance told Greek Reporter that today Varoufakis held a top secret meeting with high-ranking finance ministry officials to prepare them [to use bitcoins as a second currency along with the euro] in case negotiations at the upcoming Eurogroup fail."
Bitcoins would have to have majority approval of Parliament. Also, since Bitcoin’s network has no central authority, how would Greece have the authority to monitor the transactions as the gov needs to do to collect taxes.
The Frankfurter News (FAZ) says that the Greek Prime Minister will get the help he wants from President Putin. Putin carefully monitors what is happening in Europe. When he feels he can push someone in Europe to get his own way, he will.
Russia has economic ambitions in Greece. It wants to take TRAINOSE and the port of Thessaloniki, the gateway to the Balkans.
Further, Putin would like to disrupt the solidarity within the EU to destabilize the area. For this reason in any case, Greece will get help, says the report. If Putin wins the bet, it won’t be restricted to Greece. Instead, it will be a wider destabilization via the domino effect.
"That would be fatal for European unity and EU policy towards the aggressive policy of the Kremlin, "says FAZ.
However, representative of the European Commission, Mina Andreeva, says Russia is not an alternative to Greece, and Tsipras knows it, referring to the upcoming visit of the Greek prime minister in Russia and
Goo DOOTgl/NC09hR – replace DOOT with a period and of course add the protocol introduction
The government found the necessary funds. The Greek state will repay 448 million of a loan installment to the IMF on April 9 and will repay the treasury bill 1.4 billion on April 14. Treasuries of 650 million owned by foreigners are not being renewed and will be covered by cash from various agencies of government. These state agencies are being transferred to the Ministry of Finance for management.
Eurogroup Working Group teleconference Wednesday will access the progress and review financial information received by the European Commission yesterday from ELSTAT. The ELSTAT statistical report on the economy is issued biannually, and it will be particularly helpful to the Eurogroup.
Greece has presented a “costed” list of measures generating between 3.2 to 4 billion. Euros.
A source close to the talks said that the interruption of negotiations is not an indication of rupture but an indication of slow progress of the talks. "There have been significant advances. The technical teams will continue to collect data in Athens," said one of the government officials.
In the short term, it doesn't make any difference if Pimco wins or looses, only that he buys the debt. I was never a fan of Bill Gross either, who I stated above is formerly of Pimco.
Spring, I post the news - no dreaming. What does ita mean?
Varoufakis met with executives of Pimco today. Pimco said they are interested not only in Greeks gov bonds and treasury bills but also stocks. According to a top executive. the MOF informed about the country's fiscal situation and the state of negotiations, noting that "not interested only in government bonds and on Treasury bills."
Note that just weeks ago, Lorenzo Pagani, portfolio manager at Pimco told Bloomberg that "the Greek bonds may be a buying opportunity, in the coming weeks, once lost the initial volatility."
Evidently he considers the initial volatility has subsided.
A comment from a person attending the meeting: “A D and I was at this meeting; to see the face when you hear the grand plan to rebuild the country's economy, priceless. For everything else there is Mastercard (Institutions / troika)”
Bill Gross, formerly at Pimco, has been a big buyer of Greek debt in the past.
Two 6 month Treasury bills are coming due, one on April 14 and one on April 17.
Scenarios for "suspicious" closer relations between Russia and Greece flared after the Russian Energy Minister’s invitation to the Greek minister to visit Russia. Tsipras will visit Putin on April 8. Germany suspects that the Greek government is seeking help from Russia to face the debt crisis.
Turkish media reports the refusal of SYRIZA to impose new economic sanctions on Russia is interpreted as a signal for possible closer cooperation between Russia and Greece in the energy sector. The Turkish stream gas pipeline to transport Russian gas to Europe is scheduled for completion in Dec 2016 and will run through Greece.
Also on the table is an invitation for Russian companies to participate in the competition for the Greek oil plots, which may be linked to the two-month extension of the bid. The same sources state that Greece also aims to reduce gas prices for Greek households and to exclude Greek fresh fruit from the Russian ban.
A Russian news agency notes it is also expected that the two sides will discuss the situation surrounding the cancellation of the construction of two hydroelectric power stations in Greece whose construction has been suspended for ecological reasons. Russia expects that Greece will propose an economically equivalent plan to replace the hydropower stations.
So. Greece holds more than one trump card. Besides concern that Russia could set up strategic military bases in Greece, there’s the energy issue.