Whatever deal is, or possibly is not, cooked up for Greece, there is an important point to remember: the country’s debts, standing at #$%$320bn (£235bn), or about 180% of GDP, are unsustainable. One way or another, a debt writedown will have to happen at some stage. Barring a miracle, it won’t be part of the current package.
Tsipras: Greek proposal is the only realistic one
Alexis Tsipras is refusing to cave in. He says that the Greek proposal is the only “realistic” option.
We still reject some of the creditors’ proposals, he says. And there is no indication of major progress on the pension system, with creditors demanding reforms and Syriza refusing to impose further cuts.
I cannot believe people in Greece are actually agreeing with this guy.....is everyone in Greece on mushrooms and detached from reality?
He already spoke on tv earlier and said the the referendum was moving forward and sounded defiant
Over in Athens our correspondent Helena Smith is hearing that NOT MUCH is going to be resolved at tonight’s talks between Alexis Tsipras and Jean-Claude Juncker.
Perhaps that is why a common statement of intent is not expected to be released afterwards?
At the very most, sources are saying, both sides will settle on a date for negotiations to end. But even that is not sure.
What is certain is that it is practically impossible to have a Eurogroup meeting of euro area finance ministers to approve any agreement before the end of the week - which takes us into next week when Greece must meet another debt repayment (its second of the month) to the IMF on June 12.
The best hope is that a staff level agreement is struck (after consultation with Athens) next week .. slowly but surely much of June will be taken up in negotiations.
Germany’s finance minister Wolfgang Schäuble has repeatedly said that Greece has until the end of the month, when its current bailout expire, to come to an agreement with the bodies keeping it afloat. HS
Putin has his own worries....his country is in extremely dire economic condition....the Ruble just tanked even further on Friday....Credit agencies have the country deep into junk territory...Putin can have all the grand schemes he wants but doesn't have the money to help Greece.
60% of the time the vote every time
They now have to continue to deal with the idiot twins who will now be even MORE difficult because of their mandate. I cannot see Tsipras agreeing to any deal that doesn't include debt write off and I don't see Merkels and company agreeing to this just because the Greeks voted against it. The EU have their own taxpayers to answer too.
I cannot see the other 18 countries agreeing to write off Greek debt because this would open the door for Spain and Portegul asking for debt relief and they both have much larger economies.
NBG needs the ECB to increase funding to banks not just maintain current level.
Tomorrow will be interesting to watch.
I just posted my question on the HJOE twitter board and got blocked within minutes!! what is that all about? I mean I just asked why they are allowing SMS to give away 100,000 shares to each new dealer? What bothers me is that any legit company is happy to answer questions but I got blocked within a minute or 2.