DE GROTE EURO ZONE CRISIS : The Endgame

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Het verlies van de Griekse souvereiniteit...

Counterpunch - Greece Throws in the Towel, Bows to German Jackboot

Greeks expect to agree a deal with the Eurozone leaders today, Monday, that will cede much of their country’s independence. Greece will become an economic – and to a large extent a political – colony of Germany and its allies. Berlin will have a say in everything from the choice of prime minister to the types of medicines dispensed by pharmacies.
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Oorspronkelijk geplaatst door zonbron

Een zeer interessant interview met Miki Theodorakis

Interview: Theodorakis’ call to arms

Mikis Theodorakis

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Volg het spektakel in Brussel LIVE (Watch it live, or dead, or zombie, or however the mood suits, at the following webcast. ) HIER(Eurogroup Press Conference In Progress)

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Lees het Eurogroup Statement 2.20 HIER (*scribd)

21.02.2012
Eurogroup statement
The Eurogroup welcomes the agreement reached with the Greek government on a policy package that constitutes the basis for the successor programme. We also welcome theapproval of the policy package by the Greek parliament, the identification of additionalstructural expenditure reductions of € 325 million to close the fiscal gap in 2012 and the provision of assurances by the leaders of the two coalition parties regarding theimplementation of the programme beyond the forthcoming general elections.This new programme provides a comprehensive blueprint for putting the public finances andthe economy of Greece back on a sustainable footing and hence for safeguarding financialstability in Greece and in the euro area as a whole.The Eurogroup is fully aware of the significant efforts already made by the Greek citizens butalso underlines that further major efforts by the Greek society are needed to return theeconomy to a sustainable growth path.Ensuring debt sustainability and restoring competiveness are the main goals of the new programme. Its success hinges critically on its thorough implementation by Greece. Thisimplies that Greece must achieve the ambitious but realistic fiscal consolidation targets so asto return to a primary surplus as from 2013, carry out fully the privatisation plans andimplement the bold structural reform agenda, in both the labour market and product andservice markets, in order to promote competitiveness, employment and sustainable growth.

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[Rizzz]

Oorspronkelijk geplaatst door zonbron

Lees het Eurogroup Statement 2.20 HIER (*scribd)

Ben benieuwd hoeveel weken ze erover gaan doen om ook deze 130 miljard erdoor te sjassen.
Uitstel van executie...

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Ondanks de negatieve vooruitzichten is de zaak 'zo goed als rond. Deal !!!

HLN - Groen licht voor noodkredieten Griekenland

Interessant om weten...

Intussen blijkt uit het rapport van de kredietverleners, waarop The Financial Times de hand kon leggen, dat de factuur op termijn nog hoger kan oplopen. Volgens de meest pessimistische scenario's zou Griekenland als gevolg van een diepe en aanslepende recessie en slabakkende hervormingen in 2020 nog steeds met een staatsschuld van 160 procent van het bbp worstelen. In dat scenario zou de factuur in totaal kunnen oplopen tot 245 miljard euro, in plaats van de circa 170 miljard euro waarmee tot dusver rekening is gehouden.

Dit kon men reeds lezen op Zero Hedge - More Leaked Greece Details: Downside Case Sees Funding Needs Soar From €136 Billion To €245 Billion

The FT's Peter Spiegel has scoped up some additional details from the 10 page debt sustainability analysis that is at the basis of the latest Greek bailout talks. Some of the critical details:

"even under the most optimistic scenario, the austerity measures being imposed on Athens risk a recession so deep that Greece will not be able to climb out of the debt hole over the course of the new €170bn bail-out."
A German-led group of creditor countries – including the Netherlands and Finland – has expressed extreme reluctance since they received the report about the advisability of allowing the second rescue to go through.
A “tailored downside scenario” prepared for eurozone leaders in the report suggests Greek debt could fall far more slowly than hoped, to only 160 per cent of economic output by 2020 – far below the target of 120 per cent set by the International Monetary Fund
Under such a scenario, Greece would need about €245bn in bail-out aid, nearly twice the €136bn under the “baseline” projections.
“Prolonged financial support on appropriate terms by the official sector may be necessary,” the report said, a clear reference to the possibility that bail-out funds may be needed indefinitely.
Even in best case scenario country will need at least €50 billion on top of €136 billion.
A recapitalisation of the Greek banking sector, which originally was projected to cost €30bn, will now cost €50bn. A highly touted Greek privatisation plan, which originally hoped to raise €50bn, will now be delayed by five years and bring in only €30bn by the end of the decade.

Translated, this is yet another confirmation of what we have claimed all along - that Germany is no longer playing along.

Maw., done deal, groen licht, zo goed als rond... bla bla bla
Dat belooft !!!

In elk geval heeft men blijkbaar een uitstel van executie bekomen... Hoe lang zal het duren. . . . ?

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De nieuwe deal zou een herschreven versie van de overeenkomst uit 2011 zijn

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EXTRA: EURUSD Soars On Reuters Report That Greek Deal Is Reached... Which Is Same Deal As July 2011

Yeah, we had the same response as our readers when we saw that freak move in the EURUSD. Apparently, despite the fact that absolutely nothing has been resolved, Reuters just ran a headline that "Euro zone reaches deal on second Greek bailout package." And that is all it took for the EURUSD headline scanning algos to surge by 60 100 pips. That there nothing substantial in it, or that this is merely a rephrasing of the actual Bailout 2 announcement from before, is irrelevant. Here is what the actual Reuters report said.

Euro zone finance ministers struck a deal early on Tuesday for a second bailout programme for Greece that will involve financing of 130 billion euros and aims to cut Greece's debts to 121 percent of GDP by 2020, EU officials said.



"The financial volume (of the Greek package) is 130 billion euros and debt-to-GDP (will be) 121 percent. Now it's down to work on the statement," one official involved in the negotiations told Reuters.



Another official confirmed that the financing would total 130 billion euros with the aim of reducing Greece's debts from around 160 percent of GDP now to 121 percent by 2020.

And from AP:

The deal - details of which were still being worked out by European finance ministers in an all-night session in Brussels - was expected to bring Greece's debt down to 120.5 percent of GDP by 2020, according to the official. That's around the maximum that the International Monetary Fund and the eurozone considered sustainable.



Some eurozone ministers had indicated before the meeting that they would not accept a deal that didn't put Greece's debt on a sustainable path. The official spoke on condition of anonymity because a formal announcement was pending.



The deal should also give the green light to a related debt relief from private investors, who are expected to take significant losses on Greek bonds they hold.

So just the little matter of the statement, aka the details, which is what has been the stumbling block for the past 6 months. And incidentally, the broad strokes of this announcement is a carbon copy of the second bailout deal reached back in the summer of 2011. In other words, there is nothing substantial to this, and is merely boilerplate. But it was good enough to fool the algos. Now the only question is how long until this latest and greatest deal concoction falls apart again, and the whole farce is repeated all over.

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De WAARHEID OVER GRIEKENLAND IN SLECHTS 9 BLADZIJDEN

*** STRICTLY CONFIDENTIAL *** - Greece: Preliminary Debt Sustainability Analysis, February 15, 2012 (*scribd)

Presenting The Full Greek (Un)Sustainability Analysis - Take It Away German Media

You read headlines that Greece is saved (in a carbon copy release from July 21). Now read the truth behind the lies - presenting the 9 page (so it's brief enough) Greek sustainability (or lack thereof) analysis.

Here is the punchline:

The debt trajectory is extremely sensitive to program delays, suggesting that the program could be accident prone, and calling into question sustainability (Table 2). Under the tailored scenario described above, the debt ratio would peak at 178 percent of GDP in 2015. Once growth did recover, fiscal policy achieved its target, and privatization picked up, the debt would begin to slowly decline. Debt to GDP would fall to around 160 percent of GDP by 2020, well above the target of about 120 percent of GDP set by European leaders. Financing needs through 2020 would amount to perhaps €245 billion. Under the assumption that stronger growth could follow on the eventual elimination of the competiveness gap, the debt ratio would slowly converge to that in the baseline, but likely only in the late 2020s. With debt ratios so high in the next decade, smaller shocks would produce unsustainable dynamics, leaving the program highly accident-prone.

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The German media is about to have a field day.

Maw, het bailoutprogramma heeft weinig kans op slagen. Dus, licht op groen !

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Oorspronkelijk geplaatst door Rizzz

Ben benieuwd hoeveel weken ze erover gaan doen om ook deze 130 miljard erdoor te sjassen.
Uitstel van executie...

mmm... Inderdaad. 2!

[Carnivore]

Oorspronkelijk geplaatst door Rizzz

Ben benieuwd hoeveel weken ze erover gaan doen om ook deze 130 miljard erdoor te sjassen.
Uitstel van executie...

Ik denk dat het voor de Grieken het beste zou zijn dat ze failliet gaan...
Geen schulden meer en effe helemaal opnieuw beginnen, zonder de regelneverij van de EU.

Wss beseffen de beleidsmakers dit ook en versluizen ze gewoon nog effe 130miljard, de 130 rijksten pakken elk een miljardje , denkende dat de gewone Griek het toch gaat betalen en voor de rest veranderd er niets.

Neenee, men zou beter de regerende elite, volledig aan kant schuiven en helemaal opnieuw beginnen met mensen aan de top, die er zitten om 't land vooruit te helpen en niet om hun zakken te vullen.

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2! @Carnivore, het kan anders. Zie IJsland...

Iceland shows eurozone how to fight crisis

[Yous]

Oorspronkelijk geplaatst door Rizzz

Ben benieuwd hoeveel weken ze erover gaan doen om ook deze 130 miljard erdoor te sjassen.
Uitstel van executie...

Het IMF maakt nu al brandhout van de deal.

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Wil Duitsland zich 'bevrijden' van Griekenland ? Wetende dat de Grieken bijna onmogelijk de 'deal' kunnen naleven is het nog enkel wachten op het moment dat Duitsland de Grieken loslaat zonder kwaad bloed te zetten.

Is Germany Secretly Maneuvering To Kick Greece Out Of The Euro?

What in the world is going on in Europe? Each day things just seem to get stranger and stranger. We are being told that a "deal" for a second Greek bailout has been reached and that Greece will not default in March. But behind the scenes it seems clear that many politicians in Germany (and in the other northern European countries as well) would like to kick Greece out of the euro. So what exactly is happening here? Well, it is complicated. The United States, along with other members of the international community, put a tremendous amount of pressure on Germany to bail out Greece one more time. Germany does not want to look like the bad guy, so they are going along with this bailout but they are also imposing conditions on Greece this time that will be almost impossible to meet. And when Greece fails to meet its "obligations", that will give the northern Europeans the excuse that they need to kick Greece out of the euro. At this point, many politicians in northern Europe are convinced that Greece is a "lost cause" and that it is not fair to ask northern European nations to pay the price for the financial mistakes of Greece. Greece is basically completely and totally bankrupt, and the nations of northern Europe don't want to have a "financial dependent" on their books forever. They are looking for a "way out", and this new agreement lays the foundation for that.

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De Eurofiele droom...

EU's Prodi Admits Leaders Knew Euro Would Cause Ruin but Hoped Political Union Would Follow - Monday, February 20, 2012

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Goed nieuws !!
Di Rupo bevestigt nieuwe Frans-Belgische Dexia-deal

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Griekse parlementsleden betrouwen het Griekse reilen en zeilen NIET.

Grieks parlementslid parkeerde 1 miljoen bij Zwitserse bank

[D'ARTOIS]

Krokodilletranen. Ze doen het allemaal. Het venijn schuilt hem in de staart.
We weten dat politici omloopbaar en maffieus zijn. Hewt is begrijpelijk dat Griekenland niet wilde dat Zwitserland hen een voorbelasting zou opleggen. Immers daar zouden de Griekse politici direct zelf het slachtoffer worden.

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Oorspronkelijk geplaatst door D'ARTOIS

Krokodilletranen. Ze doen het allemaal. Het venijn schuilt hem in de staart.
We weten dat politici omloopbaar en maffieus zijn. Het is begrijpelijk dat Griekenland niet wilde dat Zwitserland hen een voorbelasting zou opleggen. Immers daar zouden de Griekse politici direct zelf het slachtoffer worden.

Maar al te waar.

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Hoopbrengende cijfers...


Eurozone to shrink in 2012 says the EU

Greece and Portugal were the only economies the Commission expected to contract in their previous forecast in November.

Belgium, Spain, Italy, Cyprus, the Netherlands and Slovenia have now been added to that list.

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Tijd voor de E.U. om zich met serieuze zaken bezig te houden.

Appelmermelade is geen mermelade !

RED TAPE THAT HAS CAUSED A REAL JAM

IT looks like jam and tastes like jam – but EU food rules say it cannot be labelled as “jam”.

Supplier Clippy McKenna has been told she is not permitted to use the word on her British Bramley apple products because they don’t contain enough sugar.

They do not qualify as a fruit spread either, a conserve or a reduced sugar jam. They are in a jam no-man’s land.

They contain only 52-53 per cent sugar because that is the way apples turn into jam. But there is no technically correct word.

Clippy, 38, started her one-woman business at her kitchen table in Sale, Cheshire, four years ago, selling the product to Harvey Nichols, Ocado and Fortnum and Mason.

But she received a letter from trading standards bosses in February 2011, saying they had found there wasn’t enough sugar in her “jam” and giving her a month to change her labels.

Since then she has used the word “conserve” on her jars. But that is still not good enough because it legally requires more detail.

We’re in a real quandary. We’ve had to re-label everything and we are being told that we are still wrong


The term “fruit spread” is reserved for 100 per cent fruit products, and reduced sugar jams must have only 50 per cent or less sugar.

“It’s nonsense,” said Clippy, who is lobbying for a clarification of EU rules. “We’re in a real quandary. We’ve had to re-label everything and we are being told that we are still wrong.”