Greece Folds (AGAIN); Ready To Propose “New” Reforms Immediately

Yanis Varoufakis, Greek finance ministerchange-we-can-believe-in

Greece Folds (Again); Ready To Propose “New” Reforms Immediately (ZeroHedge, March 9, 2015):

Following earlier comments from various Eurogroup members – after yesterday’s dismissal of Greece’s proposed “reforms” – ranging from Slovakia’s “Greece needs to face the naked truth,” to Dijsselbloem’s “we seem to be losing time on Greece,” and Schaeuble’s “not a lot has happened on Greece,” it appears Greece has quickly folded once again and acquiesced to EU’s demands for harsher cuts. With cash unlikely to last more than 3 weeks and being unlikely to get the EU1.9bn in bond profits from the ECB (according to EU officials), Greek officials have stated that they are “willing to enrich” the list of reforms.

Some helpful comments as leaders arrived at today’s Eurogroup meeting:

  • *GREECE NEEDS TO FACE NAKED TRUTH, KAZIMIR SAYS
  • *SAPIN: GREECE NEEDS TO WORK `SERIOUSLY’ ON ECONOMY PLAN
  • *IFO’S SINN DON’T SEE PROGRESS IN GREECE SITUATION
  • *SCICLUNA SAYS EXPECTS MORE COMMITMENT FROM GREECE
  • *DIJSSELBLOEM SAYS `SEEM TO BE LOSING TIME’ ON GREECE
  • *SCHAEUBLE SAYS NOT A LOT HAS HAPPENED ON GREECE
  • *SCHAEUBLE SAYS GREECE MUST REFRAIN FROM ONE-SIDED MEASURES

And this…

  • *GREECE UNLIKELY TO GET EU1.9B FROM BOND PROFITS: EU OFFICIAL
  • *GREECE’S CASH MAY LAST UP TO 3 WEEKS, EU OFFICIAL SAYS

As Bloomberg notes,Greece is willing to add more reforms to proposed list…

Eurogroup must remain political body, shouldn’t discuss technical details, a Greek govt official, who asked not to be named in line with policy said by e-mail.

Greece seeks political progress in today’s meeting; govt willing to enrich list with other reforms, some of which will be directly submitted to technical delegation: govt official

Reforms suggested concern govt’s 2015 budget: govt official

Greece is working in best possible way to meet commitments to its euro-area peers, while respecting Greek people’s dignity: govt official

3 reforms that will be submitted to technical delegation, not included in first list are reviewing past income tax declarations, cross-checking triangular transactions, incentives for collecting receipts: govt official

*  *  *

screwed

Related info:

Greece Said To Tap Social Security Capital To Fund T-Bill Rollover

AND NOW: Greek Government Considers “BORROWING” From Pension Funds To Repay IMF

The Reason Why The Eurogroup Rushed To Approve The Greek Reform Package? (You can’t make this stuff up!)

Troika ‘Happy’ With Revised List Of Greek Reform Promises: Full Varoufakis Letter

Greek Infighting Begins After Historic Syriza Member Slams Agreement, Apologizes For “Contributing To Illusion” Of Change

What Ordinary Greeks Think Of Friday’s Deal: “We Went Through Two Months Of Agony To Realize We Are Still A Debt Colony”

The Assassination of Greece

Greece’s Syriza Capitulates To The EU

How Greece Folded To Germany: The Complete Breakdown

Full Eurogroup Statement On Greece – Bottom Line: Greece Caves On Pretty Much Everything

George Soros “Trojan Horse” Inside The New Greek Government?

Leave a Comment