Aug 01

–  Greece May Miss ECB Payment As Germany Says Bailout Timeline Is Unrealistic (ZeroHedge, Aug 1, 2015):

Greek PM Alexis Tsipras won a hard fought victory over party rivals on Thursday when Syriza’s central committee voted to postpone an emergency congress until after formal discussions on the country’s third bailout program are complete.

Syriza has been grappling with bitter infighting since more than 30 MPs in Tsipras’ parliamentary coalition defected during a vote on the first set of bailout prior actions, forcing the PM to rely on opposition votes to clear the way for formal discussions with creditors. The party dispute was exacerbated by reports that ex-Energy Minister and incorrigible Grexit proponent Panayiotis Lafazanis (along with several Left Platform co-conspirators) planned to storm the Greek mint and seize the country’s currency reserves.  Continue reading »

Tags: , , , , ,

Jul 30

Tsipras

An Exasperated Tsipras Calls For Syriza Referendum On Bailout Cancellation (ZeroHedge, July 30, 2015):

Anyone who thought Greece’s third bailout program was a done deal or that, at the very least, the market would get a few months of respite before having to grapple with daily Grexit headlines again, got a rude awakening late last week when reports of a secret plot (hatched by ex-Energy Minister Panayiotis Lafazanis along with several Left Platform co-conspirators) to storm the Greek mint and seize the country’s currency reserves underscored the deep divisions within Syriza and betrayed the extent to which passing a third set of prior actions and sealing the deal on an ESM program would prove to be anything but simple.

Just days after Lafazanis’ plan leaked last week, Kathimerini claimed it had transcripts from a conference call between former Finance Minister Yanis Varoufakis and international hedge fund managers during which Varoufakis described yet another secret ploy to return the country to the drachma by way of establishing a parallel payments system set up using surreptitiously obtained tax filer ID numbers. Later, the full audio recording was released. Continue reading »

Tags: , , , , , , ,

Jul 29

Barter

– Total Collapse: Greece Reverts To Barter Economy For First Time Since Nazi Occupation (ZeroHedge, July 29, 2015):

Months ago, when Alexis Tsipras, Yanis Varoufakis, and their Syriza compatriots had just swept to power behind an ambitious anti-austerity platform and bold promises about a brighter future for the beleaguered Greek state, we warned that Greece was one or two vacuous threats away from being “digitally bombed back to barter status.”

Subsequently, the Greek economy began to deteriorate in the face of increasingly fraught negotiations between Athens and creditors, with Brussels blaming the economic slide on Syriza’s unwillingness to implement reforms, while analysts and commentators noted that relentless deposit flight and the weakened state of the Greek banking sector was contributing to a liquidity crisis and severe credit contraction.

As of May, 60 businesses were closed and 613 jobs were lost for each business day that the crisis persisted without a resolution.  Continue reading »

Tags: , , , , , , , ,

Jul 29

Tsipras-hand-sign

Tsipras Threatens Snap Elections As Syriza Rebellion Threatens To Derail Bailout (ZeroHedge, July 29, 2015):

With creditors now on the ground in Athens, and with a third prior actions vote in parliament due at the first of August, Greek PM Alexis Tsipras spoke out about the new bailout “deal”, debt re-profiling, the referendum, party politics, and the possibility of early elections in an interview with Sto Kokkino radio station.  

Tags: , , , , ,

Jul 28

greece

Greek Economy Faces Total Collapse As Doctors Flee, Retail Sales Plunge 70%  (ZeroHedge, July 28, 2015):

Back in May we outlined the cost to the Greek economy of each day without a deal between Athens and creditors.

At the time, a report from the Hellenic Confederation of Commerce and Enterprises showed that 60 businesses closed and 613 jobs were lost for each business day that the crisis persisted without a resolution.

Since then, things have deteriorated further and indeed, with the imposition of capital controls, businesses found that supplier credit was difficult to come by, leading to the very real possibility that Greece would soon face a shortage of imported goods, something many Greeks clearly anticipated in the wake of the referendum call as evidenced by the lines at gas stations and empty shelves at grocery stores.

As a reminder, here’s what WSJ said earlier this monthContinue reading »

Tags: , , , , , , , , , , , ,

Jul 27

varoufakis-hand-sign

Concerned About “Treason” Charges, Varoufakis Issues Public Statement On “Cloak And Dagger” Drachma “Plan B” (ZeroHedge, July 27, 2015):

Over the weekend, the media world was abuzz with the leaked recording made during a July 16 “Greek Day” meeting by the Official Monetary and Financial Institutions Forum (OMFIF) which included a group of sovereign wealth funds, pension funds, and life insurers  in which it was reveaked that Yanis Varoufakis had been in the process of preparing Greece for a cloak and dagger “Plan B” which included as its highlight a process for returning to the Drachma.

Previously we presentted both the Kathimerini framing of this leak, as well as the recording itself (which was hardly supposed to be made public).

Overnight, the Telegraph’s Ambrose-Pritchard reported that “Mr Varoufakis told the Telegraph that the quotes were accurate but some reports in the Greek press had been twisted, making it look as if he had been plotting a return to the drachma from the start.   

“The context of all this is that they want to present me as a rogue finance minister, and have me indicted for treason. It is all part of an attempt to annul the first five months of this government and put it in the dustbin of history,” he said.

It totally distorts my purpose for wanting parallel liquidity. I have always been completely against dismantling the euro because we never know what dark forces that might unleash in Europe,” he said. Continue reading »

Tags: , , , , , , ,

Jul 27

Quadriga

– Goodbye Troika: Germany Rides Into Its Greek Colony On The “Quadriga” (ZeroHedge, July 27, 2015):

With creditors’ motorcades having officially returned to the streets of Athens in the wake of Greek lawmakers’ approval of the second set of bailout prior actions last Wednesday, tensions are understandably high.

After all, these are the same “institutions” which Yanis Varoufakis famously booted from Greece after Syriza swept to power in January, and they’ve come to represent the oppression of the Greek people and are now a symbol of the country’s debt servitude.

Although an absurd attempt was made to rebrand the dreaded “troika” earlier this year, the new and rather amorphous moniker – “the institutions” – never really stuck and perhaps because everyone involved felt the need to put a new name to the group that Greeks regard as the scourge of the Aegean in order to make negotiators feel safer on their trips to Athens, creditors have now added the ESM to their collective and rebranded themselves “The Quadriga.” 

Apparently (and unfortunately), this is not a joke. Here’s MNI: Continue reading »

Tags: , , , , , , , , ,

Jul 27

The Full Audio Recording Of Varoufakis’ Drachma Plan B (ZeroHedge, July 27, 2015):

On Sunday, in “Reports Of Secret Drachma Plots Leave Tsipras Facing Fresh Crisis“, we outlined an alleged “cloak and dagger” (to use Ambrose Evans-Pritchard’s words) plot spearheaded by Yanis Varoufakis, to set up a parallel banking system for Greece that could be activated in the event pressure from Brussels and the ECB crippled the country’s ability to transact in euros.

According to a recorded teleconference between the former FinMin and “international hedge funds” heard by Kathimerini, Varoufakis planned to create secret accounts using tax filer numbers for individuals and corporations which he would obtain by hacking into the troika-controlled General Secretary of Public Revenues. Greeks would be made aware of the accounts’ existence in the event the banking system ceased to function altogether, and Athens would effectively facilitate payments through the new system in defiance of the EMU. Clearly, this would not have been well received by Brussels – especially the bit about hacking their software – but ultimately, because the new system would be entirely controlled by Varoufakis’ finance ministry, it could be converted to the drachma immediately. Continue reading »

Tags: , , , , , ,

Jul 26

– Europe’s New Colonialism: ECB Rejects Greek Request To Reopen Stock Market (ZeroHedge, July 26, 2015):

It has been one month since Greek capital controls were imposed, and as we explained earlier, Greece is nowhere closer to having its deposit limits lifted. In fact, with several more months of capital controls at least, the Greek banks are likely to suffer ongoing balance sheet impairments which will ultimately result in depositor bail-ins, with Germany already pushing for haircuts on deposits over €100,000.

However, when it comes to banks there is at least still the illusion that Greece has some residual sovereignty. The reality is that it does not, as Greece is no longer an independent nation, and as of July 15, the Greek “In Dependence” day, every Greek decision needs to get pre-approval from both the ECB, Brussels and, naturally, Berlin. Continue reading »

Tags: , , , , , , , , ,

Jul 26

Tsipras-hand-sign

Reports Of Secret Drachma Plots Leave Tsipras Facing Fresh Crisis (ZeroHedge, July 26, 2015):

On Friday, we brought you the shocking story of the rebellion that never was in Greece.

According to FT, Former Greek Energy Minister and maverick among mavericks Panayotis Lafazanis convened a “secret” meeting at the Oscar Hotel in Athens on July 14 at which he attempted to convince Syriza hardliners (including, in FT’s words, “supporters of the late Venezuelan president Hugo Chávez [and some] old-fashioned communists”) to storm the Greek mint, seize the country’s currency reserves, and, if necessary, arrest central bank governor Yannis Stournaras.

Lafazanis

(Lafazanis)

Obviously, the plan was never implemented, but if the story is even partly true it betrays the degree to which Greece teetered on the edge of social upheaval and even civil war in the days that followed PM Alexis Tsipras’ decision to concede to creditors’ demands and abandon not only Syriza’s election mandate but the very referendum outcome he had himself campaigned for just days prior.  Continue reading »

Tags: , , , , , , , ,

Jul 26

–  Greek Capital Controls To Remain For Months As Germany Pushes For Bail-In Of Large Greek Depositors (ZeroHedge, July 26, 2015):

Two weeks ago we explained why Greek banks, which Greece no longer has any direct control over having handed over the keys to their operations to the ECB as part of Bailout #3’s terms, are a “strong sell” at any price: due to the collapse of the local economy as a result of the velocity of money plunging to zero thanks to capital controls which just had their 1 month anniversary, bank Non-Performing Loans, already at €100 billion (out of a total of €210 billion in loans), are rising at a pace as high as €1 billion per day (this was confirmed when the IMF boosted Greece’s liquidity needs by €25 billion in just two weeks), are rising at a pace unseen at any time in modern history. Continue reading »

Tags: , , , , , , , , , ,

Jul 25

Syriza “Rebels” Planned To Ransack Greek Mint, Seize Cash Reserves, Arrest Central Bank Governor (ZeroHedge, July 24, 2015):

Earlier this week, in an FT op-ed, Eurointelligence’s Wolfgang Münchau said that in his estimation, an EMU exit remains the most likely outcome for Greece. The reason, Münchau explained, is that “[Greek PM Alexis] Tsipras ended up with another very lousy bailout deal. And this one suffers from the same fundamental flaws as its predecessors.” Münchau went on to describe, in vivid detail, how he believes a Grexit would unfold:

My own most likely Grexit scenario is a different one yet again. Donald Tusk, the president of the European Council, hinted at this in his interview with the Financial Times last week when he said that he felt “something revolutionary” in the air. He is on to something. The most probable scenario for me is Grexit through insurrection.

Whether he knew it when he penned those words or not, Münchau’s vision for Greece nearly unfolded just over a week ago when, according to FT, Syriza’s Left Platform (led by outspoken former Energy Minister Panayotis Lafazanis) met in at the Oscar hotel in a “shabby” downtown district of Athens and plotted to ransack the Greek mint, seize the country’s currency reserves, and arrest central bank chief Yannis Stournaras. Continue reading »

Tags: , , , , , , ,

Jul 24

Torn-Greek-Flag

Troika Returns To A Conquered Greece Amid Anger, Security Threats (ZeroHedge, July 24, 2015):

“The letter has been sent,” a Greek government official told MNI on Friday, referring to a formal (if begrudging) invite from Athens delivered to the IMF and the rest of the dreaded troika.

The trio – comprised of the IMF, the ECB, and the European Commission – was famously booted from Greece in late January by a rambunctious Yanis Varoufakis who proclaimed that Syriza, which had just swept to power on an anti-austerity platform, didn’t “plan to cooperate with that committee.”  Continue reading »

Tags: , , , , ,

Jul 22

Ongoing Greece Deposit Run Forces ECB To Boost Greek ELA Ceiling Yet Again (ZeroHedge, July 22, 2015):

Despite the imploring of Greek bankers for Greeks to “take your money out of your chests and houses – which are not safe in any case – and deposit at banks,” it appears the Greek bank deposit run continues. As The ECB just announced another €900 million increase in Emergency Liquidity Assistance, strongly suggesting that in the 2 days since the last increase, banks are once again insolvent facing a liquidity crunch as the “banks are trustworthy” propaganda falls on very deaf Greek ears.

Tags: , , , , ,

Jul 22

Hyper-Mario-Draghi

– Citi Predicts Greek Hyperinflation Breaks Out In Two Years (ZeroHedge, July 21, 2015):

Earlier, we showed that according to Citigroup (among many) for Greece to have any hope of surviving, it needs a masive debt haircut: the bigger, the better, with Citi tossing out numbers as high as €130 billion. Still, even if Greece does get debt relief, as long as it remains in the Eurozone, its economy has nothing but hell to look forward to.

Here is how Citi previews the next few years: Continue reading »

Tags: , , , , ,

Jul 22

Define Irony: Greek Banks Refuse To Buy ESM Bonds To Fund Greek Bailout (ZeroHedge, July 21, 2015):

In the latest example of what happens when circular funding schemes begin to trip over each other, National Bank of Greece has refused to participate in an auction for paper issued by the bailout fund which is set to recapitalize the Greek banking sector.

Tags: , , , , , , , ,

Jul 21

Greek Prime Minister Asked Putin For $10 Billion To “Print Drachmas”, Greek Media Reports (ZeroHedge, July 21, 2015):

Back in January, when we reported what the very first official act of open European defiance by the then-brand new Greek prime minister Tsipras was (as a reminder it was his visit of a local rifle range where Nazis executed 200 Greeks on May 1, 1944) we noted that this was the start of a clear Greek pivot away from Europe and toward Russia.

We further commented on many of the things that have since come to pass:

Europe, for one, will be most displeased that Greece has decided to put its people first in the chain of priority over offshore bidders of Greek assets. Most displeased, especially since the liquidation sale of Greece is part of the Greek bailout agreement: an agreement which as the Troika has repeatedly stated, is not up for renegotiation Continue reading »

Tags: , , , , , , , ,

Jul 21

rofl

Greeks Laugh As Bankers Beg Depositors To Return Money (ZeroHedge, July 21, 2015):

Banks Union appeals to Greeks to return their money to banks (Keep Talking Greece, July 20, 2015):

President of Greek Banks Association Louka Katseli appealed at the citizens to return their money to the banks. “Banks are absolutely trustworthy,” Katseli told Mega TV “as guaranteed by the ECB and the Bank Association, but they would have been even more powerful if 40 billion euros had not been withdrawn in the last months.

Katseli, a former PASOK Minister, appealed to citizens to return their deposits  to the banks “now that the banks are open” after a three-week holiday and capital controls.

“Let’s all help our economy,” Katseli urged Greeks and added “If you take your money out of your chests and houses – which are not safe in any case – and deposit at banks, this will enhance liquidity.”

“There will be no need to “haircut” deposits in the future if we all act responsibly,” she added -cheerfully I suppose.

Katseli’s appeal triggered laughter among Greeks and one stressed with hint to capital controls “Oh yes! I will bring my money back to the bank and get it back 60 by 60 euro.”

Another one noted “Ah sure! Banks will never see my money again, I prefer to buy tonnes of peanuts with it.”

Continue reading »

Tags: , , , , ,

Jul 21

– Greece Needs A €130 Billion Debt Haircut: Citi (ZeroHedge, July 21, 2015):

“The size of the required ‘upfront’ (i.e. to be introduced in 2016) principal haircut to be €110bn (60% of annual Greek nominal GDP in 2014). Note that we do not see much difference in an alternative scenario based on a ‘tranched’ principal haircut framework (of around €15bn per year), also starting in 2016. However, a ‘backloaded’ (i.e. to be introduced in 2022) approach relying on a single haircut would be more expensive, amounting to €130bn (72% of annual Greek nominal GDP in 2014).”

 

Tags: , , , , ,

Jul 21

H/t reader M.G.:

“Greedy guts carving up Greek Isles…………This is criminal.”



21.07.2015

Description:

In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss Greek prime ministers bearing referendums as privatisation schemes move full steam ahead as billionaires and celebrities begin buying up Greek islands on the cheap. In the second half, Max interviews Eddy Travia of Coinsilium.com about the company’s upcoming IPO on the Alternative Investment Market (AIM) in London. Coinsilium Group facilitates the implementation of blockchain technology products and services alongside media and corporate advisory services.

Recorded from RT, Keiser Report , July 21, 2015

Tags: , , , , , , ,