Syriza

50 Shades Of Greece

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50 shades of greece

– 50 Shades of Greece (The Automatic Earth, Feb 22, 2015):

When it comes to the ongoing Greek question, I see a lot of people eagerly jump to conclusions, after the ‘debt deal’, that I don’t think are justified; certainly not yet. The overall conviction in the press seems to be that Syriza has given in on just about all fronts, and Germany and Dijsselbloem are the big winners.

But since that may well be the exact position Syriza wants ‘the other side’ to be in, where they think they have prevailed, one will have to try and think a few steps ahead before judging the situation. There’s far more grey area here than many pundits seem to assume, easily 50 shades of it.

Read more50 Shades Of Greece

EU Leaders “Are Afraid The Syriza ‘Virus’ Will Spread Across Europe”

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–  EU Leaders “Are Afraid The Syriza ‘Virus’ Will Spread Across Europe” (ZeroHedge, Feb 16, 2015):

As anti-austerity protests continue to build in numbers across Europe (and not just in Spain where Podemos now holds a commanding poll lead over the status quo) KeepTalkingGreece reports that Greek parliamentary spokesman for Syriza, Nikos Filis notes “The wave of protests indicates a new beginning… And it scares the dominant forces in Europe. Because Syriza virus can spread and in their communities.” And we suspect that is indeed the Eurogroup’s greatest fear…

Read moreEU Leaders “Are Afraid The Syriza ‘Virus’ Will Spread Across Europe”

Syriza’s Original 40 Point Manifesto

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syriza

– Syriza’s Original 40 Point Manifesto (ZeroHedge, Jan 30, 2015):

The daily bulletin of Italy’s Communist Refoundation Party published today the apparently official program of the Greek coalition of the left, Syriza. Here the 40 points of the Syriza program.

  1. Audit of the public debt and renegotiation of interest due and suspension of payments until the economy has revived and growth and employment return.
  2. Demand the European Union to change the role of the European Central Bank so that it finances States and programs of public investment.
  3. Raise income tax to 75% for all incomes over 500,000 euros.

    Read moreSyriza’s Original 40 Point Manifesto

Greek Credit Risk Spikes, Default Probability Tops 70%

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– Greek Credit Risk Spikes, Default Probability Tops 70% (Zerohedge, Jan 28, 2015):

Greek default risk has surged in recent days and today as it becomes clear what Syriza expects from Europe, short-term CDS are at post-crisis highs with 5Y CDS implying a 76% probability of default (based on standard recovery assumptions – which may be a little high in this case). Given the domestic bank dominance in the buying of domestic government debt, Greek banks are getting hammered as everyone’s favorite hedge fund trade is an utter bloodbath. Greek stocks overall are down and GGBs are tumbling once again – back at 16 month lows (given back all the ECBQE hope bounce). Perhaps not surprising moves, given new Greek Finance Minister Yanis Varoufakis reality-exposing comments yesterday, “the problem with the bailout is that it wasn’t really a bailout… it was an extend and pretend, it was a vicious cycle, a debt-deflationary trap, which destroyed our social economy.”

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Greek Stocks Crash, Bonds Plummet, Banks Have Worst Day Ever

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greece

– Greek Stocks Crash, Bonds Plummet, Banks Have Worst Day Ever (ZeroHedge, Jan 28, 2015):

In the two days after Syriza’s dramatic victory in the local Greek election, global investors assumed this loud cry against European policies would mean… more of the same, and as a result not much changed in the risk assessment of Greek assets. Then, overnight, following the previous report that not only does Syriza mean business but it is actively pivoting away from Europe (and toward Russia?), and everyone started paying attention, with a waterfall of selling engulfing not only the Greek stock market but also its bonds, which are crashing in the process sending the 3 Year yield to 16.4%, the highest since the restructuring, and the 10 Year either below or above 10%, depending on which data source is used (Bloomberg has them slightly below, others reporting 10-year bond yields up 50 basis points at 10.30%).

For those who missed our take from last night on Greece, it can be found here, while Reuters’ update this morning notes the following:

Read moreGreek Stocks Crash, Bonds Plummet, Banks Have Worst Day Ever

Greece Begins The Great Pivot Toward Russia

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putin smile_0

Russia-Greece

– Greece Begins The Great Pivot Toward Russia (ZeroHedge, Jan 27, 2015):

Ten days ago, before the smashing success of Greece’s anti-austerity party, Syriza, we noted that Russia gave Greece a modest proposal: turn your back on Europe, whom you despise so much anyway, and we will assist your farmers by lifting the food import ban.

And, sure enough, Greece’s new premier Tsipras did hint with his initial actions that Greece may indeed pivot quite aggressively away from Europe and toward Russia in general and the Eurasian Economic Union in particular (as a tangent recall “Russia’s “Startling” Proposal To Europe: Dump The US, Join The Eurasian Economic Union“).

Some recent examples of this dramatic shift in perspective were the following:

Read moreGreece Begins The Great Pivot Toward Russia

Alexis Tsipras Addresses Greece, Says Bailout Agreements, ‘Troika Era’ Are Over

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greece

– Tsipras Addresses Greece, Says Bailout Agreements, “Troika Era” Are Over (ZeroHedge, Jan 25, 2015):

The first public address of Greece’s new leaders, Alexis Tsipras has begun. The key highlights of his speech so far:

  • TSIPRAS SAYS GREEK PEOPLE HAVE WRITTEN HISTORY
  • TSIPRAS SAYS GREECE IS TURNING PAGE, LEAVING AUSTERITY BEHIND
  • TSIPRAS SAYS BAILOUT AGREEMENTS HAVE ENDED FOR GREECE
  • TSIPRAS SAYS TROIKA ERA IS OVER FOR GREECE
  • TSIPRAS SAYS SYRIZA GOVT READY TO NEGOTIATE, COOPERATE ON DEBT
  • TSIPRAS SAYS OLIGARCHS, ELITES IN GREECE HAVE BEEN DEFEATED
  • TSIPRAS SAYS SYRIZA VICTORY IS VICTORY FOR PEOPLES OF EUROPE

Europe will not be pleased.

Update: Blowout Victory For Syriza In Greek Elections – Greek Exit Polls Suggest Blowout Victory For Syriza: Live Webcasts From Greece

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UPDATE 2:

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UPDATE: Greek Government official admits electoral defeat by Syriza

As AP reports,

A senior official in Greece’s governing conservatives has conceded defeat to the radical left Syriza party in Sunday’s national elections.

“We lost,” Health Minister Makis Voridis told private Mega TV. “The extent of that result is not yet clear.”

Voridis, the conservative party’s parliamentary spokesman, says the government’s austerity policies, implemented to secure vital international bailouts, “make sense” but were cut short before they could bear fruit.

An exit poll on state Nerit TV projects Syriza winning by a wide margin.

– Greek Exit Polls Suggest Blowout Victory For Syriza: Live Webcasts From Greece (ZeroHedge, Jan 25, 2015):

The first Greek exit polls are out and here they are:

greek exit pol

According to the initial exit polls, in first place, with some 35.5%-39.5% of the vote is Syriza, a huge lead over the second placing New Democracy which has 23-27% of the vote – far more than polls had indicated previously – and a spot which essentially  assures Tsipras’ party an absolute majority in parliament and the ability to take as hardline an approach as he wishes.

The other parties:

Read moreUpdate: Blowout Victory For Syriza In Greek Elections – Greek Exit Polls Suggest Blowout Victory For Syriza: Live Webcasts From Greece

Alex Jones Interviews Webster Tarpley: The Rand Paul Fiasco – ‘The American System’ – Ron Paul – History – Greece (Video)

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