Varoufakis said that Schäuble, Germany’s finance minister and the architect of the deals Greece signed in 2010 and 2012, was “consistent throughout”. “His view was ‘I’m not discussing the program – this was accepted by the previous [Greek] government and we can’t possibly allow an election to change anything.
“So at that point I said ‘Well perhaps we should simply not hold elections anymore for indebted countries’, and there was no answer. The only interpretation I can give [of their view] is, ‘Yes, that would be a good idea, but it would be difficult. So you either sign on the dotted line or you are out.’”
– From last year’s post: Everything You Need to Know About the Greek Crisis and ECB Fascism in Two Paragraphs
By now, most of you have heard about Wikileaks’ release of internal deliberations between the top two IMF officials in charge of managing the Greek debt crisis – Poul Thomsen, the head of the IMF’s European Department, and Delia Velkouleskou, the IMF Mission Chief for Greece. Continue reading »
Former elite puppet finance minister …
And as I’ve said many, many times: This is the Greatest Depression.
Greece’s financial crisis, unprecedented in scope, reached a pivotal moment last summer when the Greek people voted overwhelmingly against further austerity programs — ostensibly imposed to help the country pay back enormous debt. Overseeing the matter was Syriza Party Finance Minister Yanis Varoufakis — a staunch opponent of the crippling austerity measures that had effected a stranglehold on the country’s economy.
Greece’s debt to the so-called Troika — the International Monetary Fund, European Commission, and European Central Bank — turned out not to be the true reason for the proposed austerity. As Varoufakis discovered, the Troika actually, if somewhat covertly, intended to decimate Greek organized labor and the country’s modest social safety net. After the Greek populace stunned the world with its ‘no’ vote, Varoufakis sensed the coming accession by Syriza to implement the plans — and he hastily and quietly resigned his post. Continue reading »
Most notably, Varoufakis says Tsipras was “dispirited” by the “no” vote and that many in the Greek government were indeed depending on a “yes” vote to give them a way out of what seemed like an intractable situation.
– Varoufakis Tells All: Tsipras Was “Dispirited” With “No” Vote, Referendum Was Meant As “Exit Strategy” (ZeroHedge, Aug 5, 2015):
In the wake of Greek PM Alexis Tsipras’ seemingly inexplicable decision to disregard a referendum outcome he had aggressively campaigned for on the way to accepting a deal with Athens’ creditors that looked far worse than the proposal that 62% of Greek voters indicated was unacceptable just a week prior, some began to question whether Tsipras intended to win the referendum at all. Continue reading »
– 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.
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 »
– 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.”
– 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 »
– 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.
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 »
Let’s take a look where his wife, Danae Stratou, is coming from:
“Stratou was born to an elite family in Athens, Greece, in 1964. She graduated from London’s St. Martins College of Art and Design and evolved into a remarkable artist. However, even if she is the girl that wanted to live like common people and did so, Greece’s society would not allow her to be seen as a commoner because of her family name. This is why she probably left the country at an early stage of her life.
The artist is related — on her father’s side– to the Stratos family, who founded the Piraiki Patraiki textile industry in the Peloponnese, the largest textile company in Greek history.
Her mother is Eleni Potaga-Stratou, a legend in modern Greek art, whose projects are hosted in galleries and venues in Greece and abroad.”
* * *
– Varoufakis Slams Bailout #3 As “Greatest Macroeconomic Disaster In History” While Tsipras “Doesn’t Eat Or Sleep” (ZeroHedge, July 18, 2015):
n an rare convergence of Greek and German viewpoints, overnight former Greek finance minister Yanis Varoufakis told the BBC that “economic reforms imposed on his country by creditors are “going to fail”, ahead of talks on a huge bailout. At the same time, Germany’s most noted Eurosceptic, Hans-Werner Sinn, in an interview with the newspaper “Passauer Neue Presse” also earlier today warned that any new aid would be “totally worthless” and “would never come back.”
In what was practically a race who can find harsher terms to describe the Greek bailout, Varoufakis said that Greece was subject to a programme that will “go down in history as the greatest disaster of macroeconomic management ever”. Continue reading »
– Presenting The “Greek Terms Of Surrender” As Annotated By Yanis Varoufakis (ZeroHedge, July 15, 2015):
The Greek “deal” has already been dubbed “a new Versailles Treaty” for good reason: for Greece, the agreement which effectively abdicates sovereignty to Germany, is precisely that.
And while few if any in Greece – and certainly its parliament – have carefully read the actual contents of the Summit statement, and instead are rushing to pass the deal with hopes that just approving its contents may lead to the ECB blessing a prompt reopening of banks so Greeks can resume withdrawing their frozen deposits before the public realizes it was betrayed by its rulers, one person who has read it is the former finance minister Yanis Varoufakis.
And not only that: just hours before what may be the most critical vote in Greek history, he has released an annotated version of what the Euro Summit statement really means for Greece.
In his words: The Euro Summit statement (or Terms of Greece’s Surrender – as it will go down in history) follows, annotated by yours truly. The original text is untouched with my notes confined to square brackets (and in red). Read and weep… [For a pdf copy click here.]
– Complete Humiliation: Greek Parliament Pressed To “Approve” German “Coup” (ZeroHedge, July 14, 2015):
Months ago we said the following about the future of Greek politics:
It is becoming increasingly clear that the Syriza show will ultimately have to be canceled in Greece (or at least recast) if the country intends to find a long-term solution that allows for stable relations with European creditors although it may be time for Greeks to ask themselves if binding their fate to Europe is in their best interests given that some EU officials seem to be perfectly fine with inflicting untold economic pain upon everyday Greeks if it means usurping the ‘radical leftists.’
At the risk of overstating the case, that assessment has now proven to be almost entirely accurate. Continue reading »
– Varoufakis: Greek Deal Is “Coup”, Turns Greece Into “Vassal” State, And Deals “Decisive Blow” To European Project (ZeroHedge, July 14, 2015):
Yanis Varoufakis, fresh off a few relaxing days at his island getaway, will be back in the Greek parliament this week to weigh in on the “compromise” deal his successor Euclid Tsakalotos and PM Alexis Tsipras struck in Brussels over the weekend.
Considering the eyewitness accounts of the highly contentious Eurogroup meeting – out of which came the exceedingly punitive term sheet which would serve as the basis for Greece’s agreement with creditors – one can only imagine what might have unfolded if Varoufakis had been present for the “crazy kindergarten” finance minister free-for-all which reportedly took place on Saturday night.
For those curious to know what Yanis thinks about the deal, below are some “impressionistic thoughts” from the man himself. Highlights include the characterization of the Greek deal as a “decisive blow against the Euorpean project”, a “statement confirming that Greece acquiesces to becoming a vassal of the Eurogroup”, and the “culmination of a coup”. Continue reading »
Bilderberg and Illuminati puppet Merkel.
In other news:
Change we can believe in!
– Yanis Varoufakis: “Merkel’s Control Over The Eurogroup Is Absolute, They Are Beyond The Law” (ZeroHedge, July 13, 2015):
Greece has finally reached an agreement with its creditors. The specifics have not yet been published, but it is clear that the deal signed is more punitive and demanding than the one that its government has spent the past five months desperately trying to resist.
The accord follows 48 hours in which Germany demanded control of Greece’s finances or its withdrawal from the euro. Many observers across Europe were stunned by the move. Yanis Varoufakis was not. When I spoke with Greece’s former finance minister last week, I asked him whether any deal struck in the days ahead would be good for his country.
“If anything it will be worse,” he said. “I trust and hope that our government will insist on debt restructuring, but I can’t see how the German finance minister [Wolfgang Schäuble] is ever going to sign up to this. If he does, it will be a miracle.” Continue reading »
– Varoufakis’ Stunning Accusation: Schauble Wants A Grexit “To Put The Fear Of God” Into The French (ZeroHedge, July 10, 2015):
Earlier we reported that Yanis Varoufakis, seemingly detained by “family reasons” would be unable to join his fellow parliamentarians and personally vote in what is likely the most important vote of Syriza’s administration: the one in which he and his party capitulate to the Troika and vote “Yes” to the proposal he and Tsipras urged everyone to reject just one week ago.
– The First Post-Referendum Head Rolls: “Toxic” “Martyr” Yanis Varoufakis Resigns (ZeroHedge, July 6, 2015):
The Greek referendum landslide “No” vote came and went and just hours after its passage claimed its first head, which was – perhaps somewhat surprisingly – that of the Greek finance minister himself, Yanis Varoufakis, who many say orchestrated the referendum seen as a loud endorsement of the government’s actions. As of this morning he is no more. Here is why in his own words.
The referendum of 5th July will stay in history as a unique moment when a small European nation rose up against debt-bondage. Continue reading »
– European Banksters are afraid of Yanis Varoufakis (The Real Agenda, July 6, 2015):
The former Greek Finance Minister resigned because the Troika is not confortable with him in the room.
The Greek Finance Minister, Yanis Varoufakis, announced Monday his resignation because he believes that this can help the government to reach an agreement with the European institutions, hours after the victory of the ‘no’ in the referendum.
Varoufakis, who said he would resign if the YES won on Sunday’s referendum met on several occasions with Greek creditors as he represented the toughest wing of his government. He even accused the Troika of using “terrorism” against the Greek people. Continue reading »
– Greece Contemplates Nuclear Options: May Print Euros, Launch Parallel Currency, Nationalize Banks (ZeroHedge, July 5, 2015):
As we said earlier today, following today’s dramatic referendum result the Greeks may have burned all symbolic bridges with the Eurozone. However, there still is one key link: the insolvent Greek banks’ reliance on the ECB’s goodwill via the ELA. While we have explained countless times that even a modest ELA collateral haircut would lead to prompt depositor bail-ins, here is DB’s George Saravelos with a simplified version of the potential worst case for Greece in the coming days: Continue reading »
– Greek PM Calls Emergency Meeting For Bank Liquidity: MNI (ZeroHedge, July 5, 2015):
Congratulations Greece: for the first time you had the chance to tell the Troika, the unelected eurocrats, and the entire status quo establishment, not to mention all the banks, how you really felt and based on the most recent results, some 61% of you told it to go fuck itself.
Now comes the hard part. Continue reading »
– Greece votes in bailout referendum LIVE UPDATES (RT, July 5, 2015):
Polling stations have opened across Greece as millions of people are expected to cast ballots on whether to accept more austerity in exchange for international aid. Recent polls have predicted a knife-edge result, with ‘Yes’ having a slight advantage.
Sunday, July 511:11 GMT:
Greek Finance Minister Yanis Varoufakis has reiterated in an interview with Germany’s Bild newspaper that he will resign if Greeks vote “Yes” in Sunday’s referendum.
But he added: “There will not be a majority for ‘Yes’,” Reuters reported. Continue reading »
– What Stinks about Varoufakis and the Whole Greek Mess? (New Eastern Outlock, July 3, 2015):
Something stinks very bad about Greek Finance Minister Yanis Varoufakis and the entire Greek mess that has been playing out since the election victory of the nominally pro-Greek Syriza Party in January. I am coming to the reluctant conclusion that far from being the champion of the hapless Greek people, Varoufakis is part of a far larger and very dirty game.
The brilliant psychologist Eric Berne, author of the seminal book Games People Play, would likely call the game of Varoufakis and the Troika, “Rapo,” as in the rape of the Greek people and, ultimately of all the EU, Germany included. How do I come to this surprising conclusion? Continue reading »
– The Greek Bluff In All Its Glory: Presenting The Grexit “Falling Dominoes” (ZeroHedge, July 4, 2015):
Earlier today, Yanis Varoufakis reiterated his core thesis driving the entire Greek approach from day 1 of its negotiations with the Eurogroup: “Europe [stands] to lose as much as Athens if the country is forced from the euro after a referendum on Sunday on bailout terms.”
This is merely a recap of what we said 4 years ago when in July of 2011 we explained “How Euro Bailout #2 Could Cost Up To 56% Of German GDP“, recall: Continue reading »
– Max Keiser on Greece: ‘The IMF is a Financial Mafia’ (April 28, 2010):
The only solution for Greece is to arrest the Goldman Sachs bankers immediately and all those involved in the fabrication of Greek economic data in 2000, when you became a member of the eurozone. The next step is to nationalize all banks like Sweden did in 1993. The International Monetary Fund is that last thing you need. You will lose your sovereignty. It exercises terrorism. You will be raped in such a way, that it will be the worst pain you have ever felt.
– Varoufakis accuses Greece’s creditors of ‘terrorism’ ahead of crucial referendum (RT, July 4, 2015):
Greek Finance Minister Yanis Varoufakis has described the actions of Athens’ creditors as “terrorism,” but said agreement with them was inevitable in an interview published hours before a landmark referendum to accept or reject the bailout terms.
“What they are doing with Greece has a name: terrorism,” Varoufakis told Spain’s El Mundo daily. Why have they forced us to close the banks? To make people frightened. And when it comes to spreading terror, this phenomenon is called terrorism.”
Continue reading »
– Varoufakis Will Resign If Referendum Passes, Says Would Rather “Cut Off Arm” Than Sign (ZeroHedge, July 2, 2015):
“With banks shuttered and Greece’s economy hobbled by capital controls, Varoufakis said in a Bloomberg Television interview in Athens that he would “rather cut my arm off” than sign a deal that fails to restructure Greece’s debt.”
– Varoufakis Confirms Greece Will Default To IMF Today (ZeroHedge, June 30, 2015):
May as well spoil the ending of what happens at midnight local time today. Nothing (as previously reported). From Reuters:
- GREEK FINANCE MINISTER SAYS GREECE WILL NOT PAY IMF ON TUESDAY.
AP has the well-known by now details: Continue reading »
– Varoufakis: Creditor Proposal Offers “No Hope,” Greece At “Historic Moment” (ZeroHedge, June 27, 2015):
As Jerome Dijsselbloem fearmongers all the worst parts of the bible that are about to befall Greece, Yanis Varoufakis is explainiing the Greek decision:
- *VAROUFAKIS: CREDITOR OFFER LACKED HOPE FOR INVESTORS, CONSUMERS
- *VAROUFAKIS SAYS GREECE FIND ITSELF AT `HISTORIC MOMENT’
Adding that the decision by the Eurogroup (ex-Greece) to veto the program extension damages Europe overall, Varoufakis defiantly concluded, the Greek government has no mandate to accept a “recessionary” aid offer.
He added: Continue reading »
– Shape Of Greek Endgame Emerges: IMF Discussed “Cyprus-Like” Plan After Tsipras Warned Of Looming Default (ZeroHedge, May 18, 2015):
The IMF discussed a “Cyrpus-like” take it or leave it solution for Greece last week, FT reports. With the countdown to outright insolvency down to two weeks, PM Tsipras will meet EU leaders in Latvia on Thursday to make one last push for a last minute deal. Meanwhile, the fate of the Greek banking sector hangs in the balance as the ECB has come under fire for the monetary financing of the Greek government.
– Greece €400 Million Short For Wage And Pension Payments, Rushes To Pass Troika-Friendly Laws (ZeroHedge, April 28, 2015):
There was a brief bout of Greek risk-on euphoria following yesterday’s latest twist in the winding road to the Greek insolvency, in which the Greek finance minister Varoufakis became the latest sacrificial scapegoat to be “Nav Sarao-ed” to the angry gods of the Troika, and has been henceforth kicked out of any negotiations with the Greek “institution” creditors.
The core problem for Greece, however, remains: namely that it is still completely out of money, and as we learned yesterday, the local municipalities have mutinied, and told the government they would not hand over their cash to the central bank without their own conditions being met first, and certainly not before May 7 which may well be too late for Greece.
Which means that suddenly not only does Greece not have the nearly €1 billion in cash it will need to fund May payments to the IMF, but it is suddenly short by €400 million for wage and pension payments. Continue reading »
– Under Pressure From Europe, Tsipras Prepares To Show Varoufakis The Door (ZeroHedge, April 27, 2015):
On Friday, Greece’s embattled FinMin Yanis Varoufakis added to his highlight reel of “kerfuffles” when he put on a performance at the negotiating table in Riga that prompted his peers to describe him as an amateurish time-wasting, gambler. As talks with creditors drag on under the constant threat of a Greek default and a disorderly euro exit, it appears Varoufakis’ antics may have finally gone too far, for as Reuters reports, PM Tsipras looks to have effectively replaced the FinMin as lead negotiator.
Greek Prime Minister Alexis Tsipras on Monday reshuffled his team handling talks with European and IMF lenders, after his finance minister was sharply criticized for his performance at a euro zone meeting last week…
Tsipras and senior aides expressed support for Yanis Varoufakis and agreed the finance minister would supervise a new team negotiating a reforms deal with lenders, but appointed deputy Foreign Minister Euclid Tsakalotos as coordinator of the group, a government official said.
The appointment suggested Tsakalatos, an Oxford-educated economist and professor who is soft-spoken and well-liked by officials representing creditors, would have a more active role in face-to-face talks from now on.
And here are more details via Bloomberg: Continue reading »
– Lifestyles Of The Not So Austere & Socialist: Island Villa Edition (ZeroHedge, March 24, 2015):
Two weeks ago Twitter got a gift when Yanis Varoufakis posed for a Paris Match photo shoot which depicted the Greek FinMin living a not-very-austere looking lifestyle. While the pictures didn’t show Varoufakis being chauffeured around in any Rolls Royces, they did include one shot of what appeared to be a rather ostentatious picnic (with the Acropolis in the background) that contrasted starkly with the plight of the large number of Greeks who now have difficulty scraping together meals. It also came at a time when the government was actively considering borrowing money from public pension funds to make debt payments to the IMF and the ECB. At the time, we said the following:
As the Greek people live in perpetual fear of financial ruin and are subjected, on a near hourly basis, to rumors about just what kind of humiliation they may be forced to endure next in order to insure that Christine Lagarde gets the money she needs to prop up Ukraine for another couple of months, Yanis Varoufakis isn’t about to roll over and allow his people to drown in despair. On the contrary, the finance minister apparently believes the best way to restore the faith is to show the Greek people just how good life could be.
One possibly fake middle finger kerfluffle and exactly no progress with European creditors later, we discover that Varoufakis has a vacation villa that he’s willing to rent for the bargain price of just €5,000/week. For those who are interested, here’s an idea of what you’ll get for your money.
– Varoufakis’ Latest Fiasco: FinMin Claims “Middle Finger To Germany” Clip Fake; Germany Disagrees (ZeroHedge, March 16, 2015):
It was a tough weekend (again) for Greece’s embattled FinMin Yanis Varoufakis. After walking out on a CNBC interview when asked if he was a liability (after his photo shoot caused a storm in Greece), a video surfaced showing the outspoken minister giving the middle finger to Germany saying “solve the problem yourself.” He has come out swinging this morning, as The Telegraph reports, Varoufakis exclaims, “That video was doctored. I’ve never given the finger, I’ve never given the middle finger ever.” However, the user who uploaded it to YouTube denied it was a fake and, based on The Telegraph’s poll, 67% believe Varoufakis did it. Furthemore, the German talk-show that aired the clip has confirmed “no evidence of manipulation or falsification,” and, for the first time, a majority of Germans now want Greece out of the union.
The selected image from the video…
Greece “sticking the finger to Germany”
Which he denied as ‘fake’ but… 67% of survey respondents do not believe him…
In a further sign of the deterioration of trust in the ‘union, 52% of polled Germans said they no longer wanted Greece to remain part of the currency union, up from 41% last month.
Worst of all, ekathimerini reports that German TV has now stated that the video is not fake, suggesting Varoufakis is in fact a liar.
Varoufakis, who took part in a live discussion with other guests via a link from Athens, insisted on air that the video of him speaking at a 2013 event in the Croatian capital, Zagreb, had been “doctored”.
Jauch, the host of the popular show that draws millions of viewers, announced at the end of the programme that the video would be examined to try to clear the matter up.
“As far as we know at this stage the editorial department of Guenther Jauch can determine no indication whatsoever of manipulation or falsification in the video shown during the live show,” it said in a statement Monday.
It said the video was being further checked by experts.
So will Varoufakis reign as FinMin outlast Greece’s liquidity, pardon, (lack of) cash flow?
– The Reason Why The Eurogroup Rushed To Approve The Greek Reform Package? (You can’t make this stuff up!)
‘Change’ has finally arrived in Greece …
– Varoufakis’ “Strategy”: “No Grexit, But Default Inside The Euro, And Stick The Middle Finger To Germany” (ZeroHedge, March 15, 2015):
In a recently uncovered speech by the Yanis Varoufakis that took place in May of 2013, and which was either ingenious or naive beyond comprehension – we can’t decide – or is simply the contradictory stream of consciousness of a financial expert who has become the epitome of saying one thing now, and its diametrical opposite 5 minutes later, the Greek finance minister explains why he was for a Greek default but against returning to the Drachma. Continue reading »
– Varoufakis Walks Out Of CNBC Interview When Asked If He Is Now A “Liability” (ZeroHedge, March 15, 2015):
Having been given a few minutes to explain how it’s so different now in Greece: Troika is now ‘The Brussels Group’, austerity cuts are now ‘reforms’, and bailouts are now ‘bridge loans’; Greek FinMin Varoufakis asked for peace and quiet from the press so that they could work on “solutions” for the Greek people…
And then CNBC’s Julia Chatterly asked about the Paris Match photo-shoot (which is has created fierce storm of controversy in Greece) and specifically whether he “was a liability for his party?”
Varoufakis response was (serial killer) calm as he looked her in the eyes, demanded he be allowed to ‘no comment’ – “You will allow me not to comment on particular stories in the press,” – then commented, six-year-old-child-in-a-schoolyard-like “are you a liability for your channel?”
The brief clip below…
Varoufakis criticized the press for “concocting stories” and added that the Greek government now needed “peace and quiet” in order to get “down to work to put Greece on the path of recovery.”
… or just following more orders from the European “uber alles” Continue reading »
– Germans Furious After Varoufakis/Tsipras Admit “Greece Will Never Repay Its Debts” (ZeroHedge, March 12, 2015):
The Greco-Germanic war of words continues… Having pissed off The Greeks with his “Troika” remarks, Germany’s Schaeuble went on today to more ad hominum attacks by reportedly calling the Greek FinMin “foolishly naive.” The Greek ambassador has ‘officially’ complained to “friend and ally” Germany about the personal insult. But The Greeks had the last laugh, as first Varoufakis and then Tsipras explained respectively that “Greece would never pay back its debts,” and “Greece cannot pretend its debt burden is sustainable.” The German response, via tabloid Bild, “there must be an end to this madness. Europe must not be made to look stupid.” Continue reading »
– 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: Continue reading »
– Greece “Risks Bankruptcy” As Europe Rejects Varoufakis Payment Plan; Another Referendum Fiasco Ensues (ZeroHedge, March 8, 2015):
There was one reaction by the Eurogroup following the (delayed) submission of the Greek 7-point reform proposal – which includes the brilliant idea to use foreign tourists as wired, part-time tax spies – in advance of the latest Monday finmin meeting: laughter.
Financial Times reports that the reaction from eurozone officials to the tourist plan was received with humor. They thought the proposal was hilarious and even laughed when they read it. “It’s quite hilarious, if it were not so tragic, that this is what a government in an industrialised country comes up with,” said one eurozone official involved in the talks.
There will be little laughter in cash-strapped Greece, however, if the Sunday Times is correct in its report that the “Eurogroup finance ministers are to reject radical reform proposals from Greece at a meeting in Brussels tomorrow.” Continue reading »
– Greece Said To Tap Social Security Capital To Fund T-Bill Rollover (ZeroHedge, March 4, 2015):
As reported over the past two days, in order to fund the payment on various imminent debt maturities to the IMF, the cash-strapped Greek government has been forced to consider, among other things, raiding Greek pension to procure the required funds. We noted yesterday, citing Reuters, that Greece will use short-term repo transactions to transfer the cash, but one government official said they could not be used to repay the IMF.
Greece is tapping into the cash reserves of pension funds and public sector entities through repo transactions as it scrambles to cover its funding needs this month, debt officials told Reuters on Tuesday…. At least part of the state’s cash needs for the month will be met by repo transactions in which pension funds and other state entities sitting on cash lend the money to the country’s debt agency through a short-term repurchase agreement for up to 15 days, debt agency officials told Reuters
“Repo” because the implication is that this funding need is temporary. Of course, should it provide to be anything but, the local population will promptly exhibit very angry tendencies once it is revealed that the “radical left” government plundered Greek pensions to pay the IMF which could then immediately turn around and use the fund to pay the Kiev government, which in turn could pay Putin to keep the gas running. Where Greece will find an additional source of funds to replace this Pension “repo” was not quite clear as of this writing. Continue reading »
You can’t make this stuff up!
– The Reason Why The Eurogroup Rushed To Approve The Greek Reform Package? (ZeroHedge, Feb 24, 2015):
As we noted earlier today, there was some confusion over the plight of the Greek reform proposal document, which initially was said to have been delayed until today, only for the Troika, pardon, Institutions, to flip around and say they had actually received it before midnight on Monday. How could the two be possible? Courtesy of Yannis Koutsomitis, who had the simple but profound idea of looking at the properties tab in the leaked Varoufakis draft of the agreed to proposals, we now know.
As it turns out, the reason why not only the Troika received an agreed to version of the Greek reform proposals “before midnight on Monday”, but rushed these through with a favorable agreement today, is that, drumroll, the European Commission drafted the entire letter!
All Yanis Varoufakis had to do was agree to the letter that the Troika had previously written and agreed in advance was agreeable to it, and send it back. The skeptics are encouraged to play around the original pdf “leak” found here. Continue reading »
– Troika “Happy” With Revised List Of Greek Reform Promises: Full Varoufakis Letter (ZeroHedge, Feb 24, 2015):
- EU COMMISSION SAYS GREEK LIST `SUFFICIENTLY COMPREHENSIVE’
- COMMISSION: GREEK LIST STARTING POINT FOR REVIEW CONCLUSION
So one can say that can has been kicked for another four months. Continue reading »
– The Assassination of Greece (Veterans News Now, Feb 21, 2015):
by Dr. James Petras
The Greek government is currently locked in a life and death struggle with the elite which dominate the banks and political decision-making centers of the European Union.What are at stake are the livelihoods of 11 million Greek workers, employees and small business people and the viability of the European Union. If the ruling Syriza government capitulates to the demands of the EU bankers and agrees to continue the austerity programs, Greece will be condemned to decades of regression, destitution and colonial rule. If Greece decides to resist, and is forced to exit the EU, it will need to repudiate its 270 billion Euro foreign debts, sending the international financial markets crashing and causing the EU to collapse. Continue reading »