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Thursday, June 18, 2015

The ECB-Greece Negotiations are Pleasing No One Any of the Time

       The EZ leaders are trying to put on a brave face and claim that a deal is imminent.

       http://diaryofarepublicanhater.blogspot.com/2015/06/any-reason-to-think-there-will-be-deal.html

       It sure doesn't sound like it. From what you're hearing on all sides-the Greek leadership, the EZ leadership, and Greek protesters this seems no more difficult than squaring the circle.

       As Yogi Berra might say here's nothing tough about squaring the circle other than it's impossible.

       1. On June 5, Greek President Tsipras called the ECB proposal 'absurd.'

       "Prime Minister Alexis Tsipras declared on Friday that his government would not accept a new bailout plan proposed this week by Greece’s creditors, telling a cheering assembly of the Greek Parliament in Athens that he would not allow the creditors to “humiliate” the country."

       “Greek people should be proud, because the government is not going to give in to absurd proposals,” Mr. Tsipras said.

        "Despite the rhetoric, Mr. Tsipras said he believed Greece and its creditors were “closer than ever” to an agreement, noting that “it is clear now to everyone” that Greece’s plans are “realistic.”

        "The government’s negotiating strategy will “soon bear fruit,” he said.

       "He called on the government’s opposition members, who include former Prime Minister Antonis Samaras, to declare whether they would support the deal being offered by Greece’s international creditors — theInternational Monetary Fund, the European Central Bank and the other eurozone countries."

       "Mr. Tsipras’s defiant speech, broadcast live on national television and picked up internationally by the BBC, seemed aimed most directly at a rising faction of dissenters on the far left of his party. A number of the dissenters have called for Mr. Tsipras to repudiate the creditors’ demands or even consider holding new elections to reaffirm his government’s mandate to push back against austerity."

       "The speech came a day after Greece said it would not make a scheduled debt repayment to the I.M.F. that was due on Friday. That decision bought the country some time to renegotiate a new debt deal with its international creditors but raised further uncertainties about whether an agreement could be reached."

     "Drawing lawmakers’ applause Friday night, Mr. Tsipras described the creditors’ plan as including “impossible targets,” a reference to austerity measures that he said he was elected to repudiate, including higher electricity taxes and further pension cuts to help bring down Greece’s mountain of debt."

     http://www.nytimes.com/2015/06/06/business/international/greece-debt-talks-syriza-imf-european-central-bank.html?_r=0

     This strikes you with the pernicious nature of politics. He was the most vocal critic of austerity but now his fellow leftists are turning on him-as if he's the most vocal advocate of it. He is optimistic though He is sounding an optimistic note about being closer than ever but again, no specifics. 

     2. On June 9, the Greeks put forward a new plan that they find less 'absurd' but now the creditors aren't impressed. 

     http://www.theguardian.com/business/live/2015/jun/09/greek-pm-grexit-warning-bailout-extension-live-updates

     Tsipras warns that a Grexit would destroy the EZ . The only possible positive? These guys are arguing over Twitter. 

      Again, Tsipras doesn't exactly have a long leash here as his own leftists are turning on him and calling for another election. 

     http://www.theguardian.com/business/live/2015/jun/17/greek-crisis-austria-default-ecb-banks-live

     The silver linings are slight. 

     http://sputniknews.com/europe/20150617/1023504093.html

     A good phone call with promises of a 'slightly better deal'' are about all you have to hang your hat on these days. 
     


      

     

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