Varoufakis Confirms Greece Will Default To IMF Today

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.

Visually:

varoufakis finger

AP has the well-known by now details:

Read moreVaroufakis Confirms Greece Will Default To IMF Today

Varoufakis: Creditor Proposal Offers “No Hope,” Greece At “Historic Moment”

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.

Shape Of Greek Endgame Emerges: IMF Discussed “Cyprus-Like” Plan After Tsipras Warned Of Looming Default

–  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

tsipras merkelMerkel TsiprasTroika By Syriza

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.

Read moreGreece €400 Million Short For Wage And Pension Payments, Rushes To Pass Troika-Friendly Laws

Under Pressure From Europe, Tsipras Prepares To Show Varoufakis The Door

Varoufakis

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.

Here’s more:

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:

Read moreUnder Pressure From Europe, Tsipras Prepares To Show Varoufakis The Door

Greek FinMin Varoufakis Has A Vacation Villa That He’s Willing To Rent For The Bargain Price Of Just €5,000 Per Week

VaroufakisPool

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-Views_0

(Sellout) Varoufakis’ Latest Fiasco: FinMin Claims “Middle Finger To Germany” Clip Fake; Germany Disagrees

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” 

varoufakis finger

Which he denied as ‘fake’ but… 67% of survey respondents do not believe him…

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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?

screwed

Related info:

Greece Passes Law To Plunder Pension Funds

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

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?

‘Change’ has finally arrived in Greece …

change-we-can-believe-in

Varoufakis’ “Strategy”: “No Grexit, But Default Inside The Euro, And Stick The Middle Finger To Germany”

varoufakis finger
If the German media needed a photo-op which to put on their front pages and rile up public opinion against Greece even more, they just got it.

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.

Read moreVaroufakis’ “Strategy”: “No Grexit, But Default Inside The Euro, And Stick The Middle Finger To Germany”

Varoufakis Walks Out Of CNBC Interview When Asked If He Is Now A ‘Liability’

Lagarde-Varoufakisyanis schauble shaking handsscrewed

Related info:

Greece Passes Law To Plunder Pension Funds


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”

Read moreVaroufakis Walks Out Of CNBC Interview When Asked If He Is Now A ‘Liability’

Germans Furious After Varoufakis/Tsipras Admit “Greece Will Never Repay Its Debts”

Related info:

screwed

Greece Passes Law To Plunder Pension Funds


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.”

Read moreGermans Furious After Varoufakis/Tsipras Admit “Greece Will Never Repay Its Debts”

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:

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

Greece “Risks Bankruptcy” As Europe Rejects Varoufakis Payment Plan; Another Referendum Fiasco Ensues

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.”

Read moreGreece “Risks Bankruptcy” As Europe Rejects Varoufakis Payment Plan; Another Referendum Fiasco Ensues

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

Alexis-Tsipraschange-we-can-believe-in
‘CHANGE’ … looks like its your turn now Greece!

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.

Read moreGreece Said To Tap Social Security Capital To Fund T-Bill Rollover

The Reason Why The Eurogroup Rushed To Approve The Greek Reform Package?

Update:

About The Authorship Of The Infamous “Greek Reforms” Memo

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!

declan costello letter_1_0

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.

Read moreThe Reason Why The Eurogroup Rushed To Approve The Greek Reform Package?

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

TRoiKa SToCKHoLM SYNDRoMe…:

TRoiKa SToCKHoLM SYNDRoMe...


yanis schauble shaking hands

–  Troika “Happy” With Revised List Of Greek Reform Promises: Full Varoufakis Letter (ZeroHedge, Feb 24, 2015):

Update:

  • 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.

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

The Assassination of Greece

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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.

Read moreThe Assassination of Greece

How Greece Folded To Germany: The Complete Breakdown

Schäuble-Varoufakis

How Greece Folded To Germany: The Complete Breakdown (ZeroHedge, Feb 20, 2015):

Having, as we previously explained, been given ‘just enough rope’ by the Germans, we thought it worth looking at just what Greece capitulated on (or perhaps a shorter version – what they did not capitulate on) and how Tsipras and Varoufakis will sell this to their fellow politicians… and most of all people.

As OpenEurope explains,

What points has Greece capitulated on?

1. Completion of the current review – Greece has basically agreed to conclude the current bailout. Any funding is conditional on such a process: 

Only approval of the conclusion of the review of the extended arrangement by the institutions in turn will allow for any disbursement of the outstanding tranche of the current EFSF programme and the transfer of the 2014 SMP profits. Both are again subject to approval by the Eurogroup.

This is a clear capitulation for Greek Prime Minister Alexis Tsipras, who said the previous bailout was “dead” and the EU/IMF/ECB Troika is “over”. 

Read moreHow Greece Folded To Germany: The Complete Breakdown

No deal: Greece-EU bailout talks break down, Athens given 1 week ultimatum

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No deal: Greece-EU bailout talks break down, Athens given 1 week ultimatum (RT, Feb 16, 2015):

The eurozone has given Greece an ultimatum of one week to request an extension of its bailout deal, as Athens turned down the offer dubbing it “absurd” and “unreasonable”. Greece’s finance minister said they were ready to sign – but something different.

But despite not reaching a deal, Greece Finance Minister Varoufakis insisted Athens is “ready and willing” to reach a deal and that he is confident of reaching one in 2 days, he said in statement after the talks.

“We were offering to refrain effectively from implementing our own program for a period of six months and all we were getting back was a nebulous promise of some flexibility that was never specified,” Varoufakis said.

Read moreNo deal: Greece-EU bailout talks break down, Athens given 1 week ultimatum

Yanis Varoufakis: Confessions Of An Erratic Marxist – 14th May 2013 (Video)

FYI.



Added: 17.05.2013

Description:

6th Subversive festival
14/05/2013, 19:00h, cinema Europa

Yanis Varoufakis “Confessions of an Erratic Marxist”

Moderator: Toni Prug

“When I chose my PhD thesis, I intentionally concentrated on a method within which Marx was not simply wrong, he was irrelevant. When I landed my first economics lectureship in Britain, the implicit contract between my university and me was that the sort of economics I would teach our students would be as far removed from Marxism as is humanly possible. When I moved to Australia in 1988, unbeknownst to me, I was recruited by the right wing of the Sydney University Economics Department in order to keep out of the Faculty another candidate whose former supervisor was thought of (quite rightly!) as a dangerous Marxist. Later I moved to Greece where I (foolishly) became, quiet officially, an advisor of George Papandreou — the man whose government was to mediate Greece’s passage to Hell a few years later. While I resigned that position in 2006, having gotten whiff of the impending disaster, I carried on teaching, at the University of Athens, quaint (and admittedly vulgar bourgeois) subjects like Game Theory and Microeconomics to a large number of Greek students, who remained touchingly oblivious to the catastrophe about to befall them. Back in 2002, well before the Global Crisis erupted, Joseph Halevi and I tried to sound a warning — but we failed to make an impact. Even though in 2006 I did my best to warn Greek society, and anyone who would listen, of the impending disaster, I shamefully remained part of Athens’ and Europe’s ‘polite society’, not once taking to the streets. When the Global Crisis erupted in 2008, and soon engulfed the Eurozone, I began writing articles and making frantic appearances in established and less mainstream media alike, promoting a fundamentally bourgeois agenda for saving capitalism from itself! When the going got really tough, at a personal level, in Greece, I migrated to the USA and took up an appointment at the University of Texas. To this day, I am struggling to impress the powers-that-be that they must urgently adopt specific bold policy recommendations in order to prevent an inevitable crisis from crushing capitalism. In summary, not one of my academic publications can be thought of as explicitly Marxist, while my energies are channeled into preventing capitalism’s collapse. Nonetheless, all along, from my student days in Britain to this very day, the only way I could make sense of the world we live in is through the methodological ‘eyes’ of Karl Marx. In itself, this ‘fact’ renders me a theoretical Marxist. Moreover, I feel Marxism in my bones every time I am engaged in any form of intellectual pursuit: from discussing the Arab Spring to debating the intricacies of Art with my artist partner. Furthermore, a democratic, libertarian, socialist future is the only future that I would be willing to fight for. A most peculiar Marxist no doubt, but a Marxist nevertheless.”

Yanis Varoufakis
Political economist and a professor at the University of Texas, Austin. After training in mathematics and statistics, Varoufakis received his economics doctorate in 1987 at the University of Essex. Before that he has allready began teaching economics and econometrics at the University of Essex and the University of East Anglia. From 1989 until 2000 he taught as Senior Lecturer in Economics at the Department of Economics of the University of Sydney. In 2000 he moved to his native Greece where he was Professor of Economic Theory at the University of Athens. He is an active participant in the current debates on the global and European crisis and the author of The Global Minotaur: America, the True Origins of the Financial Crisis and the Future of the World Economy (2011).

Read moreYanis Varoufakis: Confessions Of An Erratic Marxist – 14th May 2013 (Video)

Greek FinMin Varoufakis ‘It’s Plan A, There Is No Plan B’ Press Conference – Live Feed

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Full article & video here:

Greek FinMin Varoufakis “It’s Plan A, There Is No Plan B” Press Conference – Live Feed (ZeroHedge, Feb 16, 2015):

*VAROUFAKIS: GREECE SEEKING ‘SUSTAINABLE LONG-TERM CONTRACT’, WANTS MORE THAN COSMETIC CHANGES TO RESCUE; ILLOGICAL TO ASK GREECE TO COMPLETE PLAN IT REJECTS, GREECE SHOULDN’T BE TREATED AS DEBT COLONY

And warns “ultimatums” never worked well in the Eurozone. Greece is “ready and willing to do whatever it takes,” and “expects Eurogroup to drop its ultimatum.”

In NYT Op-Ed, Yanis Varoufakis Says Greece Is Not Bluffing, “Will Not Cross Red Lines It Has Drawn”

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In NYT Op-Ed, Yanis Varoufakis Says Greece Is Not Bluffing, “Will Not Cross Red Lines It Has Drawn” (ZeroHedge, Feb 16, 2015):

With only a few short hours until the process of everyone’s cards being revealed in Brussels begins, it is once again Greece’ turn to remind the other players on the table that no matter the quality of cards it has, it is not bluffing. Which is precisely what anyone bluffing would say.

In a just released Op-Ed in the NYT (were there no European newspaper willing to accept the Greek finance minister’s Op-Ed one wonders that he had to go all the way to the bastion of the left… in the United States) the new Greek finance minister says that not only is he not bluffing adding “that I have no right to bluff“, but using recent military jargon says that “the lines that we have presented as red will not be crossed. Otherwise, they would not be truly red, but merely a bluff.”

Read moreIn NYT Op-Ed, Yanis Varoufakis Says Greece Is Not Bluffing, “Will Not Cross Red Lines It Has Drawn”

Greek Deal Rumor Falls Apart After Eurogroup Says “No Deal … No Way Forward”, Greece “Questions Merit” Of Bailout Extension

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Europe’s Only Remaining Strategy (In 1 Picture)

Greek Deal Rumor Falls Apart After Eurogroup Says “No Deal… No Way Forward”, Greece “Questions Merit” Of Bailout Extension (ZeroHedge, Feb 11, 2015):

Following earlier deal rumors citing ‘unidentified sources’ stating that:*GREECE AGREEMENT `IN PRINCIPLE’ REACHED, GREECE WILL STAY IN EU BAILOUT PROGRAM, DETAILS OF GREECE DEAL UNCLEAR, CNBC REPORTS (after which stocks futures and EURUSD surged), the Eurogroup and Greece have completely denied any progress was made whatsoever…

GREEK GOVT OFFICIAL SAYS NO AGREEMENT IN EUROGROUP, GREECE WILL NOT ACCEPT AN EXTENSION OF CURRENT BAILOUT
DIJSSELBLOEM: NO STATEMENT POSSIBLE WITHOUT JOINT CONCLUSIONS
GREECE WOULD NEVER AGREE TO STAY IN CURRENT PROGRAM: VAROUFAKIS

 …

 

Varoufakis Blasts ECB ‘Has Lost Control Of Monetary Policy’ As Germany Tells Greece: ‘There Is No Way Out’

Yanis Varoufakis Sums Up Europe In One Sentence

–  Varoufakis Blasts ECB “Has Lost Control Of Monetary Policy” As Germany Tells Greece: “There Is No Way Out” (ZeroHedge, Feb 9, 2015):

“There is no way out” for Greece from its treaty obligations warns German lawmaker Michael Fuchs (Angela Merkel’s deputy caucus chairman) telling Bloomberg TV that conditions set for Greece by The Troika (EU, ECB, IMF) for bailout funds “have to be fulfilled…. That’s it, very simple.” The Greeks remain adamant that they will not ask for an extension to the bailout mechanism with both Tsipras and Varoufakis confirming that a bridge agreement is required and the latter adding “the ECB has lost control of monetary policy,” demanding the Troika structure come to an end. Then German Finance Minister Wolfgang Schaeuble exclaimed at the G-20 meeting that “Greece either has to find a way to get bridge financing, or, if they want to do it with us, they need a program,” seeming to push the door open to possible Russian financial aid for Greece as Europe’s pivot to Putin appears to be rising.

Read moreVaroufakis Blasts ECB ‘Has Lost Control Of Monetary Policy’ As Germany Tells Greece: ‘There Is No Way Out’

Greek FinMin Yanis Varoufakis Warns ‘Euro Will Collapse If Greece Exits’, Says Italy Is Next

euro-collapse

Greek FinMin Warns “Euro Will Collapse If Greece Exits”, Says Italy Is Next (ZeroHedge, Feb 8, 2015):

The time for the final all-in bet has arrived.

As we explained yesterday, when we wrote that “Greece Gambles On “Catastrophic Armageddon” For Europe, Warns It “Only Has Weeks Of Cash Left“”, and as confirmed further by today’s fire and brimstone speech by Greek PM Tsipras, in which he not only did not concede one millimeter to Europe but raised the stakes even higher, by promising among other things to raise the minimum wage and to halt foreclosures, Greece is now betting everything that Europe will not allow it to exit, hoping that “this time is not different”, and the existential terror that would be heaped on the Eurozone as forecast in 2012 by the likes of Citi’s Buiter and IIF’s Charles Dallara, will still take place, and Europe will concede that spending a few more billion on Greece’s bridge program is worth to avoid what could potentially spiral into an out of control collapse.

To be sure, that is precisely what Yanis Vaourfakis implied today when he said that “if Greece is forced out of the euro zone, other countries will inevitably follow and the currency bloc will collapse, Greek Finance Minister Yanis Varoufakis said on Sunday, in comments which drew a rebuke from Italy.”

Read moreGreek FinMin Yanis Varoufakis Warns ‘Euro Will Collapse If Greece Exits’, Says Italy Is Next