Greek Referendum on IMF/Troika deal

[Tender Branson]

Eurozone finance ministers refused Saturday to extend Greece's bailout program past June 30 after Athens called a referendum on reform proposals by creditors.

Looks like they are finally pulling the plug on Greece, which is about time. Greece's hostage taking of the rest of Europe needs to stop.

Greece acts like a long-term unemployed bum who's repeatedly unwilling to take up job offers, while begging for more money.

Time to turn out the lights, so that Greece can start from scratch - with their own currency.

[Tender Branson]

The Eurogroup has just announced that GREXIT will happen Tuesday night.

They are now debating about how to secure the rest of the Eurozone while Greece has already left the talks.

[Tender Branson]

Results should start to come in between 8-9pm Central European Time.

[Tender Branson]

Official results can be found here:

http://ekloges.ypes.gr/current/e/public/index.html?lang=en

[Tender Branson]

OXI ("No") leads with an average of 51-48% in all 4 projections:

[Tender Branson]

It should be noted that all these polls still have MoE (margins of error) of 4-6% ...

The first real votes should come in in ca. 2 hours.

[Tender Branson]

Metron has updated their poll to 52-48 No.

Which means the average of all 4 polls is now 51.75% No vs. 48.25% Yes.

[Tender Branson]

So, the Greeks decided yesterday not only to bite the hand that feeds them but to bite it off completely. That's roughly the signal they sent (which is not a bad thing psychologically for them, since they didn't bend over voluntarily to get fu**ed) to the other 18 finance ministers/leaders and the ECB. The best thing would now be for Greece to voluntarily exit the Eurozone, go bankrupt and start from scratch. Of course, this will be painful for the next 10-20 years - but there's an opportunity that following governments could implement the reforms necessary to make Greece more competetive again. I think that's the best way. Greece should go their own way in the future, without our money and without blackmailing the rest of Europe. Otherwise Greece would just remain a money begging pain in the ass for European taxpayers for the next generations to come.

[Tender Branson]

Unnamed Greek official said that Tsipras presented Greek proposal to Obama.  If he can do that why did not bring such a plan in writing to the meeting today ?

Good, maybe the US will now bail out Greece

[Tender Branson]

Figaro poll show

62% of French Against Greek Debt Writedown
73% of Germans against Greek debt writedown
44% of the French trust German Chancellor Merkel to solve crisis between the EU and Greece; 24% trust French President Hollande
45% of the French and 60% of the Germans want Greece to exit the euro area

Le Parisien poll show
50% in French Poll Want Greece to Leave the Euro

DVJ Insights poll show
54% of Dutch said yes to Grexit

Add Austria:

56% against further bailouts
38% in favour

41% support that Greece remains in the Eurozone
46% oppose it

http://derstandard.at/2000018576428/Mehrheit-der-Oesterreicher-gegen-Entgegenkommen

[Tender Branson]

What the f**k more do they want? Didn't Tsipras basically just agree to former demands and then some? What a joke.

Well, they want some real, long-term reforms enacted that would make Greece more competetive so that they have a future place in the Eurozone. And to make sure that the Greek government is not only there right now to hammer out more time and gamble away another 3 years.

Otherwise the Greeks will once again beg for money in 3 years, when this new bailout package dries up. And then the sh*t that we now see is starting again ...

Either the Greeks get their act together and implement the reforms that are needed, or they need to get kicked to the curb, so that they can start from anew - out of the EZ - and waste their own money, instead of ours.

[Tender Branson]

Hopefully something gets done now, because I don't want the same crappy situation again in 3 years when the 4th bailout package looms ... maybe they can take a look at Spain and Ireland where the GDP growth has returned to 3-4% this year. Greece needs some really tough and long-lasting reforms now that get the economy back on track.