Greek Referendum on IMF/Troika deal

[RogueBeaver]

AFP quoting Athens source as saying latest proposal is "very bad."

[RogueBeaver]

Kamnenos said he's had enough, and other Athens sources call the draft humiliating and disastrous.

[○∙◄☻¥tπ[╪AV┼cVê└]

This is all going to plan as a Greek tragedy. This is what needs to happen next as a Greek tragedy.

Greece offers some more concessions to the bankers. Enough that anyone remotely sane realizes that they have bent over backwards. But not quite enough to get some of the most hardline countries like Germany and Finland to agree. Then after the deal is rejected, Greece needs to leave the eurozone and stop paying all external debts.

The resulting bickering in the eurezone between countries that really didn't want this to happen like France who suddenly are out a bunch of money and the hardline countries like Germany will be epic.

[Middle-aged Europe]

Kamnenos said he's had enough, and other Athens sources call the draft humiliating and disastrous.

Even German media - in this case Spiegel Online - calls the Eurogroup's proposal a "deliberate   humiliation of Greece", designed to make an agreement with the Greek government impossible.

[Antonio the Sixth]

Kamnenos said he's had enough, and other Athens sources call the draft humiliating and disastrous.

Even German media - in this case Spiegel Online - calls the Eurogroup's proposal a "deliberate   humiliation of Greece", designed to make an agreement with the Greek government impossible.

Glad to see the German media is finally calling out this insanity, instead of encouraging it.

[Hifly]

Kamnenos said he's had enough, and other Athens sources call the draft humiliating and disastrous.

Even German media - in this case Spiegel Online - calls the Eurogroup's proposal a "deliberate   humiliation of Greece", designed to make an agreement with the Greek government impossible.

Glad to see the German media is finally calling out this insanity, instead of encouraging it.

Are you hurting a little bit?

[🦀🎂🦀🎂]

Has Landslide Lyndon posted in a while?

[MaxQue]

Kamnenos said he's had enough, and other Athens sources call the draft humiliating and disastrous.

Even German media - in this case Spiegel Online - calls the Eurogroup's proposal a "deliberate   humiliation of Greece", designed to make an agreement with the Greek government impossible.

Is Schäuble's job endangered yet?

[Hydera]

Kamnenos said he's had enough, and other Athens sources call the draft humiliating and disastrous.

Even German media - in this case Spiegel Online - calls the Eurogroup's proposal a "deliberate   humiliation of Greece", designed to make an agreement with the Greek government impossible.

Spiegel has sided with greece for the last few years.

Not going to convince anybody.

[swl]

Boris Johnson going strong: http://www.telegraph.co.uk/finance/economics/11734869/Greece-must-rediscover-the-spirit-of-Marathon-to-burst-its-euro-shackles.html

[🦀🎂🦀🎂]

BoJo is probably wondering why Greece didn't use the stimulus money to build tacky VIP tourist attractions.

[Hydera]

Somebody please tell my why greeks are angry that germany doesn't want to give them money.

They voted NOT agree to the bailout plan last week and now their angry that their not getting a bailout.

[jaichind]

Bild reports that  Tsipras  will ask for a transitional government followed by a snap election.

[Hydera]

Bild reports that  Tsipras  will ask for a transitional government followed by a snap election.

Probably false, if it was true anyway that means grexit is bound to happen.

[RogueBeaver]

BBC saying reshuffle, some talk of a grand coalition.

[Swedish Rainbow Capitalist Cheese]

I'm going to do something I don't do often and come to Greece's defense. Though I'm greatly sympathetic to the North and East Europeans having a hard time trusting the Greek government's intentions, and not wanting to force their taxpayers to pour even more money into Greece, Tsipras has in the last days shown great will to compromise and has streched himself beyond what anyone thought he'd ever be willing to do. Pragmatism should be met with pragmatism. 

Though I still maintain that I believe that the best thing for Greece in the long run would be to leave the Euro, and be able to retake control of their own monetary policy, Tsipras has shown that it's not the road he wants to take and he seems to be willing to go to great lengths to stay in the Euro. Therefore the creditors should meet them half-way.

Of course, the reforms should be passed at the quickest possible speed in order for Greece to not backpaddle once they get the money.

GDP per capita

Greece 21,653
Slovakia 18,454

Yes "self-righteous pricks".

I guess they won't be satisfied until Greece's GDP per capita drops below theirs. At the current rate, it should only take a couple years.

Really?! A poor but responsible country should pay for a more wealthy but wasteful one. You cannot be serious. Does Greece have an inherent right to be better of than Slovakia even though Slovakia is being responsible with their economy when Greece is not? If this is modern Socialism, I really understand why you guys can't win an election outside of Greece to save your lives.   

[RogueBeaver]

Muscat: short break. Some progress but a ways to go.

[jaichind]

ECB said to agree to 7/20 bond payment after French intervention.   If this is true then this entire affair could drag out weeks.

[RogueBeaver]

Tomorrow's Eurogroup subject will be bridge financing.

[RogueBeaver]

Meeting underway between Merkel/Hollande/Tsipras/Draghi.

[RogueBeaver]

IMF says that the "technocrat" BILD story is completely false.

[RogueBeaver]

Guardian: we won't see a Grexit sentence in the Eurosummit statement.

[RogueBeaver]

Politico: Tsipras has agreed to most creditor demands. Eurogroup about to restart.

[ag]

Greece offers some more concessions to the bankers.

Please. The bankers have very little to do with this. It is the governments of other euro countries - and, by extension, their voters.

[ag]

Greece offers some more concessions to the bankers. Enough that anyone remotely sane realizes that they have bent over backwards. But not quite enough to get some of the most hardline countries like Germany and Finland to agree. Then after the deal is rejected, Greece needs to leave the eurozone and stop paying all external debts.

I.e., to spite the grandma, freeze your ears off.

The bulk of the Greek debt will not be paid. Everybody knows it. Unfortunately, Greece, de facto, needs a lot more than that.