Do not expect the truth on Greece's next bailout from Germany until after the elections in September ..... Meanwhile nothing changes for the haves and have not classes in Greece !

Schaeuble rules out second Greek debt restructuring in interview with Bild Germany's finance minister has categorically rejected a second writedown of Greek debt. Wolfgang Schaeuble told weekly Bild am Sonntag in an interview that Greece would continue to receive support beyond 2014 if needed and provided the country meets the demands of international creditors. Schaeuble was quoted as saying «it's certain, however, that there will be no second debt writedown for Athens." Extracts of the interview, to be published Sunday, were released by the paper Saturday and confirmed by the Finance Ministry. With Germany's general election two months away, Chancellor Angela Merkel's conservative government has been at pains to appear firm on Greeces international bailout, which is unpopular with many Germans. Last year Greeces debt was restructured with private-sector bondholders. [Associated Press] Eurozone approves loan tranche, Commission identifies 3.8bln funding gap for 2014 The eurozone agreed on Friday to release another installment of bailout funding next week, although a European Commission official admitted that Brussels believes Greece faces a funding gap of almost 4 billion euros next year. The disbursement of the next tranche was agreed during a conference call of the Euro Working Group, which advises eurozone finance ministers. The technical experts cleared the payment after the Greek Parliament passed an amendment on Thursday that allowed it to complete the last of 22 “prior actions” that had been agreed with the troika. Greece is scheduled to receive 2.5 billion euros from the European Financial Stability Facility (EFSF) and another 1.5 billion euros from the profits made by eurozone central banks that bought Greek bonds. The transfer of this money is subject to national parliaments, including Germany’s, approving on Monday the latest agreement between the troika and Athens. This will also pave the way for the finalized memorandum to be made public. The International Monetary Fund’s board is also due to meet on Monday to decide on the release of another 1.8 billion euros to Greece. In Brussels, a Commission official told journalists that the Greek program remained fully funded until the end of July next year but that another 3.8 billion euros would be needed to see out 2014. The official, speaking on condition of anonymity, said that the issue would be debated this fall. He did not rule out the possibility of new loans or fresh fiscal measures to make up for the financing gap. He said the funding shortfall had largely been created by the refusal of eurozone central banks that hold Greek bonds to roll them over, fearing that this would be considered “monetary financing” of a member state. The Commission official said that any further discussion about restructuring Greek debt would be put off until April next year, when the EU’s statistical arm, Eurostat, would be able to confirm whether Greece had produced a primary surplus this year. Greece’s eurozone partners said they would consider moves to lighten the country’s debt load if Athens achieves a primary surplus. ekathimerini.com , Friday Jul 26, 2013 (20:52)  Meanwhile life in Greece remains unchanged - there are the haves .... and there are the have nots Three years in IMF, there are still tax “untouchables”: the caste of Greek millionaires Posted by keeptalkinggreece in Economy Three years after Greece sought the money of IMF and drained every employee, pensioner and property owner with unbearable taxes, Finance Minister Yiannis Stournaras openly admits: there is still a caste of people the tax authorities do not dare to touch. People with millions in the bank who declare income below the tax-free cap. People like lawyers, famous singers or even mayors, just to mention a few. In a letter to tax offices, Yiannis Stournaras wrote among others: “We provide political coverage. I will explain what I mean. we constantly receive phone calls from tax officials,  supervisors and inspectors, who ask “I have data about this big lawyer, or that famous singer or about mayor X. Should I chase him?” People ask, because for many years there were the so-called« untouchables »in Greek society, ie those who nobody dared to touch. That is people who have millions in the bank and declare income … below the tax-free cap [i.e. 5,000 euro].” Yiannis Stournaras concluded his note to tax officers, that “even the Pope will have to pay taxes.” What do we learn from this insight note? That three years after the loan agreements, the debt-ridden country still is unable to combat big scale tax evasion as politicians still intervene to protect their friends & Co. The question is, of course, who are the Greek tax untouchables, who are those politicians so generously offer their protection and why. BTW: while the caste of ‘untouchables’ in India are poor, the untouchables in Greece are millionaires. That’s why Greece will never become India, nomateer how low the minimum wage will be. PS Darling, I think nothing will ever change in this country… Greek FinMin criteria: You are suspect of tax evasion, if you’re nervous and change your appearance Posted by keeptalkinggreece in Economy Are you nervous? Did you change your appearance with a radical haircut or a weight loss (or even gain) of  30 kilos? Did you cut off your telephone connection? Do you often change address? You could be suspect of tax evasion… This is being clearly stated in a circular issued by the Greek Finance Ministry. The circular was sent to tax authorities and professionals of twelve private sectors like accountants, tax advisers, private audits, venture companies etc. The private sector received the circular because it is obliged to inform the Authorities on Money Laundering. If they fail to do so, they are threatened with sanctions. Why is your phone out of order? Speak! According to the circular, tax officers and the businesses involved can make use of the following criteria to trap and identify the customer somewhere-somehow have committed the crime of tax evasion. these criteria should also be applied to the personnel of these private companies. - Customer refuses to provide identification documents or gives documents of dubious authenticity. - Customer seems to not care about the risk of the transaction. -Customer insists of paying cash more than 15,000 euro. -Customer uses private bank accounts instead of company accounts. - There is information from an external source (local community, media, etc.) that customer is involved in activities which are likely associated with tax evasion or that customer leads a luxurious life. - Customer purchases yachts, luxury cars or art objects of high value via off-shore and the beneficiary is a person with an income declaration that cannot justify these purchases. - Attorney reportedly uses personal accounts for transactions of natural or legal persons they represent. - Unusual behavior of nervousness by persons conducting transactions. - Repeated similar transactions for amounts just under the threshold for which application is required due diligence (15,000 euros). - Frequent change of address of the client that is not justified by his occupation. - Customers who constantly change their appearance and behavior, suggesting a change in their living standards. - Customer’s home or business phone is out of use. As for personnel… suspect of tax evasion are those employees who - make wasteful lifestyle that can not be justified by their salary. - fail to comply with accepted policies, procedures and methods. - are reluctant to get vacation leave. - changes in performance or behavior pattern of the employee. - employee social relationships go beyond the standard with the company’s customers. There! A suspiciously behaving UFO The full list of criteria and the private businesses obliged to apply them here Ioannina: unpaid stockbreeders break into dairy company demanding their money Posted by keeptalkinggreece in Economy, Society Stones flew through the air and tear gas was fired when angry milk producers broke into a dairy company in Ioannina, western Greece. Hundreds of milk farmers gathered on Friday morning outside “Dodoni” milc factory demanding their money. “We have been unpaid for four months, we cannot feed our families,” they said, claiming the money for milk they have delivered already.   more pictures: epiruspost The angry breeders broke the main gate of the factory and entered the factory yard, where they were confronted with riot police squads. more pictures: Zougla.gr, A little earlier, the company had informed them that outstanding debts of April will be paid in August and those debts of May will be paid in September. The breeders had given a deadline to Dodoni to pay all outstanding debts by July 24th 2013. Dairy factory Dodoni was one of the first enterprises that they had been privatized. The majority stake belonged to former state bank “Agrotiki”. In October  2012, Dodoni was sold to Russian fund Strategic Initiatives UK LLP  and SIMOS FOOD GROUP for 20 million euro. The new owners claimed that payment delays are due to ‘liquidity shortage due to the economic crisis”. In the official website of Dodoni we read: “Agricultural Dairy Industry of Epirus S.A DODONI was established in  1963 by the Agricultural Bank of Greece and 6 Unions of Agricultural Cooperatives of the Epirus region. Today, DODONI is the leading Greek producer and exporter of cheese products. In 2012 the turnover came to 83.5 million € and net profits according to IFRS reached 463 thousands €. DODONI collects the milk from 6.000 stockbreeders from Epirus area.” PS no liquidity? an investment company making fail investment? tsk tsk tsk …