Tuesday, February 17, 2015

Post EuroGroup Overview , Greece calls out EuroGroup for Dealing in Bad Faith and Declares it Won't Take Orders On Bailout - February 17 , 2015 - A Look at events from Monday as clock continues to run out......


2/17 Tweets....

Evening wrap......

German FinMin to denies rumours from Athens: 'There are no credit agreements - it's an aid programme for .'

unequivocal : 'It's not about extending credit prog - but if or not current programme will be fulfilled. Yes or no.'

Greece to try for loan extension from eurozone


'Just saying "we need more money and we won't do anything anymore", that won't work' ~Schäuble /via @tegesthemen

'We still haven't received a comprehensive answer how plans to solve its own problems' ~Schäuble /via

BBG Reporting That Greek Banks Said To Need More Emergency Funds As Deposits Drop /via

Morning Tweets....

The bank run is accelerating: GREEK BANKS SAID TO NEED MORE EMERGENCY FUNDS AS DEPOSITS DROP. Tomorrow ECB decides whether to yank ELA

"Greek Democracy Can't Be Threatened" Defiant Tsipras Warns "Won't Step Back From Promises"


Schauble Gives Athens Another 10-Day Ultimatum, Says "Up To Greek Government If It Wants To Keep Euro"

BBG Reporting That Greek Banks Said To Need More Emergency Funds As Deposits Drop /via

We can now declare a deal with the Eurogroup as DOA.

Tsipras announces first bill of unilaterally reversing bailout programme with bill to block selling of NPLs by banks to distressed funds

's PM Tsipras: Not a step back from pre-election promises. (MNI)

's Tsipras: Shortly we will freeze labour sector deregulation. Thursday morning we start implementing social policy. (MNI)

Schäuble: On the 28th the programme will be over, nothing can happen without an agreement even if it takes place on the 27th

's FinMin Schäuble says Greek situation isn't getting better. Says doubts have grown as to what wants.


is now running a cash deficit. -€217ml in Jan 15 vs +€603ml in Jan 14 ~Bank of Greece

March 13~20 payments to IMF (all-in-all ~€1bn) have now become problematic.

New estimate for greek default: mid-march (from end of march) cc

trades above $1.14 as Greek bonds pare earlier loses.

's Guindos says no ultimatum for , but there are rules. Says ball is in 's court.

* Eu's Moscovici denies EU divisions on Greece, says athens must request bailout extension - RTRS

Moscovici says he "contributed ideas", not presenting his draft as an alternative to one. Not clear it was ever really an option.

Belgian Fin Min suggests France almost broke ranks:"France left some openings but then agreed w consensus"

Greece, Its International Creditors and the Euro: his is an excellent background piece on how Greece got where...

's Dijsselbloem says he hopes will ask for extension. Says 'it really is up to the Greeks.'

Luxembourg FinMin: We can't remain in a blockade on , so everybody has to move a bit; says program has flexibilities that can be used

Austrian FinMin Schelling tells German radio that for a deal with , Athens will have to shift its position ~RTRS

Sticking point between Greece + creditors now seems to be former is prepared to "extend" programme but not "implement" or "complete" it

'Greek parallel currency would have devastating consequences'. 's letter to FT responding to Münchau:

Markets remarkably sanguine after Greek talks collapse. Peripheral spreads incl 's shrink.


Varoufakis Charges Eurogroup with Bad Faith Dealing in Negotiations: Yanis Varoufakis describes how he was pre...

You must watch the press conference with Yanis Varoufakis. In the nicest possible manner considering the circumstances, he describes how he was presented with a memorandum prior to the Eurogroup meeting that he found acceptable and was presented with a different and unacceptable memo, at Eurogroup head Jeroen Dijsselbloem’s instigation, at the top of the session. I don’t see Varoufakis as insinuated what Mason attributes to him, but it is certainly a logical inference that the Germans were behind this stunt.


Eurogroup Talks Terminated; Greece “Won’t Take Orders on Bailout”: As we indicated, we were doubtful that a de...


Now we get to see what the Troika’s Plan B is now that Greece has demonstrated its resolve.

Recap from Monday's frantic EuroGroup session.........

The Numbers that every one cares about shows that the memorandum dont didn't and wont work

Tweets - after EuroGroup....

Greek side waiting for an EU proposal similar to the one he got from earlier today says

's Varoufakis: Greece will 'meet halfway' within 2 days. Expects 'good' deal w/ Eurozone this week.

's Varoufakis: Greece wants 'honorable settlement.' Says Greece isn't bluffing, has no plan B.

's Varoufakis: Greece 'ready' to do whatever it takes But Didn't Want VAT Hikes, Or Low-Income Pension Cuts In Coming Months.

's Varoufakis: Dijsselbloem withdrew Moscovici's draft text. Greece wants more than cosmetic changes to rescue.

's Varoufakis says Greece was 'happy' w/ draft text from Moscovici. Says Moscovici text foresaw 4mth transition phase.

's Dijsselbloem says Greeks are reliable But also difficult. Greeks lose program protection if no deal in Feb

Greek Govt Official Says No Agreement Possible at Eurogroup, BBG reports.

Varoufakis: "Our difficulty is to convince our partners that Europe must cut losses with a program that is not working"

RT Another common trend emerging - presenting diff version of meeting to everyone else

No official I talked to can figure out why draft ok to but not other one. They say no diff on substance

The will have no choice but to stop ELA very soon. then to impose capital controls.

I've been told broke up even before finance ministers got a chance to discuss draft statement

EU official says is now over after leak of draft text and strong objections.

govt says text presented at was a reversal of agreement & made last Thursday.

Where we left off Wed MT govt: discussed 'unreasonable', 'unacceptable' draft insisting on extending bailout

Hans-Werner Sinn: Impose capital controls in Greece or repeat the mistake of Cyprus

Varoufakis clearly considers Djisselbloem messenger boy, and this attack on him is subtextual attack on German duplicity

Varoufakis: the splendid document I was prepared to sign was withdrawn by Djisselbloem and replaced with another document

Here is the full leaked draft eurogroup communique. Greeks have just rejected it as “totally unacceptable”
Seems like we're at an impasse. says take the extension. Greece says no. This isn't going to work

Extension of MOU is only offer. Greece must take it or leave it. This week and that's it,

Greeks "have to make up their mind if they want an extension of the current programme" says . Thought Greeks said no already ?

Talks proceeding poorly? “The insistence of some circles that the new government enforce the memorandum is absurd and unacceptable” - Greece