Monday, March 2, 2015

Greece Weekend Wrap ( March 2 , 2015 ) - Schauble urges Greece to get rolling on Reforms and advises Greece to avoid default on ECB payments coming due , even as Greece ponders its way forward ........ Hints dropped by Senior Syriza leadership that it might seek a new election in the event of failed talks with Europe during this 4 month Extension..... Political back and forth between Greece and Spain regarding role of Spain / Portugal at Eurogroup ......Can Greece make it through March w/o default ?

Evening tweets - Covering the day......






's FinMin de Guindos says discussing 3rd bailout for . Not so, say Greece and eurozone.









ESM: MoU hasn’t run out – Greek govt: No, it ended with the election More back / forth between Greece and creditors





Eurogroup Chief Dijsselbloem says that in the Eurogroup meeting on March 9th they might discuss a Greek loan program ()








FinMin Varoufakis says Draghi & Lagarde's letters to the Eurogroup have 'no value'.





FinMIn re today’s EFSF announcement: EFSF statement isn’t binding. EFSF has no substance, it does what Eurogroup tells to it





Varoufakis to Star TV: "We're sure we'll meet debt obligations, esp , & are in process of securing funding for next 4 mths"




VAROUFAKIS: HAVE TO SETTLE DEBT PROBLEM BEFORE BORROWING AGAIN. so much win




GREEK FINMIN VAROUFAKIS SAYS WE ARE IN THE PROCESS OF SECURING FUNDING FOR THE NEXT FOUR-MONTH PERIOD. Funding now in 4 month increments?





Greek FinMin Varoufakis: 's debt to is different from debt to .



: "We are CERTAIN that the REPAYMENTS of debts will be made in full, ESPECIALLY to IMF."






FinMin Varoufakis says despite strong opposition within Syriza, he sees most MPs voting for future reform bills due to party culture






Varoufakis says he doesn't know that Public Power employees got a raise!






FinMin Varoufakis says will unveil 6 reforms at March 9 Eurogroup.









Morning Tweets....






Getting nasty: GREEK GOVT COMMENTS ON SPAIN, PORTUGAL `FOUL PLAY': JAEGER





GREEK BANKS BORROWING CLOSE TO EU100B FROM EUROSYSTEM: KARAVIAS




One person familiar with thinking on said that any extension of the T-bill limit was "very unlikely" ~Reuters




'
uncomfortable with leading role in Greek funding drama' ~







FinMin Varoufakis says Greek gov't will pass on €7.2bn tranche if it would mean continuation of austerity policies ~


8 retweets2 favorites



Gov't spox Sakellaridis says 's programme extension will not be introduced into parliament for a vote ~






Following BoG letter, Greek banks now need 's permission even to rollover existing Tbills.





& BoG send letter to 's banks asking them to close funding loopholes for the Greek state ~










Greece's Next Move - The New Yorker







Senior Syriza Official hints at new election in Greece if deal cannot be reached with the Eurogroup, ECB and IMF




Snr govt official: If its decided that we wont backtrack +we will go through the end, a reaffirmation of popular mandate is required





Senior Syriza official to : What we have agreed with our creditors, it is not going to be implemented, and we all know it







Schaeuble: If FinMin doesn't make the (debt) payment (2 ECB this summer) on time, that's a so-called default






| Following today's developments at Syriza, I see the conclusion of the review by the Institutions as highly problematic.





















Rajoy blasts irresponsibility of radical left In Greece in response to Syriza leader's attack on Spain






1 How could Varoufakis "squeeze blood out of a stone" and stop Greece going bust in next month when it needs to pay IMF?






2 Maybe a) higher arrears (€700m) b) raiding deposits held by extra budgetary funds (€1.5bn-2bn) c) getting Piraeus Bank to buy €1bn t-bills








3 Reason Piraeus Bank might be fingered is bcse it didn't roll over t-bills about 1 month ago. if it reverses decision, extra cash for govt






However, not clear if Piraeus has the avaliable funds to roll over maturing tbills or to cover exiting foreign investors.








's lenders caught on hop by govt's draft laws, aim to use funding gap to apply pressure reports







Extensive analysis by on the social impact of the crisis in . Very useful insight