Tuesday, July 7, 2015

Greece Report ( July 7 , 2015 ) - Greece Updates ( Big Euorgroup Meeting in Brussels as pressures loom on Greece economy and banking system ..... To be frank , prospects of reaching a deal any time soon look extremely grim , chances of Greece getting money any time soon - grimmer , Greece lack of friends around the table - grimmest fact to grasp...... Greece proposals and outlook moving forward from Greece - item one , debt relief swept away by EWG for today's talks , 16 of 18 EWG Countries want Grexit ......Complete state of play - and much , much more ! )

Evening Tweets....

deadline set for Sunday...again.....Summary of latest developments regarding the Greek debt crisis

Yes ..... another ominous sign indeed.

Barclays state of play sounds on point.... 7/20 is coming ....


Faymann: We can find short-term financing IF conditions for 3rd prog are met. With no prog - there can be no bridge financing.


Hard to see how Tsipras can do a deal that has been explicitly rejected by 62% of voters a week ago. He can resign. Or prepare for exit


Faymann: If no programme in place by Sunday, EUCO will talk abt place B. The meeting could be called off if reach deal before then.


The most important quote of the day. Merkel categorically rules out haircut for .


said ECB is independent - hence no comment, but if liquidity to be cut - 'Sunday is day to make decisions'

* Greek PM tsipras says Greek government submitted proposal, aiming for socially just and economically viable agreement - RTRS

* Eurogroup finance ministers to review Greek loan proposal on Saturday - eu officials - RTRS

Commission president Juncker says Greek debt restructuring not on the table until October



* Merkel says Greece will need stronger measures to plug financing gap because of economic deterioration - RTRS

* Merkel, asked if grexit possible if Greek proposals inadequate, says Sunday summit will decide whether to open negotiations - RTRS

Merkel just told Greece only offer on the table is harsher than what Referendum said No to

's Merkel: Greek Proposals Have to Go Beyond What Bailout Institutions Demanded Before Referendum. (DJ)


Morning Tweets.....

Acc to info:Greeks came without proposals.Tomorrow will submit new request and proposals.


Latvian Central Bank Governor Rimšēvičs: "is the most realistic scenario" adds that he sees "no other solution" via


"We’re not willing to ease Greece’s debt load," says as he arrives for . "We did that already in 2011 and 2012."


For the operation to be successful, the patient must be certified as dead.


ECB’s Rimsevics: Greece Has Voted Itself Out Of Eurozone With Referendum – Latvian Radio


a promise, not a threat, says Maltese FinMin. V hard to discuss Greek debt at a time when there is no trust.


Question of the day: can the Eurozone-18 afford to have no deal with Greece? Something that looks like a deal must come out of negotiations.


Central bank interdependence

Gramegna: We currently have no basis for discussions right now. What will Greece be willing to do if it wants the help of EZ18?

Greece faces last chance to stay in euro as cash runs out [Update]

"We have our own supreme ayatollahs of fiscal correctness now" in EU, writes F.O'Toole in via

Oh Pierre Moscovici why oh why: "This eurogroup is not about debt restructuring. This about the way forward...."

"It’s becoming v urgent," says at . "Greek econ is in free-fall, banking system also more or less in free-fall."

,: After No vote, we need to hear from Greek govt about how to find a way out. Says will meet Tsakalotos before Eurogroup.

We havent seen any proposal from the yet still waiting for them says

Shorter : Ball in 's court. [Surprise!]

Mario Dijsselbloem. Chirpy sounding says "We are basically prepared to do whatever it takes to keep the eurozone together"


EU economy commissioner asked about debt relief: "The eurogroup meeting is not about that today"

New Greek finmin Tsakalotos also enters without a word.


Schulz: Grexit cannot be our aim

ICBC: 16 out of 18 members, and aside, are in favour of a and a controlled bankruptcy.

ICBC: The combination of much calmer markets than feared & ECB's QE program, present unique opportunity for European hard liners for

ICBC: Tsipras has no good will left w/ his EZ partners. After 6mths of negotiations, not in good faith, Tsipras not seen as reliable partner

ICBC: Today's Eurogroup meeting & Eurozone summit will seal fate of Greece. If there's no definitive progress, then Grexit almost inevitable


PM will not be able to attend tomorrow's debate on due to prior arrangements and the ongoing negotiations with partners

New Greek proposal: wants to keep VAT discounts for islands. Wants to cut defense budget less than requested.

ECB haircut "will add pressure to act quickly, rather than make a material and immediate impact to bank solvency" - Deutsche's Saravelos

Greece & EU to blame for crisis but now EU leaders must 'end threat to eurozone by saving a small, paralyzed country'

Barclays helpfully point out Greece faces €4.3bn (not €3.5bn) ECB payment on July 20 - bonds redemption + coupons

drops below $1.10 on fresh Grexit fears as 's 2y yields jump >52%. /via

Greek bonds continue to fall on fresh fears. 's 2y yields jump >52%.

Contagion contained as Gov Bonds show. Risk premium of 10y yields over Bunds drops a tad after y'days rise.

Bond markets signal that crisis is quarantined. Peripheral spreads nearly unchg.

Austria FinMin: Negotiations With Will Be Very Difficult. But is unlikely

Austria FinMin: Haircut on Greek Debt Won't Be Discussed Today. Bailout Package Not Possible Within a Couple of Days. (DJ)

Even French People loosing their patience w/ . Acc to a poll conducted by Parisien, 50% French People want Greece to leave the Euro.

Merkel warns time Is Running Out to Save Place in as Greek 2y yields jump >51%.