Schäuble-IMF won't be part of 1st tranche of planned 3rd Greek bailout. No doubt true but odd for Berlin to announce http://mobile.reuters.com/article/idUSB4N0ZN00S20150716?irpc=932 …
Greek dep FinMin Mardas tells state TV banks to open Mon. Legislative decree to be issued Fri w details of restrictions
Dijsselbloem: We agreed w IMF to look at "debt service", not debt level/GDP. This fall we'll make the calculation of debt sustainability.
Dijsselbloem: IMF only involved if 1. IMF is being paid 2. MOU which IMF likes 3. perspective of debt sustain.(IMF will only decide in fall)
Euro drops below $1.09
Mr. Market not thrilled with the Greek parliamentary vote. Greece's 2y yields rise to 26.8%.
*FINLAND TO DEMAND GENUINE GREEK COMMITMENT TO REFORM, PM SAYS
And of course ECB & IMF were going to be paid .....
Discussions continue on EFSM & collateral guarantees, says official
#Greece: #EU FinMin deputies agree to €7bn EFSM bridge funding w SMP guarantees. Written procedure starts tonite
So €35bn from IMF, primary surpluses, privatisations & bond market? Good luck with that!
@SpiegelPeter €50bn ESM + €16bn IMF 2nd bailout + €20~€25bn Investment Fund?
@YanniKouts Perhaps, but you read the DSA update. You really think they'll pony up for a new post-April programme? @YiannisMouzakis
@YanniKouts You really think they're going to get €20bn-€25bn from the privatisation fund in 3 years?
How Much Austerity Has Europe Actually Endured? http://bloom.bg/1HQkYdi
#Greece: EC now revised real GDP growth to -2%/-4.0% in 2015. It was projected at 2.9% in Autumn '14 forecasts & 0.5% in Spring '15 forecast
At least, all this makes for an interesting
#ECB meeting today, doesn't it?
*CITI CUTS GREECE 2015 GDP FORECAST 2.2PP TO -2.4%
#ECB to on balance keep ELA limit for #Greek banks steady today and until there is a green light for start of negotiations. #Greece
The ECB should start fine-tuning ELA now with a calibrated cap lift and/or lower haircuts. If not today, then strong hint for next week.
In other words, the ECB should strengthen forward guidance relative to ELA and haircuts frontloading.
#Germany's Schäuble says achieving debt sustainability difficult within the euro.
Quick summary of Greece overnight: (1/3) Austerity package passed w 32 Syriza MPs against.
(2/3) After first big clash outside parliament, rioting sporadic. Traffic moving freely by midnight. Reshuffle on cards today.
(3/3) Action moves to Frankfurt: ELA lifted? Jack Lew in talks w Draghi. EC to firm up EFSM bridge funding for Greece.
* Germany's Schaeuble says will not bend a single rule for ESM aid for Greece - RTRS
*REGLING: ESM SHARE OF THIRD GREEK BAILOUT PACKAGE ABOUT EU50B - ECB, EU COMMISSION SEE GREECE POSING STABILITY RISK
Deal which "only time will show if economically viable" approved by Greek parliament amid SYRIZA opposition http://www.ekathimerini.com/199591
* Germany's Schaeuble tells German radio after the 'yes' from athens we are a step further, it is an important step - RTRS
* Germany's Schaeuble many economists, including the IMF, doubt whether greece's problems can be solved without a debt haircut - RTRS
* Germany's Schaeuble temporary grexit would perhaps be the better path - RTRS
* Germany's Schaeuble no one knows how it should work without a debt haircut - RTRS
German FinMin Schäuble:
#ECB, Commission said #Greece poses risk to Eurozone so we would not bend the law in activating #ESM.
Greek Parliament Passes Bailout Legislation: The margin of victory, if you can call it that, was 229 out of 300. http://bit.ly/1fKx8bx
Left Platform's Lafazanis, who voted against deal with creditors, insists he continues to support govt but opposes memorandum (austerity).
It's cutting it pretty damn fine. But a big cabinet reshuffle could hold him in there for a bit.
Biggest vote defection in recent Greek history, if I'm not mistaken. Syriza can't afford to let 38 MPs go.
Police arrest 25 for violent clashes outside Parliament http://dlvr.it/BXj4fX
Geoffrey Smith retweeted
#Athens, #Greece, 15.07.15: The fight-back against the #Syriza govt surrender to the #Troika starts getting serious.
Franco-German split: French MPs vote in favour of starting
#Greece negotiations BEFORE Greek MPs adopt reforms. Bundestag to vote on Friday.
How unanimous agreement all 28 EU leaders can be torn up by EC - PM told MPs it was binding when ratifying ESM
Tory 2015 manifesto on EFSM: "We took Britain out of eurozone bailouts - the first ever return of powers from Brussels." Oh dear
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Earth to Greece: deal dysfunctional, debt unsustainable, Exit from Euro likely http://blogs.channel4.com/paul-mason-blog/greece-crisis-austerity-deal-pointless/4197 …