Friday, July 17, 2015

Special Greece Report ( July 17 , 2015 ) - Updates ( Some But Not All Greece Banks To Re-Open Monday ..... Examining Domestic Politics In Greece ...... Germany Gets Set To Vote on Greece Bail Out Talks Re-Opener ...... International Politics / Speeches & Comments - Merkel , Dijsselbloem , Mohamed -El Erian , Dombrovskis , Lagarde , Mody , Schauble .... Rescue Plan / Grexit / Bridge Loan Items of Note ......Market Reactions .... Odds& Ends )

Evening Tweets.....



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See if you can spot the pattern in the IMF's periodic revisions of Greek debt-burden forecasts




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Greece: NEW GOVERNMENT - Changes in red





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The Assets Being Eyed for Greece's €50B Asset Sale - Bloomberg Business





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Greek banks won’t reopen on Monday - Greek Finance Ministry said (via )









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Guarantees for non EZ members for bridge loan are mainly smp and anfa profits and secondly EU funds says








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.: debt relief discussion to be part of talks of 3rd programme, coz IMF's demand and fund must be part of programme, said








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German lawmakers approve plan for new Greek bailout










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€7.16bn from EFSM. Non-€ MS will have contributions guaranteed by EU budget & ECB profits. Gr won't see it. Straight to pay creditors on Mon







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: But now it's clear there is a Plan A - so now we have to put the Plan B behind. deserves credit for passing in parl.








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SPD's Oppermann calls on FinMin Schäuble to abandon his plan.










Morning Tweets....







* Greek labour minister skourletis set to be named as energy minister, replacing leftist party rebel lafazanis - govt Source - RTRS





Not all Greek bank branches will open on Monday, reports Skai TV









Greek eduMin. : said "Game over, take it or leave it Mr."Then illegally cut bank funding 2days b4 "program" end









Greece had a haircut to private creditors. Logic suggests original sin was 2010 official sector bailout












: The reality is that nothing will help unless passes urgent reofrms to return to the financial markets.









Schäuble: Write-downs are illegal (but you probably knew that already). So the package is only legal as long as it avoids official haircuts.






*SCHAEUBLE: THIRD PROGRAM IS LAST ATTEMPT TO SOLVE GREEK CRISIS








: Its not only about . It's about Europe. And how to build a single currency that works for the entire EZ.








Merkel says we should agree to start negotiations with and do all we can for successful conclusion.











Merkel: Germany and France have different views as to how to solve the crisis.









Merkel: I need to thank the man who worked tirelessly in the for this agreement, Wolfgang Schäuble.








Merkel says there no doubt that is hard, especially for people in , but it's only Greek govt's fault.








Merkel says 'timeout' plan cannot be implemented against 's will.








Merkel says 'No' in was a breach of trust in Europe.








Looks like cabinet reshuffle imminent. The real test though will be next week's 'prior actions 2' bill. If govt loses more votes → elections








Greek banks to open on Monday, sources say -







Real test next week...









Which countries still need to approve a bailout – and how will they vote? | News | The Guardian






Germany's Merkel says Germany won't agree to debt cut for .


















Economist El-Erian: Greek deal only prolongs the inevitable – VIDEO -











MT Commission on escrow agreement to transfer profits to for bridge financing








EU's Dombrovskis says debt service 'not weighing on ' now. Debt service lower than , . (BBG)







EU's Dombrovskis says debt sustainability an issue for Greek talks. Greek maturities, interest can be looked at (BBG)









's Lagarde: Talks with will last at least 4 weeks. (DJ)





's Lagarde: Greek debt can be sustainable with maturity, rate changes. (DJ







's Lagarde: No solution possible for without debt reduction. Greek debt's direct haircut seems excluded. (DJ)








's Lagarde tells French radio was against IMF involvement in Greek crisis in 2010. (DJ)








LOL! French FinMin: bailout plan must include debt reduction BUT Debt haircut is unacceptable. We must get back our money. (DJ)






, not , should leave the euro, says former official .









HFE: New plan is to “fix” by increasing already too-big-to-service debt burden to a harder-to-service 200%.











Germany to give verdict on Greece. Vote in Bundestag will pass as CDU/SPD coal w/ big majority









Talks of to be fading BUT remains on the table even with ’s latest band-aid.










won't be part of 1st tranche of planned Greek bailout.















EU's Dombrovskis: Bridge Loan To Be Finalized 'By Noon' - BBG










Interesting. Consolidation already starting in international units. *ALPHA BANK, EUROBANK TO MERGE BULGARIAN UNITS: KATHIMERINI






Ownership













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The FRED Blog: Greece’s recession pushed its economy to 1999 levels of output










EZ continues to air dirty laundry in most determinedly-public ways: Open letter to , from . (via Citi)









German SPD vote overwhelmingly in favor of starting talks on further bailout for in test vote. 2 vote against, no abstentions. (RTR)




lower despite Greek risk is passing w/ ECB reopening ELA to . Acc to Citi it's a return to theme









Greek bond market pleased w/ ECB and prospect of bridge financing. 's 2y yields have dropped below 25%.











Versailles Treaty "does not quite capture the depravity" of Greece's settlement. Big stuff from AEP











Frm non-program countries, Lithuanians, Latvians and Slovaks have to work longest (by far) to pay for their ESM share






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