#Greece says can't pass legal system reforms & rules for dealing w/ bank failures by July 15, asks for week extension http://www.politico.eu/article/greece-crisis-live-tsipras-parliament-referendum-bailout-reforms-eurozone-eurogroup-council-summit/ …
Still some differences. Tsipras firm in the Fund details and the withdrawal of some measures they say. Grexit threat totally out of the doc
Details of the Greek new Fund still very open. May be in Luxembourg may be not. "Up to 50bln", not "50bln" per se.
Talks status - progress toward a deal ?
ECB update - Pablo Rodriquez....
Honorable compromises aka full surrender .... H/T Pablo Rodriquez - on site !
"Greece gave up and accepted all major issues" we are told. Including no debt haircuts and IMF involvement.
They might as well have sent these guys.....
Full Eurogroup document on #Greece, including “time-out”, total needed & reform demands h/t @EdConwaySky
#Greece basically being given 3 days to pass legislation on pension reform, VAT and other stuff. This only to START talks over 3rd bailout.
Goes without saying that only some sort of national unity coalition could push these laws through Greek parliament in three days.
The Greek "Choice": Hand Over Sovereignty Or Take Five Year Euro "Time Out" http://www.zerohedge.com/news/2015-07-12/greek-choice-hand-over-sovereignty-germany-or-take-five-year-euro-time-out …
Whoa !!!!!!! Going the wrong way here !
EUR Indicated 100 Pips Lower After Tsipras "Mental Waterboarding" http://www.zerohedge.com/news/2015-07-12/eur-indicated-100-pips-lower-after-tsipras-mental-waterboarding …
@edwardnh @TheStalwart @GreekAnalyst I don't think a unity or technocratic gov't could sign up to this, let alone SYRIZA
If Greece agrees to these demands, it can no longer really be regarded as a sovereign state. http://www.theguardian.com/business/live/2015/jul/12/greek-debt-crisis-eu-leaders-meeting-cancelled-no-deal-live …
Parts of the Eurogroup draft submitted to #EuroSummit have leaked
"Measures required from #Greece go much, much further than what Greek people rejected in referendum", says @alexstubb #Eurogroup
Bad deal getting worse ... proposal for takeover of Greece assets outlined by Schulz...
Debt haircut out , re-profiling poss - but only after full implementation of all possible measures in new M.O.U .
Daphne Papadopoulou retweeted
@tsipras_eu tells US Treasury Sec Lew by phone deal can be reached tonite if all sides want. Must be viable & respect what Greeks been thru
Renzi: We're very close [to a deal]. Distances have been narrowing. #Greece
Yannis Palaiologos retweeted
#Dijsselbloem: We've come a long way, but some big issues remain. Will now inform leaders for #EuroSummit #Greece
Finnish Finmin: Good proposal on the table. Far reaching conditionality. All conditions must be met in order to start ESM negotiations.
Why not by yesterday?
Open Europe retweeted
Tsipras announces that Greek banks closure and withdrawal blocks will last at least two months, regardless of any would-be EU agreement
Merkel: We have not received a unanimous notification from Eurgroup, this is not surprising given luck of trust which is crucial
Fabrizio Goria retweeted
Hollande: There is no Grexit on time. It's either Grexit or no Grexit.
#Eurogroup drafting NEW version of conditions for #Greece to start talks on ESM assistance but doesn't = DEAL ~ @tarapalmeri
Rutte: NL only considers opening negot for ESM if Greece prepared to take measures + to allow verification about implementation of measures
Rutte responding to question of bridge loan: "We're only at the beginning of process, to check whether euro states even agree to negot ESM"
Pieter Cleppe retweeted
Eurogroup draft demands from Greece’s govt what toppled Greece’s previous govt http://goo.gl/fb/UKKsYL
Zoe Keller retweeted
Germany's conditions for Greece staying in euro - become a protectorate
Bruno Waterfield retweeted
Greece offered an almost unconditional surrender, but Germany might want a Carthaginian peace http://www.washingtonpost.com/blogs/wonkblog/wp/2015/07/12/germany-doesnt-want-to-save-greece-it-seems-to-want-to-humiliate-greece/ …
Greek PM Tsipras: I'm here for an honest compromise. We can reach agreement tonight if all parties want it.
Germany not isolated on its #grexit position. More in favour than against on this vote count
I am told:
- Some improvements - No improvements at all - Deal is near & far - Inertia leads to Grexit - Temporary Grexit on the statement
It looks like 2 options are getting best bid: 1. Wednesday Greek reform vote + bridge financing 2. Temporary Grexit and devaluation
BREAKING - EUROGROUP DRAFT INCLUDES POSSIBILITY OF TEMPORARY GREECE EURO EXIT --WSJ #GreekCrisis
Partial draft #Eurogroup statement - Reuters http://mobile.reuters.com/article/idUSKCN0PM0EP20150712
Would be remarkable to see a govt full of leftist radicals engaged in market liberalization of this magnitude
Paul Mason retweeted
@paulmasonnews Another key line is eurogroup wants full IMF involvement - IMF said won't take any deal to board without debt restructuring
Schaeuble exposed: Full text of 5-year Grexit-plan. FinMin under fire in Germany http://goo.gl/fb/tCrC3G
Third Bailout tab - now 90BN - just how is Greece supposed to raise 16bn though ? Assets sales ?
The Merkel - Schäuble psycho-drama is destroying the Euro project. More on the drama affair ↦ http://www.spiegel.de/international/europe/finance-minister-schaeuble-and-merkel-tussle-over-grexit-a-1038590.html …
A very bitter truth - good stream of thoughts....
New Democracy leader Meimarakis & PASOK's Gennimata in Brussels, Potami head Theodorakis phoning EU officials, reports @geoterzis #Greece
Nice overview leading into today !
Eurogroup has now begun !
Lux Fin Min Gramenga: very difficult junction because faced with many diff probs: debt sustainability, financial needs & short term issues
Slovakian Fin Min Kazimir asked what he expects today "Nothing"
Kazimir: Breach of trust, its not possible to reach a deal
Slovakian Fin Min Kazimir asked what he expects today "Nothing"
Pedro da Costa retweeted
Kazimir: its not possible to reach deal today, breach of trust too bad. We can make certain recommendations for leaders today. That's all.
Prior actions - demand to get cracking as soon as Monday ?
Geoffrey sets the scene leading to critical EG at 11am , then Leaders Summit at 3pm.
Someone Told Merkel... http://www.zerohedge.com/news/2015-07-11/someone-told-merkel … This is pretty spot on from Zero Hedge !
German government sources: Idea of a temporary Grexit was agreed on by Merkel and vice-chancellor Gabriel. #Greece