Wednesday, August 19, 2015

Economic News , Data & Views - Special Greece Report For Wednesday ( August 19 , 2015 ) - Germany approves ESM Bailout for Greece - high absences from CDU/CSU MPs in quiet protest , Netherlands debate ESM Bailout in Parliament , Market reactions , Greece domestic politcics - Tsipras mulls going to " Summer Sessions " to push through legislation w/o Syriza rebels , Refugee news of note , earlier comments of Schauble at Bunderstag from today


Evening wrap.....

Split in Syriza all but final. Greek gov spox accuses radical Left Platform of aiming to 'topple the government of the left'

Snap elex seem certain, to decide date. Some aides propose Sept, others Oct so bailout can be implemented

Greek FinMin: 1st tranche of ESM-approved bailout (€13bln) to be disbursed tmrw am: €12bln for ECB/IMF/bridge loan, €1bln for state arrears.

It is absolutely no success. Opposition voted no with exception of 1 small party. A. Only 81 of 150 voted in favor.

Majority in Dutch Parliament votes to support bailout, rejects anti-Grk bailout motions: 52 for, 81 agnst (CDA motion) ~

Deposits trickling, not flooding back into Greek banks - sources

Greece debt relief - good overview from Raoul Ruparel.

Morning tweets....

585 German MPs took part in Bundestag vote on third bailout. It means 46 MPs in total didn't turn up. How many from CDU/CSU?

Markets not impressed by Bundestag vote. unchg at $1.1040 despite German parliament has approved Greek bailout.

Bundestag approves Greece's third bailout with 454 votes in favor, 113 against and 18 abstentions.

50plus party: The Greek bailout package means yet another election promise of VVD PM Rutte has been ditched

SGP MP Kees van der Staaij: The fundamental problem of Greek inability to create growth has not been dealt with.

SGP MP van der Staaij: The Greeks themselves don't believe in it. Some measures are good, but questionable if there'll be implementation?

  1. SP leader Roemer: Remember we were once promised that Greece would be able to finance itself this year? That we would see our money back?

SP leader Roemer: "only a matter of time before we're here again to discuss more money. This isn't a bailout for Greece, but for the banks"

SP leader Roemer: 90% of the money of the bailouts didn't go to the Greeks, but to international banks

SP leader Roemer: "Despite billion euro loans, the Greek economy has shrunk. This isn't a medicine, but a poison pill"

SGP MP Kees van der Staaij: "Rutte's VVD's position reminds me of Tsipras: we don't really support it, but we'll go with it anyway"

Mark Harbers, finance spokesman of PM Rutte's VVD: my party thinks this is the toughest package in years, but still doubts on implementation

Dutch Christian Union MP Arie Slob: we won't support this package. We prefer to discuss debt relief for Greece incl and transit cash

Dutch Christian Union MP Arie Slob: Possible that Greek gov doesn't make it to the end of the year, and then we can start from scratch again

Dutch Christian Union MP Slob:"What has remained of the firm Dutch demand that IMF should be involved? Current package not supported by IMF"

Dutch Christian Union MP Arie Slob: "How is it possible that the same recipes which have failed twice is being tried once more?"

Pechtold: would mean a Greek default, with as a result problems for Europe and our economy, so I'll support it

Pechtold in Dutch parl debate on : Good to see the privatisations in Greece. There are state-owned hotels, marinas, golf courses etc

Pechtold: support for the third Greek bailout in the Dutch Parliament is weak. PM Rutte should discuss this

PvdA MP Nijboer: Greece was on the correct path before the elections, but the current Greek govt created a lot of damage

PvdA MP Nijboer: "I believe in the programme". Christian Union MP Slob: "I enjoy it if people believe, but how can extra debt help Greece?"

Socialist Party leader Roemer (anti-bailout): "None of this bailout money will go to Greece. It only serves to pay international creditors"

Wilders: "The Greeks get their money. The elderly don't. All in order to save this already failed project: the euro"

Wilders: "The Greeks are lying. Every time PM Rutte believes the promises of this European junkie, Greece"

Netherlands | PVV's Wilders calls PM Rutte 'Pinocchio' over his 2012 pledge to not support a 3rd bailout of

Wilders: "Today we are here to prevent that Dutch PM Rutte indulges in his favorite hobby: sending money to Greece, this time €5bn"

Two mainstream parties in the Netherlands () and Germany () have now voiced opposition to the third Greek bailout. Support eroding

editor-in-chief opposes bailout, says europe being destroyed, bad old phantoms rekindled

Greek coast guard rescues hundreds off Aegean islands

Welcome mat fraying as more migrants reach Greek island

False start in Syriza gov's 1st privatization: Gov hits back after German firm seeks more guarantees for airport deal

LOL - FRAPORT sees €1.23bn offer for privatization of ’s regional airports as “basis for negotiations” (!!!)

Tsipras yet to decide on early Greek elections, says minister

German FinMin Schäuble says there is no guarantee that bailout will work BUT would be irresponsible not to use opportunity for new start.

German FinMin Schäuble says no doubt will join if conditions are met.

German FinMin Schäuble says debt haircut for not possible under EU law. Limited space for debt re-profiling.

German FinMin Schäuble says agreed in principle to join Greek bailout.

German FinMin Schäuble says IMF on board in is indispensable for .

German FinMin Schäuble says must achieve a primary surplus by 2016.

Greece's 2y yield at 11.4% as German FinMin Schäuble addressing German Parliament before vote.

Tsipras can claim victory on austerity:New bailout package will allow to run smaller prim surpluses (via BBG)

reduces maximum Greek Bank Aid as bailout eases cash tension.