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On the other hand, I don't see why there are any deposits left in Greek banks at this point, so who knows. Peak oil is not an energy crisis. It is a liquid fuel crisis.
If Shauble pisses all over it hoping to spook the markets it could accelerate his departure from Merkel's government.
Eurozone ministers gather in Brussels for make-or-break talks with Greece | Business | The Guardian
Germany's finance minister, Wolfgang Schäuble, rejected a Greek compromise proposal. Hopes of a deal have since risen, however, as it was reported that the German chancellor, Angela Merkel, was taking a more conciliatory stance. Greece's 240bn bailout - orchestrated by the EU, the European Central Bank and the International Monetary Fund - expires next Friday. Without an imminent deal the country faces the real prospect of running out of cash in early March because it is effectively locked out of the international lending markets.
Germany's finance minister, Wolfgang Schäuble, rejected a Greek compromise proposal.
Hopes of a deal have since risen, however, as it was reported that the German chancellor, Angela Merkel, was taking a more conciliatory stance. Greece's 240bn bailout - orchestrated by the EU, the European Central Bank and the International Monetary Fund - expires next Friday. Without an imminent deal the country faces the real prospect of running out of cash in early March because it is effectively locked out of the international lending markets.
However, Merkel's game is more cunning than simple good cop bad cop: she made every appearance of being fully occupied with the Ukraine matter. *Lunatic*, n. One whose delusions are out of fashion.
His reaction was triggered by Varoufakis' exposition at the Eurogroup meeting last Wednesday. "Instead of presenting his colleagues with a list of concrete proposals, he gave them a half-hour political speech." Quite a few of the ministers, added Poss, were desperately asking themselves how much of this they could convey to their governments or parliaments.
Three characteristics you're not supposed to possess if you've got as far as they have in politics.
But he is the Finance Minister of Greece. What legitimacy do they have other than being the Finance Minister of their respective countries, and what right to dispossess Varoufakis of that legitimacy?
Plus, the Greek people really like the duo, and that will be THE most important thing going forward.
There are only two reason for Tsipras to change Varoufakis:
If you object to unfair treatment, you're an ingrate. If you seek equity and fair consideration, you're uppity. If you demand union security, you're un-American. If you rebel against repressive management tactics, they will lynch and scalp you. But if you are passive and patient, they will take advantage of both.-- Congressman William Clay, Sr., speaking to the AFL-CIO Federation of Government Employees, 1975
El pacto se fraguó en las horas previas a la reunión, con conversaciones de última hora entre el jefe del Eurogrupo, Jeroen Dijsselbloem; el primer ministro griego, Alexis Tsipras; el presidente del Consejo Europeo, Donald Tusk; el propio Draghi, el ministro alemán Wolfgang Schäuble y el italiano Pier Carlo Padoan, el comisario europeo Pierre Moscovici y la jefa del FMI, Christine Lagarde. Destaca la ausencia del ministro griego Yanis Varoufakis, que no estuvo en esa ronda previa.
The pact was forged in the hours before the meeting, last minute talks between the head of the Eurogroup Jeroen Dijsselbloem; Greek Prime Minister Alexis Tsipras; President of the European Council, Donald Tusk; the Draghi himself, the German Minister Wolfgang Schäuble and Italian Pier Carlo Padoan, the European Commissioner Pierre Moscovici and the head of the IMF, Christine Lagarde. Highlights the lack of Greek Minister Yanis Varoufakis, who was not in the previous round
(Reuters) - The European Central Bank abruptly canceled its acceptance of Greek bonds in return for funding on Wednesday, shifting the burden onto Athens' central bank to finance its lenders and isolating Greece unless it strikes a new reform deal. The move, which means the Greek central bank will have to provide its banks with tens of billions of euros of additional emergency liquidity in the coming weeks, was a response to what many in Frankfurt see as the Greek government's abandoning of its aid-for-reform program. The decision came just hours after Greece's new finance minister Yanis Varoufakis emerged from a meeting with ECB President Mario Draghi to claim that the ECB would do "whatever it takes" to support member states such as Greece.
The move, which means the Greek central bank will have to provide its banks with tens of billions of euros of additional emergency liquidity in the coming weeks, was a response to what many in Frankfurt see as the Greek government's abandoning of its aid-for-reform program.
The decision came just hours after Greece's new finance minister Yanis Varoufakis emerged from a meeting with ECB President Mario Draghi to claim that the ECB would do "whatever it takes" to support member states such as Greece.
- Jake Friends come and go. Enemies accumulate.
Tsipras did much of the negotiating for the deal rather than Greece's Eurogroup representative, Varoufakis. But sources close to the government said this reflected Tsipras's need to win backing from Syriza's left wing and his right-wing coalition partner, the Independent Greeks party. Their support will be crucial in maintaining government unity during negotiations for the long-term agreement. Likewise Tsipras needs to keep public support. Costas Panagopoulos, who heads the Alco polling firm, said the initial reaction was relief that Greece would stay in the euro. Greeks might even accept Tsipras's change in language and assertions that the troika is no more. "It may sound odd but this could turn into political gains," he told Reuters.
Their support will be crucial in maintaining government unity during negotiations for the long-term agreement.
Likewise Tsipras needs to keep public support. Costas Panagopoulos, who heads the Alco polling firm, said the initial reaction was relief that Greece would stay in the euro. Greeks might even accept Tsipras's change in language and assertions that the troika is no more. "It may sound odd but this could turn into political gains," he told Reuters.
Outsiders will not be totally acquainted with the culture of the group, so it is normal they will make the occasional blunder.
Only professional politicians and insiders will know how to behave "properly".
If one cherishes democracy and not having persistent oligarchies one would appreciate outsiders bringing fresh perspectives, and so patience would be advised.
Similar complaints are also tended against the UKIP in the UK and I find them unfair: This is what you would get when you get "new blood" (irrespective if you agree or disagree with their political views).
If leaking to the press is so untoward, why did the Eurogroup do it first to embarrass Varoufakis.
And remember, Varoufakis tweeted Spiegel to write that his conclusions were dubious.
I think the Greeks learned a lesson. That negotiations should be conducted through the press. And indeed, they stuck to that principle all the way through negotiations.
I saw Varoufakis doing a much better job being a politician than I expected from an academician/blogger.
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