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Right now I'd like confirmation of this story from Greek sources: Draghi asusta a los socios y a Atenas
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.
Draghi spooks the partners and Athens
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


A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Carrie (migeru at eurotrib dot com) on Sun Feb 22nd, 2015 at 12:26:12 PM EST
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ECB cancels soft treatment of Greek debt in warning to Athens  John O'Donnell and Jan Strupczewski

(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.


I can only hope that Greece imposes capital controls or extends closure of the banks on Tuesday. Greece could remain on the Euro, but obviously could not service its bond debt. Athens should contest this move with the appropriate European legal authorities. Draghi just answered the question of whether the ECB would play hardball politics with the currency.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Feb 22nd, 2015 at 01:15:29 PM EST
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It is, in these matters, usually helpful to check the date on the article.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Feb 22nd, 2015 at 01:36:43 PM EST
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Additionally to what Jake said decisions on these matters are taken by the governing council and not Draghi.
by generic on Sun Feb 22nd, 2015 at 01:41:52 PM EST
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You reply to a report from February 20 with a news story from February 10, which is rather unhelpful. What happened here was that 10 days after the ECB declared Greek sovereign debt ineligible for refinancing, Draghi went to the Eurogroup and banged a few heads together to avert an immediate Greek bank meltdown and a soft Grexit, which apparently some of the finance ministers were pining for.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Carrie (migeru at eurotrib dot com) on Sun Feb 22nd, 2015 at 01:48:44 PM EST
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With apologies for using Google translate...

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Carrie (migeru at eurotrib dot com) on Sun Feb 22nd, 2015 at 02:29:28 PM EST
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I googled a headline that came up from the googalate translation and search. It came back with that exact title and I failed to note the date. My bad.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Feb 22nd, 2015 at 05:43:13 PM EST
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Reuters: Greece readies reform promises (February 22, 2015)
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.



A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Carrie (migeru at eurotrib dot com) on Mon Feb 23rd, 2015 at 02:05:29 AM EST
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