Zorabioan…

Zorabio ikaragarria Greziaren inguruan.

Hasi besterik ez dira egon ‘elkarrizketak’ eta karta guztiak mahai gainean daude jadanik. Jokoa (ala jolasa?) tragikomediaren erdian dago, tragikomediaren parte bilakatu da…

(Jarraian albisteak aipatuko dira, hitz gutxiz.)

1) EU Leaders “Are Afraid The Syriza ‘Virus’ Will Spread Across Europe”1

Greziaren aldeko elkartasunarekin protestak hedatu dira Europa osoan.

The Greek Solidarity anti-austerity protests are spreading…

2) Greek FinMin Varoufakis “It’s Plan A, There Is No Plan B” Press Conference2

Y. Varoufakis-ek: A plana da, ez dago B planik…

3) German Lawmaker Demands All Payments To Greece Be “Immediately Stopped3

A senior lawmaker from Angela Merkel’s Christian Union bloc has demanded that following this ‘rejection’ of the Eurogroup’s plan, all payments to Greece should be immediately stopped.”

4) Redlined Comparison Of The Eurogroup Draft Varoufakis Was Ready To Sign, And The Draft He Rejected4

Bi zirriborroen konparaketa:

… comparison between the two drafts, none of which was ultimately signed by anyone.

Some of the key variations:

  • the addition that the Greek authorities intend to successfully conclude the programme taking into account the new government plans“, something which when listening to the Varoufakis presser was clearly not the case.

  • the addition that Greek authorities will commit to “refrain from unilateral action”

  • the addition of specific reform parameters including “tax policy, privatisation, labour market, financial sector and pensions”

  • the addition of a Greek commitment (not agreement) to guarantee (not ensure) “debt sustainability in line with the targets agreed in the November 2012 Eurogroup statement.”

And the punchline: the language about the “six month technical extension” not of the current loan agreement as an intermediate step, but of the “programme”, and the addition of the explicit “bridge” language.

No mention of the Troika in either of the drafts.

The question of just who ordered the last minute change will remain unanswered…”

5) Greece: What Happened Today, And What Happens Next5

Hurrengo urratsak:

the next point of focus is not only the Greek government’s position over the next few daysbut also Wednesday’s ECB meeting, where Greek bank ELA usage is under bi-weekly review. A more explicit statement around when and how ELA usage would be capped by the ECB would be an additional means of raising the pressure on the Greek government.

Ultimately, then, we are still left with the same three-step process to reach a conclusion to the Greek crisis.

  • Step 1 consists of a request for a new program or an application for a 3rd ESM program with Greece committing to some a prior conditionality.

  • Step 2 consists of negotiating the substance around this conditionality, in particular the prior actions that would need to be fulfilled to disburse funding to Greece.

  • Step 3 would consist of passing such prior actions through the Greek parliament and ultimately servicing Greece’s loan obligations.”

6) How To Trade The Grexit Scenarios, And What The “Worst-Case” Looks Like6

Scenario 1: Greece exits the euro

Scenario 2: Capital controls are imposed on Greek banks

Scenario 3: Agreement is reached within the next days”

7) Schauble Gives Athens Another 10-Day Ultimatum, Says “Up To Greek Government If It Wants To Keep Euro”7


So just in case the first Ultimatum was not clear enough, here is the second and final one:


SCHAEUBLE: GREEK PROGRAM EXTENSION BACKING NEEDED BY FEB. 27”

8)“Greek Democracy Can’t Be Threatened” Defiant Tsipras Warns “Won’t Step Back From Promises”8


*TSIPRAS: GREEK DEMOCRACY CAN’T BE THREATENED

*TSIPRAS: GREEK GOVT NOT IN A HURRY, WON’T COMPROMISE

*TSIPRAS: GREECE WON’T TAKE A STEP BACK FROM PROMISES TO PEOPLE

*TSIPRAS: GREECE WANTS SOLUTION NOT RUPTURE”


 

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