Saturday, July 11, 2015

Rebellion As Greeks Set To Pass Tougher Three - Year Rescue Package

Deal looks to be more severe than the proposal rejected by Sunday's referendum and - crucially - there is no mention of debt sustainability; should Tsipras betray Greek people following overwhelming "NO" vote on austerity and cave in to EU banksters, IMF rapists a rebellion is predicted by Greek media; CNN corporate frauds and hacks continue to shill for Junckers, Nazi Merkel, EU parliament anti-Greece terrorists    

The Greek parliament is set to sign off on austerity measures that were overwhelmingly rejected by the country in a referendum last weekend. 

Has Merkel won a new lease on the rape of Greece?
Anti-austerity demonstrators, many affiliated to the Communist party (KKE) are now gathering outside the parliament building in Syntagma Square to voice their backing for an 'Oxi' for austerity.

The Left Platform hard wing of Syriza have decided to back Mr Tsipras. Earlier today we heard that there were only 5 rebel MPs calling for a rejection of the terms. 

However, the remaining 65 or so will vote 'Yes' to the rescue deal giving the government a mandate to negotiate ahead of this weekend's emergency summits.

All eyes will be on Eurogroup president Jeroen Dijsselbloem tomorrow. The Dutch finance minister has said finance ministers are due to put out a statement having gone through the proposals today. 

"We have to make a major decision. Whichever way" said Mr Dijsselbloem. 

Mr Dijsselbloem said before the referendum, it would be difficult to strike a deal with the current government, which had lost "credibility" in his eyes. 

Has Tsipras caved in to the EU banksters and IMF Nazis even after overwhelming "NO" referendum result on "austerity?"

But speaking to his Parliament today, he said broad support within the Greek parliament would also "give the proposals more credibility". 

"But we have to see whether the proposals will genuinely help pull Greece from the doldrums."

"I'll keep my final judgement for later. I'll first await the verdict from these institutions."

Were the PM's speeches before the EU parliament nothing more than stagecraft?

Mr. Tsakalotos has told his parliament that the government will secure a deal for a "bond swap" from creditors. This is likely to pay off the maturing bonds, worth around €6.5bn in July and August, held by the ECB. Greece owes the ECB €22bn overall as part of government debt owned by central bank after its 2012 bail-out. 

He has also urged his fellow MPs to vote for the compromise deal, insisting that there remain a number of "grey" areas to be sortedThe government has long argued that these bonds represent a big contingent liability on the state. In return, they are asking for a low interest-rate bearing loan from Europe's rescue funds to pay off all of that debt in one swoop. 

Has Greece been a proxy for the sellout of the entire EU to the IMF?

This is a form of debt relief, and one that would probably be more palatable to hawkish members of the eurozone as it doesn't technically reduce Greece's overall liabilities. It would however be one way of further extending maturities and reducing interest rate payments. 

It has also been a cornerstone of the proposals Yanis Varoufakis pushed for during his time in office. Mr Varoufakis has come out in support of it again today on Twitter:

@xgrigoriadis Sine qua non: debt restructure or no deal! Or so say I.

Reuters is reporting that the Greek banking system will need a massive injection of liquidity to stop going bust in the coming days if they are ever to re-open. 

Has Greece been handed over once more on a silver platter to the tender mercies of the EU criminal banksters for yet more rape and pillage?

They quote a banking source as saying: "There is a cushion of about €750m euros until" Monday. Moody's earlier today said deposits are due to run out by Sunday. They estimte that the banking system will need a €10-14bn in recapitalisation funds. 

National Bank, Piraeus, Eurobank and Alpha, which account for about 95 percent of the industry, will likely need to be recapitalised after an assessment by regulators and are not likely to return to a semblance of normalcy for months. 

Will the Greek people revolt if more "austerity" is imposed upon them? Will they allow themselves to be humiliated and raped once more by the EU banksters and IMF Nazis?

"There is an estimated need of about 10 to 14 billion euros in new capital," the banker said. "Given the magnitude of the shock we have been through, regulators will take stock of the situation and the impact on non-performing loans. A stress test by September would allow time for things to normalise."

Athens would seek to raise the money from private investors, but if it proves futile, banks may get a capital injection from the European Support Mechanism's Direct Recapitalisation Instrument (DRI), a new facility which has so far been unused.

Syriza MP Denounces Austerity Plans In Parliament

Syriza dissenters are now adding up. Rachael Makri MP now adds herself to those who will vote 'No' to the deal, delivering a scathing speech against the plans in parliament this afternoon.

Syriza MP says No to government's proposal - BREAKING - http://

Finland: We Won't Give Any More Money To Greece 

Speaking of the Finns, the country's foreign minister Timo Soini has said today that Finland will not fork out any more money to bail-out Greece. 

The Finns have a chequered history with the Greeks (read more here). As one of the "creditor" bloc countries which has been suffering from its own economic turmoil, the Finns are loath to hand out any more of their cash. 

Richard Byf√§lt, a Finn, has got in touch to point out that the current government's manifesto read: "The Government is opposed to increasing Finland’s liabilities in handling the euro crisis. The primary means to handle the financial problems of a euro country are the country’s national measures to consolidate the economy and stabilise public finances."

Will the Greeks ask for another piece of the shit pie being served up by CNN deviant drug addict Richard Quest and their pro-EU corporate propagandists?

Mr Soini is reported to have said today: "These amounts, which are now talking about, would be a clear increase in responsibility." He has previously called Greece's bail-out a "ponzi scheme". 

The country's parliament will have to vote through any new ESM programme by an absolute majority. They could, in theory, be part of a group of hostile countries that could form a "blocking minority" 

Who Do The Rest Of Europe Think Is To Blame? 

A poll by YouGov finds that Finns are way ahead in their hardline against the Greek government, with nearly three-quarters of those polled laying the blame for the crisis as the feet of various Athens governments. 

Will the Greek people rise to defend the defenceless pensioners about to be raped once again by the EU bank criminals and IMF scum?

Germans interestingly are behind the Danes and Swedes (both not in the euro) in apportioning blame to Greece. The French meanwhile, are taking the equitable approach to blame sharing, with more than a third saying both creditors and Greece have been at fault.

Moody's: Banks Will Run Out Of Deposits By Sunda

Credit rating agency Moody's estimates that Greek banks will now "exhaust their liquidity resources in the coming days" and estimate deposits will run out by Sunday. 

Will the Greek people allow themselves to be 
raped once more by the banks with a bogus
"haircut" which is nothing more than a code
word for the outright theft of their money?
They note that Eurosystem funding for Greek banks (€126bn) –now exceeds the level of private deposits (€120bn) – which means the financial system is now almost entirely being propped by emergency cash, raising severe doubts about their solvency. 

Even with a new rescue, Moody's "expect banks’ asset quality to deteriorate significantly and for them to require recapitalisation, with or without a third bail-out." 

They also add that the proposed reforms will be very difficult for the government to implement in full. 

If a political agreement on a third programme is reached, we believe implementation risks will remain high and the conditions under which external finance is provided will be harder to absorb because of the political and social challenges in the country. 

If no agreement is reached, the risk of Greece leaving the euro area – either as part of a managed exit supported by the EU, or as a disorderly process – would be high. Given the heightened uncertainty as negotiations have dragged on – and especially since capital controls have been introduced – the macroeconomic outlook has deteriorated significantly. The Greek economy is now likely to shrink quite sharply this year, rather than see a modest contraction.

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