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 #Grexit2017 and the Single Currency Epidemic @yanisvaroufakis  -Greek to me !

An “epidemic” washing over other European countries may see the end of the EU, warned Yanis Varoufakis, Greece’s former finance minister in his interview to be shown by Al Jazeera TV on Sunday February 12.

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#Tsakalotos “seals” his letter to “Scrooge” creditors with faithfulness #Greece

 

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Greek Finance Minister officially declared the country’s “adherence”, “compliance” and “faithfulness” to Greece’s creditors by his apology letter sent to promise  that Tsipras’ government will never give any relief to the poorest of the country without the creditors permission.

But before that , he cleverly chose to show his bravery to the Greek audience- and only- ,  reminding …

Go to  Greek to me ! Newsblog article  

 

Find it also on our Christmas 2016 Home Page 

Greek Christmas 2016 by Greek to me !

Greek Christmas 2016 by Greek to me !

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“This is why I call you to judge me #Greeks…” @atsipras Party splits hours after he resigned for #Grelections

“This is why I call you to judge me #Greeks…”, @PrimeministerGR said, resigning for #Grelections

Lafazanis, Konstantopoulou, Varoufakis, Stratoulis, all of them anti-MoU among Tsipras’ Party, but not among the 25 Split SYRIZA signatures the two (popular at most, both) in the center

25 lawmakers announced their move in a letter to Parliament on Friday morning in Athens, hours after Alexis Tsipras resigned and called an early election to deal with a rebellion in Syriza over his signing Greece’s third bailout deal and accepting austerity measures demanded by creditors. Among the 25 former Greek MPs are not Zoe  Konstantopoulou, the President of the Greek Parliament, who has strongly opposed the Memorandum agreement of the Prime Minister nor is the Popular Yianis Varoufakis

The new group, which will be called Popular Unity and will be led by former energy minister Panagiotis Lafazanis, becomes the third largest group in the Greek Parliament.

That means it could potentially receive the mandate to try to form a new government, although, it is not a party that has gone through national elections’ round yet, which might not allow them to get the mandate at all, professors of Constitutional Law said to the Greek media today

Having been catapulted to power after years of oppositions to Greece’s bailouts — which come paired with austerity and structural reform packages — the remaining members of Syriza now find themselves tasked with implementing one, the businessinsider commented.

But, still, It still looks quite likely that Tsipras will be Prime Minister in two months,BI’s article assessed.

Syriza remains popular in comparison to the alternatives. After getting 27.8% of the vote in the January election, the centre-right New Democracy party now regularly polls below 20%.

It’s possible that Tsipras will have to form a new and different coalition, the BI article assumes, but seems that there will be no alternative bloc in parliament to build a majority around. It’s not clear for the moment, how much support Popular Unity might sap from Syriza.

HSBC, Metron Analysis

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Go to our story ,

“This is why I call you to judge me #Greeks…”, @PrimeministerGR said, resigning for #Grelections.

#IMF report revelations for unsustainable #Greekdept leave eurozone countries without arguments against @PrimeministerGR

478990122Euro zone countries tried in vain to stop the IMF publishing a gloomy analysis of Greece’s debt burden which the leftist government says vindicates its call to voters to reject bailout terms, sources familiar with the situation said on Friday to Reuters, as its exclusive report wrote

The Europeans were also concerned, the Reuters exclusive artcle further reveals,  that

the report could distract attention from a view they share with the IMF that the Tsipras government, in the five months since it was elected, has wrecked a fragile economy that was just starting to recover.

“It wasn’t an easy decision,” an IMF source involved in the debate over publication said. “We are not living in an ivory tower here. But the EU has to understand that not everything can be decided based on their own imperatives.”

The board had considered all arguments, including the risk that the document would be politicized, but the prevailing view was that

all the evidence and figures should be laid out transparently before the referendum.

“Facts are stubborn. You can’t hide the facts because they may be exploited,” the IMF source said.

The document released in Washington on Thursday said Greece’s public finances will not be sustainable without substantial debt relief, possibly including write-offs by European partners of loans guaranteed by taxpayers.

It also said Greece will need at least 50 billion euros in additional aid over the next three years to keep itself afloat.

Publication of the draft Debt Sustainability Analysis laid bare a dispute between Brussels and the Washington-based global lender that has been simmering behind closed doors for months.

Greek Prime Minister Alexis Tsipras cited the report in a televised appeal to voters on Friday to say ‘No’ to the proposed austerity terms, which have anyway expired since talks broke down and Athens defaulted on an IMF loan this week.

It was not clear whether an arcane IMF document would influence a cliffhanger poll in which Greece’s future in the euro zone is at stake with banks closed, cash withdrawals rationed and commerce seizing up.

“Yesterday an event of major political importance happened,” Tsipras said. “The IMF published a report on Greece’s economy which is a great vindication for the Greek government as it confirms the obvious – that Greek debt is not sustainable.”

At a meeting on the International Monetary Fund’s board on Wednesday, European members questioned the timing of the report which IMF management proposed at short notice releasing three days before Sunday’s crucial referendum that may determine the country’s future in the euro zone, the sources said.

There was no vote but the Europeans were heavily outnumbered and the United States, the strongest voice in the IMF, was in favor of publication, the sources said.

In Brussels, the way the IMF communicated the findings was seen as confusing, misleading and politically unhelpful.

The European Commission had produced its own debt sustainability analysis, based partially on IMF data, which is less pessimistic in its scenarios and is one of the documents mentioned on the Greek referendum ballot paper.

Diplomats said the IMF’s publication of the study was a way of making clear it would only be part of any future loan pact with Greece if the Europeans included debt relief in the mix.

Germany and its north European allies have said the IMF’s presence is indispensable both to win parliamentary backing for aid for any euro zone partner, and to keep the European institutions honest. Berlin suspects the European Commission of being too soft on Greek efforts to wriggle out of reforms of pensions, taxation, public sector wages and labor law.

The European Central Bank, ( which has made Banks close in Greece as soon as the referendum was announced , we note)  the third partner in what used to be called the “troika” of bailout enforcers, is also keen to keep the IMF involved, the Reuters article writes.

imagesFor the How, When and Why the IMF draft document was exposed to public opinion and had to be revealed go to our Greek2m eye story

For the Reuters’ exclusive story click here

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