1) Atzo: 30 Years Ago, Greece Bluffed Europe… And Won¹

1985ean…

“Surely many Greeks and other proud Europeans will recall that some 30 years ago, it was none other than Greece that called the shots, and had nearly unlimited leverage in Europe courtesy of its veto: a veto which back then nearly derailed the entry of Spain and Portugal into Europe’s Common Market.”

“After two days of bargaining, the 10 Common Market Governments
agreed on a $4.4 billion package of new subsidies and loans for Greece,
France and Italy. Greece will get about $1.4 billion of this money over
seven years. 

Announcing the agreement, Prime Minister Bettino Craxi of Italy, who was the chairman of the conference, said it marked a ”historic moment in Europe’s development.”

Jacques Delors, the new president of the Common Market’s executive commission, said, ”The family quarrel is over, the family will be enlarged, and we can all now think of the future.””

2) Gaur: In NYT Op-Ed, Yanis Varoufakis Says Greece Is Not Bluffing, “Will Not Cross Red Lines It Has Drawn”²

“…The lines that we have presented as red will not be crossed. Otherwise, they would not be truly red, but merely a bluff.

(…)

Our government is not asking our partners for a way out of repaying our debts. We are asking for a few months of financial stability that will allow us to embark upon the task of reforms that the broad Greek population can own and support, so we can bring back growth and end our inability to pay our dues.”

3) Gaur: “I Feel Sorry For The Greeks & Their Irresponsible Government“³

Germany’s Finance Minister Wolfgang Schaeuble:

“I feel sorry for the Greeks. The new Greek government behaves irresponsible.”

“The problem is that Greece has lived beyond its means for a long time and that nobody wants to give Greece money anymore without guarantees”

4) Gaur: … good luck…⁴

5) Gaur: Eurogroup Meeting Over – Talks Have Broken Down; Risk Slides After Greece Says “Won’t Take Orders On Bailout“⁵

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DRAFT TEXT INSISTING ON EXTENDING BAILOUT

Full statement (and rejected phrase) (h/t @EdConwaySky)

So this is the next key event:

Over in Frankfurt, the ECB Governing Council will meet on Wednesday.

6) Gaur: Warren Mosler

@edwardnh

In 2011 I wrote up a Greek local scrip plan with gold price option attached. http://www.creditwritedowns.com/2011/06/harrison-plan-greece.html … Does this violate EU treaty though?

‏@wbmosler

@edwardnh it’s not about funding, it’s about the compliance with austerity required to stay an EU member

@edwardnh

@wbmosler right. Does this violate the agreement they signed or not? I don’t know

‏@wbmosler

@edwardnh no, but the discussion is about modifying the austerity, not the actual funding

@edwardnh

@wbmosler “We are asking for a few months of financial stability that will allow us to embark upon the task of reforms” – Varoufakis

‏@wbmosler

@edwardnh they are asking to modify the reforms and wasn’t time to discuss that

@edwardnh

@wbmosler exactly. That’s what I’m saying too

‏@wbmosler

@edwardnh if they delay unilaterally they get the boot. If troika agrees to the delay/extension they get funding in any case

@edwardnh

@wbmosler yes but DO they get the boot? Who decides and when? Do they get an EU boot too? Not clear at all

‏@wbmosler

@edwardnh The boot I mentioned is about what Greece believes/fears and not what I conclude would actually happen

 

7) Asteazkenean?

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