May 2016 Brief: Greece Crisis

press conference 9 May 2016
I can imagine Mr. Euclid Tsakalotos is under great influence, with a task to implement austerity upon the People living in Greece. No longer can Greece’s Finance Minister and the Tsipras coalition government save face, no they are being told what to do by the Eurogroup banksters.

Over the weekend Greece adopted controversial (austerity measures amounting to 5.4 billion euros) reforms ahead of Eurogroup talks …
A important reminder is that the left-wing Syriza party of Alexis Tsipras, the prime minister, control a fragile two-seat majority.

We will continue the countdown for Greece as the grassroots social unrest face austerity and call for the GREXIT with opposition politics to the Euro.
Below are the current event briefs in Greece. ~Ron

Today, 09 May 2016:

The Eurogroup is hosting an extraordinary meeting

adjustment program for Greece following a vote of a new wave of pension and tax reforms voted on by Greek Parliament on Sunday. – See more at: http://greece.greekreporter.com/2016/05/09/eurogroup-extraordinary-meeting-watch-arrivals-video/

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RELATED Archives:
https://ronmamita.wordpress.com/2016/02/13/news-reports-10000-greek-farmers-stage-massive-revolt-in-athens-destroy-police-cars/
https://ronmamita.wordpress.com/2015/01/07/turbulent-storm-winds-from-venezuela-to-greece-sweeping-through-e-u/
https://ronmamita.wordpress.com/2015/01/26/people-in-greece-challenge-the-european-union/
https://ronmamita.wordpress.com/2015/02/09/eurogroup-to-hold-emergency-meeting-on-greece-imf-ecb-to-attend/
https://ronmamita.wordpress.com/2015/06/15/state-of-emergency-eu-commission-prepares-for-grexit/
https://ronmamita.wordpress.com/2015/07/08/evaporating-complacency-the-greece-fulcrum-is-forcing-rapid-immediate-decisions/
https://ronmamita.wordpress.com/2015/08/24/a-grexit-political-party-is-born-does-it-have-enough-armor/
https://ronmamita.wordpress.com/2016/01/22/greece-austerity-faces-first-2016-protests-against-reforms/
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4 comments on “May 2016 Brief: Greece Crisis
  1. RonMamita says:

    Who Are Celebrating For Greece?

    No surprise!
    The Eurogroup and the Tsipras coalition are celebrating the latest painful and harsh measures imposed on the Greek people!

    No debt relief in sight for Greece.
    Social reconstruction is underway in Greece…
    *Greek Debt Soars.
    *Creditors Agree To Cover Debt and keep the banks open.
    *Future cuts in salaries and pensions is expected along with increased taxation and other austerity policy measures.

    May 24, 2016 Eurogroup is scheduled to review and make the actual decision on Greece’s bailout program progress.

    “It is very likely that creditors, and the International Monetary Fund in particular, will ask for more measures before they sign the bailout review agreement.”

    According to Eurogroup chief Jeroen Dijsselbloem, the disbursement of the next loan tranche is linked to the implementation of specific measures and reforms and the condition that the IMF will participate financially in the program.

    In other words, if the IMF refuses to sign the review, Greece cannot get one cent. And as state coffers are nearly empty again and loan repayments due until July are close to 4 billion euros, it is easy to understand how important the 5.7-billion-euro tranche is.

    Regarding the avoidance of legislating contingency measures, there is a gray area. In May 2017, when the Greek economy will be audited, if fiscal targets are not met, then the mechanism to cut salaries and pensions will go into effect. In that case, the precautionary measures will become permanent because they will be included in the 2018 budget.

    – See more at http://greece.greekreporter.com/2016/05/10/what-greece-gained-and-lost-in-mondays-eurogroup/
    __________________________________________________

    Leaked: The annotated Lagarde letter on Greece

    by Peter Spiegel Financial Times May 6, 2016 Via greekcrisis.net

    Monday was supposed to be the day when eurozone finance ministers flew to Brussels for an emergency eurogroup meeting (just their first of 2016!) to agree a way forward on Greece’s star-crossed €86n third bailout. But despite weeks of intensive talks, negotiators are no closer to a deal then they were when they were sent back to Athens two months ago.

    Last night, Christine Lagarde, the International Monetary Fund chief, sent a letter to all 19 finance ministers ahead of the Monday meeting with her demands: drop all the talk about new austerity measures and quickly agree a plan for debt relief so that a deal can be met before a possible Greek default in July. We got a hold of the letter, and have posted a news story on its contents here. But as is our practice at the Brussels Blog, we thought we’d offer up an annotated version of the full text, sent to national capitals last night:

    Dear minister:

    Program discussions between Greece and the institutions have made progress in recent weeks, but significant gaps remain to be bridged before an agreement can be reached that would include the IMF under one of our program facilities. I think it is time for me to clarify our position, and to explain the reasons why we believe that specific measures, debt restructuring, and financing must now be discussed simultaneously.

    This is the main news in the letter: until now, negotiators have been trying to sequence three different sets of agreements in order. First, they wanted to agree a core set of reforms that were originally part of the new bailout programme. Second, and this was a relatively new idea, they were to agree a set of “contingency measures” that would kick in if the Greek programme veered off course. Third would come debt relief. Lagarde is essentially saying here that trying to do this sequentially makes no sense. She also is clearly signalling the “contingency measures” talks – which have been holding up progress for a month – are becoming fruitless.

    More
    ________________________________________________

    • RonMamita says:

      Everyone’s outraged: angry Greeks foresee Grexit and drachma’s revival

      Greece faces its toughest austerity measures yet, with €5.4bn of budget cuts backed by the leftist government of Alexis Tsipras.

      “My income tax has just gone up to 29%, my social security payments have gone up 20%, my pension has been cut by 50 euros; they are taxing coffee, fuel, the internet, tavernas, ferries, everything they can, and then there’s Enfia [the country’s much-loathed property levy]. Now that makes me mad. They said they would take that away!” –http://politics–news.com/2016/05/10/everyones-outraged-angry-greeks-foresee-grexit-and-drachmas-revival/

      ______________________________________

      Title: REALIST NEWS – To Germany: Debt Relief For Greece Or IMF Drops Out
      Video posted 09 May 2016
      ______________________________________

      Let’s Not Focus Only On Greece

      Who will Exit the Euro first?
      Looks more likely to not be Greece.
      However, other nations see how Greece is treated and the citizens in other nations are more likely to organize a effective response, rather than be reactionary as Greece was.
      Spain, Portugal, Italy, or some other E.U. member nation could organize effective political opposition to the Euro…

      Remember Iceland?

      An Ipsos-MORI poll released Monday surveyed 6,000 Europeans from Belgium, France, Germany, Hungary, Italy, Poland, Spain and Sweden on their feelings about the current state of the EU. The United Kingdom will be the first to hold a referendum when it votes on “Brexit” June 23.

      Read more: http://dailycaller.com/2016/05/09/almost-half-of-europeans-want-every-country-to-vote-on-leaving-eu/

      Support to leave the EU is above 40 percent in Italy, France and Sweden, which suggests that a referendum would make for a close call. Marine Le Pen, leader of French nationalist party the National Front, has already called for every country to hold their own referendums.
      __________________________________

      Catalan Exit Plan

      … a cradle of Mediterranean culture, Catalonia’s 7.5 million people make up a sixth of the Spanish population and nearly a fifth of Spain’s economic output.

      “We aren’t waiting any more. We are taking decisions” — Carles Puigdemont

      Madrid is determined to keep the kingdom united, fearful also that a Catalan split would encourage the Basques, Galicians, Valencians and other independent-minded regions to go it alone.

      Read More: http://www.politico.eu/article/the-catalan-exit-plan-carles-puigdemont-generalitat-independence/

  2. Getting rid of Varoufakis was merely postponing the inevitable. Austerity is only making the Greek economy worse (as everyone predicted). In the end the Greek people will only have 2 choices – to leave the euro or to live as virtual slaves and starve to death.

  3. RonMamita says:

    This plundering (so-called “privatization”) was planned over 6 years ago and the documents are in evidence.
    Many individuals do not archive documents and policies and do not consider that policies are designed to be effective over the years:

    The Memoranda of Economic and Financial Policies from May 3, August 6, and December 8 2010 (MEFPs communique between Greece and IMF Mr. Strauss-Kahn) describe progress and policy steps towards meeting the objectives of the economic program of the Greek government.
    The economic program:
    *Fiscal-structural reforms have been moving forward. A structural benchmark
    covering an actuarial study of the main pension funds…

    *The next stage actions to support our medium-term fiscal consolidation program, along with reforms to revenue administration and public financial management…

    *Progress continues with structural reforms, a structural benchmark covering a privatization plan…

    Quote:

    “The opening of restricted professions has moved forward with legislation passed by parliament in February.
    Legislation concerning restructuring of public enterprises has been approved. The attached memorandum lays out next steps, including an expanded privatization and real estate development plan.”

    See IMF document: https://www.imf.org/external/np/loi/2011/grc/022811.pdf

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