No #eurozone executive we talked to can figure out because @pierremoscovici breeze ok to #Greece though not other one. They contend no diff on substance
— Peter Spiegel (@SpiegelPeter) February 16, 2015
20.31
UPDATE: This is where Greek debt negotiations mount right now http://t.co/cXrk12PM35 pic.twitter.com/MR5os7sWUF
— Bloomberg Business (@business) February 16, 2015
20.30 Negotiations are set to continue tonight and tomorrow, if Mr
Varoufakis is to be believed. Tomorrow will see a convening of a Ecofin
meetin of financial ministers in Brussels.
20.20 Two unequivocally opposite messages entrance from Greece and a Eurogroup
today.
Greece’s Mr Varoufakis insisted some traffic will be resolved in a subsequent 48
hours though unequivocally observant how many his supervision is peaceful to concede to
a creditors before famous as a Troika.
On a other hand, eurogroup arch Jeroen Djisselbloem was categorical: Greece
needs to ask for an progression of a stream programme or there will be no
some-more negotiations.
That unequivocally same bail-out programme was currently described by Syriza’s finance
apportion as formulating critical charitable predicament in his nation and made
reforming a nation virutally impossible.
Expect a grand-standing to continue for a while yet.
well, after listening to creditors and to #Varoufakis, we can usually interpretation that both sides are enjoying this FAR too many to rush to a deal
— Geoffrey Smith (@Geoffreytsmith) February 16, 2015
20.12
Lots of difference with Greek start around in Brussels today, we understand. Drama. Tragedy. Crisis. Perhaps even catastrophe.
— Carl Bildt (@carlbildt) February 16, 2015
20.11 Mr Varoufakis ends on a accommodating note:
“We are going to accommodate median in a subsequent few days. There will be
heated discussions and Europe will do a common tricks. It will lift a good
agreement, an fair agreement, out of what seems to be an impasse.”
And with that we conclude.
20.05 Our pursuit is to convince a EU it contingency “cut a waste with a
catastrophic programme.” Mr Varoufakis goes on to report his country’s
economy in new years as undergoing a decrease on a standard with a “Great
Depression.”
Mr Varoufakis says he was prepared to pointer a ask seeking for an progression of
a agreement, and is still peaceful to do so within a subsequent 48 hours. “We
wish to build trust with a partners.”
Varoufakis: EU is forever
— econgirl (@raluca3000) February 16, 2015
20.01 A four-month loan extension, assimilated with conditions, is more
than adequate to settle some common belligerent so we have a new agreement “between
dual equals” says Mr Varoufakis.
“The usually approach to solve Greece is to yield us like equals; not a debt
colony.”
19.59 “This is not a game; there is no Plan B. Just Plan A”
says Greece’s minister, in response to a doubt of either he is applying
a manners of Game Theory with a EU.
19.56
Yanis Varoufakis’ reason of rejecting of communique totally during contingency with that of Commission #greece #eurogroup
— Suzanne Lynch (@suzannelynch1) February 16, 2015
19.53 All we are stealing behind is a “nebulous” joining for
some coherence from Mr Djisselbloem, says Mr Varoufakis.
Under such conditions it was “impossible” for a Greek government
to pointer a communique.
Time for questions from journalists.
19.52 This ask was “withdrawn” by Mr Djisselbloem “which
took us behind to final Wednesday when we were pressurised into signing an
agreement of a extension.”
Varoufakis clearly considers Djisselbloem supporter boy, and this conflict on him is subtextual conflict on German duplicity
— Paul Mason (@paulmasonnews) February 16, 2015
19.48 Last week Mr Tsipras and a Eurogroup came to a “genuine”
agreement to examination a programme.
Mr Varoufakis says he met with Mr Moscovici progressing today, and was reasy to
pointer a communique that “recognised Greece’s charitable crisis, and
spoke of a need for a Greek supervision to extend a stream loan
agreement. This would lead to a four-month middle programme as a
transitory theatre for a new agreement for growth, deliberated in this four
month period.”
“This breeze also settled a EC would yield technical assistance of
Greece.”
“On a groundwork of this understanding, we were some-more than happy to apply
for a loan agreement to be extended. Beyond that we are prepared to offer a
series of conditionalities.”
19.47 At final week’s assembly Greece deserted any progression of the
agreement, pronounced Mr Varoufakis.
The reason we were inaugurated was to plea this programme “which is
partial of a problem, not partial of a solution.”
“It would be an act of disguise to guarantee a partners we will
finish a programme we were inaugurated to challenge.”
19.46 Why is there no communique from today’s meeting? Mr
Varoufakis:
“The reason is a estimable feud on either a charge is for
Greece to finish a programme that this supervision was inaugurated to
plea a proof of.”
This programme “has catastrophic to brace Greece, has generated a major
charitable crisis, and has finished reforming Greece ever so hard.”
“A debt deflationary spin like that gifted in Greece does not
lend itself to successful reforms.”
19.44 Here we go…
19.43 Mr Varoufakis’s attainment is approaching in an insinuate looking
groundwork press room.
19.34 Some confidence during last. Hurrah (!)
At slightest SYRIZA has managed to combine a other 18 € countries. Long time given Berlin, Paris, Rome a others were so assimilated up. #Greece
— Mats Persson (@matsJpersson) February 16, 2015
19.33 Will be enchanting to see what Mr Varoufakis creates of today’s
developments.
Earlier this morning he penned an opinion square in a New York Times in which
he claimed not to be enchanting in “bluffs, stratagems, or struggling to
urge on a diseased hand.”
19.27
Worth remembering that costs of any Greek redemption would be common opposite EU nations, some of that have their possess internal difficulties.
— Stephen King (@KingEconomist) February 16, 2015
19.22
Waiting for Varoufakis. Is this a impulse people start observant Lafazanis Lapavitsas usually could be right? #Grexit pic.twitter.com/93b78bgqDo
— Bruno Waterfield (@BrunoBrussels) February 16, 2015
19.20 A summation of events so distant today.
• A leaked Eurogroup breeze deal, that demanded Athens continue
to accommodate existent purgation and debt arrangements, was discharged out of hand
by a Greek government
• This led to an evident and beforehand finish to negotiations
between Greece and a eurozone’s financial ministers in Brussels
• The EU is now insisting there is no choice though for Greece
to ask an progression of a existent understanding in a bid to “buy time”
for it to continue negotiations
• Creditors are insisting this week is a “final”
deadline for any suitable arrangement. A new assembly could be convened on
Friday though usually if Greece creates a ask for an extension.
19.13 The action’s not over for a evening.
Next adult to residence a press is Yanis Varoufakis, Greece’s financial minister
who is due to pronounce during 7.30pm.
19.03
Friday is a deadline, says @J_Dijsselbloem. Suspect that is mobile though not a requirement for Greece to hook a knees on extension
— Bruno Waterfield (@BrunoBrussels) February 16, 2015
18.58 Athens siege continues. While all that was going on, Italy’s
financial apportion has pronounced he gives a Greeks no subsidy in their demands
Leaving a summit, Italy’s Finance Minister Padoan gives Varoufakis and SYRIZA 0 backing, around @LondonerVince
— Mats Persson (@matsJpersson) February 16, 2015
Italian FinMin Padoan asked by journalist: “We going to see we on Friday?” His answer: “I have cupboard assembly in Rome on Friday”. #Greece
— Vincenzo Scarpetta (@LondonerVince) February 16, 2015
18.56
Shorter Eurogroup: Greece has to behind down, accept a programme. After that could cruise some changes, though not if they rivet money.
— James Mackintosh (@jmackin2) February 16, 2015
18.55 Mr Dijsselbloem concludes a QA with a repetition of
Europe’s final that Greece continue to heed by a existent bail-out.
“We still mount prepared to work with a Greek supervision to prepared for
a ask for a extension, and afterwards re-start a programme.
But we have to get a routine going. The usually thing it requires is a
ask for an extension.
A new programme however “will not demeanour unequivocally opposite – it is still
about despotic conditionality. It is still about debt and fiscal
sustainability. It would still be about a fast financial sector.”
18.50 Another Eurogroup assembly will usually be convened after this week
should a Greeks ask an progression of their deal, pronounced Mr Dijsselbloem.
This is critical to “restore trust” between a parties, adds the
Dutchman.
18.49
Greece will remove €10.9bn from a bank fortitude comment on 28 Feb if no extension, says @J_Dijsselbloem. That means banks remove a pivotal buffer
— Bruno Waterfield (@BrunoBrussels) February 16, 2015
18.47 When a stream bailout understanding expires for Greece during a finish of
this month, there will be, as with any member state, a offer which
provides income with conditionality should it be requested, says Mr
Dijsselbloem in response to a doubt from Bruno Waterfield.
18.46 The monitoring by a Troika – now famous as a “Institutions”
– did not clearly uncover where a 70-30 separate between a supposed and
unceremonious reforms lay, says Mr Moscovici.
18.43
I’ve been told #Eurogroup pennyless adult even before financial ministers got a probability to plead breeze #Greece statement
— Peter Spiegel (@SpiegelPeter) February 16, 2015
18.42 Ms Lagarde of a IMF is up. More linguistic turns from her this
time: “An progression continues an existent programme, and a overpass is
with a viewpoint to what is next,” she says.
18.40 EU semantics in full flow
So a quarrel continues over “extension” (euro) contra “bridging solution” (Greek). “They’re opposite difference though same solution”.
— Emily Purser (@EmilyPurserSky) February 16, 2015
Eurogroup Greek presser branch into a contention of linguistics: “there are difference and there are things”. Now defining that is which.
— James Mackintosh (@jmackin2) February 16, 2015
18.38 Mr Dijsselbloem:
The best approach brazen is for an progression of a stream programme.
We need a joining that a Greeks are critical about this.”
18.37 The eurogroup are now watchful for a ask for an progression of
their stream deal. It is usually afterwards that a creditors will start to think
about providing a supervision with some flexibility, says Mr Moscovici. “Then
we can work with substance.”
“We contingency be logical; not ideological.”
18.35 Only a Troika can confirm either there can be a relexation of
mercantile manners for Greece, says Mr Dijsselbloem. In a binned draft
agreement, Europe is still perfectionist Greece run a primary bill over-abundance of
4.5pc subsequent year.
18.34 Mr Dijsselbloem is hire his belligerent on final for a Greek
over-abundance and purgation measures:
There has to be a joining for a Greek supervision to accept a main
facilities of a programme, and a budgetary targets can't derail.
These are a commitments we need to keep us broadly on track.
18.32 QA time with Mr Dijsselbloem…
18.26 Pierre Moscovici of a Commission has now taken a stage. He’s
propelling team-work from a Greeks.
French Socialist @pierremoscovici position on Greece, manners are rules, programme is programme, we’ll be interlocutors though usually on that basis
— Bruno Waterfield (@BrunoBrussels) February 16, 2015
.@pierremoscovici: to use coherence a critical to equivocate uneven movement and act on groundwork of cooperation
— Open Europe (@OpenEurope) February 16, 2015
.@pierremoscovici: will continue to rivet in discourse with all a partners that will honour a vote
— Open Europe (@OpenEurope) February 16, 2015
18.24 Mr Dijsselbloem adds that this week is a final week left to
confirm either Greece stays in a bailout programme. Another assembly of
financial ministers could be convened for Friday, he adds.
18.23 Mr Dijsselbloem:
“There should be an undeniable agreement by Greece to honour its
obligations”.
There should also be a joining by a Greeks to successfully conclude
a programme. We should have a declaration that this is their intention.
“On this groundwork we mount prepared to continue a negotiations. The next
step contingency come from a Greek authorities; they have to make adult their mind
if they wish an progression of a stream programme.”
18.21 Mr Dijsselbloem:
The best approach brazen is for a Greeks to find an progression of the
programme.
The categorical reason is that in ongoing discussions, we simply need some-more time.
and a best approach to do that is to extend a stream programme and this
would concede us to work on destiny arrangements.
Such an progression would concede for a Greeks to use a “normal
flexibility” of a programme.
18.20 The outcome of a final agremeent, was that we did “not
finalise an agreement” says a eurozone chief.
In ubiquitous “there is a slight clarity of disappointment” during the
outcome of a talks and “no organisation common ground” on how many of
a existent bailout will be conformed to by Greece, adds Mr Dijsselbloem
18.17 The press matter from a conduct of a Eurogroup Jeroen
Dijsselbloem has begun. Mr Dijsselbloem starts by praising Portugal’s
economy…
18.13 Game Theory anyone?
So it looks like operation ‘talk all night + grasp nothing’ is being transposed by operation ‘let them sweat’ #Greece
— Jonathan Ferro (@FerroTV) February 16, 2015
18.10 Here’s what’s happened to a euro opposite a dollar after that
news.
18.02
Nobody working maturely: Eurogroup putting brazen stupid statement, Greek supervision for leaking it provocatively.
— Stanley Pignal (@spignal) February 16, 2015
The adhering indicate in Greek negotiations is a insistence by euro-zone ministers that Greece extend a stream bail-out deal.
— Gavin Hewitt (@BBCGavinHewitt) February 16, 2015
18.00 After this remarkable decrease in communication, a eurogroup’s
arch Jeroem Dijsselbloem will be delivering a press discussion imminently.
You can watch
live here.
17.53 In a thespian spin of events, talks have collapsed. That
matter has put a kybosh on any serve talks between Greece and its
creditors for currently during least.
It’s over – extraordinary irritation from eurogroup with that breeze statement
— Bruno Waterfield (@BrunoBrussels) February 16, 2015
17.48 It’s flattering transparent that tools of a breeze Eurogroup statement
are “absurd” to a Greeks.
The crossed out elements subsequent come directly from a coop of Yanis Varoufakis,
reports Sky’s Ed Conway. It seems a Greek financial apportion took displeasure to
a idea that Greece will finish a stream bailout programme.
“We discussed a process priorities of a new supervision on a basis
of work undertaken by a institutions and a Greek authorities.
The Greek authorities have indicated that they intend to
successfully interpretation a programme, holding into comment a new
government’s plans.
We intend to make a best use of a existent built-in coherence in the
stream programme. The Greek authorities gave their organisation joining to
refrain from uneven movement and will work in tighten agreement with its
European and ubiquitous partners, expecially in a margin of taxation policy,
privatisation, work marketplace reforms, financial zone and pensions.”
17.40 Reports that a Eurogroup assembly has now been “put on hold.”
That deserted matter seems to have thrown some silt in a wheels.
#awk… EU Official Says Eurogroup Meeting Put on Hold
— Joseph Weisenthal (@TheStalwart) February 16, 2015
17.37 Bruno Waterfield’s got reason of a content of that breeze statement.
The second eurogroup matter deserted by Greece pic.twitter.com/QbrHWE4cBm
— Bruno Waterfield (@BrunoBrussels) February 16, 2015
17.35 The adhering indicate in that breeze matter seems to be the
doing of a ‘Memorandum of Understanding’ and a attached
purgation measures for a new Greek government.
A matter from a Greeks reads:
“Some people’s insistence on a Greek supervision implementing a bailout
is irrational and can't be accepted.
“Those who keep returning to this emanate are wasting their time. Under such
circumstances, there can't be a understanding today.”
17.20 If Greece and a creditors don’t come adult with some acceptable
agreement to extend a country’s existent agreement, or some-more ambitiously,
come adult with a new one, afterwards it could put a European Central Bank in a bit
of a bind.
The ECB will accommodate on Wednesday to confirm either or not to continue providing
puncture liquidity to Greek banks. The ECB has authorised puncture funding
for Greek banks value €65bn. If Greece is not longer partial of any bailout
agreement, this assistance could be cold all-together, effectively
transfer a nation out of a euro.
17.15 Some unpromising news rising from today’s meeting. A draft
matter due by a Eurogroup has been discharged as “absurd”
and “unacceptable” according to Greek supervision sources quoted by
Reuters.
There’ll be no understanding so no all-nighter here during eurogroup. Midnight. Still leaves wily emanate of a matter after a disturbance final Weds
— Bruno Waterfield (@BrunoBrussels) February 16, 2015
16.50 Coffee time, folks
Apparently Varoufakis has been observant he is dynamic to negotiate by a night if necessarily. Other finmins contend midnight during latest
— Ed Conway (@EdConwaySky) February 16, 2015
16.30 If we had hopes of a discerning fortitude to events today, throw
them out of a window.
Finance ministers are are finished with a preliminary and are now commencement to get
to a tasty stuff. More than dual hours after we kicked off.
Eurogroup ministers have now dispensed with a other pieces of a agenda: discussions on #Greece are underway.
— Jennifer Rankin (@JenniferMerode) February 16, 2015
16.00 The parallels between today’s financial kinship and a Gold
Standard of a inter-war duration are mostly noted.
Much like a malfunctioning bound sell rate complement that forced
deflationary policies on Europe’s economies after a war, today’s eurozone
has also forced a top cost of composition on a weakest nations.
Abandoning bullion led to a likes of a UK and a Nordic countries to emerge
fastest from a inlet of a Great Depression.
Doing a same might be some-more formidable for today’s struggling eurozone
economies.
Just been listening to Barry Eichengreen on EMU. Much easier to leave 1930s Gold than €. Break-up risks off broader trade/market collapse
— A Evans-Pritchard (@AmbroseEP) February 16, 2015
15.30 So with financial ministers settling turn a table, what’s on the
agenda?
Last week’s assembly between Greece and a creditors finished as somthing of a
damp squib. But some emergence of a intensity Greek understanding did emerge.
• Prime Minister Alexis Tsipras has pronounced he is peaceful to accept
about two-thirds of a purgation plans laid out by a creditors,
and renegotiate on a remaining third.
• Greece would also like all speak of a Troika to be banned,
referring to a ECB, IMF, and EU instead as “institutions”
• More crucially, a new supervision is perfectionist a “bridging
agreement” to assistance keep a nation afloat while it continues
talks.
This would expected rivet a lifting of money by a distribution of
short-term T-bills. So far, Greece has reached a extent on T-bill issuance
and would need a ECB to nudge on this, in lapse for some form of
conditionality.
• Otherwise, a relaxation of Greece’s primary over-abundance targets
from their stream 4.5pc of GDP, to around 1.5pc has also been touted. This
would concede a supervision to lift out some of a mercantile enlargement plans
such as lifting a smallest salary and re-hiring private zone workers
• A debt-write off is all though an stupidity right now, but
this does not obviate a poignant debt redemption for Greece in a form
of a bond barter with enlargement related bonds, or a distribution of incessant bonds
that would extend out Greece’s maturity
15.10 Could it be a box of David v Goliath today? Well, arrange of
This #Merkel vs #Tsipras boyant strides opposite streets of perfume during today’s carnival. #Greece predicament everywhere. pic.twitter.com/G1uYSuLai3
— Maxime Sbaihi (@MxSba) February 16, 2015
15.05 Panic over everyone. Yanis is in a building.
Ok. Sounds like @yanisvaroufakis has usually arrived during #Eurogroup meeting. We can embark a waiting.
— Peter Spiegel (@SpiegelPeter) February 16, 2015
15.00 Hmmm…the eurogroup assembly seems to have kicked off though the
categorical captivate – Yanis Varoufakis.
Not accurately certain where is he right now, though rumours he could be meeting
alone with a Commssion’s economics tsar and a eurozone’s Jerome
Dijsselbloem
Other sources: Varoufakis assembly alone with Dijsselbloem, Moscovici
— Demetris Nellas (@dn1164) February 16, 2015
Varoufakis nonetheless to seem during eurogroup assembly http://t.co/tlR3XJnTZ3 pic.twitter.com/MxsRNmzFoX
— Forex News™ (@WorldForexNews) February 16, 2015
14.35 Writing
in a New York Times today, Greece’s financial apportion pronounced his
nation would not cranky a “red lines” it has presented to its
creditors.
Well, Mr de Guindos of Spain, says his nation also has a red line: the
amends of all of Greece’s loans in full. Zing.
14.25 Contender for a soundtrack for today’s meeting, pleasantness of the
Rolling Stones and Immanuel Kant
Today’s Varoufakis oped finished me cruise of a good line from Hedwig: “You, Kant, always get what we want.”
— Joseph Weisenthal (@TheStalwart) February 16, 2015
14.14 Could it be a box of a northen creditor confederation v a rest today?
Germany, Austria, and now a Fins have all come out singing from a same
strain piece today.
Finland, who are due to reason a ubiquitous choosing subsequent month, have been ardent
opponents of any Greek debt relief. And not many seems to have changed
today.
Finnish FinMin Rinne: Finland isn’t prepared to plead a new programme. Current programme is a groundwork for negotiations. #Eurogroup
— Jarno Hartikainen (@JarnoHa) February 16, 2015
There are softer tones rising from a rest however. Spain’s finance
apportion has now assimilated a calls from his French and Irish counterparts
about anticipating a compromise:
Spanish FinMin Luis de Guindos: We’ll be looking for fortitude that is “most profitable for everyone”, though “rules contingency be respected”. #Greece
— Open Europe (@OpenEurope) February 16, 2015
14.12 Lithuania, a newest members of a euro, are during a party
MT @gksteinhauser: “We all have to flow some H2O into a wine” in #Greece talks, says Luxembourg Fin Min. pic.twitter.com/ZODGQYUgl8
— Berlaymonster (@Berlaymonster) February 16, 2015
14.10 Our male during a Eurogroup Bruno Waterfield thinks Michael Noonan,
Ireland’s financial apportion is a flattering good pointer of where things stands
between Europe’s leaders.
Mr Noonan told reporters progressing currently he thinks there will be a pierce to give
Greece some-more time to negotiate a new debt understanding and a “the round is back
in a Greek justice to explain to a rest of us what accurately are looking for.”
Quotes from Bruno Waterfield:
The programme runs out for Greece during a finish of Feb and we don’t know
what their specific requests are.
So we would like it if a Greek financial ministers were to put specific
requests to a assembly today. Obviously many of a European countries are
fair to creation swell today. We would positively permit to a Greek
ask for an progression of a programme.
If that were to occur some of a roadblocks would decrease divided afterwards and it
would be probable to get down to specifics. Nothing happened over the
weekend that could be described as a breakthrough.
“The second choice would be a traffic of a new programme but
with a programme finale so soon, if it goes to a new programme, time
starts to run out.
“In my viewpoint progression of a programme is a many evident approach of
creation swell though we would order out both; an progression of a current
programme and a traffic of a new programme somewhere around
mid-summer.
14.00 The roar for *another* Eurogroup assembly grows
Slovak fin min Kazimir suggests he expects to come behind for another assembly after this week #Eurogroup #Greece
— Open Europe (@OpenEurope) February 16, 2015
13.58 Former Tory chancellor Norman Lamont has told Sky News Greece
needs an undisguised debt-write off should it stay in a euro.
The prospects of that function however are roughly nil, and no longer form
partial of a final being finished by Syriza from their creditors. A
progression of Greece’s debt profile, and a bond barter are some-more likely
outcomes.
Here’s
Mr Lamont in full:
I cruise a subsequent best thing would be if a vast partial of Greece’s debts were
usually simply created off, rather than extending, slicing a seductiveness rate,
that is indeed wiping off partial of their debt though sanctimonious we haven’t
finished so.
Frankly, we cruise a purgation that has been inflicted on Greece – and I’m
a believer of offset budgets, I’m a believer of purgation in many
countries – though we cruise what was imposed on Greece was usually not practical,
and we cruise it has been totally counterproductive.”
13.52 Should no understanding be resolved today, there might good be another
perpetual event of a Eurogroup scheduled after this week, with
Thursday or Friday touted as intensity dates.
Ireland’s Michael Noonan is hinting a finish of a week could be when we get
to do this all over again. Joy.
Irish FinMin Noonan: There is a remote probability for a new Eurogroup mtng on Friday if talks currently fail. #Greece
— Yannis Koutsomitis (@YanniKouts) February 16, 2015
13.50 A some-more concilliatory tinge is being struck by France’s finance
minister, who is concurring with Greece’s claims that it needs some-more time to
be means to negotiate a new bail-out arrangement.
French FinMin Sapin: Good fortitude on #Greece is progression of stream programme to concede time for talks ~RTRS /via @FGoria
— Yannis Koutsomitis (@YanniKouts) February 16, 2015
The Irish also seem to be on board. From their financial apportion Michael Noonan
Noonan: would positively accept a Greek ask for a progression of a programme, though zero happened in terms of breakthrough over wknd
— Open Europe (@OpenEurope) February 16, 2015
13.40 The good and good of Europe’s policymakers are creation their way
to a Eurogroup meeting.
Speaking to reporters, Germany’s Wolfgang Schauble has steady he is
distrustful about a chances of any understanding being struck and reiterated that
Greece needs to determine to extend a stream programme that expires during the
finish of a month.
His Austrian reflection has also pitched in:
Austria FinMin Schelling: Greece can't have new terms on a stream programme
— Live Squawk (@livesquawk) February 16, 2015
Περιμένοντας τους υπουργούς οικονομικών. W. Schauble- μόνη προταση στο τραπέζι η επέκταση του προγράμματος. pic.twitter.com/WkD57hB0Yk
— Eleni Varvitsiotis (@Elbarbie) February 16, 2015
13.25 Worried about a Grexit? Well investment bank Morgan Stanley are
giving their investors tips on how best to sidestep opposite a risk that could
emerge from a country’s ejection from a financial bloc.
MS cruise there is a 23pc probability Greece will be forced to leave, and are
recommending investors sell a euro and buy bonds in a interim.
13.10
Unfortunate chain of an ad on a Greek new site: pic.twitter.com/TjjAJfWbKX
— Grant Williams (@ttmygh) February 16, 2015
13.00 Greek bond yields are adult and bonds down currently as wish of a
successful finish to a Greek play evaporates.
Greece’s three-year paper has jumped 1.19pc, while a Athens benchmark index
is down 4pc.
12.30 Europe’s commissioner for mercantile affairs Pierre Moscovici, is
perplexing to revitalise hopes of a successful outcome from today’s talks.
Mr Moscovici, a former French financial minister, told a press there is
domestic will to strech a “positive conclusion”.
Déclaration à mon arrivée à un #Eurogroupe critical sur la #Grèce: solidarité et responsabilité/#Eurogroup doorstep http://t.co/nGXgsUGlHQ
— Pierre Moscovici (@pierremoscovici) February 16, 2015
#Greece Varoufakis – Dijsselbloem assembly resolved in Brussels #eurogroup
— Keep Talking Greece (@keeptalkingGR) February 16, 2015
12.20
Greece finished to feel acquire MT @EdConwaySky: Computers here during EC broken. “It’ll work in 5 minutes,” says EC man. “Five Greek minutes”
— Peter Spence (@Pete_Spence) February 16, 2015
12.15 Greece’s financial apportion has penned an
op-ed in a New York Times today.
Mr Varoufakis, famously a Game Theory educational in his prior life, argues he
is not enchanting in “bluffs, stratagems and outward options, struggling
to urge on a diseased hand” in Greece’s debt negotiations.
Instead, a “rock-star” financial apportion sees himself some-more as a
supporter of German Immanuel Kant, evoking a philosopher’s famous “categorial
imperative” that “taught us that a receptive and a giveaway escape
a sovereignty of profitableness by doing what is right.”
An excerpt:
The difficulty with diversion theory, as we used to tell my students, is that it
takes for postulated a players’ motives. In poker or blackjack this
arrogance is unproblematic. But in a stream deliberations between our
European partners and Greece’s new government, a whole indicate is to forge
new motives. To conform a uninformed mind-set that transcends inhabitant divides,
dissolves a creditor-debtor eminence in preference of a pan-European
perspective, and places a common European good above sparse politics, dogma
that proves poisonous if universalized, and an us-versus-them mind-set.
I am mostly asked: What if a usually approach we can secure appropriation is to cross
your red lines and accept measures that we cruise to be partial of the
problem, rather than of a solution? Faithful to a element that we have
no right to bluff, my answer is: The lines that we have presented as red
will not be crossed. Otherwise, they would not be truly red, though merely a
bluff.
Game idealist in see-through game-theory play: *VAROUFAKIS SAYS GREECE NOT BLUFFING IN TALKS WITH CREDITORS
— Jeff Black (@Jeffrey_Black) February 16, 2015
12.00
How enlivening that credentials for today’s #Eurogroup has begun with name calling. Wedgies to follow doorsteps this afternoon? #Greece
— Nick Malkoutzis (@NickMalkoutzis) February 16, 2015
11.55 In other financial apportion letter chat, France’s Michel Sapin has
hinted during a intensity multiplication between Germany and a rest of the
eurozone over how to best hoop Greece’s demands.
Speaking to France 2 television, Mr Sapin pronounced Europe’s leaders have to “find
a approach of functioning together”, and a new Greek supervision is “right”
not to concede to an progression of existent bail-out conditions.
His quotes in full:
The Germans are right from a certain indicate of view. Greece, not the
supervision of today, a country, sealed a series of agreements.
They contingency honour those agreements exclusively of a change of
government. But a Greeks say, and they are right, we support them, ‘we have
usually altered government, so we are not going to do all as before.”
11.40 Not promising. Germany’s financial apportion Wolfgang Schaeuble has
told a radio hire currently he is “very sceptical” any satisfactory
fortitude can be thrashed out currently assembly and called a new Greek
supervision “irresponsible.”
Mr Schaeuble told Deutschlandfunk: “Greece contingency see that we can’t keep
vital above your means and afterwards keep creation proposals for how others should
compensate even more.”
“I feel contemptible for a Greeks. They’ve inaugurated a supervision that’s
working flattering irresponsibly during a moment.”
11.35 In serve to today’s assembly between Greece and a creditors,
Wednesday will see a ECB accommodate in Frankfurt. The executive bank is expected to
make some preference on a sustenance of puncture liquidity (ELA) to Greek
banks.
This source of financing is fortuitous on Greece remaining in some semblance
of bail-out programme. By stealing it, a ECB would effectively be dumping
Greece out of a euro, heading to intensity material controls and the
reintroduction of a drachma.
Any opinion on withdrawing ELA would however need a two-thirds infancy from
a ruling council.
The arch economist of a ECB, Peter Praet, has hinted to a Spanish newspaper
that ELA might good continue whatever a outcome of today’s meeting.
ECB’s Praet to Jornal de Negócios on Greek ELAs: “When we have systemic crisis, might need coherence in terms of duration”. No cut-off yet?
— A Evans-Pritchard (@AmbroseEP) February 16, 2015
11.30
Nothing ever what it seems in EU-Land. Have graphic feeling ECB assisting Greeks distant some-more than vouchsafing on, perplexing to outmanouvre North
— A Evans-Pritchard (@AmbroseEP) February 16, 2015
11.10 An enchanting domestic expansion could be weighing on
Germany’s leaders in a run adult to today’s showdown.
The
eurosceptic Alternative for Germany
(AfD) has delivered an annoying blow to a German Chancellor Angela
Merkel by defeating her Christian Democrats in informal elections in
Hamburg.
The CDU saw their opinion share decrease by 5.9pc in one of their misfortune recorded
outings in new history.
In an meaningful pointer of a state of open view in Germany, a AfD- which
is not against to a EU – wants an finish to a singular currency, starting
with a exclusion of feeble behaving economies like Greece.
11.00 Three hours before we flog off in Brussels and Greek
daily Ekathimerini is stating a Syriza orator who has dubbed
Germany’s poise in a eurozone as “irresponsible.”
“Who is insane and who is obliged is subjective” Gavriil
Sakellaridis told Parapolitika. “I could also contend that Germany’s
function is irresponsible. But we don’t wish to trade in allegation words.”
10.30 In other eurozone news, a financial bloc’s trade over-abundance has
grew to a record in December. At €23.3bn, a euroarea’s trade over-abundance is
bigger than that boasted by China in a final decade.
Net trade also contributed 0.3pc to quarter-on-quarter GDP enlargement in fourth quarter
of 2014.
The eurozone’s trade over-abundance with a rest of a universe usually strike a record – €195bn in 2014, €24.3bn in Dec alone pic.twitter.com/lrZEQ7b6K9
— Gareth Gore (@gareth_gore) February 16, 2015
9.15 Stocks have taken a decrease forward of a Eurogroup meeting.
The sense is that Greece’s left wing supervision won’t be means to make
a deal with a creditors today.
Jeremy Cook, arch economist during banking organisation World First, said: “If we
get some form of concede today, that will apparently give EU parliaments a
fortnight to opinion on it.”
“I am positively cancelling any skeleton that we had on Feb 27, to make
certain that we am here to cover what is expected to be a 13th hour meeting, to
make certain that Greece is not though a bailout come Mar 1,” he
continued.
And they’re down again. Greek bonds -4%. Banks misfortune performers on Stoxx Europe 600 forward of Eurogroup assembly pic.twitter.com/hetaanprwX
— Deirdre Bosa (@dee_bosa) February 16, 2015
9.00 Here’s a best sense of what’s entrance up, and when (all
times GMT).
• 9.30 Technical lecture forward of categorical Eurogroup assembly (EC
website)
• 12.30 Finance apportion arrive – design brief comments as they
do (EC
audiovisual)
• 14.00 Meeting starts (EC
website)
We’re not certain when this will all hang up, though remember that Wednesday’s
assembly finished after 11pm, with a presser after midnight.
Greek Finance Minister Yanis Varoufakis, fourth right Photo: AP
8.30 Greece’s finances are now in a unsafe state.
At a start of a month Bloomberg
was told a nation could face a “cash crunch” as early
as March.
Investment bank JP Morgan has pronounced that Greek bank deposits are now
descending during a rate of €2bn a week (£1.48bn).
It warned that during such a gait a country’s banks will run out of
material in 14 weeks.
Total outflows have strike roughly €21bn this year, with €4bn of that in
February, a bank said.
This implies that bank borrowing from a European Central Bank and a Bank
of Greece has reached scarcely €80bn in a year to date.
8.15 All eyes on Greece today, as Yanis Varoufakis, the
country’s financial minister, presses for a concede with his European
peers.
He wants a weight of Greece’s debts reduced, though has so distant been
unsuccessful. Wednesday’s Eurogroup
assembly finished in deadlock.
Comments from Wolfgang Schaeuble, a German financial minister, on
Monday morning also lacked promise.
Speaking in a radio talk with Deutschlandfunk, a apportion pronounced that he
was “very sceptical” that a Greek fortitude will be reached today.
French financial apportion Michel Sapin pronounced that any Greek debt writedown
would be a “worst message”, as fears grow that any understanding would
widespread contamination into other states.
If a understanding is not struck, afterwards Greece will toe serve towards a expiry of an
assistance programme supposing by a Troika – stoical of a EU, European
Central Bank, and International Monetary Fund.
Article source
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