‘Greece might no longer be a country by the end of this week’

There are only losers in the agreement clinched on Monday at dawn by Greek prime minister Alexis Tsipras and his eurozone partners. First and foremost the Greek people and the German and European leaders, believes the European press.

After a deal between Greek and eurozone leaders was hammered out following 17 hours of arduous negotiations, there is really nothing to cheer about, writes Michał Sutowski in Krytyka Polityczna. “With PM Tsipras’ back against the wall, the German government has pushed through nearly all its conditions; it’s a minor consolation for the Greeks that a ‘temporary Grexit’ turned out to be a negotiation stunt rather than a real proposal and that the restructuring fund will be located in Athens instead of Luxembourg”, writes Sutowski. He stresses that the negotiations have clearly shown the EU leaders’ goal was “to crush the Greeks’ resistance and not to reach a compromise” –

Angela Merkel had a chance to join the pantheon of the great, in a way, of “progressive” European conservatives. Had she forced through, against the German press and her own finance minister, a civilized reform package in exchange for a partial debt restructuring, she would have been on the same footing with Otto von Bismarck and Benjamin Disraeli. It seems though that she decided to become a ‘thrifty housewife’ instead.

Greek debt crisis reaches ‘DEFCON 1’ as savers pull €400m in ONE DAY and markets plunge

PANIC has descended on Greece as the debt-stricken country careers out the eurozone – with savers pulling millions in cash while investors continue to flee financial markets.

The Greek Prime Minister today blasted Athens’ European Union creditors who he said were trying to “humiliate” and “strangle” Greece into making proposed spending cuts in return for bailout cash.

Alexis Tsipras confirmed that talks have completely stalled, with the two sides in total stalemate over austerity measures.

The Reason Why The Eurogroup Rushed To Approve The Greek Reform Package?

If you haven’t figured out the Germany through its Troika proxy is what runs the show in Europe, then this should suffice:

 

 

As we noted earlier today, there was some confusion over the plight of the Greek reform proposal document, which initially was said to have been delayed until today, only for the Troika, pardon, Institutions, to flip around and say they had actually received it before midnight on Monday. How could the two be possible? Courtesy of Yannis Koutsomitis, who had the simple but profound idea of looking at the properties tab in the leaked Varoufakis draft of the agreed to proposals, we now know.

As it turns out, the reason why not only the Troika received an agreed to version of the Greek reform proposals “before midnight on Monday”, but rushed these through with a favorable agreement today, is that, drumroll, the European Commission drafted the entire letter!