Political, financial turmoil in Greece

From-

https://twitter.com/hashtag/greeceonfire?src=hash&vertical=default&f=tweets



No, I don't think they all started by themselves, spontaneously.

Speculation here that it's some kind of protest:

http://www.usatoday.com/story/news/world/2015/07/17/greece-protests-bailout--germany-parliament-approves/30293393/

ATHENS — Much of Greece was ablaze Friday, as authorities suspected arson in more than 50 fires that might be linked to protests over austerity measures forced on Greeks by European creditors as the price for a new $96 billion bailout.

The government declared a state of emergency in parts of the country and evacuated people living near the blazes, which have caused power outages. One of the largest fires was on the outskirts of Athens. It covered the sky over the capital in grey smoke and sent firefighting helicopters and airplanes rushing to the scene.

The number and intensity of the blazes forced the cash-strapped Greek government to ask for help from nearby countries, including — notably — Germany, the country many in Greece blame for insisting on the hard-line terms of the bailout plan. Germany is a major creditor of Greece.

Greek Prime Minister Alexis Tsipras, who was forced to accept those harsh terms, reshuffled his cabinet Friday after 38 of 149 members of his ruling Syriza party — including two cabinet ministers and two deputies — refused to vote for the bailout package Wednesday. His left-wing party was elected in January on a pledge to resist new austerity demands, but Tsipras changed course this week after it became clear that the only alternative was national bankruptcy and ouster from the 19-nation zone that uses the euro.



I would have thought having words with the politicians that shafted the Greek public this week would have been more productive than destroying the countryside and harming wildlife, personally.

Totally agree with you Bonny.  You should not sh*t in your own back yard......

A very interesting chart:

http://www.zerohedge.com/news/2015-07-17/when-it-comes-total-debt-greece-not-much-worse-france-or-usa


When It Comes To Total Debt, Greece Is Not That Much Worse Than France (Or The USA)

I suspect Ms le Pen will prove to be made of much sterner stuff than Tspiras, will most certainly have a Plan B involving francs and Uncle Vlad, and generally channel de Gaulle.

Somebody needs to.  The Western world cannot continue to be pushed around like that.

http://www.zerohedge.com/news/2015-07-19/long-lines-expected-greek-banks-risk-cautious-reopening



The head of Greece's banking association Louka Katseli urged Greeks, who will be able to withdraw 420 euros a week at once instead of just 60 euros a day, to put their money back.

"Tomorrow when the banks reopen and normality is restored, let's all help our economy. If we take our money out of chests and from our homes - where they are not safe in any case - and we deposit them in the banks, we will strengthen the liquidity of the economy," she told Skai television on Sunday.

Put money in a Greek bank? MWAHAHAHAHA

My friends, this was taken from The Portugal News newspaper:

http://www.theportugalnews.com/news/pm-takes-credit-for-greek-deal/35343

PM takes credit for Greek deal
BY BRENDAN DE BEER, IN NEWS · 16-07-2015 14:34:00 · 0 COMMENTS
The creation and subsequent location of a privatisation fund as dictated by the Eurogroup during last-ditch negotiations with Greece was this week reportedly the final stumbling block in brokering a bailout deal with Athens and one which also threatened to derail the entire process.

But according to the Portuguese Prime Minister, disaster was averted at the 11th hour when the delegation from Lisbon came up with a solution to overcome the impasse.

Speaking on Sunday evening, Pedro Passos Coelho revealed to reporters that Portugal might just have saved the day during arduous Greece-EU talks.

“I must say that, curiously, the solution which ended up unblocking the final problem that remained unsolved with regards to the privatisation fund, originated from an idea which I myself suggested”, the Portuguese Prime Minister told a surprised audience.
“This means, that as a matter of fact, we acted in a way that helped to unblock the problem”, Passos Coelho said at a press conference at the end of the eurozone summit.

He reiterated this point by stressing once more that “it was precisely an idea which I tabled which ended up being used by negotiators with the Greek Prime Minister.”

But with Pedro Passos Coelho still revelling from what he described as a decisive intervention, social media was quick to satirise his comments.

Following the creation of the hashtag #PorAcasoFoiIdeia Minha loosely translated as “a matter of fact it was my idea”, tweets about the Portuguese Prime Minister quickly became the most popular trend on Twitter.

Pedro Passos Coelho became the target of a series of tweets, with comments like “Approving unconstitutional budgets? It was my idea”, “The cure for Aids? You haven’t got one yet? When you do, it was my idea” and also reference was made to the arrest and jailing of former Socialist Prime Minister José Sócrates, “Operation Marquês? It was my idea.”

Other references such as the Portuguese 25 April Revolution, the Moon landing and September 11 were other posts which flooded Twitter and Facebook the past week and sarcastically attributed to the Portuguese Prime Minister.


Personally, I would have thought he had enough financial problems on his hands in Portugal, without claiming to have 'rescued' Greece, but hey ho!

That's politicians for you.

Sigh.....

It's not as if the 'problem' has even been solved, it's just been kicked a few more months down the road.

http://www.zerohedge.com/news/2015-07-21/buffett-johnny-depp-snap-cheap-greek-islands

See there Greek pensioners who are living off €120/month? A private island right in your own backyard is far more affordable that that ski chalet in Aspen you weren’t looking at.

And it's not just Buffett doing the buying:

ANA-mpa reported that American actor Johnny Depp also purchased a Greek island late last week for €4.2m. The island of Stroggilo is located in the Aegean Sea near the popular Marathos island.

Brad Pitt and Angelina Jolie are also reported to have expressed interest in the Greek islands.


Bunch of bloody vultures.

Do Brangelina not own enough of Europe already, while they lecture the rest of us about what we're supposed to do with economic migrants?

What do they really know about Europe anyway?

Oh. Europe's where they buy huge tracts of land, stay safely behind high walls and locked gates, and lecture us plebs about how nasty and greedy we are.

I will LMAO if the next Greek government nationalises the island and kicks them out to make way for holiday resorts.

Now that would make more sense.

There's little sensible about anything that's happening just now in Greece, Lily.

The Troika has slapped huge VAT increases on everything - and especially on services and goods which involve holidaymakers.

Now, in no sane world does it make sense to make holidays in Greece MORE expensive; it would have made more sense to remove VAT entirely and boast about the availability of cheap holidays in Greece, with the proviso that the catering may not be five-star sometimes.

That would help stimulate the Greek economy, though, which is not the object of the exercise. Remember, all the money raised by these increases is going OUT of Greece, mainly to French and German banks.

I foresee that this will lead to an even bigger black market in Greece, and even more tax dodging where possible, while the economy goes down the toilet because it is MORE expensive, which discourages visitors.

lily wrote:What do they really know about Europe anyway?

Nowt, actually! I have a financial manager who looks after my investments and he suggested a few weeks ago that I could pick up a couple of those islands for a song if I was so inclined. As I have no conections whatsoever with Greece and couldn't see what I would get out of such a deal, I said no. I would rather make investments that would benefit the family. LL

You're not a 'celebrity' like Ms Jolie though, LL, living in ultra-luxury on assorted gated and walled estates, emerging occasionally to lecture us peasants about how evil we are. Bunch of spoiled hypocrites.

bb1 wrote:There's little sensible about anything that's happening just now in Greece, Lily.

The Troika has slapped huge VAT increases on everything - and especially on services and goods which involve holidaymakers.

Now, in no sane world does it make sense to make holidays in Greece MORE expensive; it would have made more sense to remove VAT entirely and boast about the availability of cheap holidays in Greece, with the proviso that the catering may not be five-star sometimes.

That would help stimulate the Greek economy, though, which is not the object of the exercise. Remember, all the money raised by these increases is going OUT of Greece, mainly to French and German banks.

I foresee that this will lead to an even bigger black market in Greece, and even more tax dodging where possible, while the economy goes down the toilet because it is MORE expensive, which discourages visitors.

Does that mean that they can ensure the islands stay more er......exclusive?

bb1 wrote:You're not a 'celebrity' like Ms Jolie though, LL, living in ultra-luxury on assorted gated and walled estates, emerging occasionally to lecture us peasants about how evil we are. Bunch of spoiled hypocrites.

I'm just an 'ordinary guy' as you well know.  A clean-living genuine human being with no wish to be famous.   LL    

http://www.zerohedge.com/news/2015-07-21/greeks-laugh-bankers-implore-depositors-return-money-banks-are-trustworthy

President of Greek Banks Association Louka Katseli appealed at the citizens to return their money to the banks. “Banks are absolutely trustworthy,” Katseli told Mega TV “as guaranteed by the ECB and the Bank Association, but they would have been even more powerful if 40 billion euros had not been withdrawn in the last months.

Katseli, a former PASOK Minister, appealed to citizens to return their deposits to the banks “now that the banks are open” after a three-week holiday and capital controls.

“Let’s all help our economy,” Katseli urged Greeks and added “If you take your money out of your chests and houses – which are not safe in any case – and deposit at banks, this will enhance liquidity.”

“?here will be no need to “haircut” deposits in the future if we all act responsibly,” she added -cheerfully I suppose.

Katseli’s appeal triggered laughter among Greeks and one stressed with hint to capital controls “Oh yes! I will bring my money back to the bank and get it back 60 by 60 euro.”

Another one noted “Ah sure! Banks will never see my money again, I prefer to buy tonnes of peanuts with it.”

I didn't think Greeks were daft enough to take their money out from under their mattresses and put it back in banks, to be doled out to them as the Troika sees fit.

And why would ANYONE trust a Greek government to act 'responsibly' after recent events?

You would not.  In fact it probably reinforces the need to keep everything away from them....

Exactly, Lily. And the rich will have got their money to safety long since; it's the people that maybe have a small nest egg for a rainy day that are in danger of losing the lot if they let anyone official get a sniff of it.

The ultra wealthy must be appreciative at the thought of cut price islands though......

This explains rather a lot....

http://www.zerohedge.com/news/2015-07-21/tsipras-asked-putin-10-billion-print-drachmas-greek-media-reports

I was just reading that, Lily - I suspect Putin is playing a longer game. Not least because of this:

http://www.rt.com/business/310283-greece-russia-pipeline-europe/

Greece has put a lot of effort into a gas deal with Russia and will keep on working on the South European gas pipeline despite pressure from the EU former Greek Energy Minister Panagiotis Lafazanis said.
The pipeline is a €2 billion extension through Greece of the Russia-led Turkish Stream project.

READ MORE: Russia, Greece sign €2bn deal on Turkish Stream gas pipeline

“We have put in a lot of effort to sign an agreement with Russia on the southern European gas pipeline from Turkey’s border to Central Europe despite pressure and obstacles. Greece may move onto a new path with an independent energy policy,” Lafazanis said Monday during the handing over of power to new energy minister Panos Skourletis.

“The European Union is continuing to pressure, attempting to stop the southern European gas pipeline project and its implementation,” Lafazanis added.

New minister Panos Skourletis backs Lafazanis’ position, saying that Greece supports the joint construction of a pipeline with Russia which will be part of Turkish Stream in Greek territory.

"We support the plan for the construction of the Greek-Russian gas pipeline on our territory. It opens new opportunities for us, which should be used," Skourletis said.

Greek Prime Minister Alexis Tsipras reshuffled his Cabinet on Friday replacing government members who voted against further austerity. Panagiotis Lafazanis was replaced then with Labor Policy chief Panos Skourletis. Of the 300 Greek lawmakers, 229 voted in favor of the austerity bill, 64 voted against it, while six abstained. The Greek parliament’s approval of the austerity bill was needed for talks on the third €86 billion aid package to take place

READ MORE: US urges Greece to reject Turkish Stream, focus on Western-backed project

Lafazanis repeatedly said that Greece would continue supporting the Russian gas pipeline. In May, Washington was calling on Athens not to abandon West-backed Trans-Adriatic Pipeline (TAP) project in favor of Turkish Stream.

The Russian project is more profitable for Athens than the TAP, according to Lafazanis, because Greece would own part of it and the project “will have higher tariffs." The project which is fully financed by Russia will create 20,000 jobs in Greece.

At present, Athens and Moscow are working out the details to construct a segment of the South European gas pipeline starting on the Greek-Turkish border that will the EU to be supplied. During the St. Petersburg Forum in June, the two sides signed a memorandum to set up a joint company to construct the pipeline.

The pipeline is supposed to supply 47 billion cubic meters of gas a year. Investment in the construction will amount to €2 billion. Construction will start in 2016 and will be completed by 2019.

Greek state-owned Energy Investments Public Enterprise SA and Russian Vnesheconombank will be partners in the project.

The 1,100 kilometer Turkish Stream pipeline will have four lines and an annual capacity of up to 63 billion cubic meters (bcm) of gas. About 16 bcm will be supplied to Turkey while the remaining 47 bcm will go to a hub on the Greek - Turkish border to be transported onwards to Europe.

It is replacing the South Stream project which Russia suspended in December as the EU blocked its implementation.

All very murky.