http://www.theguardian.com/business...accepts-harsh-austerity-as-bailout-deal-nears Looks like Varoufakis was the real deal, Tsipras has bent over
Greek MPs to vote on bailout plan 3 minutes ago Catharina Moh reports: ''Greece's reform package will now be scrutinised by experts'' Greek MPs are to vote later on whether to back PM Alexis Tsipras's tough new proposals to secure a third bailout. The proposals are aimed at staving off financial collapse and preventing a possible exit from the eurozone. Eurozone finance ministers will examine the new proposals, which include pension cuts and tax rises, ahead of a full EU summit on Sunday. Correspondents say Mr Tsipras's new plan contains many elements rejected in a referendum last Sunday. He is likely to face opposition from the left of his own Syriza party. However, a parliamentary spokesman for Syriza, Nikos Filis, said he was confident parliament would give the government the mandate to negotiate the new bailout package. The coalition government has 162 seats in the 300-strong parliament and also has the backing of many opposition MPs. Analysis: BBC's Mark Lowen in Athens Greece's parliament is likely to give approval to negotiate the deal, because support from the opposition will outweigh critics on the far left of the governing Syriza party. But with the tax hikes and pension reforms very similar to what the creditors were originally demanding, what has Alexis Tsipras achieved by holding last Sunday's referendum? Possibly some concessions on debt relief and growth measures - or possibly by showing Greeks that he was fighting until the 11th-hour, it will strengthen his hand here and allow him to implement the reforms. There will, though, be plenty of critics who say he was elected because he promised to end austerity and he won a "No" vote just last Sunday. And now he's gone back on virtually every pledge. Bbc neews
Anyone know what Mr Jin Average has tied up in their local Chinese sharemarket? How exposed are the people to all this?
From what i have read the China stock market is a full 80% Mum and Dad investors. So if that is even close to true the citizens are the big losers.
Meanwhile, the plans face possible opposition in Greece for having embraced many of the austerity measures rejected at a referendum last Sunday. Earlier, a spokesman for Mr Tsipras' Syriza party said he was confident MPs would give the government the mandate to negotiate the new bailout package. The coalition government has 162 seats in the 300-strong parliament, and also has the backing of many opposition MPs. However, the BBC's Mark Lowen in Athens says that Mr Tsipras has made a major climb-down. Mr Tsipras has asked eurozone and other creditors for 53.5bn ($59.47bn) to cover Greece's debts until 2018. He submitted the proposals to Greece's creditors - the European Commission, the European Central Bank and the International Monetary Fund - by the Thursday deadline they had set. The measures submitted in the new Greek document include: tax rise on shipping companies unifying VAT rates at standard 23%, including restaurants and catering phasing out solidarity grant for pensioners by 2019 300m ($332m; 216m) defence spending cuts by 2016 privatisation of ports and sell-off of remaining shares in telecoms giant OTE scrapping 30% tax break for wealthiest islands Greece's creditors have already provided more than 200bn in two bailouts since a rescue plan began five years ago. The second bailout expired on 30 June. Greece's banks are still closed and the 60 (43; $66) daily limit on cash machine withdrawals for Greeks, imposed on 28 June, remains in force. With a shortage of 20 notes, for many the limit is in effect 50. BBC News
Aparently a deal has been reached over a third Greek Bailout, (circa 9am Brussels time - after the key people have been putting in an all nighter) but there is not sign of spikes on fx markets so Im not sure whats happening. and there is no Grexit, says Commission president Jean-Claude Juncker. http://www.theguardian.com/business...sis-eu-leaders-meeting-cancelled-no-deal-live
Yep i just watched ABC 24 news and a new deal of 50Billion has been done. It will take a few weeks to all be processed apparently. Ther will be NO Grexit! (well at least for now).
Key Points Eurozone leaders agree to a deal over Greece after night-long talks Greek parliament will have to pass deal agreed in Brussels EU's Juncker 'convinced' that Greek parliament will pass deal Merkel: Greek debt relief 'out of the question' Greek assets to be put in special fund to help fund banks BBC news
I'm not so convinced, there are no significant concessions to the Greeks, people who voted no are going to be pissed. I'm not saying the greeks shouldn't have done the deal, I think Tsipras has done the right thing ultimately even if it's probably at a higher cost than might have otherwise been had. I think you can expect protests and possibly a parliamentary backlash. The real details haven't been hashed out though and I don't think the public has come to grips with this 50B fund. Details of how liquidity and capital controls are going to be managed I'm the short term haven't been worked out either. This story isn't over and even though we've had 3 good sessions I think there's more to hear from China as well.
I think they will need to pass some reforms through parliament as a show of good faith before a deal is done
[youtube]http://www.youtube.com/watch?v=1JSBhI_0at0[/youtube] Source: cbc.ca This wednesday and thursday at midnight east coast australian time
http://www.reuters.com/article/2015/07/14/eurozone-greece-latest-idUSL8N0ZR0TG20150714 Mark Carney is doing some jawboning saying they are closer to UK rate rises http://www.bloomberg.com/news/artic...-for-first-boe-rate-increase-is-moving-closer
Gouliamaki Greek prime minister Alexis Tsipras has defended a bailout deal struck at a eurozone summit, saying although it had been "a bad night for Europe" and "imposed" on Greece, the agreement saved it from exiting the euro and must be implemented. "I am fully assuming my responsibilities, for mistakes and for oversights, and for the responsibility of signing a text that I do not believe in, but that I am obliged to implement," Mr Tsipras said in an interview on public television. Mr Tsipras said he had fought a battle to not cut wages and pensions, adding that the fiscal adjustment agreed to in the deal was milder than adjustments agreed to in the past. The prime minister, who faces strong discontent within his Syriza party over the deal, said Greece must stick to the deal and added that he intended to serve a full four-year term, ruling out early elections. "I won't escape these responsibilities and will try to implement my political programme over a four-year period," he said. "The hard truth is this one-way street for Greece was imposed on us." With around 30 hardline Syriza politicians threatening to oppose the latest tough reforms demanded by Greece's international creditors, Mr Tsipras faced the unenviable task of turning to pro-austerity opposition parties to push the deal through parliament by Wednesday. ABC
I was thinking last night about just what they threated Greece with to make Greece backflip so quickly and make them accept the 'bad deal'. Perhaps a 'Libya' intervention, or establishing Greece as a battleground for some war. It must have been a blanching discussion.
Why not just a nice cash deal for the politicians and a promise of silence and immunity from prosecution for certain indiscretions that security agencies had uncovered?
The latter perhaps, but being elected gives them no money worries. I assume there is some skerrick of patriotism there, so I imagine a big stick rather than a carrot.
Greece debt crisis: IMF attacks EU over bailout - http://www.bbc.co.uk/news/business-33531845 IMF says it doesn't want to give any more money.
IMF says Greek debt is 'highly unsustainable' Growth forecasts for Greece unrealistic says IMF Greek parliament due to vote on bailout offer Wednesday night Greek Prime Minister Alexis Tsipras faces rebellion in his own party All times BST (GMT+1)
