- European Commission Plans to Find Alternative to Troika of Greek Creditors
- Greece goes ‘cold turkey’ on loans: France to support debt relief, no chance of write-off
- Greek Elections Can Spark
Shift to European ‘New Deal’
“Nigel Farage commonly used “troika” to explain how the Greek government was run after the euro crisis in Greece. Farage pronounced “troika” as a derogatory term to refer to a “dictatorship” that is composed of a member of the International Monetary Fund, European Central Bank, and European Commission that “flies into Athens Airport and tells what the Greeks can or can not do.” [Wikipedia]
Greece, under the Syriza administration, is keeping its campaign promise of not taking any more bailout funds from the Union nor fully cooperating with it, effectively destroying the Union itself.
No less than Eurogroup chief Jeroen Dijsselbloem admitted this to be a fact.
Spaniards may be navigating g on the same track.
It is interesting to note that while Germany is threatening Greece about further “haircut”, or that the latter could be facing shortage of paper money soon, Russia is offering to bail Greece out should it decide to ask for it.
All of these mind-blowing events are happening within the first week only of Syriza Party”s hold on the Greek government. Yanis Varoufakis, the new finance minister, is also a blogger.
Watch the BBC interview on Yanis Varoufakis, too. It’s pretty clear the Cabal journalist is having a hard time.
Caught On Tape: Dijsselbloem To Varoufakis: “You Just Killed The Troika”
Submitted by Tyler Durden on 01/31/2015 11:58 -0500
Amid ‘turmoiling’ stock markets on Friday, CNBC’s Simon Hobbs summed up the status quo’s thinking on the new Greek leadership when he noted, somewhat angrily and shocked, “The Greeks are not even trying to reassure the markets,” seeming to have entirely forgotten (and who can blame him in this new normal the world has been force-fed for 6 years) that political leaders are elected for the good of the people (by the people) not for the markets. Yesterday saw the clearest example yet of Europe’s anger that the Greeks may choose their own path as opposed to following the EU’s non-sovereign leadership’s demands when the most uncomfortable moment ever caught on tape – the moment when Eurogroup chief Jeroen Dijsselbloem (he of the “template” foot in mouth disease) stood up at the end of the EU-Greece press conference, awkwardly shook hands with Greece’s new finance minister, and whispered…”you have just killed the Troika,” to which Varoufakis responded… “wow!”
As Keep Talking Greece reports,
The joint press conference was concluding, when Greek Finance Minister Yanis Varoufakis droped a last bombshell. “…and with this if you want – and according to European Parliament – flimsily-constructed committee we have no aim to cooperate. Thank you.” Varoufakis was referring to the famous Troika, the country’s official creditors consisting of the European Union, the International Monetary Fund and the European Central Bank..
After concluding with a “Thank you” Varoufakis gives the word to Eurogroup Chief Jeroen Dijsselbloem, who wants to hear the translation first. Then he takes off the ear phones, he stands up and sets to leave. An enforced-looking shaking of hands delays the departure of the Dutch FinMin.
Dijsselbloem quickly whispers something to Varoufakis’ ear, he briefly replies back and the Eurogroup chief leaves the press conference hall as soon as it was possible.
Video: the Awkward Greek-Eurogroup Moment
The whole afternoon, Greek and international media were trying to find out “What the hell did they two men said to each other!?”
Private Mega TV reported short before 9 pm on Friday.
Eurogroup chief whispered to Greek FinMin’s ear “You just killed the Troika” and that Varoufakis replied with a simple “WOW!”
Dijsselbloom slides his hand away
Back remains Varoufakis with one palm open and the left hand stuck in his pocket – relaxed Greek style
The two men talk for a couple of minutes with lips hidden from the cameras.
Dijsselbloem leaves without turning back to watch his interlocutor.
I don’t quite understand why Dijsselbloem is sour. I’m sure that Varoufakis told him the same things when they had their 2-hour face-to-face talks.
Unless they were talking about Gouda and Feta and the Greek FinMin surprised him when he said at the press conference, that the Greek government will not negotiate with the Troika.
And furthermore, why is he offended? He is chief of the Eurogroup, he does not represent the Troika…
Most probably he was expecting a Yes-Man behavior like in the past with HOHOHO-jocker Jean-Claude Juncker, when he was Eurogroup head.
Juncker – FinMin Venizelos
Juncker – Spanish FinMin
* * *
Later that evening Yanis Varoufakis gave an excellent more in depth interview with BBC’s Newsnight… to explain why Greece will not accept more debt from the EU…
* * *
One final thought – how long before this chart converges?
Angela Merkel rules out Greece debt cuts as Syriza refuses to cooperate with troika
Syriza has pledged to have half of bailout debt cut
The German chancellor Angela Merkel has ruled out debt cuts for Greece, saying Athens had already been forgiven billions of euros by private creditors and banks.
The left-wing party Syriza emerged victorious from last week’s elections after vowing to halve Greece’s debt. Greece’s new government insists it will honour pre-election promises to cut the country’s rescue loans and scrap painful budget measures that were demanded by the troika – the European Commission, European Central Bank and International Monetary Fund – in exchange for the bailout.
Merkel said in an interview with the Berliner Morgenpost, published on Saturday, that Europe will continue showing solidarity with Greece and other strugglers “if these countries undertake their own reform and saving efforts.”
Asked whether there will be a debt cut for Greece, Merkel replied: “I don’t see a further debt haircut.”
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