BREAKING….Troika, Greeks reach austerity agreement

Eurogroup ‘will meet Friday’ to rubber stamp aid…and produce a sweetener.

Some of you may have noticed the millions of cubic metres of praise for Greece’s austerity efforts  pouring out of various EU capitals, Brussels and Berlin last week. Such orchestrated stuff is usually the preface – a ‘softening up’ process – prior to eurozone leaders cutting a deal of some kind. Last week Greeks bad guys, this week Greeks good guys, next week compromise.

News coming in from Athens this morning suggests that the last bit of this process fell into place last night, when the Troika and Greek leaders led by Finance Minister Yiannis Stournaras (above) reached a final deal on the austerity measures necessary to release the next E31bn tranche of bailout monies.

As predicted here six days ago, I also understand from The Slog’s Brussels mole that the Commission still hopes to slip some additional aid and debt forgiveness under the radar along with the agreed 31bn aid package. And in turn, “The message from Brussels is to finish with the Greek issue as soon as possible and take advantage of the good climate towards Greece,” said a correspondent working for private Greek TV station Alpha last night.

The same source also believes that the Troika will submit its report on Greece to Eurozone finmins this coming Wedneday, and that there will be ‘an extraordinary meeting’ of the Eurogroup forum two days later. Stournaras denied all knowledge of such a meeting.

Enormous pressure has been exerted by the French to get this deal moving. In turn, they have laid great emphasis on immediate and direct expenditure to recapitalise Greek banks. As the Emporiki giveaway showed last week, this French desire is far from philanthropic.

Catch up on the latest smoke signals here


27 thoughts on “BREAKING….Troika, Greeks reach austerity agreement

  1. Pingback: John Ward – Breaking… Troika, Greeks Reach Austerity Agreement – 22 October 2012 | Lucas 2012 Infos

  2. Troika Report to Finmins on Wednesday :
    “Greek economy continuing to go backwards thanks to our meddling, Greeks not keeping to any promised austerity anyway, Evangelos Venizelos not worth bribing anymore, Greek banks empty, (money being looked after by HSBC in Geneva), No tax revenues as all tax collectors made redundant, Athens awash with lots of very recently printed Euros where ink is not quite dry yet. “

    Eurogroup Meeting on Friday:
    “Never mind, Auntie Angie says to bribe the Greeks with EUR 31B anyway, …….. they just have to promise not break up their Coalition Govt and give her Alexis Tsipras to deal with instead……..”

    …Indeed a most ” Extraordinary Meeting “ coming up later this week !!


  3. As long as the Greeks can be persuaded to start paying their taxes, they might find that their deficits start to decline.

    That is, after all, what this is all about, isn’t it?


  4. The problem is not so the lack of Euro’s, being in the Euro, Externals whether Germans/French/English/Americans etc etc… Greece is morally bankcrupt. This is a far more serious issue that needs to be dealt by the people first and before any new systems are rebuilt from tax to Education, Hospitals and everything else in between.

    In order for Greece to mend all Greeks in Greece need to leave abroad and be replaced by Greeks that have been abroad for a generation or 2.

    How quick do you think systems will be built by Canadians/Australian/ Americans Greeks? One generation of hard work me thinks…

    Why is this not in the news?


  5. Salford Lad: I’m at a loss for words that AEP would be so naive to publish such an article.

    “IMF’s epic plan to conjure away debt and dethrone bankers” Are you serious?

    The IMF ARE bankers.


  6. @ Graham , no tax collector has been made redundant , they all get paid even if they collect no taxes or were found to take bribes , NOT A SINGLE ONE OF THEM , never , they still reign as before and as one of them told me in summer when i was trying to do my taxes as an over seas greek and complained that he was not doing his job so i can finish the damn thing “we did not work before you want us to work now that they are cutting our salaries ? ”
    The day that one of them is sucked of put to jail , hope will appear for Greece in the horizon .


  7. @Nick , what positions ? what player ? Did you see what is happening with the greek shipyards , the investors bought and now they find that the agreement is invalid .What a joke! If the country is run by an idiotic mafia no serious investors will come , only mafia style , grap and run style and probably russians .One thing is sure , the country will no benefit a bit from this kind .( not to mentioned Tsipras threatening that he will reverse all agreements and sales when he comes to power , what kind of serious investors will you expect ?)


  8. Dear Gemma, you have an open invitation from me to come to Greece, whenever you want. The catch would only be to show you first hand why some Greeks don’t pay some taxes and why all Greeks don’t want to pay any taxes.


  9. @yana: the destruction of the Greek shipyard industry is indeed so tragic that every time i study it i end up in anger and tears. Wish i had the spare time to translate the story and put it in JWs attention, as for this tragedy, a great portion of the responsibility falls on Berlin and Brussels (and the rest on Greek cronies and unions).
    In Grecopoly, as said, the players have been gathering. Hans is there with very good connections built in the past years.
    Bob and Shlomi have been worried that Hans will buy out almost everything. They will probably try to get rid of the present mafia, which is mostly loyal to Hans, and no more local reputation…Therefore more “lists” are expected. Some Greek politicians might step on the block that states “Go directly to Jail”.
    Sasha and Lin Tai Yu are also there – building their own connections Clearing the present mafia is most helpful to them, as it creates gaps and new chances. So they will all align against Hans, and Hans has no other choice but to spend about 31bln, to stay in the game.
    All of them perform market research at the moment. Railways and Utilities have to wait. What they are looking to buy as a start is MSM and Political Parties.


  10. Tassos

    that is fair enough, and I can easily understand why some Greeks can’t pay their taxes. As to those who don’t want to pay theirs, they need lining up along with the bankers.

    If you are not prepared to pay taxes to your government, are you surprised when other taxpayers attach stringent conditions when they do??


  11. Gemma,
    never said we can’t pay taxes, we don’t want to. I understand that you assume there is a State that strives to serve its citizens and surely it needs revenues to do so. The ugly truth is most of the tax money goes wasted to bribes and poor, inefficient services that end up costing extra money from our pockets.I wish no other European citizen was forced to lend money to us.At least not before our State is demolished and rebuilt.The money will go wasted and what you should be furious about is that European leaders know all about that. Greece is just an excuse to milk you beyond what you are obliged to. Please stop feeding the Greek “monster”for as long as it behaves as one.


  12. Pingback: REVEALED: Golden Dawn leader’s last job: | A diary of deception and distortion

  13. What a terrible position to be in!

    I can’t imagine you wanting total anarchy, but there you go. I had hoped that German administrators sorting out your bureaucracy might help?

    As to demolishing the state, you could do worse than bring the Americans in, they seem very good at that sort of thing.


  14. Gemma,
    Total anarchy is not my thing.Destroying bureaucracy is more accurate but unfortunately your fellow Germans can’t do much either, I’m afraid.It’s bigger than them.Only us can get rid of our current political establishment but we are so pessimistic right now and so scared,we can barely make it through the day…emotionally as well as financially.


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