Euro zone leaders - Greece must do more to earn rescue

[GliderGuider]

Source: Reuters

Euro zone leaders told near-bankrupt Greece at an emergency summit on Sunday that it must restore trust by enacting key reforms before they will open talks on a new financial rescue to keep it in the European currency area.

Leftist Prime Minister Alexis Tsipras will be required to push legislation through parliament from Monday to convince his 18 partners in the monetary union to release immediate funds to avert a Greek state bankruptcy and start negotiations on a third bailout programme.

But German Chancellor Angela Merkel, whose country is the biggest contributor to euro zone bailouts, said the conditions were not yet right to start negotiations, sounding cautious in deference to mounting opposition at home to more aid for Greece.

"The most important currency has been lost and that is trust," she told reporters. "That means that we will have tough discussions and there will be no agreement at any price."

Read more: http://uk.reuters.com/article/2015/07/12/uk-eurozone-greece-idUKKBN0P40FR20150712

---

In the words of Voltaire, "il est bon de tuer de temps en temps un amiral pour encourager les autres"...

[PoliticAverse]

1. I'm just going with the Golden Rule...

"He who has the gold makes the rules."

[fasttense]

2. Make Greece beg to be abused. n/t

[turbinetree]

3. Love thy neighbor.........................except ............

have all the Greek citizens standing on street corner with a card board sign begging for food, work, there pensions, medical coverage ect......... and then tell them from the lips of one ------German Chancellor Angela Merkel--------------------

"The most important currency has been lost and that is trust," she told reporters. "That means that we will have tough discussions and there will be no agreement at any price."


So Angela-------where's Goldman Sach's in this fiasco of greed------------


Reminds me of some criminal enterprise in this country in 2008, lets give the Goldman Sach's of the world a tax break for there greed, and then charge the masses and then continue charging them fees when they got our money from a central bank called the treasury at .01% and then keep the 9 to 27% interest on loans like cars, credit cards, ect..................... and guess what we have in this country people standing on the street corner with card board signs

Honk----------for a political revolution Sanders 2016

[enlightenment]

4. I believe Voltaire was

indulging in satire, yes?

The Troika will reap what they sow.

[starroute]

5. The language was satiric, but England had really done it

http://www.historytoday.com/richard-cavendish/execution-admiral-byng

Aged fifty in 1756 when the Seven Years’ War broke out, Byng, now a full admiral, sailed with ten ships of the line to Gibraltar. His orders were to prevent the French in Toulon from capturing the British stronghold of Fort St Philip on the island of Minorca, and to this end he was to carry a detachment of 700 men from the Gibraltar garrison to Port Mahon.

When Byng reached Gibraltar, however, he discovered that the French had already landed a sizeable force on Minorca and were besieging the fort. He and his council of war decided against landing more troops and he wrote to the Admiralty to explain that carrying out his orders would not stop the French and would be a needless waste of manpower.

The letter, which arrived at the end of May, aroused consternation and fury in London. George II said flatly: ‘This man will not fight!’ Then came news of an inconclusive encounter in June between the British fleet under Byng and the French, from which the French had sailed away scot free, and late in June Fort St Philip surrendered. Byng was summoned home and put under arrest on arrival. Mobs went about chanting ‘Swing, swing Admiral Byng’ and the court martial, which convened at the end of December, was reported in detail in all the newspapers. Byng was charged with ‘failing to do his utmost’. He defended himself, but the court found against him and with the utmost reluctance sentenced him to death.

The government ignored the court’s unanimous recommendation to mercy and George II declined to use his prerogative to spare Byng. In a howling gale in Portsmouth harbour that March day a heavy coffin was hoisted on board the Monarch at 7am. It was already inscribed, ‘The Hon. John Byng, Esqr. Died March 14th 1757.’ The admiral himself followed and by 11am boats were bringing officers from every warship in the harbour and numerous other vessels were heaving up and down filled with eager spectators.

[enlightenment]

10. And it created

very big problems for the Royal Navy - the ship's captains and admirals were not exactly thrilled (which I think is Voltaire's point).

I suspect the Troika will discover that nations don't like it any more than the Royal Navy.

[Jeff Murdoch]

6. At this point, Grexit looks pretty much a done deal.

[link:http://www.theguardian.com/business/live/2015/jul/12/greek-debt-crisis-eu-leaders-meeting-cancelled-no-deal-live|

[Nye Bevan]

7. The Parthenon Presented by Facebook?

The Google Delphi Theatre?

How much money would this kind of corporate sponsorship raise?

[Fred Sanders]

8. The Iron Bank of Germania does not negotiate, it dictates.

[roamer65]

9. Sieg Heil!

[Bosonic]

11. This is like a European episode of "The Thick Of It"

Ed Conway, Economics Editor of Sky News, columnist at The Times.

Me: How are the talks going?
EU source: "Shitty."
Me: "Getting more shitty or less?"
Source: "Pretty steady level of shittiness" #Greece

https://twitter.com/EdConwaySky/status/620367769591263232

[candelista]

12. The 50 Billion euros in Greek assets would go to Schäuble's "Institution for Growth."

From the Guardian:

Incidentally, our readers flag up that the organisation which could take control of €50bn of “valuable Greek assets” is linked to none other than Wolfgang Schäuble himself.

12 July 2015 10:25pm

The Press Project has done some digging on the Luxembourg "Institution for Growth" to which the 4-page eurogroup paper demands that €50bn of Greek state property must be transferred. Guess what. This Luxembourg "institution" is wholly owned subsidiary of German KfW and the chairman of its board is a certain Wolfgang Schäuble.

The Institution for Growth was announced just two years ago, by Schäuble and Greek PM Antonis Samaras.

http://www.theguardian.com/business/live/2015/jul/12/greek-debt-crisis-eu-leaders-meeting-cancelled-no-deal-live#block-55a2dbc2e4b07fc6a121fc70

Will Schäuble own the Parthenon?

[GliderGuider]

13. Reminds me of roadside forfeiture laws in the USA... nt

[roamer65]

15. That's why Darth Schauble is so pissed.

He and Samaras we're going to raid those assets until Mr Tsipras's election stopped that dead in its tracks. Good work, Guardian!

This is retribution against Tsipras and the Greek people.

[Recursion]

19. It sounds like the Brady Bonds Latin America used 30 years ago

They put up some hard currency or other assets in escrow (the Parthenon won't work because it has to really be in escrow) and this allows private banks (which is where this risk really should be) to negotiate with the country. The thing is, this only makes sense if the implication is that the target currency isn't "hard", meaning that Schäuble is at least tipping his hand that he expects Greece to be on the Neo-Drachma soon.

[candelista]

21. Update: Apparently they have pulled Schauble's Institute out of the equation.

But the plan to seize $50B of Greek assets is still there. Maybe they thought that giving it to Schauble was "over the top."

[davidpdx]

16. Does Greece have to go down on the rest of Europe to make them feel "bigger" about themselves?

Sorry Greece, you didn't "earn it". You need to do better.

[davidpdx]

18. Yeah that is creepy

It is amazing that someone can become president and not have any idea that culturally people have different needs in terms of their space. Too bad she didn't turn around and deck him.

[Nitram]

20. "Greece must do more to earn rescue"

- kiss our asses
- clean our houses
- do some work on our landscaping
- sit at the back of the bus
- get down on your knees with your heads down whenever we drive by
- use the service entrance