30 April 2015 - Greece softens its approach and already offers 51% of Piraeus harbour

It is obvious that Greece wants to postpone a commitment on 1 of its 3 major points:
1) labour market
2) pensions
3) taxing rich people,

but it already presents other gifts in order to make lenders more happy....as 51% of Piraeus harbour:

http://uk.reuters.com/article/2015/04/29/uk-eurozone-greece-ports-idUKKBN0NK2E520150429

29 April 2015 - Greece has to choose at least 1 of 3: pension reform, labour market reform, taxation

(Reuters) - Euro zone officials sought to wring policy concessions from Greece on Wednesday to unlock urgently needed aid after Athens said it would present a list of reforms for legislation to show it is serious about implementing its promises.

The draft bill was not expected to include major novelties beyond measures already discussed with EU and IMF lenders, but Athens is hoping it will speed up slow-moving talks and permit at least an initial deal to ease its searing cash crunch.

The reforms, including some privatizations and tax steps, were to be outlined to senior euro zone finance ministry officials in Brussels on Wednesday. They will be assessed in more detail when technical-level teams from Greece and the lenders meet on Thursday, Greek government officials said.

Despite lenders' scepticism, Greece's government is hoping an interim deal can be struck before a May 12 payment of 750 million euros to the IMF that Greek officials have suggested could be difficult to make without more aid.

However, a senior euro zone official involved in the talks said that to secure any deal, Greece would have to make a substantial concession on at least one of three disputed issues - pensions, labor market reform and taxation.

"We need to see a very significant policy move on the Greek side this week to recreate confidence the process," the official said, speaking on condition of anonymity.

"It could be pensions, it could be the labor market but ... they have to pay the political cost. The Eurogroup wants to see that political cost being paid."

The lenders have said a partial disbursement of frozen aid is not possible until Greece has presented and implemented a full list of reforms. Athens is hoping an initial deal will prompt the European Central Bank to loosen restrictions that prevent Greek banks from buying more Treasury bills.

"We are now aiming at a 'minimum', let's say, agreement in which we combine some things that we will agree to implement immediately with the relaxation of the ECB restrictions," Deputy Prime Minister Yannis Dragasakis told Sto Kokkino radio.

TIGHT LEASH

The ECB has kept Greek banks afloat but on a tight leash while talks with lenders continue. It raised the cap on emergency liquidity assistance available for Greek banks by 1.4 billion euros to 76.9 billion euros on Wednesday, a banking source told Reuters.

Figures published by the ECB showed that the Greek banks continued to leak deposits in March, but at a slower pace than in the first two months. The euro zone official said they were still well capitalized, but their fate hinged on the continued solvency of the Greek government.

The discussion with lenders on detailed legislation is meant to underline the government's serious intent, after the lenders accused Prime Minister Alexis Tsipras' government of dragging its feet and failing to produce results.

The euro zone official said it was vital that Greece discuss the legal texts with its partners before putting them to parliament and not just present a "take it or leave it" package, immediately leaked to the media, making negotiation impossible.

The proposals will include tax and public administration reforms, a tax on television broadcasting rights and on TV advertisements, a Greek official said. Tourists on popular Greek islands will be required to use a credit card for transactions of more than 70 euros in an effort to crack down on tax evasion.

28 April 2015 - Tsiparis reshuffled team and has renewed hope 'deal within a week'

http://www.bbc.co.uk/news/world-europe-32493005

27 April 2015 - Greece reshuffles negotiation team EU

ATHENS, April 27 (Reuters) - Greek Prime Minister Alexis Tsipras on Monday reshuffled his team handling talks with European and IMF lenders, a move widely seen as an effort to sideline embattled Finance Minister Yanis Varoufakis to a less active role in negotiations.

An anti-austerity economist who has angered peers with his brash style, Varoufakis is facing calls to quit after returning from a meeting of euro zone finance ministers in Riga isolated and empty-handed while Athens scrambles to avoid bankruptcy.

Tsipras and senior aides formally expressed support for Yanis Varoufakis at a meeting on Sunday and agreed the finance minister would supervise a new team negotiating a reforms deal with lenders, a government official said.

But Deputy Foreign Minister Euclid Tsakalotos - an economist well-liked by officials representing creditors - was appointed coordinator of the group, the official said, elevating him from his current position and giving him a more active role in the negotiations.

The latest developments suggested Tsipras was ramping up efforts to strike a deal with lenders to unlock aid so that Greece can avoid a default or national bankruptcy.

Greek two-year yields fell over 100 basis points to the day's low of 24.87 percent after the news, reversing an earlier rise.

"The Eurogroup meeting in Riga showed Varoufakis was more or less isolated and it seems that Tsipras has understood that," said Felix Herrmann, a market strategist at DZ Bank. "The market is a bit relieved...(that) his influence has decreased."

http://www.dailymail.co.uk/wires/reuters/article-3057310/Greek-govt-reshuffles-EU-IMF-negotiating-team-Riga-debacle.html

27 April 2015 - eu-commissioner-moscovici-greeces-position-is-in-the-eurozone/

http://greece.greekreporter.com/2015/04/27/eu-commissioner-moscovici-greeces-position-is-in-the-eurozone/

26 April 2015 - Defaulting not desired; sure is that Greece cannot make July/August without deal

http://www.rte.ie/news/2015/0422/695833-greece/

Greece's economy minister George Stathakis has told RTÉ News that a potentially damaging debt default by Greece was "out of the question."

He said that Greece defaulting on an International Monetary Fund loan, due for repayment on 12 May, would trigger "enormous instability" in the country, with "very, very negative effects".

However, Mr Stathakis also declared that Greece did not have the resources to repay two European Central Bank loans, amounting to some €7.6 billion, which fall due in July and August.

26 April 2015 - ECB is Greece's best helper; beware 3,5 bn has to be repaid to ECB in July

http://www.afr.com/news/world/europe/how-much-longer-mario-draghi-keep-greece-on-life-support-20150426-1mticm

25 April 2015 - Sphere impression from Riga, Latvia: Varoufakis totally isolated.....

http://www.firstpost.com/fwire/isolated-in-debt-talks-greek-finance-rebel-gets-the-cold-shoulder-reuters-2213028.html

25 april: ANZ research: unlikely Greece will ever come to agreement - 'Grexpulsion' -

http://www.moneycontrol.com/news/fii-view/greece-dealeu-partners-unlikely-anz-research_1366683.html

'Grexpulsion':

http://www.telegraaf.nl/dft/goeroes/alexandersassenvanelsloo/23967699/__Straf_voor_Griekenland__.html

Dombrovski's: currently no GDP growth in Greece;

http://www.timesofmalta.com/articles/view/20150424/business-news/doubts-increasing-on-greece-eus-vice-president-dombrovskis.565333

Leon Corrnelisssen, chief economist Rabo, thinks Grexit is unlikely due to high cost for EU:

http://www.rtlnieuws.nl/economie/robeco/kans-op-griekse-schuldendeal-groter-dan-op-grexit

EU frustration over Greece boils over at eurogroup meeting

http://www.ft.com/intl/cms/s/0/962eac8a-ea83-11e4-a701-00144feab7de.html#axzz3YJKDplhA

Varoufakis now admits that leaving the eurozone is an alternative, especially if demands from EU are high (Varoufakis more or less 'threatens' with Grexit'):

http://www.powned.tv/nieuws/buitenland/2015/04/varoufakis_dreigt_met_grexit_a.html

The timeline of scheduled Greek repayments (see post 24 April, Guardian) will bring much clarity in May!

TIMELINE:

OVERVIEW OF REQUIRED GREECE REPAYMENTS AND TO WHOM - MAY 1- JUNE 30

http://www.theguardian.com/business/2015/apr/24/greek-debts-what-does-it-owe-when-will-the-money-run-out

24 April 2015 - Finance ministers 'hammer Greece' at Eurogroup meeting - live updates

http://news.google.nl/news/url?sr=1&sa=t&ct2=nl_nl%2F0_0_s_0_0_t&usg=AFQjCNH7FKWUfMPe-fylwuQdScBWt5yyuQ&did=2419621e0a027fb7&sig2=qBhlsHVpRDe0BA3DK8McoQ&cid=52778815972364&ei=cRM6VcCuL4bn1Aaj5IC4Dw&rt=STORY&vm=STANDARD&url=http%3A%2F%2Fwww.theguardian.com%2Fbusiness%2Flive%2F2015%2Fapr%2F24%2Feurozone-finance-ministers-hold-greek-debt-talks-live-updates

OVERVIEW OF REQUIRED GREECE REPAYMENTS AND TO WHOM - MAY 1- JUNE 30

http://www.theguardian.com/business/2015/apr/24/greek-debts-what-does-it-owe-when-will-the-money-run-out

Recipee for disaster

http://www.sltrib.com/opinion/2429643-155/crook-eus-intransigence-on-greece-is

Greece & EU Dijsselbloem: 'Time is running out for deal'

http://www.bbc.com/news/business-32445535

23 April - EU forces Syriza to knee down - but Greece govt. rather prefers to have its head chopped off, including chaos when payments default, than to compromise too much

The euro as fixed-exchange-rate-currency - excellent anlysis by: http://www.ekathimerini.com / Bloomberg


http://www.ekathimerini.com/4dcgi/_w_articles_wsite3_1_22/04/2015_549319

23 April 2015 - Dombrovskis (EU) expects Greece deal in May

http://uk.reuters.com/article/2015/04/23/uk-eurozone-greece-dombrovskis-idUKKBN0NE0GI20150423

but 'progress is no good'

In addition, May 1 (200 m) and May 12 (750 m) repayments to IMF may be missed,
as well as economic decline due to 'lack of money in order to trade,
as well as default on pension and salary payment

One hopes Greece is already printing many drachmae for the night of June 30 to July 1!

Otherwise riots or a little civil war in Greece may be expected

Philippe Blankert, internetavenue@outlook.com

22 April 2015 - Greece hopes to scrape 2,5 bn internally till begin of June - what after that?

http://www.dailysabah.com/economy/2015/04/22/greece-hopes-for-25b-euros-from-cash-from-state-entities

22 April 2015 - Timeline from now (22 April) till June 30, 2015, last day EU money can go to Greece under current agreement

Very convenient timeline:

http://www.reuters.com/article/2015/04/22/eurozone-greece-idUSL5N0XJ3SQ20150422

22 April - Greece govt scrapes last cash everywhere in country to pay salaries on April 24 and IMF on May 1 and 12

22 April - Greece govt scrapes last cash everywhere in country to pay salaries on April 24 and IMF on May 1 and 12

http://news.xinhuanet.com/english/2015-04/22/c_134175273.htm

22 April 2015 - Greece won't present plans on April 24, Riga

http://www.reuters.com/article/2015/04/22/us-eurozone-greece-wieser-idUSKBN0ND0RH20150422?feedType=RSS&feedName=topNews&rpc=71

Scenario thereafter?

May 1: default of 200 m to IMF
S&P: junk status
May 12: default of 750 m to IMF
End of May:
- Greece will have to pay salaries partly in drachme
- private economy will want drachma to contiue trade?

June 30: reforms still not good enough, Greeces MISSES last tranche opportunity of 7,2 bn euro bailout

22 April 2015 - Good comments by Scott Pickering

http://www.investing.com/analysis/greece-–-just-waiting-for-the-fat-lady-to-sing!-249196

21 April 2015 - EU top 24 April will not lead to consensus, IMF refuses to postpone due dates of 1 May (200 m) and 12 May (750 m euro)

Greece still has possibility to get the last tranche of the bailout program, 7,2 bn, offer expiring June 30.

At the moment, Greek plan are now way af enough EU ministers will agree to 7,2 bn on April 24.

12 May Greece is due to repay IMF 950 bn, and IMF chief Lagarde set IMF never postponed a due date last 30 years.

Varoufakis asked for postponement of Greece’s upcoming payments to the IMF (€200m on May 1st and €750m on May 12th),

Greece' total amount of due repayments to IMF in May plus June are €2.5 billion ($2.7 billion) in total.

IMF rejects postponement of any due date.

http://www.economist.com/news/europe/21648733-no-extensions-greeces-debt-crunch

End of April Greece will have to choose to pay EITHER a) salaries in euro b) IMF in euro's on May 1 and 12.

Philippe Blankert 21 April 2015 - internetavenue@outlook.com

http://euro-drachma-grexit.blogspot.nl/

21 April 2015 - Country that is in default CANNOT LEGALLY be expelled from euro if its banks are ok

21 April 2015 - Country that is in default CANNOT LEGALLY be expelled from euro if its banks are ok

- a very important comment of Victor Contancio, in

https://news.google.nl/news/rtc?ncl=drJeiYGD_0CS-rMp83bmguVMolFyM&authuser=0&ned=uk

That is why ECB will not put Greexe out of euro zone

ECB is thinking of preparing 'IOU's = I owe u's'

Greece governmnent would give these T-bills to banks

Greece pleads for more cash, so its econpmy and trading can run again

http://blogs.channel4.com/paul-mason-blog/greek-cash-call-critical-eurogroup/3593

But Greece KNOWS it cannot be expelled from euro zone, that is why it can rely on ECB for more cash, because GR creditors are also interested on a flourishing Greek economy. 'Money makes the world go around', so it is in debtors advantage to give Greece more money.

Colleague-countries are not prepared, but ECB, Draghi, is prepared.

Greek call for cash before EU meeting 24 April: http://blogs.channel4.com/paul-mason-blog/greek-cash-call-critical-eurogroup/3593

Philippe Blankert 21 April 2015

http://euro-drachma-grexit.blogspot.nl/

21 April 2015: golden tip: already start with second, parallel currency, as Claude Hillinger explains.....

https://rwer.wordpress.com/2015/03/04/the-greek-government-should-create-a-second-currency/

Who is ready to start a bank, based on the moon, that can generate accounts and an internal payment system?

Mail internetavenue@outlook.com

21 April 2015 - Greece requisitions spare cash in dash to stay solvent

Greece requisitions spare cash in dash to stay solvent

http://in.reuters.com/article/2015/04/20/us-eurozone-greece-cash-idINKBN0NB1OK20150420

'Grexit seems manageable' is general tone:

http://www.institutionalinvestor.com/blogarticle/3446324/is-greece-stumbling-to-the-euro-exit/asset-management-macro.html#.VTV8b_7kaao

Greece scraping cash from everywhere:

http://www.thebull.com.au/articles/a/53576-greece-govt-orders-reserves-returned.html

20 April 2015 - Bond market affected by Greece -

http://in.reuters.com/article/2015/04/20/markets-bonds-euro-idINL5N0XH1KS20150420

Markets would like Grexit http://www.theguardian.com/world/2015/apr/19/eurozone-crisis-grexit-edges-closer-as-markets-brace-for-athens-default

Moscovici insists Greece has to comply in order to stay in euro (so no admission of default, but Greece keeping hanging around in eurzone)

greece.greekreporter.com/2015/04/20/european-commissioner-moscovici-greece-must-implement-reforms-to-stay-in-the-euro/

19 April 2015 - Defaulting AND staying in eurozone?

http://www.ft.com/intl/cms/s/0/88ba8e50-e517-11e4-a02d-00144feab7de.html#axzz3Xm9rQWwj

Ins't the answer simple? In the past, defaulting banks were rescued by countries because they were 'system relevant', in 2015 the first defaulting country will be saved by banks (banknote printing authorities) because the COUNTRY (Greece) is 'system relevant'

:) JP Blankert 19 april 2015 - http://euro-drachma-grexit.blogspot.nl/

19 April 2015: Yannis Dragasakis: If there's no debt deal, then referendum

Yannis Dragasakis: If there's no debt deal, then referendum

http://www.thetoc.gr/eng/politics/article/yannis-dragasakis-if-theres-no-debt-deal-then-referendum

19 April 2015 - Greece scrapes bottom of barrel to pay civil servants their wages

Greece scrapes bottom of barrel to pay civil servants their wages end of April - 2 bn

On April 24, EU minister's meeting, Greece hoped to get the last loan out of the bailout program, 7,2 bn. But all sides concede that a breakthrough is unlikely by an end-of-April deadline they set to unlock the latest batch of bailout loans, which have been delayed from last summer and are worth 7.2 billion euros ($7.7 billion).

Read more here: http://www.sacbee.com/news/business/article18668742.html#storylink=cpy

Greek needs to repay IMF 1 bn by May 12, 2015

http://www.independent.ie/business/world/greece-scrapes-bottom-of-barrel-to-pay-civil-servants-their-wages-31151798.html

But that - repayment of IMF by May 12, 2015 - will be impossible if zero bailout money will be given to Greece on or after April 24.

Looking forward to April 24, EU creditors have stated 'no way' Greece will get money with currect reform list. On the other hand Greece remains defiant and does not want to rewrite is economic plans closer to IMF wishes: http://www.964eagle.co.uk/news/business-news/1590204/greece-defiant-as-clock-ticks-on-debt-deal/

Fugures:

• Greek finance officials say the government will only just manage to pay wages

• State currently faces US $2.16-billion shortfall for public sector salaries

• Also needs to pay US $950m to IMF in mid-May

http://www.indiagazette.com/index.php/sid/232073443

Philippe Blankert, 19 April 2014, blogger here one http://euro-drachma-grexit.blogspot.nl/ AND domain name owner of http://www.δραχμή.gr/  which is FOR SALE (email: internetavenue@outlook.com)

18 April 2015 - Greece wants EU/IMF deal but impasse could bring referendum: deputy PM

Greece wants EU/IMF deal but impasse could bring referendum: deputy PM

http://www.reuters.com/article/2015/04/18/us-eurozone-greece-talks-idUSKBN0N90OY20150418

18 April 2015 - the last remainder of Greek cash bottom described; extra talks Sat 18 April, prep 24 April

18 April 2015 - the last remainder of Greek cash bottom described; extra talks Sat 18 April, prep 24 April

http://www.independent.ie/business/world/greece-scrapes-bottom-of-barrel-to-pay-civil-servants-their-wages-31151798.html

18 April 2015 - FT: Greece's precise monetary obligations next three weeks

FT: Greece's precise monetary obligations next three weeks

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/e2f6a7c6-e4e2-11e4-bb4b-00144feab7de.html#ixzz3XcESCTDg

The next three weeks will be decisive. To pay out more than €1.7bn in pensions and salaries at the end of April, and to make a €186m repayment to the IMF due on May 6, Mr Tsipras’s only option will be to raid the remaining cash reserves of Greek state entities such as local councils and social security funds.

After that, there will not be enough money to meet a €707m IMF bill due on May 12, let alone to pay next month’s salaries and pensions. This suggests that the crucial moment in the creditor talks may be a eurozone finance ministers’ meeting in Brussels on May 11.

An interim deal is possible. It would require Greece to implement the least contentious measures demanded by the creditors — not labour market or pension reform but, for example, legally enshrined independence for the tax authority in Greece’s finance ministry.

In return, out of €7.2bn in bailout funds that have been held up since last year, Greece could be given €1.9bn — representing profits made by the European Central Bank from buying Greek bonds after the first rescue of May 2010.

Such a fix might pave the way for a longer-term settlement, involving up to €25bn-€30bn in new financial aid, by the end of June. But the basic logic of assistance in return for economic reform would remain unaltered, meaning that Mr Tsipras would still have to confront his party’s ultra-leftists.

In northern Greece stands a limestone and concrete sculpture, the Zalongo monument, which honours Greek women villagers who in 1803 threw their children and themselves off a cliff rather than be captured and enslaved by Ottoman forces. According to legend, they sang and danced to their deaths.

The world is watching to see if Mr Tsipras and his Syriza colleagues plan to re-enact the Dance of Zalongo.

RELATED TOPICS

• Greece Debt Crisis,
• European banks,
• European Union,
• International M

17 April 2015: 4 months of QE, Quantitative Easening by Draghi and Greece and euro would be saved!

Mr. Draghi, ECB chief, introduced a QE = Quantitative Easening = money printing program of 60 bn euro per month.

If he would give that money to Greece during 4 months, 4 x 60 bn = 240 bn euro = exactly Greece's bailout debt.

Europe would have save the euro AND Greece.

The only disadvantage is: some other EU countries would be jealous....how childish....Greece has to be sacrified because otherwise EU brothers and sisters would be jealous.

17 april 2015 - Greece 'sinks' into further troubles

17 april 2015 - Greece 'sinks' into further troubles

IMG never allowed lated payment during last 30 years, and Greece has reached 'junk status' with S&P:

Speculation of a Greek default mounted after Standard & Poor’s cut the country’s credit rating on Wednesday to a low “junk”.

http://www.theaustralian.com.au/business/economics/euro-exit-fears-raised-as-imf-rejects-greek-payment-delay/story-e6frg926-1227307650795

Greece condemns proposed economic reforms:

http://www.irishtimes.com/business/economy/greece-condemns-proposed-economic-reforms-1.2179405

http://www.telegraph.co.uk/finance/economics/11543730/Grexit-dangers-mount-as-Greeces-Yanis-Varoufakis-warns-of-liquidity-asphyxiation.html

Greek bond sell-off enters fifth day:

http://www.ft.com/intl/fastft/309552/greek-bond-sell-off-enters-fifth-day

Spread on 3 year bonds between Germany and Greece rose to 2,650 basis points (graph):

http://euro-drachma-grexit.blogspot.nl/

http://www.δραχμή.gr/ is FOR SALE (contact Philippe Blankert on internetavenue@outlook.com )

///////////////////

Europe is losing hope that Greece will adopt the economic policies needed to unlock bailout funds before it runs out of money.

http://www.wsj.com/articles/europe-braces-for-brinkmanship-over-greece-1429209890

Grexit would lead to devaluation of appr; 50% and bankruptcy of companies and individuals who borrowed too much in euros - http://www.cnbc.com/id/102584164

16 April 2015 - IMF's recipee is not secret......

16 April 2015 - IMF's recipee is not secret......

Normally, when someone has a good recipee, he/she tries to keep it for herself. At best, the recipee for success is passed on to a few intimates.

Unless....one is idealistic and is happy to share a secret with the whole world, whilst at the same time success or happiness do not disappear, despite everybody knowing it. For Christians, sharing the recipee, good news, even multiplies happiness of all involved.

Why is IMF so open anout its recipee? And why is it so succesful, regardless circumstances?

In former decades and centuries economists tried to grasp economic laws; the emergence of economy, and certainly the successful start up of a company is still much of a secret for mosts economists.

But not for IMF.

Shall we try to guess IMF's recipee's most important ingredients?

1. lower wages in order to increase competitiveness
2. deny 'race to the bottom' by stating that a) unemloyment stimulates entrepreneurship b) needs are unlimited - if current needs are fulfilled, create new needs in order to boost economy
3. minimize securities for individuals, maximize security for large corporations
4. keep countries under your financial thumb. Countries mean democracies (often) as well as laws - both are only restraining capital growth of the top
5. minimize public government; allow public services to privatize and brand themselves, keeping their original monopolistic rights
6. sell public assets to the max
7. prevent emergence of new banks and currencies- minimize the number of banks and currencies
8. convert countries to your currency in order to gain maximum power over their internal economies
9. print free money for failing banks, but do not lend money to people and small businesses
10. as IMF, be the employer of the future for anyone who gets elected
11. do not sell products or services, but impose debts on countries and individuals. After the first two millennia after Christ, capital in itself bore no fruit anymore; imposing debts on others proved to generate higher returns. An individual in need is prepared to pay a far higher price than a satisfied citizen
12. globalize your rights but localize your plights.

Philippe Blankert, 16 april 2015

http://euro-drachma-grexit.blogspot.nl/

16 april 2015 - IMF knocks down Greece's rescheduling hopes

16 april 2015 - IMF knocks down Greece's rescheduling hopes

http://www.ft.com/intl/cms/s/0/1d44b25c-e401-11e4-9e89-00144feab7de.html#axzz3XSXk81ol

15 April 2015 - Schäuble dashes last hope in April - S&P sets Greece on 'vulnerable to default' = CCC+

15 April 2015 - Schäuble dashes last hope in April - S&P sets Greece on 'vulnerable to default' = CCC+


http://www.ft.com/intl/cms/s/0/aeae3cfc-e38b-11e4-9a82-00144feab7de.html

http://www.focus-fen.net/news/2015/04/15/369581/sp-cuts-greece-rating-into-vulnerable-to-default-range.html

Athens. Standard and Poor's on Wednesday cut its long-term credit rating for Greece by one notch to CCC+, a level at which borrowers are considered as being vulnerable to default, saying it needs further reforms and help, AFP reports.

"Without deep economic reform or further relief, we expect Greece's debt and other financial commitments will be unsustainable," said the agency, adding that the outlook on the rating was negative.

Negotiations between Athens and its EU-IMF creditors are hurtling towards an April 24 deadline as the Greek government's coffers are emptying fast.

Athens desperately needs a deal to unlock 7.2 billion euros ($7.6 billion) -- the last tranche of a 240-billion-euro bailout accorded in 2010 -- but the EU and IMF want better reforms from Greece.

http://euro-drachma-grexit.blogspot.nl/

15 April 2015 - Greece's result over 2014 - minus of 3,5% of GDP - AND: no way EU will give loan to Greece on April 24 2015 meeting EU - Greek IOY's, Greek 'I owe you's

15 April 2015 - Greece's result over 2014 - minus of 3,5% of GDP - AND: no way EU will give loan to Greece on April 24 2015 meeting EU



Greece misses EU deficit target as bailout deadline looms
Published April 15. 2015 12:12PM
Athens, Greece (AP) — Cash-strapped Greece fell well short of its budget deficit reduction targets last year, official figures showed Wednesday in a development that's likely to add pressure on the radical left-led government during tortuous talks with bailout creditors.
The country's statistical authority said the 2014 deficit was 3.5 percent of Greece's annual GDP, considerably higher than the 0.8 percent forecast. And after stripping out the cost of servicing Greece's crippling public debt, a modest primary surplus of 0.4 percent was recorded — short of the 2 percent target.
The new government elected Jan. 25 had already said the shortfall would be bigger than expected. But the official confirmation comes at a time Greece is negotiating a long-delayed rescue loan installment, without which it will run out of cash.

Greece is unable to tap the international bond market for funds due to sky-high borrowing rates, which reflect a lack of confidence in the country being able to repay its debts. Greek stocks closed 1.9 percent down Wednesday, another sign that investors in the country are jittery.
Greece has been surviving on rescue loans from its European partners and the International Monetary Fund since mid-2010, and the new government won a four-month extension to the main, European part of its bailout in February.
Under the extension agreement, Athens must present a series of economic reform measures that meet the approval of its creditors. Authorities are hoping for a final agreement next week, when all 19 finance ministers from the eurozone countries, including Greece's Yanis Varoufakis, meet on April 24 in the Latvian capital of Riga.
But several European officials have raised doubts about the possibility of a deal then. Greece has some big repayments coming up over the next few months and without the rest of its bailout cash, the country could be staring at a possible default and an exit from the euro.
Greek Minister of State Alekos Flambouraris said Wednesday that Athens can afford delays of "a week or ten days," so long as an agreement is eventually struck.
Flambouraris, who is a close adviser to Prime Minister Alexis Tsipras, also claimed that "there is no way" bailout creditors will not budge from their reform demands. He told private Antenna TV that in the case of an impasse Greece could consider a referendum on what to do next.

//////////////

Without change in Greek policy, no 7,2 bn will be delivered:

http://www.wsj.com/articles/eu-says-talks-with-greece-over-bailout-are-nowhere-near-resolution-1429093630

Meeting 24 April is more 'to take stock' than to give loan.

http://customstoday.com.pk/greeces-deal-with-european-union-unlikely-on-24th-april/

//////////////

How much time does it take to print drachma's?

Many months!

That is why 'IOY' bank notes are expected, from 'I Owe You'

https://au.finance.yahoo.com/news/greek-default-look-112947302.html

////////////////////

Process of PRINTING new drachma...months, capital controls, public holiday, IOY's etc

Political change within days in Greece may mean the country has to ultimately leave the euro. If that was to happen, how would they go about introducing a new currency?
On Sunday, Greek voters could hand power to anti-austerity parties who want to scrap the bailout, the deal that qualifies Greece for vital eurozone funds.
This would bring the country a step closer to a possible exit from the euro. So how could a new currency like the drachma be (re)introduced?
A new government would have to produce enough new notes to replace those currently in use in Greece while also doing their best to prevent a run on the banks.
It would have to be introduced over a public holiday and there would be an interim phase between currencies.
The answer

It's uncharted territory, but scenarios could include:
Print new currency and prepare ATMs and vending machines for the new note
Announce the change over a public holiday when markets and banks close
Impose capital controls
After interim period, allow new currency to devalue, while lifting capital controls
The preparations would ideally occur in secret, says Jonathan Loynes, chief European economist of Capital Economics.
"If Greece were to introduce a new currency, they would have to impose some capital controls once the change had been announced. This would mean that people would only be able to withdraw a certain amount of money from their accounts, which would be necessary to keep things orderly and avoid a run on the banks.
"Then there would be some sort of public holiday during which banks and financial markets would be closed. In an interim period before the new currency is introduced, people could pay for things electronically or with small denominations of euros until the new currency became available."
The new currency would then be introduced on a one-to-one exchange with the old, he says, but at some point the capital controls would be lifted and the new currency would sharply devalue.
This is what happened during Argentina's economic crisis at the turn of the century. When the banking system came close to collapse, withdrawals were banned. The peso dropped in value, leading to high inflation, after Argentina defaulted on its public debt in 2002.

Coins can cost more to produce than notes
Recent reports have pointed towards English currency printer De La Rue as a possible source of new drachma banknotes.
Director of marketing for De La Rue, Rob Hutchison, will not comment on speculation that the company has drawn up a contingency plan for the production of new drachma, but he explains that the money-printing process itself can take several months.
You can't stop people using euros to buy things
Michael Massourakis, Alpha Bank, Greece
"You have to consider the preparation of special banknote paper incorporating security features; the design of the notes; the process of bringing these elements together and then printing. It simply couldn't be done overnight," explains Hutchison.
Economist and author of Greece's Odious Debt, Jason Manoloupoulos, agrees.
"I have heard that that the process could take anywhere between three to six months."
So what is involved in the actual process of changing banknotes?
There is a lot to do, says Julie Girard, currency spokesperson for the Bank of Canada, which has been involved in that country's recent transition from paper to polymer notes.
The many considerations in currency production range from the selection of the best base material and security features to the design on the notes.

"We have a team of chemists, physicists and engineers whose job it is to go out into the marketplace and see what types of security features are available, both in other currencies and through companies that produce security technology."
These are assessed, as are different base materials to produce a cost-effective but secure note. Focus groups decide on designs and then notes are produced and distributed, says Girard.
With so many cash transactions and withdrawals now taking place at ATMs and vending machines, these must be adapted to fit a new type of note.
"We spent about two years working with companies that produce machines which dispense, accept and sort paper currency, providing test notes and staff from the bank to help them. Some machines may have needed to be replaced, adapted or upgraded," says Girard.
Who, what, why?

A part of BBC News Magazine, Who, What, Why? aims to answer questions behind the headlines
Greece wouldn't have the time that Canada did, but preparations may have been secretly going on for months.
Greeks have already reportedly begun to stash euros in safety deposit boxes and under mattresses .
These notes could be used to finance transactions even if another currency became the local tender, says Michael Massourakis, director of economic research for Alpha Bank, Greece.
"You can't stop people using that money to buy things, even if you make it illegal to use foreign exchange in transactions. The euro could still be used afterwards on the black market, for example."
But just how "new" would a new Greek currency be? Reports on Greece's financial future concentrate on the idea of the drachma - the currency which was replaced by the euro in 2001. Could these old notes be re-used?

Although old drachma were still accepted in exchange for the euro by the Bank of Greece as recently as February 2012, most will have been shredded and burned, says the British Museum's Thomas Hockenhull.
"If the original drachma printing plates still existed, it could be a fairly straightforward process to change the dates and use the existing machinery," he says.
And coins may be ditched entirely. "They may just do away with coins and have only paper currency," says Hockenhull.
"The cost of producing a coin can be more than that of making a paper note, because of the metal content."
Reporting by Susannah Stevens

14 April 2015 - Many signals Grexit is quite nearby

14 April 2015 - Many signals Grexit is quite nearby

Signal 1: 50 fte EU taskforce 'helping Greece' will be dismantled

http://in.reuters.com/article/2015/04/14/eu-greece-taskforce-idINL5N0XA3JX20150414

Signal 2: Another signal: IMF says negotiations are not working and that EU finance ministers will not agree on April 24:

http://www.telegraph.co.uk/finance/economics/11534402/IMF-warns-Greek-negotiations-are-not-working-as-Athens-ramps-up-default-threats.html

EU won't agree to Greek aid this month - Handelsblatt

The euro is down slightly on the headline but in my opinion it should be down much more. I don't know the context of the article, it's just a headline on BBG at the moment, but if the EU doesn't agree to aid. It's pretty much game over for Greece.
EUR/USD last at 1.0677.
Circle April 24 on your calendar. That's when EU ministers meet in Riga, Latvia to decide Greece's fate. Looks like Tsipras is going to have to go on a charm offensive to mend fences before then.
Update:
More details are out and it's not a Handelsblatt source but it cites an interview with EU Commission VP Dombrovskis who said ministers 'likely won't' sign off on Greek reforms later this month. That's significantly less definitive that the initial headline so it's not quiet as worrisome, although it still sets up a tense meeting.
He said ministers will "take stock of progress" at the upcoming meeting and that the earliest decision on unlocking funds would come May 11. The reason for the delay is that Greece doesn't want to implement (and in some cases it wants to reverse) labor market reforms.
That would put Greece in a funding crunch because they have some large bills coming due before then, especially a May 1 IMF repayment. Now, the IMF has a 30-day grace period so the deal could get done in the interim but Greece is really flying close to the sun here and I don't think Greek bank deposits will be headed in the right direction.
Update 2:
Here's the translated version of the Handelsblatt story.


http://news.forexlive.com/!/eu-on-a-collision-course-with-greece-20150414

Signal 3: Varoufakis visits Obama on Thursday April 16

http://euro-drachma-grexit.blogspot.nl/

http://www.δραχμή.gr/

14 April 2015 - many signs of end of Greece in eurozone today

Signal 1: 50 fte EU taskforce to 'help' Greece is being dismantled:



http://in.reuters.com/article/2015/04/14/eu-greece-taskforce-idINL5N0XA3JX20150414

Signal 2: EU won't agree with Greece's plan on April 24, EU finance ministers:

EU won't agree to Greek aid this month - Handelsblatt

The euro is down slightly on the headline but in my opinion it should be down much more. I don't know the context of the article, it's just a headline on BBG at the moment, but if the EU doesn't agree to aid. It's pretty much game over for Greece.
EUR/USD last at 1.0677.
Circle April 24 on your calendar. That's when EU ministers meet in Riga, Latvia to decide Greece's fate. Looks like Tsipras is going to have to go on a charm offensive to mend fences before then.
Update:
More details are out and it's not a Handelsblatt source but it cites an interview with EU Commission VP Dombrovskis who said ministers 'likely won't' sign off on Greek reforms later this month. That's significantly less definitive that the initial headline so it's not quiet as worrisome, although it still sets up a tense meeting.
He said ministers will "take stock of progress" at the upcoming meeting and that the earliest decision on unlocking funds would come May 11. The reason for the delay is that Greece doesn't want to implement (and in some cases it wants to reverse) labor market reforms.
That would put Greece in a funding crunch because they have some large bills coming due before then, especially a May 1 IMF repayment. Now, the IMF has a 30-day grace period so the deal could get done in the interim but Greece is really flying close to the sun here and I don't think Greek bank deposits will be headed in the right direction.
Update 2:
Here's the translated version of the Handelsblatt story.

http://news.forexlive.com/!/eu-on-a-collision-course-with-greece-20150414

Signal 3: Thursday April 16, 2015, Varoufakis visits Obama about crisis:

13 April 2015 - Greece announces to default 2,5 bn in May AND June when no agreement

13 April 2015 - Greece announces to default 2,5 bn in May AND June when no agreement

http://www.ft.com/intl/cms/s/0/c5964f9c-e1ef-11e4-bb7f-00144feab7de.html#axzz3XDkzjEcm

http://euro-drachma-grexit.blogspot.com/

April 13, 2015 - Top economic analysis of Greek situation by Paul Taylor

http://finance.yahoo.com/news/greece-may-blown-best-hope-080512108.html

April 12, 2015: animosity EU vs. Greece at its height - Greece getting the blame of financial crisis

Today's reporting is so crucial it is put on URL http://www.δραχμή.gr/

12 April 2015 - Putin prefers Greece without euro; even after Grexit, euro will remain half baked design

http://www.ft.com/cms/s/0/71ed0d6a-de0a-11e4-8d14-00144feab7de.html#axzz3X4hhVz8e

April 10, 2015 - Many sources mention 'secret' EU Grexit plan for May 2015

April 10, 2015 - Many sources mention 'secret' EU Grexit plan for May 2015

The totalitarian financial world is known for its intolerance for insubordination

Many sources quote Grexit preparation plans, initiated by EU:

http://www.thetimes.co.uk/tto/news/world/article4406467.ece

http://sputniknews.com/europe/20150410/1020709355.html

http://www.breitbart.com/london/2015/04/10/finns-draw-up-plans-to-expel-greece-from-eurozone-as-tsipras-flirts-with-russia/

http://macedoniaonline.eu/content/view/27248/52/

http://euro-drachma-grexit.blogspot.nl/

http://www.δραχμή.gr/  - http://www.δραχμή.gr/ is for SALE! (contact Philippe Blankert, internetavenue@outlook.com)

9 April 2015 - Greek 2015 repayment schemes - overview

9 April 2015 - Greek 2015 repayment schemes - overview

One should always bear in mind that the majority of payments to Greece were a) forced upon by the EU b) went to Greek banks, not to normal Greek organisations or people

So blaming Greece as a nation is the political cover-up trick to disguise the political financial blunders in 1) the design of the euro 2) the consequences of bank crash 2008

Here are some Greece repayment schedules.

http://euro-drachma-grexit.blogspot.nl/

9 April 2015 - Greece this morning repaid 459 m euro to IMF

http://www.businessinsider.com.au/greece-made-its-big-imf-debt-repayment-2015-4

8 April 2015 - Another saver for Greece: Russian pipeline pre-financing

http://www.globalpost.com/article/6509276/2015/04/08/putin-says-no-decisions-yet-greek-participation-turkish-stream

http://en.apa.az/xeber_kremlin_very_satisfied_with_russian-gree_225427.html

"The main thing is our Greek partners have the willingness to continue cooperation in whatever circumstances and Russia responds to their aspirations with mutuality," he said.

'Erst kommt das Fressen, dann kommt die Moral'

8 April 2015 - Greek entrepreneurship goes beyond IMF's austerity view of economy

8 April 2015 - Greek entrepreneurship goes beyond IMF's austerity view of economy


Yes Minister, rule nr. 1 of politics: 'Never believe something, until it is officially denied'

Putin says Greece seeks no financial aid:

http://www.novinite.com/articles/167813/Tsipras+Sought+No+Financial+Aid+from+Moscow,+Putin+Says

Looking for old debts is also very useful:

http://www.thedailybeast.com/articles/2015/04/08/even-as-greek-pm-schmoozes-putin-he-demands-germany-pay-its-nazi-debt.html

(in 1943 Nazi Germany forced a  'Zwangsanleihe', a forced loan, towards Germany. This issue was never settled after the war)

Greece and Hungary sign up to new Russian pipeline:

https://euobserver.com/energy/128261

This is very useful....certainly in combination with cheaper gas from Russia:

http://www.reuters.com/article/2015/04/07/russia-greece-energy-idUSL6N0X409120150407

Buying gas at a cheaper price, building a pipeline to import more, in order to resell the gas at a finally far higher price to the rest of Europe seems like a good idea for Greece.

The Greek reforms will probably also include:
- stationing of Russian soldiers to protect the pipeline in Greece; this boosts local Greek economy
- sell nicest islands to Russia
- raise import taxes for Germany-manufactured cars
- becoming a 'free hub' for refugees so the refugees can spoil other European economies
- restoring all trade: http://www.latimes.com/world/europe/la-fg-russia-greece-trade-20150408-story.html
- lowering forced GDP surplus from 4.5 to 1.5 percent

This way, economy becomes FUN again!

I even got an additional idea myself, as commentator:
- ask commission for IP, Intellectual Property, of Greek recipees worldwide, 1% of turnover
- ask commission for IP rights to use 'democracy', a Greek invention, in other countries than Greece.

Tsiparis and colleagues make fun and revive economy. Isn't it a bit the 'Richard Branson way'?

Philippe Blankert, April 8 2015

Beware of the tiny change in URL-address, we are from now on:

http://euro-drachma-grexit.blogspot.nl/

(drachma instead of drachme) - http://www.δραχμή.gr/ of cource remains http://www.δραχμή.gr/

8 April 2015 - Moscow will give Greece gas price cuts and buy some fixed assets

Russia will ease Greece's critical financial situation:|

http://www.independent.co.uk/news/world/europe/russia-considers-cutprice-gas-deal-with-greece-sparking-eu-fears-that-any-agreement-could-undermine-its-sanctions-against-moscow-10160873.html

After today's talks in Moscow, April 8, we will know more.

Varoufakis on Sunday April 5 already promised IMF (Lagarde) to repay 450 m in time, being tomorrow, April 9.

6 April 2015 1) Greece will pay 450 m to IMF on April 9 2) 5 points for consensus with creditors

Reassurement of payment of 450 m on April 9:

http://www.focus-fen.net/news/2015/04/06/368759/greece-reassures-on-crucial-imf-debt-payment.html

5 points for consensus with creditors:

http://rt.com/business/247141-greece-anti-crisis-plan/

6 April 2015: Greece WILL repay IMF 450 m later this week - Varoufakis to Lagarde

http://www.canadianbusiness.com/business-news/imf-says-greece-confirms-it-will-repay-450-million-euro-loan-due-later-this-week/

5 April 2015 - Russia: 'We'll give no money to Greece' - thus Greece will default towards IMF for 7 b on April 9, 2015

5 April 2015 - Russia: 'We'll give no money to Greece' - thus Greece will default towards IMF for 7 b on April 9, 2015



http://www.bloomberg.com/news/articles/2015-04-03/putin-tsipras-to-discuss-eu-s-anti-russia-sanctions-next-week

3 April 2015 - Greece gives forecast: cash need rest of 2015 AND states it will default on IMF, April 9 - pensions and salaries first

3 April 2015 - Greece gives forecast: cash need rest of 2015 AND states it will default on IMF, April 9 - pensions and salaries first


http://the-japan-news.com/news/article/0002054890

3 April - key dates 8 and 9 April for Greece

On April 8, Greece visits Moscow to talk for support, including lower gas prices in return for lifting the ban to deliver to Russia. This could be accompanied by some temporary financial aid from Moscow to Greece.

On April 9, there is the crucial IMF 'deadline' to repay 7 billion euro's. Something that is impossible for Greece now.

So Greece's attempt on April 8 is the last attempt before IMF decides that Greek defaults or to 'forgive' Greece's default and prolong the repayment due date.

Philippe Blankert, internetavenue@outlook.com, 3 April 2015, domain name holder of drachma.gr in Greek,  http://www.xn--jxafi7ax1b.gr/ =     http://www.δραχμή.gr

http://customstoday.com.pk/greece-fails-to-win-support-on-e7bn-fund-proposal-from-creditors/

2 april 2015 - 450 m to repay IMF or 450 m to pay pensions and salaries? April 9 we will know

http://www.newsweek.com/former-greek-pm-offers-unity-government-syriza-319165

http://www.todayonline.com/business/exclusive-greece-tells-creditors-it-will-run-out-cash-april-9

2 april 2015 - Greek tragedy staged for end of April....

http://www.theguardian.com/world/2015/apr/01/the-union-and-the-euro-are-at-stake-greece-warns-eu

1 April 2015: 3 ways the Grexit could happen: streaming 72 seconds very good!

3 ways the Grexit could happen: streaming 72 seconds very good!

http://www.xn--jxafi7ax1b.gr/Three-Ways-the-Grexit-Could-Happen.mp4

http://www.xn--jxafi7ax1b.gr/Three-Ways-the-Grexit-Could-Happen.mp4  and

http://www.xn--jxafi7ax1b.gr/

= http://www.δραχμή.gr

are for sale! JP Blankert - mail internetavenue@outlook.com

April 1, 2015 - Greece is looking who was guily to accept austerity measures in 2009

http://www.nu.nl/griekenland/4022613/griekse-onderzoekscommissie-schuldigen-van-bezuinigingen.html