31 May 2015 - no deal, Tsiparis starts full blaming - bumpy Greek week ahead

31 May 2015 - no deal, Tsiparis starts full blaming - bumpy Greek week ahead

http://www.theguardian.com/business/2015/may/31/greece-alexis-tsipras-lambasts-absurd-proposals-creditors-for-debt-deal-failure

Friday 5 June 2014: 304 m due to IMF, will Greece WANT and/or BE ABLE to pay?

Will there be a double default: to IMF/creditors and inland Greeks (salaries, pensions)?

Philippe 31 May 3015

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

31 May 2015 - Referedum could decide Greece's future; otherwise, in negotiations, mainly repitition of moves

31 May 2015 - Referedum could decide Greece's future

http://news.xinhuanet.com/english/video/2015-05/31/c_134285326.htm

otherwise, in negotiations, mainly repitition of moves

http://www.digitaljournal.com/news/politics/greece-willing-to-give-up-some-anti-austerity-policies-for-a-deal/article/434567

29 May 2915 - Even IMF head Christine Lagarde mentions possibility of 'Grexit'; the unstoppable road to austerity

29 May 2915 - Even IMF head Christine Lagarde mentions possibility of 'Grexit'; the unstoppable road to austerity

http://blogs.wsj.com/moneybeat/2015/05/29/greece-lagarde-and-the-now-unstoppable-ride-to-austerity/

Greece obviously lacks the great minds it had several millennia ago (Plato, Aristoteles.....)

28 May 2015 - EU and Greece defer deal to last moment

http://in.reuters.com/article/2015/05/28/eu-greece-moscovici-idINL5N0YJ51W20150528

Greece probably does not have the required 300 m euro next week Friday June 5 to repay IMF.

Both EU and Greece bet on 'gaming on the spot' on June 5 or later

What will happen first? Default to IMF or default to pay salaries and pensions?

Only latter will make Greece make a move.

28 May 2015 - Germany rules out early debt deal

Germany rules out early debt deal

http://www.lse.co.uk/AllNews.asp?code=i60jf8lb&headline=Germany_Rules_Out_Early_Greek_Debt_Deal

Editorial:
- wait for June 5, whether Greeks make IMF payment of 300 m
- if Greece makes IMF payment, the sooner Greece itself, nationally runs out of money
- only Greece defaulting in internal pension/labour payments will bring a deal

So the sooner Greece defaults on pension/labour payments, the better.

26 May - Germany thinks Greece will pay IMF on June 5; the more Greece repays, the quicker it will cash crunch internally -> the quicker we have a solution

26 May - Germany thinks Greece will pay IMF on June 5

http://www.reuters.com/article/2015/05/26/us-eurozone-greece-idUSKBN0OB0U820150526

Editorial opinion: the more Greece repays, the quicker it will cash crunch internally -> the quicker we have a solution = the better. Greece will only take a decision when it defaults on pensions and labour payments.

Otherwise Greece thinks 'it's fine' and it will 'negotiate endlessly'.

25 May 2015 - Double Greel final: 1) defaulting IMF on June 5 then 2) defaulting own pension salaries later in June.....

25 May 2015 - Double Greel final: 1) defaulting IMF on June 5 then 2) defaulting own pension salaries later in June.....

only after 2) people will get hot in Greece....

25 May 2015 - Greece's Syriza 95 to 75 votes rejected 'never pay IMF'- but: money to pay IMF June 5 is not there

http://www.independent.co.uk/news/business/news/greece-will-continue-paying-its-debts-after-coalition-rejects-calls-to-miss-next-imf-payment-10273924.html

24 May 2015 - fresh: 'Can't Pay, Won't Pay': Greece has no money to make IMF payment, interior minister says

'Can't Pay, Won't Pay': Greece has no money to make IMF payment, interior minister says

http://rt.com/business/261605-greece-imf-debt-payment/?utm_source=browser&utm_medium=aplication_chrome&utm_campaign=chrome#.VWGiM3KjAo0.facebook


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

Good for sales of my domain http://www.xn--jxafi7ax1b.gr/

(contact internetavenue@outlook.com)

24 May 2015 - Greece's crisis explained in 20 charts

By Thanasis Delistathis* / @tdelistathis

Friends often ask me to opine on the Greek debt crisis. They are looking for some insight into what is going on and why the country is at the brink of bankruptcy. I suppose they think my heritage makes me more qualified to offer such insight.

The Greek crisis in many ways is a simple story; the predictable outcome of policies and cultural idiosyncrasies. So here is an attempt to tell the story with a few charts:

1. Define it. Why is Greece in trouble?

2. Did Greece get in trouble because Greeks don’t work hard (“you know, with those long siestas over lunch”), kind of like the Germans? No.

3. So, if the Greeks work so hard, how come they don’t produce enough to cover their obligations?

4. Why is productivity so low? Over the years, politicians have grown the size of government. They also love to regulate. Over the last 30 years they have passed 4,000 new laws and issued about 110,000 ministerial directives. You need a lot of people to enforce these laws. Public servants in Greece get lifetime tenure!! Politicians loved growing the government to curry favor with voters.

5. At the same time, Greeks love to strike to fight for more benefits. Politicians were happy to offer more.

Source: General Strikes in Western Europe, 1980–2008 by John Kelly and Kerstin Hamann

6. Speaking of state favoritism, how about corruption in general? Greece ranks at the bottom within the EU.

Source: Transparency International

7. On top of that, on average Greeks retire earlier…

Source: OECD estimate derived from the European and national labour force surveys.

8. And thus have a higher dependency support ratio (ratio of number of people aged over 65 plus kids up to 15 per 100 persons of working age between 15–65). In reality, this significantly underestimates the true dependency ratio, since the country suffers from high rates of youth unemployment and many people retire before the age of 65. In other words, too many people depend for their livelihood on the too few who work.

Source: Eurostat

9. At the same time, the government is not bringing in enough revenues. How do we know this? Greece has the largest – as percentage of the economy – shadow or underground economy.

Source: Institute for Applied Economic Research at the University of Tübingen

10. How can they escape taxes? Most of the people work for tiny businesses who conduct private cash transactions that can more easily be hidden.

Source: Structural Business Statictics Database (Eurostat)

11. And by the way, the number of those businesses in going down…

Source: Eurostat

12. While the VAT taxes remain high relative to others in Europe…

13. So, to sum it up Greece doesn’t seem to be a great place to do business.

14. How bad? One group ranks the country 130th in the world…

Source: The Heritage Foundation and The Dow Jones Company, 2015 Index

15. OK, so catch me up. What has happened to date?

Source: edited from BBC News

16. Has Greece actually accomplished anything during this process? Greece actually grew during the first 3 quarters of 2014.

Source: National Statistical Service of Greece

17. Say, what happened in Q4 of 2014? Looking at Chart 15 you might appreciate why Greeks were fed up with ongoing non-stop austerity measures. So they decided to elect a radical left coalition party that promised to undo the former policies. However, it seems consumers don’t have much confidence that the new leftist government will be able to reach an agreement with its eurozone partners.

18. As fears also grew among investors, the cost of borrowing from the markets spiked…

19 a. What does Greece need to do? Here is a list of policy recommendations from OECD for sustainable recovery, similar to the spirit of the reforms proposed by Greece’s EU partners.

Source: OECD

19 b. To date, the Syriza government has not shown any signs of agreement with the eurozone partners, choosing instead to comply with campaign promises of undoing many reforms by the prior government. Some in the left coalition government are openly advocating a default, exit from the Euro and return to the drachma. In fact, there are some economists who say this would be best for Greece as it would enable it to become competitive in global markets. While good in theory in an open well-functioning economy, the first time Greece elected a socialist government that followed similar policies, the drachma had quite a ride, downwards…

20. In this era of uncertainty, businesses and investors have postponed investments and reversed economic growth, prompting the European Commission to slash growth estimates.

Source: European Commision

At this point, the future is indeed uncertain. Will the Syriza government agree to EU/IMF conditions for further loans and implement the program or choose to gamble with an exit from the Euro? We are days or weeks away from finding out.

*Thanasis Delistathis is the founder and managing partner of New Atlantic Ventures, an early-stage venture capital firm based in the Washington DC Metropolitan Region and Cambridge, Massachusetts. He has invested in entrepreneurs whose technology brought text messaging mainstream in the United States, movies to the Web, radio to your phone and the ability to buy couture straight from the runway.

24 May 2015 - Greece hits IMF wall in Riga

http://www.politico.eu/article/greece-on-the-summit-menu-riga-summit-bailout-talks/

22 May 2015 - Varoufakis and his taping scandal - 'Varouf-exit'

Varoufakis secretly taped parts of EU-GR negotations, and is being critized for this by EU as well as some Greece parties.

http://greece.greekreporter.com/2015/05/21/the-days-of-yanis-varoufakis-are-numbered/

http://in.reuters.com/article/2015/05/21/eurozone-greece-varoufakis-idINL5N0YC2VU20150521

Varoufakis, on June 5, will only repay IMF when there is enough money left after ensuring labour and pension payments, and otherwise default:

http://www.ndtv.com/world-news/greece-would-prioritise-pensions-and-salaries-over-imf-payment-yanis-varoufakis-764797

22 May 2015 - Hollande, Merkel and Tsipras sketch out scenario's as preparation to EU meeting

http://in.reuters.com/article/2015/05/21/eurozone-greece-merkel-tsipras-idINL5N0YC4QZ20150521

20 May 2015 - Merkel en Hollande give Greece 12 days to finalize - Without deal, Greece says it will default on June 5

20 May 2015 - Merkel en Hollande give Greece 12 days to finalize

http://www.bloomberg.com/news/articles/2015-05-19/merkel-hollande-urge-greek-talks-hasten-to-end-may-deal

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

Without deal, Greece says it will default on June 5

http://www.swissinfo.ch/eng/reuters/greece-says-it-will-default-in-june-without-aid-from-lenders/41438714

19 May 2015 - business as usual - as everyday, Greece says deal is nearby, EU: far off, pension and labour non negotiable

Interview Christine Lagarde, head of IMF:

http://www.reuters.com/article/2015/05/19/eurozone-greece-imf-idUSL1N0YA15V20150519

19 May 2015 - will Greece or EU give-in last minute? 21 May Thursday a EU summit

http://greece.greekreporter.com/2015/05/19/greece-creditors-differ-on-negotiation-progress/

18 May 2015 - Greece not giving in on labour/pensions -> GR heading for 'Greek Implosion'

18 May 2015 - Greece not giving in on labour/pensions -> GR heading for 'Greek Implosion'

Not backing down on labour and pensions: http://www.iol.co.za/business/international/greek-debt-no-backing-down-on-cuts-1.1859605#.VVm1PUfQjXc

Greek Implosion: #greekimplosion : GR not being able to pay public bills end of this month (May 2015), nationally, thereby causing internal upheavel/riots after which GR will face the choice:

'swallow lenders' demands in order to get remaining 7,2 m euro tranche'

or

'choose your own drachma to pay your people'

http://euro-drachma-grexit.blogspot.nl/  18 May 2015

16 May 2015 - the Third Way regarding Greece - Greece trapped inside eurozone.....'Greek Implosion'

Tsipras and Varoufakis assume that a default would force Europe to choose between just two alternatives:

1) expel Greece from the eurozone or

2) offer it unconditional debt relief.

3) !!

But the European authorities have a third option in the event of a Greek default. Instead of forcing a “Grexit,” the EU could trap Greece inside the eurozone and starve it of money, then simply sit back and watch the Tsipras government’s domestic political support collapse.

Let's call this Third Way the 'Greek Implosion'

16 May 2015 - Greece Aid Accord Looks Elusive -

Greece Aid Accord Looks Elusive (Reuter)

http://www.bloomberg.com/news/articles/2015-05-16/greece-aid-accord-looks-elusive-as-tsipras-sticks-to-red-lines

 “It’s either a third bailout package or it’s a Grexit, no matter how you look at it. I think that there is no in-between solution.”

ING Germany Chief Economist Carsten Brzeski

16 May 2015 - “There is no possibility that the Greek government will back down on the issue of wages and pensions,”

“There is no possibility that the Greek government will back down on the issue of wages and pensions,” said Tsipras. “Wage earners and pensioners have suffered enough in this country. It is now time for a redistribution – it is time to share the burden in a fair way."

so said Tsipras, http://www.euronews.com/2015/05/16/greece-pm-tsipras-optimistic-eu-economic-deal-is-near/

Tsipras also says being 'very close to deal' but as he has said this almost every day of 2015 it is hard to take is seriously.

We expect Greece to come into cash crunch within a week, and are curious with what plan B EU than comes up.

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

14 May - 'Brussels group' (GR+EU reps) resumed talks today (Thursday) and will meet during weekend and Monday

http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_14/05/2015_550056

This includes some details:
- some very high private sector salaries
- islands with lower VAT
- ECB & Dragi more favourable to GR than DE

(this week ELA was raised to 80 m euro)

14 May 2015: smart and social: EU prepares plan B in case Greece crashes (credit crunch). Greece uit of euro ok, but Greece has to stay within EU

14 May 2015: smart and social: EU prepares plan B in case Greece crashes (cash crunch). Greece uit of euro ok, but Greece has to stay within EU

http://www.bloomberg.com/news/articles/2015-05-12/eu-said-to-consider-plan-for-greece-in-event-of-euro-exit

Greece indeed seems not to know what a cash crunch is and how its feels, works out etc.

People and Varoufalkis en Tsipras have to experience it before they understand.

It is good wiser people in Europe see this and prepare plans for after Greek cash crunch.

JP Blankert, 14 May 2015

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

13 May 2015 - Greece stuck between protected labourers and EU, heading towards cash crunch

In a sign of the resistance Tsipras will face if he makes more concessions, the Communist-affiliated group PAME called on unions to stage rallies on June 11 and prepare a strike to protest any new measures accepted as part of a deal with lenders.

https://uk.news.yahoo.com/greece-taps-imf-reserves-pay-imf-debt-sources-133448801--business.html#FpPk8KN

Editorial comment (JP Blankert)

99 Percent of press misses the point, regarding Greece. Its government spending is just over 50%; in that case we think one should speak of a 'centrally led economy'. It relies on the premise that most 'intelligence' of how to guide to economy, lies within the state. In fact one could say it is a 'semi-communist system', because communisme inholds that a) state knows best b) everybody is treated equally; in semi-communism however, like Greece nowadays, b) is dropped.

To word it in political terms: over 50% of Greece has the interest to keep things as they are, and live through government funding. The current crash crunch hurts the private sector only - and hurts people in a very inequal way. Public workers and pensioners are totally not hurt by the current crisis, and they tend to vote, and behave such, that their rights continue.

The minority is increasingly suffering, and cannot vote itself 'out of it' because the majority of the people gains by current government policy.

It reminds one of circumstances as in the UK in the 80-ies. Public spending in the UK may at that time not have been over 50%, but if government expenditure PLUS collective bargaining can form a 'coalition' of over 50% that 'dictates' what should be done, this is a horror scenario for the minority.

The 'majority coalition' repeats voting on itself, the minority are private sector and private citizens.....but in a recession, their economy decreases, and so do tax incomes, which even more pressures the majority to become 'rigid' and hold its majority.

This is exactly what is the case in Greece; EU and IMF are right in the sense that this 'rigid majority' has to be 'broken', before the economy is further sustained. If the majority does not bend, it must experience a crash before economy can be made 'fluid' again.

We think there is elegancy in communism; the weakest are well taken care of. Unfortunately, 'central intelligence' is nearly always more 'stupid' or 'faulty' than markets. Thus: a social market economy wins, and the public role is to correct for the weaknesses and the weakest. But in latter process, it should never be allowed that public expenditure together with collective bargaining form a 'block' of over 50% - because then, 1) unfairness is introduced because the block is not covering 100% of the people (!) 2) private economy is hurt so much that tax income fall, and shocks of public lay-offs MUST take place in order to bring back economy to 'fluency'.

Additionally, we think that who holds the 'most certain jobs' should be payed a bit less than who hold 'private jobs' that are far more at risk.

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

12 May 2015 - Lots of work still to be done by Greece before cash crunch in two weeks time

12 May 2015 - Lots of work still to be done by Greece before cash crunch in two weeks time

(editorial)

1. Design of new drachme
2. Selection of just-in-time drachme printing facilities
3. Progamming: switchting euro bank accounts to drachme, overnight, when on Greek territory
4. Preparation of referendum (1. cut conforming Schaüble 2. own drachma)
5. Buying domain name http://www.δραχμή.gr/ from internetavenue@outlook.com

'Kicking out' someone of the eurozone is not foreseen by the eurozone designers (they stupidly forgot to ask Blankert Consultancy BV for advice), it is difficult to do so.

Regarding 'getting money back': IMF has no army :) en Greece is within NATO :)

So, as Schaüble realises, the best anti-Greece part of EU can do is hope that Greece will hold referendum and that Greece citizens will vote themselves out of euro - or introduce a parallel currency.

Germany c.s. can only hope that cash crunches hurt the Greeks more, than they hurt the creditors.....

This is all without considering the geo-reason that dr. Faber found crucial on May 11.

An option would be to pay Greece an annual 'geo-bonus' just for being located at the black Sea and preventing Russia marching in, but probably other countries would be jealous after this geo-bonus (10% of Greek GDP paid by EU as 'geo-bonus'?)

Philippe Blankert 12 May 2015 http://euro-drachma-grexit.blogspot.nl/

PS: Varoufakis: 'referendum not on the radar' - http://www.hellenicshippingnews.com/greece-referendum-on-bailout-not-on-radar-screen-varoufakis-says/

PS2: Grexit chances 1 in 4, but what about second currency?

http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_12/05/2015_549953

12 May 2015 - 3 scenario;s for EU and Greece (Die Welt)

12 May 2015 - 3 scenario's for EU and Greece (Die Welt)

http://sputniknews.com/europe/20150511/1021994733.html

We think it is going to be scenario 3:

"Scenario 3. Greeks shows no willingness for cooperation and debts’ repayment

In this case, Greeks show no intention to carry out necessary reforms and prove unable to repay their debts. They also do not return to the negotiating table anymore and start introduction of a parallel currency, which would mean the beginning of Greece’s withdrawal from the monetary union."

//

The cash crush in 2 weeks time will hit Greece itself the most, whereafter the citizens will be prepared to choose a 'drachma' in order to be at least able to continue economy, because cash crunches hurt too much.

Philippe Blankert, internetavenue@outlook.com, 12 May 2015

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

12 May 2015 - 1) Greece REPAID 750 m to IMF but is blut now 2) IMF not prepared to 3rd bail out with current state of affairs in GR

12 May 2015 - 1) Greece REPAID 750 m to IMF but is blut now 2) IMF not prepared to 3rd bail out current terms

1) Greece REPAID 750 m to IMF but is blut now 

http://in.reuters.com/article/2015/05/12/us-eurozone-greece-idINKBN0NW10I20150512

Detail: this payment comes from a escrow account Greece already had at IMF...

http://www.telegraph.co.uk/finance/economics/11598961/International-Monetary-Fund-will-not-take-part-in-third-Greek-bail-out.html

Varoufakis: '2 weeks from cash crisis now' http://gbcghana.com/1.3632890

Cash crisis: probably re. pension and labour payments in 14 days = 26 May....

2) IMF not prepared to 3rd bail out with current current state of affairs in Greece:

http://www.telegraph.co.uk/finance/economics/11598961/International-Monetary-Fund-will-not-take-part-in-third-Greek-bail-out.html

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

11 May 2015 - Germany could live with Greek referendum

http://www.reuters.com/article/2015/05/11/eurozone-greece-idUSL5N0Y225520150511

Greece's intentions on whether or not to pay 750 m to IMF on Tuesday May 12 are unclear.

11 May 2015 - “This Is A New World Order” – Greece Not Allowed Leave EU – Faber

http://www.goldcore.com/us/gold-blog/this-is-a-new-world-order-greece-not-allowed-leave-eu-faber/

Stunning view, but Dr. Faber may be right!


“This Is A New World Order” – Greece Not Allowed Leave EU – Faber
By Mark O'Byrne May 11, 2015 0 Comments
Share on facebookShare on twitterShare on linkedinMore Sharing Services
- Greece will not be ejected from the EU – Faber on CNBC
- Greek default will trigger massive losses for ECB and European banks
- Highlights geo-political impetus to keep Greece within EU, NATO fold
- Shows strategic geo-political importance of Greece in NATO’s Cold war with Russia
- China and Russia’s ever-closer relationship more important than declining UK
- “This Is A New World Order” – Dr Faber



In another fascinating interview, this time on CNBC, Dr. Marc Faber discussed the factors involved in the ongoing Greek crisis and made some interesting points.

Dr. Faber – who edits the Gloom, Boom and Doom report – is in no doubt that Greece will not be allowed to default because of both economic and geo-political considerations.

“It’s about the ECB and European banks that have lent money to Greece and if Greece defaults would have to take a huge loss and write-off. So they will lend more money and kick the can down the road.”

Of even greater significance is Greece’s strategically vital location as a gateway between the Black Sea and the Mediterranean.
It is this geo-political factor which Faber believes will ensure that Greece is kept within the EU fold at any cost. For this reason he insists that Russia will never cede Crimea to the western powers.

“From the Black Sea, the Russian fleet can move into the Mediterranean. and without that, they can’t – they have no access to the Mediterranean, without the Black Sea and Crimea.”


Geo-political Importance of South Eastern Europe – Google Maps
Between the Black Sea and the Mediterranean, he adds, lie Turkey, Moldavia and then Greece making Greece “a very strategically important part of Europe”.

The implication is that were the EU to cut Greece loose Russia would be only too happy to step in and potentially project military power directly into Europe.

Faber was then asked to clarify whether he was suggesting that the EU would never let Greece go so that “Putin … cannot recapture the glory of the Soviet Union.”

He subtly points out that imperialism is by no means confined to Russia and that Russia’s recent actions may have been in response to U.S. imperialism.

“Basically, America has had the Wolfowitz doctrine to contain countries like China and Russia.”

He goes on to highlight the new emerging geo-political order where emerging powers China and Russia grow ever closer. There was plenty of Asian media attention on Premier Xi’s visit to Russia.

In contrast, Britain’s election was regarded by western and some international media as being important. Faber believes there is evidence that the global influence of the UK and the U.S. is in decline.

He cites China and Russia’s ever-closer relationship as being more important than the the relative insignificance of Britain’s election and suggests China and Russia’s increasing power is a “new world order.”

He says that it may be that the EU will, until the eleventh hour, make threats and jawbone Greece in order to extract the best terms. Ultimately, however, they are left with little choice but to bail Greece out and postpone the inevitable for a little while longer.

Dr. Faber’s lucid analysis indicates that from both an economic and geopolitical point of view the world and particularly Europe, is in a vulnerable position.

11 May Greece (in EU finmin meeting) 'Deal today UNlikely' and (...) whether/not repay IMF on 12th dependent on today'

11 May Greece (in EU finmin meeting) 'Deal today UNlikely' and (...) whether/not repay IMF on 12th dependent on today'

http://www.reuters.com/article/2015/05/11/us-eurozone-greece-varoufakis-idUSKBN0NW0OO20150511

10 May 2015 - Greek poll: if referendum: 49,2 % would accept salary and pension cuts to stay in euro

A poll in Real News daily on Sunday showed 71.9 per cent of Greeks favoured a compromise to keep the country in the eurozone.

And if the question was put to a referendum, as the government has indicated it may do, 49.2 per cent said they would accept further salary and pension cuts if it meant keeping the euro.

//

http://www.theaustralian.com.au/business/latest/greece-creditors-close-to-deal-minister/story-e6frg90f-1227349717271

? Default on IMF 12 May and within 30 days of grace period, hold referendum ?

10 May 2015 - some data about the debated points: pensions and minimun wage in Greece

10 May 2015 - Some data about the debated points: pensions and minimum wage in Greece

Greek official retirement age is at 67, and practical retirement ages do not differ much from other European countries:

http://en.wikipedia.org/wiki/Retirement

Greek pension are betewen 430 and 1300 euro

http://www.grreporter.info/en/greek_pensions_range_1300_430_euro_month/11464

Greek minimum wage is 683 euro net per month

http://www.tradingeconomics.com/greece/minimum-wages

German minimum wage is 8,50 gross per hour - http://de.wikipedia.org/wiki/Mindestlohngesetz_%28Deutschland%29 (min wage = 'mindestlohn' in German) - if 40 hours per week and 4,3 weeks per month, this gives 1462 euro gross per month

What decreases would IMF find 'appropriate reforms' in Greek pensions and labour', given above?

- Maybe: flexibility - less job protection
- government expenditure: lower percentage that the current 50% of GDP

(GenFKD | Who Broke Greece?

www.genfkd.com/who-broke-greece/

Vertaal deze pagina

6 feb. 2015 - The problems in Greece go far back—nearly 15 years. ... added 150,000civil servant jobs, raising government expenditures to 50% of GDP)

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

9 May 2015 - 'As far as it goes' - 57% of Greeks prepared to take the risk

http://www.reuters.com/article/2015/05/09/us-eurozone-crisis-talks-idUSKBN0NU0NO20150509

http://www.bloomberg.com/news/articles/2015-05-09/greece-huddles-with-creditors-ahead-of-ecb-test-as-support-slips

8 May 2015 - Tsiparis: 'pensions and labour unnegotiable' -

8 May 2015 - Tsiparis: 'pensions and labour unnegotiable' -

Spokesman Gabriel Sakellaridis told the press in Athens that labour and pension issues are non negotiable.

"We won't go beyond the limits of our red lines. It's clear that we cannot cut pensions."

http://www.bbc.com/news/business-32625968

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

7 May 2015 - Risky ultimatum by Tsiparis! This may 'affront' IMF - close all doors.....

7 May 2015 - Risky ultimatum by Tsiparis! This may 'affront' IMF - close all doors.....

Greece ultimatum: let us borrow more or we won’t pay IMF

http://www.theaustralian.com.au/news/world/greece-ultimatum-let-us-borrow-more-or-we-wont-pay-imf/story-fnb64oi6-1227341451415

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

7 May 2015 - Juncker and Tsiparis converge on red lines

http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_07/05/2015_549777

Foreseen: Monday 11 lifeline to Greece

For closing of a deal:

http://www.ekathimerini.com/4dcgi/_w_articles_wsite3_1_07/05/2015_549776

Pension system: no auxiliary help and how to deal with labour: collective bargaining system

6 May 2015 - Today Greece for the first time considering softening on labour and pension standpoints

http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_06/05/2015_549779



SYRIZA to start mulling position on possible deal

  People watch proceedings from the public balcony in Parliament in Athens on Wednesday.
SYRIZA’s political secretariat is due to meet on Friday as the party begins deliberating the concessions set to be made by the Greek government to its lenders.

The meeting will take place amid increasing calls from SYRIZA MPs and members for any deal to be put to a referendum.

Prime Minister Alexis Tsipras may take part in Friday’s gathering, giving him a chance to get a taste of the mood within his party. It is not yet clear if a central committee meeting will be held over the weekend or if Tsipras will wait for further progress to be made in the talks before the party body convenes.

Labor rights are the most sensitive issue for SYRIZA members and it is not yet clear if the government has had to water down its plans to reintroduce collective wage bargaining. However, party members are becoming aware that the government will have to backpedal on many of the promises it made before the election, particularly in the Thessaloniki Program unveiled last September.

However, there is a strong feeling within the party that there should be a referendum on the final agreement between Greece and the institutions. Speaking at an event in Athens on Wednesday night, State Minister Alekos Flambouraris said the government would “not hesitate” to hold a referendum if the talks do not conclude satisfactorily.

http://in.reuters.com/article/2015/05/06/eurozone-greece-call-idINL5N0XX47720150506

6 May 2015 - ECB increases ELA by 2 b; no deal will be reached on Monday May 11

http://www.rte.ie/news/business/2015/0506/699096-ecb-greece/

There will be no deal on Monday May 11:

http://uk.reuters.com/article/2015/05/06/uk-eurozone-greece-idUKKBN0NR1FV20150506

Can Greece pay 750 m on May 12 to IMF?? (with the 2 b extra of ELA)

6 May 2015 - ECB set to decide on increasing Greek bank lifeline

http://www.rte.ie/news/business/2015/0506/699096-ecb-greece/

6 May 2015 - Greece made 200 m payment, talks will end today, but Greece still blames IMF and EU to have different red lines

https://euobserver.com/economic/128594

5 May 7 p.m. Reuters: WRAPUP 3-Greece blows hot and cold in race to avert cash crunch

WRAPUP 3-Greece blows hot and cold in race to avert cash crunch

http://www.reuters.com/article/2015/05/05/eurozone-greece-idUSL5N0XW2DJ20150505

5 May 2015 - extra phone calls between EU finance ministers; EU finance meeting May 11, IMF due May 12

5 May 2015 - extra phone calls between EU finance ministers; EU finance meeting May 11, IMF due May 12

http://www.reuters.com/article/2015/05/05/us-eurozone-greece-idUSKBN0NQ13J20150505

Small detail is that 200 m euro are due tomorrow, to IMF (postponement from 1st to 6th) and 12 (Tuesday) 750 m euro.

5 May, 2015 - Municipal authorities in Greece have begun writing contracts for “payments in euros or any national Greek currency” in anticipation of “Grexit”

http://www.theaustralian.com.au/news/world/greece-ports-prepare-for-new-national-currency-as-grexit-looms/story-fnb64oi6-1227336318321?nk=d9a6867e4685f9468cae6a8bc2f9d3a5

Municipal authorities in Greece have begun writing contracts for “payments in euros or any national Greek currency” in anticipation of “Grexit”

5 May 2015 - ECB meets on May 6 for further write-off's (from 23% of collateral for ELA to 44%/65%/80%)

http://www.theaustralian.com.au/business/opinion/greeces-creditors-are-finally-talking-write-offs/story-fnp85lcq-1227336188428

At the moment the discount applied to the Greek banks’ collateral — that is, their holdings of sovereign Greek bonds — for ECB Emergency Liquidity Assistance is 23 per cent, with the result that Greek businesses are starved of working capital because the banks have to ration loans.

According to reports over the weekend, the ECB is working on three haircut scenarios: 44, 65 and 80 per cent.

If the haircut is increased tomorrow on May 6, the banks will find it even harder to come up with the collateral needed to keep the money flowing from Brussels.

The collateral haircut is a particularly damaging form of austerity because it forces private businesses to cut back stock and debtors and to reduce staff.

http://www.dawn.com/news/1179970/labour-disputes-dog-greek-talks-as-cash-dwindles

Labour disputes dog Greek talks as cash dwindles

4 May 2015 - secret EU - Greece talks continue - GR: 'Preferably solution TODAY (..) there is no more liquidity in the Greek economy'

https://en-maktoob.news.yahoo.com/greece-wants-funds-talks-progress-125952188--business.html

Sakellaridis said that "for us it is very important that liquidity is freed up as soon as possible," even "today" if possible, warning "there is no more liquidity in the Greek economy."

Reuters: 'WRAPUP 1-Pension, labour disputes dog Greek talks as cash dwindles'

http://in.reuters.com/article/2015/05/04/eurozone-greece-idINL5N0XV1FE20150504

http://www.δραχμή.gr/ is still for sale, email internetavenue@outlook.com to buy!

4 May 2015 - First comments to press after 4 day meeting marathon Greece - lenders

4 May 2015 - First comments to press after 4 day meeting marathon Greece - lenders

Greece is under pressure, because end of April not all pension payments could be made; IMF postponed due 200 m payment from May 1 to May 6, and on May 12, 750 m euro is due to IMF.

Towards May 12, 8 calendar days remain to reach a deal, 'otherwise default'.

"They (IMF) are asking us to not touch anything (from the austerity measures) that have ruined Greek people's lives in the last five years," a Greece source said.

More news: http://www.reuters.com/article/2015/05/04/us-eurozone-greece-talks-idUSKBN0NP0BA20150504

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

May 3, 2015 - 4th and last quiet intensive, 'no press day'

May 3, 2015 - 4th and last quiet intensive, 'no press day'

Before entering the 'marathon' of Thursday April 30, to today, Sunday May 3, 2015, over 40% of traders thought Greece would exit:

http://uk.reuters.com/article/2015/04/27/uk-ecb-refi-poll-idUKKBN0NI1AN20150427

These days are really with press silence.

We await tomorrow, Monday May 4, 2015.

2 May 2015 - Greece talks with lenders in better atmosphere....Varoufakis prefers real reforms from July 1 on

http://abcnews.go.com/International/wireStory/greece-signals-summer-concessions-bailout-talks-30695245

Tax reforms (1 of 3, other 2: labour market & pension reforms) from July 1 would be his choice

1 May 2015 - Pensioners start run on banks as Greece struggles to pay recipients; Greeces' tone softer and more cooperative towards lenders

Pensioners start run on banks as Greece struggles to pay recipients
http://www.theaustralian.com.au/


http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_01/05/2015_549623

IMF already made a gesture to Greece by postponing repay-date of 1 May, today, to 6 May, for 200 m euro