10 June 2015 - Greece 4 days before inofficial Grexit. Hollande and Merkel POSTPONE meeting Tsipras

10 June 2015 - Greece 4 days before inofficial Grexit. Hollande and Merkel POSTPONE meeting Tsipras

Editorial.

Greece's 'most impatient enemies' are now the fellow-EU countries, not IMF or ECB. German television (ZDF) had inside talks with lots of EU finance ministers, and most of them have lost their patience with Greece and do not want to spend more time on Greece, and certainly not extend discussions beyond June 30 - the end date of opt-in for the last 7,2 b tranche of the bailout program.

As a release of the 7,2 b tranche would require agreement of all euro currency countries through parliament, it is often said that June 14 is the last practical possibility to have a deal, in order to make it through all parliaments before June 30.

All this: provided ECB does NOT increase emergency lending (ELA) to Greece before June 30.

Surprisingly, Hollande and Merkel INCREASED pressure on Greece by cancelling the meeting that was scheduled today with Tsipras in Brussels. EU found Greece's latest proposal even inferior to its earlier proposal, and still not addressing pensions and labour issues.

http://www.investing.com/analysis/pressing-for-greek-concessions,-merkel-and-hollande-keep-tsipras-waiting-254616

In order to get a 'flavour' of the very old, dogmatic half communist thinking in Greece, read this Greek blog:

http://www.drachmi5.gr/ellada/lafazanis-na-min-exontothei-o-laos-mesa-stin-eyrozoni

You can read the Greek as English by putting above URL in the Google URL translator

http://itools.com/tool/google-translate-web-page-translator

It is clear Tsipras prefers a continued career within Syriza political party OVER the risk of a possible Grexit.

Tsipras is nevertheless flying to Brussels, but may not be able to talk to anyone else than 'Manneken Pis'.

The EU has done all it can.

One just has to wait for a Greek internal payment default later this month, with payment of salaries and pensions. If those 'obligatory' payments default even for a few percent, a sort of 'civil war' will break out in Greece, further slowing down economy, decreasing tax income and making Greece's GDP expenses of over 50% untenable.

IMF gave permission to postpone Greek repayments to end of June. But if Greece fails to repay end of June, IMF - in order to be credible - has to classify Greece as defaulting country, and then 'junk time' and 'cash crunch chaos' start, and offers for domain http://www.δραχμή.gr/, will flow in, in the inbox of internetavenue@outlook.com. 

Blogger Philippe Blankert, 10 June 2015, http://euro-drachma-grexit.blogspot.com/