Vassilis Chiotis, of newspaper and radio station TO VIMA, consolidated a list of 29 “abandoned promises” made by SYRIZA during its campaign that led to a 35% win in the Greek January 2015 elections.
Source: http://www.tovima.gr/opinions/article/?aid=680054
We provide the English translation of the “Chiotis List” with some KOLOTOUMBA (KT) comments for clarity.
Dear readers. KOLOTOUMBA needs two days to process the Eurogroup statement released on Friday 20 February. In the meantime please provide your comments.
Here is the entire statement:
Eurogroup statement on Greece
The Eurogroup reiterates its appreciation for the remarkable adjustment efforts undertaken by Greece and the Greek people over the last years. During the last few weeks, we have, together with the institutions, engaged in an intensive and constructive dialogue with the new Greek authorities and reached common ground today.
Continue reading “Mother of all Kolotoumbas”
According to the man, Jeroen Dijsselbloem, himself:
@J_Dijsselbloem
“Received Greek request for six months extension”
The actual text has been reported by @Reuters as well: http://www.reuters.com/article/2015/02/19/eurozone-greece-request-idUSL5N0VT2S720150219
Yanis Varoufakis, Minister of Finance:
In this context, the Greek authorities are now applying for the extension of the Master Financial Assistance Facility Agreement for a period of six months from its termination during which period we shall proceed jointly, and making best use of given flexibility in the current arrangement, toward its successful conclusion and review on the basis of the proposals of, on the one hand, the Greek government and, on the other, the institutions.
This extension refers to the MASTER FINANCIAL ASSISTANCE FACILITY AGREEMENT (MFAFA). So following KOLOTOUMBA’s search for the definition of what exactly is Greece requesting as an “extension”, we reviewed the MFAFA (available here for all readers who want to dig more: MASTER FINANCIAL ASSISTANCE FACILITY AGREEMENT.12.12.12) and it is clear that it is tightly bound to the dreaded MNIMONIO (Memorandum of Understanding – MoU).
Outcome: Double KOLOTOUMBA:
UPDATE: Eurozone finance ministers are due to meet on Friday 20 February in Brussels to discuss the Greek request. However the German Finance Ministry Spokesman Martin Jaeger released the following statement: “The Greek government is trying to agree bridge-financing without meeting the conditions of its existing rescue program. The request is not a substantive proposal for a solution”.
Greece and the entire Eurozone are in desperate need of a KOLOTOUMBA, this time by the Germans themselves, to avoid a global monetary melt-down.
The latest update is that the Greek Government, on Wednesday February 18 Thursday February 19, will follow-up the ultimatum set by the EUROGROUP two days earlier with a “request for a loan extension”. The EUROGROUP clearly stated that they expected a “request for a program extension”. Government officials in Greece have been making this LOAN/PROGRAM distinction very clear.
Let us step back one step: As we presented last week, in 2010 Greece signed with the INSTITUTIONS (formerly knows as THE TROIKA – EC/ECB/IMF) the “Economic Adjustment Program for Greece”, a memorandum of understanding on financial assistance to the Hellenic Republic in order to cope with the Greek government-debt crisis.
It is this “financial assistance” that is termed now as a “loan” and for which the Greek Government is (allegedly) requesting an extension.
But by having a closer look at the actual “Economic Adjustment Program for Greece” we will read that:
The release of each disbursement to Greece must be approved by both the Eurogroup and the IMF’s Executive Board. Prior to this decision, the European Commission, the ECB and the IMF staff conduct joint review missions to Greece in order to monitor compliance with the terms and conditions of the Program.
In simplified terms, each loan installment is to be given to Greece when the Government has met a set of milestones clearly linked to specific paragraphs/terms of the MEMORANDUM OF UNDERSTANDING (a.k.a. MoU a.k.a. – God forbid – MNIMONIO) the governing document of the Program.
The following is an excerpt of an actual EC/ECB/IMF report of 11 August 2014.
Notice the close links of DISBURSEMENTS, MILESTONES and the MOU?
OUTCOME: Although not yet official, there is no legal background to ask for the EC/ECB/IMF to extend the LOAN disbursements without linking them to the specific PROGRAM and the MoU sections. Some sort of KOLOTOUMBA is to be expected by either side.
Harry Potter fans very well know that in the series’ early books, Lord Voldemort (Harry’s archenemy for you Muggles) was too fearsome to even be mentioned by his name. Wizards at Hogwarts (the Wizard school for you Muggles – enough already) referred to him as “He-Who-Must-Not-Be-Named“.
Well the Greek Government has now its own He-Who-Must-Not-Be-Named or rather “It-Who-Must-Not-Be-Named“:
The TROIKA
If we were allowed to pronounce it (it will be banned by law anytime now) we would read it as Tro-ee-ka (rhymes with Perestroika).
But what is/was the TROIKA?
According to wikipedia the TROIKA is: The tripartite committee led by the European Commission (Eurogroup) with the European Central Bank and the International Monetary Fund, that organised loans to the governments of Greece, Ireland, Portugal, and Cyprus. Together these three international organisations representing the bailout creditors, became nicknamed “the Troika”.
Well the TROIKA has been declared officially as dead by many Greek government officials including the Prime Minister Alexis Tsipras during the press conference following the European Union Summit on February 12:
“The Troika is over“, said Alexis Tsipras
Outcome: The TROIKA may be over but on Friday 13 February several Greek bureaucrats are holding “technical” discussions in preparation for the next EUROGROUP with the following individuals (all of which were members of the It-Who-Must-Not-Be-Named).
The TROIKA is dead! Long live the “European Institutions assisted by the International Monetary Fund”
(we are desperately in need for a new nickname – leave your suggestion in the comments)
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