Alexis Tsipras' "open letter" to German citizens

[volpunter]

People can you see with what we are dealing here?

Greece sent the wrong letter on Thursday - Bild reports
The Greek government accidentally (maybe on purpose) sent the wrong letter yesterday. The intended version supposedly accepted conditions agreed to by the previous government, Germany's Bild Zeitung reported Friday citing government sources.

According to the report, Tsipras, Juncker and Dijsselbloem Wednesday had prepared a letter to secure support of bailout partners. However, Greek Finance Minister Yanis Varoufakis sent an altered version of the letter that omitted the parts that said Greece will accept bailout conditions agreed to by the previous government.

Tsipras later told Merkel it was an "administrative mistake."

The Eurogroup meeting is finally supposed to start an moment now.

 

[volpunter]

Tweet from Varoufakis
Greek Finance Minister Yanis Varoufakis takes on the Bild story that he sent the wrong letter.

Earlier, German newspaper Bild reported that Greece sent the wrong letter asking for the bailout extension in an 'administrative mistake'.

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-> Priceless!!! I am not sure right now whether one of the worst German boulevard press newspapers is right or a Greek finance minister who probably got elected for being good at lying, among other talents.

 

[volpunter]

*** Greek official: Tsipras told Merkel reports of wrong letter product of sick imagination, touches limits of provocation***

*** TSIPRAS ASKED EU SUMMIT TO BE HELD SUNDAY, IF EUROGROUP FAILS***

*** Greek official says it appears Eurogroup has reached an accord***

 

[Tsing Tao]

Not the Onion

GREEK OFFICIAL SAYS IT APPEARS EUROGROUP HAS REACHED AN ACCORD

GREEK GOVT SPOKESMAN SAYS NOT INFORMED OF ANY EUROGROUP DEAL

 

[Tsing Tao]

There it is. Another 4 month extension. More money from the EU taxpayers to extend what will eventually be a Grexit just the same.

 

[volpunter]

Unfortunately yes. But at least the reputation of the Greek administration has been completely discredited in the eyes of the Greek people. virtually every election promise has been broken weeks after they were made. Nobody lied to the Greek people except their own leadership to them.

There it is. Another 4 month extension. More money from the EU taxpayers to extend what will eventually be a Grexit just the same.

 

[luisHK]

What if the plans to be laid out by the preek government before monday are not satisfactory ?

 

[i am nobody]

There it is. Another 4 month extension. More money from the EU taxpayers to extend what will eventually be a Grexit just the same.

Not correct. If monday there is no detailed plan from Greece, the agreement will be cancelled. So at this moment there is nothing. And the plan should be more or less what was agreed with the previous government. The battle is not over yet.

Don't sell the skin before the bear is shot.

 

[Tsing Tao]

Unfortunately yes. But at least the reputation of the Greek administration has been completely discredited in the eyes of the Greek people. virtually every election promise has been broken weeks after they were made. Nobody lied to the Greek people except their own leadership to them.

So you're ok footing the bill if the leadership is humiliated.

 

[volpunter]

Exactly what I thought happened, not that it was a surprise or that it was unexpected.

Capital Controls are a big talking point in the weekend press and while I do not think we are quite there yet I believe it will come at some point.

But after all, I am spending time pondering about this topic because I need to generate trading ideas. I unfortunately cannot afford myself the luxury to sit back like Tsingtao and philosophize about Europe in the way he expresses his hatred for Europe and how the European experiment will never succeed and wishes an immediate implosion. I look to make money from themes I believe will come to fruition with a certain probability and themes that are tradable. And having bought European equities and the euro against the yen and dollar this past Friday was an expression of such theme. It might be too early to celebrate, I need to see how markets open the euro crosses early Monday morning (I work in one of the East Asian time zones).

So, what do you guys think about the outcome of today's meeting? I can hardly think of another delay without decisions, made today.

My hunch is they will essentially structure a bridge loan, an extension to cover the next few months. But they will not call it bridge loan and it will have certain conditions attached. I do not think it involves Troika but I think it may include certain collateral for the loan extension. Anything that falls short of this and we will see capital controls being put in place.