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Welcome, 77 artists, 40 different points of Attica welcomes you by singing Erotokritos an epic romance written at 1713 by Vitsentzos Kornaros

Saturday, June 27, 2015

Victims of Illusions: The Non-Solution of the Greferendum

The seemingly never-ending Greek drama has become a story of amateurism versus dogmatism with incompetence and cowardice on both sides. The Greek government has squandered all its goodwill within half a year through a combination of arrogance, belligerence, naivety and utter incompetence. It set out to restore the "dignity" of the Greek people by "liberating" them from the alleged stranglehold of the Troika, while in the process "transforming" Europe into a more equal and just continent. It has achieved neither. The current Greek government is confronted with almost exactly the same deal as its so maligned predecessor. Moreover, outside of (West) European gauche caviar, desperate for a new "anti-imperialist hero" after Hugo Chavez's death, support for Prime Minister Alexis Tsipras and his Coalition for a Radical Left (Syriza) has evaporated its amid erratic behavior and endless accusations of "blackmail" and "betrayal." Even worse, they have strengthened the belief among its opponents that (all) Euro-skepticism is necessarily incompetent and moralistic. The so often repeated claim that the Troika is "disingenuous" is not just evidence of the typical moralistic discourse of populism, in which the other side is "the enemy" that is "corrupt," but, even more importantly, shows the Greek government's utter misperception of its opponent(s). Whether they truly believe their accusations or not is not that relevant, although it does go to the question whether they are simply incompetent or (also) disingenuous. In essence, the Greek government is accusing the Troika of being -- well -- the Troika! It blames them for not supporting the Syriza program. The Troika largely does the same, of course, but uses overall a more technocratic, rather than moralistic, discourse. The essence of this drama is that both camps are informed by fundamentally different visions and try to come to an impossible compromise on the basis of a warped view of each other. The Greek government thinks the Troika is essentially committed to a strong Europe than to the politics of austerity, and the Troika still thinks that Greece is a typical European state, which in their view means a Northern European state. Hence, Tsipras keeps presenting "fairer" options, while Merkel keeps calling for "rational reforms." While both can be criticized for incompetence and immorality, the costs are clearly much higher for Tsipras' Greeks than for Merkel's Germans. Whatever the logic and morality of the austerity politics, and both can be seriously questioned, the Troika has been absolutely clear that this is the foundation of its Eurozone politics. It might be rigid, but it is straightforward and, therefore, honest. In sharp contrast, the Greek government, both Syriza and coalition partner Independent Greeks (ANEL), has been far from clear in its position. It has invented a third option, Eurozone without austerity, which from the outset has been rejected by the Troika. More fundamentally, however, Syriza proclaims to be a radical left party, which supports an economic model somewhere in between socialism and social democracy. It wants to realize this within the European Union and the Eurozone, which are both fundamentally neoliberal projects, in which substantial state involvement in the economy is considered wrong. The current standoff was inevitable as soon as the Greek population voted Syriza into power. In essence, therefore, both ANEL/Syriza and their supporters are responsible for the situation that they find themselves in now. They can blame the Troika for being, and staying true to being, the Troika, but that doesn't change the reality. Tsipras' call for a referendum took much of the rest of the European Union, and perhaps many in Greece, by surprise. Pundits will undoubtedly see it as further proof of the highly rational (choice) strategy of 'game theorist' and Finance Minister Varoufakis, trying to put extra pressure on the Troika. However, their archenemy Samaras did the same in 2011 and failed (too). In classic populist language Tsipras called for a "democratic response" to the creditors that try to "humiliate" Greece. Varoufakis tweeted that the referendum will "boost" democracy in "euro-related matters." Responding to reactions that he had been elected to make these decisions, as this is how representative democracies work, he said that the government doesn't have a mandate to make this important decision because only 41 percent of the people voted for ANEL and Syriza. This is a bizarre argument, which, in extremism, would mean that the government should resign, as it doesn't represent the majority of the Greek people. Moreover, it hasn't stopped Syriza in the last months from claiming to speak in the name of "the people," i.e. not just for a majority but for all (pure) Greek people. Incidentally, the righteous claim of boosting democracy was already undermined by ANEL leader Panos Kammenos, who said that the Greferendum would be withdrawn if the creditors would accept their counteroffer. Rather than boosting democracy the more likely reason for the referendum is to prevent a break up of the government and of Syriza. As a literal coalition of more and less radical left groups Syriza is only really united in the opposition to the bailout conditions. The 'party' is fundamentally divided on continued membership of the Eurozone and even the European Union. However, if democracy is really so important to Varoufakis and the others, they should put the interests of the country and its population above those of the coalition government and the political party. Tsipras has called a referendum on the very narrow issue of the specific terms offered by the creditors for the latest aid package. This is a ridiculous proposal on several accounts. First, the referendum will have to be organized within one week by a state with limited capacity under the best of circumstances, let alone in the height of an economic and political crisis. Second, the terms offered by the creditors are not even public yet (let alone translated into Greek). How can people vote on them if they haven't seen them? Third, the referendum is framed purely as a vote on the terms of the creditors, as if there is an option to get the financial aid under different terms. And, even if this were to be the case, and all behavior and statements of the Troika members makes this highly doubtful, what will happen then, i.e. in the best case scenario: Another referendum on the amended terms? There is a good case to be made for a Greek referendum, but it is not this one. The Greeks should get a straightforward choice between the only two realistic options: staying in the Eurozone under the stated conditions or leaving the Eurozone (and allegedly have their "dignity" and "democracy" back). This is the fundamental choice that should have informed Greek politics for the past years. Greeks could have had that vote in the January elections, but Syriza prevented it by offering a faux third option: stay in the Eurozone without the Eurozone conditions. Now that everyone knows there are only two options, Syriza should finally give the people a vote on them, be it in new elections or in a (well-prepared) referendum. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.


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Stephen Collins: The Greek effect – how Greece has become part of Irish politics

The Greek crisis has intruded itself into Irish party politics over the past week and could even have a direct impact on the outcome of the next election here. At the EU summit in Brussels, Enda Kenny told his Greek counterpart Alexis Tsipras to do his ...


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Greek Debt Crisis Intensifies as Extension Request Is Denied

European officials rejected Greece’s request to extend its bailout program so voters could decide whether to accept aid under terms the government opposes.


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Greece Bank Run Empties Over A Third Of ATMs Of Cash

ATHENS, June 27 (Reuters) - More than a third of automated teller machines across Greece ran out of cash on Saturday before they were replenished ...


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Greeks forced to default as Eurogroup denies bail-out extension

Eurozone finance ministers have rejected a Greek request to extend the deadline of its bail-out program


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Greeks rush to withdraw cash as MPs debate bailout referendum

Greek lawmakers on Saturday debated whether to hold a controversial bailout referendum as fears of a default intensified and worried customers began queueing to withdraw money.


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Greek ATMs Run Dry, The Eurogroup Says That's That: The End For Greece

In any traditional sovereign debt crisis we would be saying that that really is that for Greece. When the creditors, or at least some of them, insist that no more negotiations can happen, when we're reading reports about how ATM machines are being refilled (seriously, this is something that's entirely [...]


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EU ministers refuse bailout extension for Greece as referendum looms

Crisis planning session seeks to quarantine Greece and insulate rest of eurozone from anticipated financial mayhemEurope’s single currency entered the stage of rupture for the first time in its 16-year life on Saturday night when 18 governments told Greece its bailout package would be terminated within days. The country plunged towards financial collapse after its leftwing prime minister, Alexis Tsipras, abandoned negotiations and called a referendum on his lenders’ terms for continuing the lifeline.An emergency meeting of eurozone finance ministers took place in Brussels on Saturday evening without Greece for the first time since the crisis began in 2010. It turned into a crisis planning session devoted to quarantining Greece and insulating the rest of the eurozone from the impact of anticipated financial mayhem. Continue reading...


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Greece dominates at least 87 meetings of European ministers since 2010

Extensive Guardian analysis of eurozone meetings shows ministers spent a lot of the last five years talking about cash-strapped countryAt least 87* separate EU summits and meetings have been partly or entirely devoted to Greece and its financial crisis over the past five years, for only fitful progress on resolving the basic issue, a Guardian analysis reveals. With European finance ministers meeting once again in Brussels on Saturday to discuss the Greek debt crisis, scrutiny of European commission documents and archive news reports has found nearly 90 separate days where EU heads of government or finance ministers met to agonise over the debt crisis or chew over various bail-out and reform plans. Continue reading...


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Behind Tsipras’s Grexit strategy

As any politician, the Greek PM wants to stay in power. And his best chance of doing so may be to let Greece leave the euro.


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Q&A: what options now for Greece's strained banking system?

Every euro withdrawn from cash machines is backed by emergency funding from the European Central Bank. Without an extension to Greece's bailout ...


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Greece on the brink of default after talks with creditors break down

… from the Euro. (Reuters) LONDON — Greece’s long-running standoff with its … the damage of a Greek financial meltdown. The Greek finance minister was … began with rare optimism, as Greece submitted proposals that European officials …


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KTG-report: “Finally, Tsipras did something!” Yet, not all Greeks think, Referendum is the right decision

“Finally, he did something! I don’t know if it is good or bad, I cannot think of the consequences right now, but Tsipras finally did something,” Nikos tells me Saturday afternoon, a couple of hours after Greek Prime Minister Alexis Tsipras announced a Referendum on creditors’ proposals. I asked around […]


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Eurogroup statement: “Show” goes on without Greece

The Eurogroup ministers met and rejected Greece’s request for a month extension of the program. Then Jeroen Dijsselbloem decided to hold a further EG meeting thus excluding Greece. The FinMins are supposed to decide what to do on a Plan B, Plan C or whatever or as Dijsselbloem said “in […]


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More than a third of Greek ATMs run dry for a while on Saturday

By George Georgiopoulos and Lefteris Papadimas ATHENS (Reuters) - More than a third of automated teller machines across Greece ran out of cash on Saturday before they were replenished as Greeks pulled out money on fears their country was set to crash out of the euro, three banking sources said. Anxious Greeks lined up outside ATMs after Prime Minister Alexis Tsipras made a surprise call for a referendum on austerity terms demanded by lenders, throwing talks with lenders in disarray and putting Greece on the verge of a default. About 35 percent of the ATM network - some 2,000 out of the 5,500 ATMs across Greece - ran out of euro banknotes at one point during the day and were being replenished, the bankers said.


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Greece Debt Crisis: Finance Ministers Refuse Extension

Greece cannot have an extension to its bailout program, euro zone finance ministers decided Saturday, as the country's financial future spiraled into uncertainty.


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Germany Says Greek Referendum Plan Closes Door on Talks

Germany all but buried negotiations on June 27 to keep Greece from default, saying a surprise decision by Greek Prime Minister Alexis Tsipras to call a referendum had left nothing to discuss but how to cope with failure. The post Germany Says Greek Referendum Plan Closes Door on Talks appeared first on The National Herald.


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Hugo Dixon: Tsipras gambles Greece

Alexis Tsipras has taken a massive gamble on Greece’s future. By calling a referendum on whether to accept the creditors’ latest offer of cash in return for unpopular reforms, the Greek prime minister is offering the people a choice between the bad and the extremely bad. Meanwhile, the world may be about to face the […] The post Hugo Dixon: Tsipras gambles Greece appeared first on The National Herald.


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Greece Says Still Time To Reach Bailout Deal

Greece's Finance Minister says there is still a chance his country could reach a bailout deal with creditors, despite the latest breakdown in talks. The post Greece Says Still Time To Reach Bailout Deal appeared first on The National Herald.


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Tsipras Tells Hollande, Merkel Greece Will Go On

Greek Prime Minister Alexis Tsipras told German Chancellor Angela Merkel and French President Francois Hollande that Greeks "would survive". The post Tsipras Tells Hollande, Merkel Greece Will Go On appeared first on The National Herald.


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YES vs. NO: Two camps in Greece amid social unrest

"Ultimatums", "national security", "responsibility to forefathers"... supporters of YES or NO use the same language...


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Eurogroup statement: Europeans withhold 1.9 bln euros from Greek bond profits

'Given the prolonged deadlock in negotiations and the urgency of the situation, institutions have put forward a comprehensive proposal on policy conditionality, making use of the given flexibility within the current arrangement'


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Top SYRIZA MPs in line outside Greek Parliament’s … ATM!

Parliament's two cash machines run out on Saturday, needed resupply of ... euros


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Greece's 'destiny' is in the euro: France's Sapin  

Brussels (AFP) - French Finance Minister Michel Sapin on Saturday said Greece's place was firmly inside the eurozone despite a decision by his eurozone counterparts to end the country's bailout programme on June 30, thrusting Athens towards a default."The destiny of Greece is to remain in the eurozone and no other country wants Greece to leave the eurozone," Sapin told reports at the end of a eurozone ministers' meeting to discuss Greece.Join the conversation about this story »


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Tsipras reportedly tells Merkel, Hollande that no matter what Eurogroup decision …

....'Greek people will have oxygen next week and survive' ... He also appeared adamant that referendum (on what question) will proceed


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What’s next for Greece? Pain, heartbreak… and then recovery!

Divorce isn't as great a tragedy as staying in an unhappy marriage


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ECB governing council to meet on Greece

The European Central Bank said Saturday its governing council would meet imminently as Greece appears increasingly to be heading towards a default.


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Greek gov't to work closely with ECB on banks, says Deputy PM

Greece's government will continue working closely with the European Central Bank and the country's central bank to ensure banks are stable, the deputy prime minister said in a tweet on Saturday after a meeting with ECB chief Mario Draghi.


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ND's Samaras to meet President Pavlopoulos on Sunday

Greek conservative opposition leader Antonis Samaras will hold talks with the country's president on Sunday, the president's office said, after opposition parties condemned the government's call for a referendum.


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Greece on brink as bailout talks collapse

The vote will take place on July 5. Prime Minister Alexis Tsipras urged the Greek people not to vote in favor of the new plan from its creditors.


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Greek bailout programme will expire June 30: Eurogroup's Dijsselbloem

Brussels (AFP) - Eurozone ministers agreed Saturday that Greece's bailout programme should expire as planned on June 30 after Greece called a referendum on reform plans, Eurogroup chief Jeroen Dijsselbloem said, leaving Athens in danger of an IMF default.Dijsselbloem, the Dutch finance minister, said the ministers would now reconvene without Greece to discuss the "consequences" and "prepare for what's needed to ensure the stability of eurozone remains at its high level.""Given that situation, I think we might conclude that however regretful, the programme will expire Tuesday night," the minister said.Dijsselbloem said that because Athens called a referendum and rejected the latest proposals by the creditors, the ministers were left with no choice, leaving Greece without a financial lifeline for the first time since the crisis erupted five years ago."Regrettably, despite efforts at all levels and full support of the Eurogroup, this proposal has been rejected by the Greek authorities who broke off the programme negotiations ... unilaterally," a statement by the Eurogroup of ministers said.The statement was not supported by Greece, it noted.After issuing the statement, ministers resumed discussions without the Greek delegation to discuss preparations for a possible Greek default. Join the conversation about this story »


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Greek debt crisis: Eurogroup shifting towards 'Plan B'

The Europgroup is now focusing on Plan B over Greece’s default and possible exit from the euro, as Athens has rejected the latest creditors’ proposals and is going for a referendum on the issue.Read Full Article at RT.com


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Will Greece Make It to the Referendum?

The announcement by Prime Minister Alexis Tsipras that Greece would hold a July 5 referendum on its financial rescue has analysts rushing to predict ...


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The full statement from the eurogroup (excluding Greece)

The full statement from the eurogroup (excluding Greece): Since the 20 February 2015 agreement of the Eurogroup on the extension of the current financial assistance arrangement, intensive negotiations have taken place between the institutions and the Greek authorities to achieve a ...


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Varoufakis: It’s a sad day for Europe -PHOTO

As Greece’s finance minister headed to the exit door of the commission, one reporter asked “Is this a sad day for you?” Yanis Varoufakis replied instantly: It’s a sad day for Europe, but we will overcome it.


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Dijsselbloem: If Greeks vote 'Yes', who we will work with?

Greece's decision to call a referendum on the demands of its creditors does not excuse it from paying its debts and euro zone ministers are now discussing what to do now Athens has rejected a cash-for-reforms deal, Jeroen Dijsselbloem, ...


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Europe rejects Greek bailout extension after referendum shock

Greece hurtled towards default and a possible euro exit Saturday after Europe responded to the leftist government's announcement of a surprise referendum by refusing to extend Athens's desperately needed bailout.


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THIS IS IT: Greece is probably going to default on Tuesday (GREK)

It looks like Greece is going to default.  On Saturday, Greek Finance Minister Yanis Varoufakis left a meeting of euro zone finance ministers after failing to get an agreement to extend the current bailout deal until after a referendum next week. Late Friday, Greek prime minister Alexis Tsipras made a surprise announcement of a referendum to be held in Greece next Sunday, July 5, to vote on the reforms proposed to Greece by its creditors as part of a possible bailout extension. The most imminent money owed by Greece to creditors is €1.6 billion owed to the International Monetary Fund on Tuesday, a payment it looks like Greece will now miss. The question now, it appears, is what happens next and whether this missed payment sets the table for a "Grexit" which would see Greece leave the EU. According to Reuters, Varoufakis told journalists as he left the meeting that, "It's a sad day for Europe." Eurogroup ministers said they would meet without Greece later on Saturday evening to discuss how to handle the fallout from an expected Greek debt default on Tuesday, according to Reuters.  A report from Reuters said, "With most Greek banks closed for the weekend, there was no sign of panic on the streets of Athens. Government officials said there was no plan to impose capital controls that would limit withdrawals." The Financial Times, however, reported that a phone conference was scheduled for Sunday morning between the European Central Bank and the Bank of Greece to discuss implementing capital controls — or limiting the ability for money in Greek banks to be withdrawn.  According to the FT, one option would be for Greece to declare a bank holiday between now and the July 5 referendum. Varoufakis, however, has told Reuters that banks should remain open between now and then. Since Tsipras was voted into power in late January it's been a long road of headline after headline on whether or not Greece would make its payments or find some middle ground with its creditors. And while we've certainly heard that negotiations between Greece and its European creditors have broken down before, this time looks different. SEE ALSO: Wall Street is so tired of the Greece news it invented a new word to talk about it Join the conversation about this story » NOW WATCH: Take a tour of the $367 million jet that will soon be called Air Force One


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Greek opposition leader to hold talks with president Sunday

ATHENS (Reuters) - Greek conservative opposition leader Antonis Samaras will hold talks with the country's president on Sunday, the president's office said, after opposition parties condemned the government's call for a referendum. Samaras, head of the New Democracy conservatives, earlier this week said he would be willing to participate in a cross-party government to pull Greece back from the brink of bankruptcy. (Reporting by Karolina Tagaris, Writing by Deepa Babington)


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Greek opinion poll shows 57 percent favour deal with lenders

A majority of Greeks favour accepting a bailout deal with international lenders, according to two opinion polls conducted before Prime Minister Alexis Tsipras announced a surprise referendum on the issue. The survey by the Alco polling institute published in Sunday's edition of the Proto Thema newspaper, said 57 percent of 1,000 respondents were in favour of reaching a deal, while 29 percent wanted a break with creditors. Tsipras announced a snap referendum for July 5, after Greece failed to agree to terms with its international creditors on a cash for reforms deal which would allow the country to make a 1.6 billion euro payment to the IMF on June 30.


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Greek government to closely coordinate with ECB over banks

ATHENS (Reuters) - Greece's government will continue working closely with the European Central Bank and the country's central bank to ensure banks are stable, the deputy prime minister said in a tweet on Saturday after a meeting with ECB chief Mario Draghi. Greeks lined up at automated teller machines to withdraw cash on Saturday after Prime Minister Alexis Tsipras called a referendum on a bailout agreement, throwing the country's future in the euro in doubt. ...


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Greek bank run feared

ATHENS — Hundreds of people lined up at Greek banks and drained cash machines after Prime Minister Alexis Tsipras called a referendum to decide ...


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WRAPUP 4-Euro zone readies for Greek default after Tsipras referendum call

Greek finance minister seeks extension to bailout. By Karolina Tagaris and Robin Emmott. ATHENS/BRUSSELS, June 27 (Reuters) - The euro zone ...


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Q&A: what options now for Greek banks?

Bank holiday or capital controls are main choice for financial system


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Greece nearer exit as aid request spurned

Finance ministers rebuff Athens after referendum move


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Greece's Future in Balance as Creditors Reject Aid Extension

Eurozone rejects Greek bailout extension request, meets without Greece to assess stability


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The last thing Greece needs: a run on its banks

Following Alexis Tspiras' announcement that Greeks will vote on whether to accept the country's international creditors' bailout terms, many are ...


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Greek Request for Aid Extension Spurned as Lines Form at ATMs

... Prime Minister Alexis Tsipras's government as lines formed outside ATMs in Greece amid public concern the financial system will go into meltdown.


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Greece debt crisis: Eurozone refuses bailout extension

Greece has to pay €1.6bn (£1.1bn) to the IMF on Tuesday. Without new funds, there are fears Greece may leave the euro and its economy may ...


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Taylor Swift may have triumphed, but Apple will still call the tune

The tech giant’s retreat over paying artists during trials of its music streaming service looked like a defeat. In fact, it may have cleared the way to successWith the launch of the Apple Music streaming service just two days away, the music industry has been indulging in cliffhanger negotiations worthy of Greece and its creditors.Few can have missed the recent public announcement by Taylor Swift, one of the biggest-selling artists on the planet, that she would not be allowing any of her music to be streamed on the service, because Apple was not planning to pay artists for songs streamed during the free three-month trial it would offer every user.Apple is too important for the labels to cut if off but won't get the same largesse from them as it does now Continue reading...


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