Alexis Tsipras’ commitment to the Greeks that Greece is seeking a new deal with its bailout creditors that would not condemn Greeks battered by five bitter years of income cuts, tax hikes and record job losses “to a lifetime of misery”, seems to remain unsheakable.
“We didn’t come to Brussels like the bad student who didn’t do his homework. We came here as Euro-partners, asking for a more fair solution , you have to hear us, and we will hear you, too ” If we come up with a technicla solution, ther will be a political one, said Tsipras .
Alexis said on his press briefing after the eurogroup Thursday . It was the first time he met Angela Merkel, who expecting that meeting, as she had said . She smiled to him repeatedly
The markets, smiled on Friday , as well
Even though a compromise on Greece has not been secured, investors feel more confident that an agreement will be reached. Greek bonds and stocks are continuing yesterday’s strong recovery, reports the Forex market Friday 13th,
explaining that with Greek bonds and stocks continuing to recover, investor sentiment is positive for an agreement to be reached between Greece and the EU.
“Technical discussions are under way between Greece and the official creditors (ECB, IMF, and EU), but the fact that they are not called the Troika illustrates the face-saving efforts underway.”
“Previously, the Eurogroup head indicated that February 16 was the deadline for an agreement on the grounds that some national parliaments need to approve any new deal.”
“However, the pendulum of market sentiment has swung away from Grexit, and even if a new agreement is not fully agreed to, progress will likely be reported that will keep sentiment intact.”
The top story remains Greece
The New York Times couches the Greece-eurogroup talks in terms of game theory, with the Greek FinMin Varoufakis reputedly an expert on this subject. His stance is to insist on a new plan until the oth-er guys blink. Sometimes, in game theory, it’s rational to act irrationally. This is also like a 4-year old having discovered the word “no.”
As the NYT describes the game, Mr. Dijsselbloem is a puritanical guy and Schaeuble is a hard-ass. (That pretty much leaves Draghi as the last guy who can talk to the Greeks, although he has already cut off the banks from all but emergency funding—and has legitimate worries about contagion, despite no sign of it yet.)
On the eurogroup side, “The thinking goes like this. Say “no” politely, but repeatedly, to Greece’s request for a financial rescue package. As conditions deteriorate, cut off access to emergency loans for the bank’s troubled financial institutions. If that happens, Greece would have to impose capital controls to help prop up the banks, leading to economic disarray and prompting a public outcry. The Greek government would then be forced to accommodate Europe.”, just wrote Friday 13,Feb 13 2015, 13:3 8 GMT , Barbara Rockefeller at the the Forex Market website
“Europe — and this is Europe’s success — is always about finding a compromise,”Angela Merkel said as first words when she arrived in Brussels on Thursday 12 of February
“You make compromises when the advantages outweigh the disadvantages. Germany is ready for that, but you also have to say that Europe’s credibility depends on us sticking to the rules and that we deal with each other in a reliable way.”
Behind-the-scenes negotiations resumed in Brussels hours after euro-area finance ministers failed to reach a joint conclusion. The Greek side and euro-area experts are due to meet in Brussels tomorrow to discuss the way ahead as they try to reach a common point.
The Greek side totally rejects any term of extension to the Program, for which Angela Merkel said she is ooking forward in her statements after meeting with Tsipra, while the Reuters wrote early Friday , February the13th that the two parts “struggle to decide whether to call the arrangement an extension, a new program or a bridge deal, officials said.
Merkel had come to the table ready to compromise, after her meeting with Obama ,as one can guess .Again , we do not know what the exact discussion of the two leaders, Obama and Merkel behid the scenes might have been,
Over in Washington DC, Angela Merkel has told reporters that “what counts” is the plan that Greece brings to the eurogroup meeting on Wednesday night.
But Merkel did- definitely- notice inbetween the two days, the key word growth , that kept popping up latest , both from the US Presidents’ message for Greece and the Greek Prime ministers’ message some hours before she exchanged with the young Greek leader smiles and her first handshake
“Europe can bridge differences and bridge the solutions In Greece we feel it’s time to change the message of politics, to slap corruption of the oligarchans and bring back the growth agenda and return to the path of social unity and solidarity.”
had said Alexis Tsipras some hours before, after his meeting in Brussels with the Belgian Prime Minister
“The Belgian Prime Minister is younger than me I would like to thank him , he have so much in commons , and return to our common house in Europe , the house of social justice and growth”, he added
Yanis VaroufakIS had said on earlier days that it is Greece’s Fate to say the No to Greece’s austerity , and actually, it fell to him to say the first NO, when holding talks with Eurogroup chairman Jeroen Dijsselbloem, by rejecting , on the fifth day of Alexis’ government the extension of Greece’s €240bn (£180bn) bail-out programme, which came with tough austerity measures.