Greece - Parliament votes yes, so when do banks reopen?

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Wednesday July 15, 2015 · 2:37 PM PDT

2015/07/15 · 14:37

UPDATE: Final count: 229 yes.
The decision by the European Central Bank to force the closure of the Greek banks two weeks ago by freezing emergency liquidity assistance seems to have worked well to get the yes votes.

------
Past the midnight deadline in Athens and members of Parliament are still debating.......
Speeches going on now in Parliament (in Greek)...

You can also listen to the votes when they finally start. Nai means yes, and OXI means No.

The Guardian posting live coverage of Parliament....

Will Alexis Tspiras still be Prime Minister of Greece next week? He is reportedly not even sticking around for the debate but has left the building.

A Greek friend of mine said Tspiras gambled with the lives of 11 million people and lost.

How Germany Beat Greece In Liar's Poker

Many observers are wondering how the left-populist renegades of Greece's Syriza party, which rose to power in January on the promise of delivering relief from austerity and renewed its mandate with a massive victory in the July 5 referendum, managed to negotiate a bailout deal on Monday that is substantially worse than what was available to Greece before Syriza took office.

Syriza's radical activists divided over backing austerity package – and Tsipras

Some of Syriza’s disenchanted members are ambivalent about leaving the eurozone. “It’s not about the coin we use,” said Teskou. But most are angry that Tsipras did not seriously consider Grexit as an option, much less formulate a plan to achieve it. As a result, Tsipras was unable to use the mandate provided to him by the recent referendum as an effective bargaining chip in the last round of negotiations. “In my opinion,” said Gkouvas, “they didn’t go back to Brussels this week as if they had the backing of the result of the referendum.” Since Tsipras had no serious plan to leave the euro, the thinking goes, by extension he had no means of calling the troika’s bluff.

I am just home and for the last 30 minutes or so trying to catch up. Votes should start soon.

Greece - White Flag Flying Over the Acropolis

allenjo

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Friday July 10, 2015 · 7:18 AM PDT

2015/07/10 · 07:18

I've spent the last hour or so trying to get up to date on the crisis in Greece. I haven't yet talked with my family there. Several days ago they said they were at the point of being so drained, so exhausted by this ongoing tragedy that they just wanted the resolution to come, even if that meant being forced out of the Euro Zone. I have no idea how they now feel about the latest drama, Tspiras's waving of the white flag. Will it be with relief? That they can get on with what is left of their business now that the banks may open if this all goes through?

As for me, I had a dear Greek friend who used to say for good or bad happening, "Well, how do you like that!" I am on the outside looking in, so for me I do not like it very much. But when your banks are closed, as your country is imploding, with businesses brought to a standstill or failing, over 1 billion owed by the government for medications and pharmacies reporting shortages, I could go on and on but for those of following this Greek tragedy, we are aware of the horrors.

the scale of Alexis Tsipras’s climbdown: As Connor Campbell of Spreadex.com explains:

In a strange turn of events considering the resounding ‘no’ cried out by the Greek people to austerity, Tsipras submitted a proposal to creditors on Thursday that contains around €13 billion in cuts and tax rises, €4 billion more than the plan the public rejected. The concessions this reflects, especially on primary budget surpluses, VAT and pensions (i.e. all the ‘red lines’), and the swelling chances of a deal actually being made, is in no doubt the reason behind the robust early gains of the DAX and CAC. However there is still more work for Tsipras to do, and in many ways the most difficult task lies ahead; the Greek PM now has to try and convince his government this Friday to back the €13 billion plan, one that seemingly flies in the face of the anti-austerity rhetoric that has been Syriza’s bread and butter since before the party was elected.

Tsipras rattled his sabre until it was blunt – and for what?
Five months of brinkmanship has caused untold damage to the Greek economy for no purpose whatsoever......

The tragedy is that there is no end in sight to the suffering of the Greek people. They have seen their country’s economy shrink by 25% in five years and it was already back in recession when the banks closed their doors two weeks ago. The damage caused by the rapid descent into a cashless, semi-barter economy will be profound and long-lasting. It would take months if not years to repair the damage even if pro-growth policies are pursued. That, sadly, will not be the case.

allenjo

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Wednesday July 08, 2015 · 10:09 AM PDT

2015/07/08 · 10:09

For those who have been following the crisis in Greece, today's rambutious European Parliament meeting as Greece gets lambasted.....

Guy Verhofstadt rants on Greece, Greeks and Alexis Tspiras
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Alexis Tsipras reply to Guy Verhofstadt plenary speech on Greece
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allenjo

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Sunday July 05, 2015 · 10:44 AM PDT

2015/07/05 · 10:44

UPDATES - Merkel and Hollande want emergency summit on Tuesday.

Angela Merkel and Francois Hollande have spoken on the phone tonight, and agreed that a eurozone leaders’ summit should be held on Tuesday. That’s according to the German government spokesman, who said the chancellor and president also agreed that the referendum result should be respected (via Reuters)

and....

Greek Opposition Leader Antonis Samaras Resigns as New Democracy Head

Antonis Samaras, head of the New Democracy party and former prime minister of Greece has resigned from his position as head of Greece’s main opposition, following a landslide victory of the “No” vote in the Greek referendum.

2 AM Athens time, with 97% of votes counted: 61,33 % No - 38,67 % Yes

Photos of No voters celebrating in Athens

-------------------------------------------------------------------------------

Ministry of Interior reporting votes so far are 60% No

Not Approved / NO 60,42 % 565.540 13
Approved / YES 39,58 % 370.470

Click here for Ministry of Interior for votes by area.

You select by Elect. District at top right (like Kylkladon) and when that comes up you can also select municipalty.

For my family's island and the areas I know well, all are pretty much 60 No thus far.

I took awhile to come to No, but once I did, I was a strong No. I was glad to talk with my family in Greece at length yesterday and they are No also.

I hope this holds or even increases for the No side.

If you have problems with above link, use the below......

http://ekloges.ypes.gr/...{"cls":"main","params":{}}

allenjo

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Monday June 29, 2015 · 12:19 PM PDT

2015/06/29 · 12:19

When the Greek Parliament last voted for austerity.....

I have been all over the internet since I got up, after turning on the TV to hear nothing but horrors happening for Greece, even the running out of fuel in areas. (Something I had warned my son about - since he is on an island, if the ferries can't run, there will be no food to buy).

As to how I would vote - for now I am in the undecided column. There are no easy answers here. If I vote yes on the referendum on July 5th, for me that means it's all over for now. Austerity rules. Greece remains under the boots of the troika, perhaps with much worst consequences than ever.

But perhaps if an overwhelming number of Greeks voted to accept, there would not be an avalanche of strikes and demonstrations, which would otherwise happen and at the very height of the tourist season for Greece. This all comes down at the worst possible time for a country that earns most of its money from tourism in July and August.

If I vote no, does that mean not only the end of Greece being in the euro zone, but being kicked out of the European Union also? Many Greeks are in EU countries working now that wouldn't be able to if Greece is out of the EU. More trauma there, as there are no jobs for them if they are forced to go back home to a country with no jobs, businesses failing.

There is no way that Greece is going to be able to repay the debt payments due tomorrow, nor the ones coming up quickly thereafter, since for now there are no deals on the table. There is only chaos now and to come.

The euro group for now is only interested in damage control, in case "everything goes horribly wrong." Well, since the European Central Bank shut down aid to Greek banks over the week-end, it is, all gone horribly wrong. One could blame the leftist government, as the head of the European Commission did in a press conference today, but that would not be the truth......

Greece debt talks: EU chief feels 'betrayed'
European Commission chief, Jean-Claude Juncker, It's not my fault. I did everything I could. It was those egotiscal Greeks, playing tactical games, populist games. After all my efforts I feel betrayed.

He urges Greek citizens to vote yes in the referendum.

Greeks do not take kindly to outsiders telling them what to do and there seems to be a full court press out telling the Greeks, (and some planning on going to Greece to attempt to sway voters), pretty much if they want to stay in the euro, to vote yes, which may turn many would be yes votes into no votes, in my opinion.

Huge pro-government show of support in Greece going on now.....
http://www.bbc.com/...

allenjo

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Sunday June 28, 2015 · 11:48 AM PDT

2015/06/28 · 11:48

A country brought to its knees.

The banks will not open tomorrow, nor will the Athens Stock Exchange.

And now many are cancelling their holidays in Greece.

And just as the two busiest months of the tourism season starts this is the absolute worst possible time for Greece, but the most opportune time for the eurogroup to teach those leftists a lesson.

Not to buckle under to their demands! The Greeks must suffer for democratically electing a government who just will not do as they are told by their bettors!

Greece crisis: a disaster for Athens and a colossal failure for the EU

After three crises in as many days, the collective performance of the eurozones governments inspires little hope or confidence in their crisis management. Five years from its inception, the world’s biggest bailout of a sovereign state will grind to an excruciating halt on Tuesday, theoretically leaving Greece high and dry and on its own under a leftwing government bitterly accusing the EU elite of deliberately using the country as a neo-liberal laboratory.
If the experiment has been a disaster for Greece, it is also a colossal failure for Europe, with the result that at the very apex of leadership the EU nowadays resembles an unhappy assembly of squabbling politicians locked in what could not be called an “ever closer union”.

Broken Europe

But the social and political costs of these policies have put the legitimacy of the entire European integration project in question. By being locked into austerity policies, Europe is tearing itself apart.
This brings to the fore the faulty institutional framework that has exacerbated these issues. European integration was conceived by a set of elites, while many EU citizens have never fully embraced the idea: the EU tends to be regarded as an economic entity rather than a cultural or social one. The “ever closer union” remains an aspiration, while EU institutions patch up compromises between its most powerful members.

The ill-thought and haphazard implementation of the common currency is perhaps the most costly compromise of all. The Greek government is therefore right to ask for generous debt relief to allow the economy to have a fresh start in exchange for reforms that will address the perennial problems of corruption and inequality that bedevil Greek society.

allenjo

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Saturday June 27, 2015 · 8:24 AM PDT

2015/06/27 · 08:24

UPDATE 2: Greek lawmakers on Sunday authorised prime minister Alexis Tsipras’ proposed 5 July bailout referendum, setting Greece on course for a plebiscite that has enraged international creditors and increased Greece’s chances of exiting the eurozone. The government easily passed the 151-vote threshold needed to authorise the referendum, with deputies from the far-right Golden Dawn voting with the government and pro-European opposition parties New Democracy, Pasok and To Potami and the KKE Communist party voting against.

UPDATE 1: Greece nears euro exit, as bailout extension refused......
Eurozone finance ministers on Saturday (27 June) refused to extend Greece’s bailout to accommodate its referendum next weekend, plunging the single currency area and Greece itself into legal and political uncertainty.

12:35 EST I just got off the phone with my family in Greece. We all agree that the end goal is to destroy the Syriza party. My son says it looks like a back door deal may have already been made with New Democracy. Which would not surprise me at all. We usually end on an optimistic note, but not this time. He said, "No one knows what will happen now, as we're going into uncharted waters.
-------------------------------------------------

"Let us allow the people to have the last word, let them decide on the country’s fate"
The words were spoken by then PM Papandreou back in 2011 when the Pasok party was in power.

Last night I was on the BBC site, reading that PM Alexis Tsipras was headed back to Athens to address Parliament. Then a Breaking News blurb came on the screen, that Tsipras had just announced Greeks would vote on a referendum on its bailout program on July 5, to let the people decide.

If you recall back in 2011, PM George Papandreou did the same to the same shock and awe......and what happened to Papandreou and the Pasok party after that.

ATHENS — In a surprise move that jolted Europe and put his political future in play, Prime Minister George A. Papandreou announced Monday that his government would hold a referendum on a new aid package for Greece, putting austerity measures — and potentially membership in the euro zone — to a popular vote for the first time.

Greek MPs will vote late tonight (midnight Athens time) on whether to hold the referendum.

I haven't spoken with my family in Greece in the past few days as they (like most of the country are so filled with angst). My level is quite high also. All seems to be in chaos (a Greek word, and probably angst also). This must end with some hope for the Greek people, as they are living on fumes. One can't keep up this level of uncertainty and see any daylight. You can't keep seeing only a train at the end of the tunnel, only darkness.

Analysts at Barclays have warned that the referendum plunges Greece into fresh turmoil, whether the result is Yes or No.

What happens if Greece votes no?

Government officials are currently emphasizing that this is simply a vote on the negotiations and not on the Greek position within the EMU [eurozone] and EU. In reality, the two questions are related. We believe that the odds of a Greek exit increase substantially if Greece votes no. And if capital controls have not been imposed by then, they would almost certainly be after 5 July.

What happens if Greece votes yes?

Every indication is that the existing Greek government is opposed to the creditors’ current terms. Consequently, it is very possible that in the event of a yes vote, Greece would face a political crisis, with a new government having to be formed in order to finalize the negotiations and implement the agreed-upon reforms.

allenjo

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Thursday June 25, 2015 · 6:58 AM PDT

2015/06/25 · 06:58

Sen. Claire McCaskill says Bernie Sanders, has an extreme message, is non-electable on Morning Joe.

She says, OMG my insert there but Damn, she really did say Bernie's extreme positions were that Bernie wants to see Medicare for all, that he is for expansion of entitlements.

OH the Horror! McCaskill who is one of the wealthiest members in Congress.

Bernie Sanders who says, "Corporate Greed Must End" - Being called out by Claire McCaskill, whose husband obviously does very much believe in corporate greed, "Claire McCaskill's Husband's Firms Received Almost $40 Million In Federal Subsidies"

You really have to watch her Morning Joe interview, to see how out of touch with ordinary Americans she is.

You have to wonder what Democrats really stand for these days. When "entitlements" and "Medicare for all" are perceived as extreme positions.

What does Claire McCaskill think should be done with entitlements? That question remains to be asked of her.

allenjo

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Tuesday June 23, 2015 · 7:24 AM PDT

2015/06/23 · 07:24

The Senate votes today to end debate on fast-track — if it gets 60 backers — it will set up a final roll call on the measure later in the day or Wednesday.

As the Hill reports....

President Obama was scrambling for votes on his trade agreement on Monday, while the AFL-CIO was lobbying Democrats to oppose fast-track authority when the Senate votes on a procedural motion today.

Obama’s trade bill needs 60 votes, and he can afford no more than two Democratic defections who previously backed fast-track. As of Monday evening, he had not yet secured public promises from all the Democrats he needs.

Democratic Sens. Chris Coons (Del.), Michael Bennet (Colo.), Jeanne Shaheen (N.H.) and Claire McCaskill (Mo.) declined to say Monday evening how they would vote. Cantwell told reporters last week she would vote against fast-track because it was not attached to TAA, but her office walked back the comment Monday. Heitkamp is holding out for a guarantee that the Export-Import Bank will be reauthorized before its charter expires on June 30. Sen. Patty Murray (Wash.), the fourth-ranking member of the Democratic leadership and one of the leaders of the Senate’s pro-trade Democrats, declined to say how she would vote. Obama got a boost Monday afternoon, however, when Sen. Ron Wyden (D-Ore.) announced he would support fast-track, even untethered from TAA. Democratic Sens. Tom Carper (Del.), Bill Nelson (Fla.), Dianne Feinstein (Calif.) and Tim Kaine (Va.) signaled Monday they will also vote for fast-track.

Treasury Secretary Jack Lew on Sunday described an all-out lobbying offensive by the administration. “One thing I can say is the president spared no effort on this.

You can see the President "lobbying" for votes here......http://www.washingtontimes.com/...

He’s talked to more members than I can count, more senators than I can count, and everyone in the Cabinet, including myself, is doing their job to try and get this across the finish line,” he told CNN’s Fareed Zakaria. White House press secretary Josh Earnest told reporters Monday that Obama would keep up the pressure campaign until the vote. “I do think the president will be engaged in that effort,” he said. The Senate’s vote Tuesday to end debate on fast-track — if it gets 60 backers — will set up a final roll call on the measure later in the day or Wednesday. The chamber would then vote on a package of trade preferences combined with the African Growth and Opportunity Act and TAA. That measure is expected to clear Wednesday or Thursday.Contact your senators now before the vote.

Here are the 14 Democrats in the Senate who voted for fast-tracking TPP the last time (with phone numbers and twitter handles): Contact them now - if you twitter, please twit them. (as I am not on twitter, I don't know the twitter language)
Michael Bennet (CO) 202 224 5852 @senbennetco
Maria Cantwell (WA) 202 224 3441 @cantwellpress
Ben Cardin (MD) 202 224 4524 @senatorcardin
Tom Carper (DE) 202 224 2441 @senatorcarper
Chris Coons (DE) 202 224 5042 @sencoonsoffice
Dianne Feinstein (CA) 202 224 3841 @senfeinstein
Heidi Heitkamp (ND) 202 224 2043 @senatorheitkamp
Tim Kaine (VA) 202 224 4024 @senkaineoffice
Claire McCaskill (MO) 202 224 6154 @mccaskilloffice
Patty Murray (WA) 202 224 2621 @pattymurray
Bill Nelson (FL) 202 225 5274 @senbillnelson
Jeanne Shaheen (NH) 202 224 2841 @senatorshaheen
Mark Warner (VA) 202 224 2023 @markwarner
Ron Wyden (OR) 202 224 5244 @ronwyden

Greece Told, ”Do a deal or we cut off the money and your banks go bust.”

allenjo

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Monday June 22, 2015 · 12:08 PM PDT

2015/06/22 · 12:08

Riot police are on the streets in Athens to prevent clashes between rival anti-austerity and pro-EU demonstrations tonight.

When I spoke with my son, who lives in Greece, a few days back, we both agreed that it was very possible that come Monday, the banks might be closed and if that happened, who knows when they might re-open. When I first suggested that he start accumulating cash some weeks back, he was not unduly concerned. However by last week, each day they had been taking out the maximum allowed. And because they live on a Greek island and dependent on the ferries running for groceries, buying staples in a just in case scenario of bare shelves in the stores.

The European Central Banks on Friday provided emergency finance to the Greek banks, but only enough to cover up until Monday’s summit.

On Friday, Europe turned the screw. The European Central Bank announced for the second time in three days that it was providing emergency finance to prop up the Greek banks. But Frankfurt was not over-generous: the lifeline was only long enough to cover the period up until Monday’s summit. The implied threat was clear: do a deal or we cut off the money and your banks go bust.

http://www.theguardian.com/...
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talks have been going on all weekend to see if a compromise can be reached. These negotiations have been influenced by Russia and the United States, more accustomed to lead roles but on this occasion lower down the billing. Tsipras has been flirting with Putin, something that has not gone down well with Barack Obama. Washington has made its feelings known.
Tsipras now has a big decision to make. Clearly, the creditors would be getting more out of this game of give and take than he is: they are not demanding the full pound of flesh but something quite close to it. If he folds, he will have big political problems at home. If he remains defiant he will have a bank run to contend with by Tuesday morning.

There looks to be some light at the end of the tunnel.

Greece's proposals leak out

Details of Greece’s new proposals are starting to emerge in Brussels:
Joost de Vries of Dutch newspaper Volkskrant has tweeted a page showing where the cuts and tax rises fall. And there’s a hefty increase in revenues from VAT over the next 18 months. Greece has also accepted that pension must be reformed, and is planning a hike in pension contributions and an increase in health contributions from retirees. However, it appears that actual pension rates won’t be cut, allowing Athens to argue it has kept to its red line. There’s also a one-off tax on company profits, for firms earning at least half a million euros.

Photos: Tonight’s emergency summit begins

I will keep updating as I learn more. It is such a challenge to know what is going on, (because no one really does) and one reads too many conflicting reports.

Transparently Corrupt Government. It's not even well hidden.

allenjo

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Thursday June 18, 2015 · 2:24 PM PDT

2015/06/18 · 14:24

"Perhaps the system is not as corrupt as I think it is, I hope to be proved wrong." was a comment someone made in one of the trade diaries a few days back, to which I responded....

"Perhaps this is just a test of the system to show us how utterly corrupt it is and how much the corporate politicians of both parties can get away with. For now, I am going for hope, frayed trust for sure, but still holding hope."

I did feel justified in that hope. But after all I've read and all that's happened since then, my trust is not frayed, it is gone.

When I read the below comment today, I tipped it because I now totally agree.....

"Senate Democrats will fold and Obama will sign the TPP based only on a promise of a TAA. When the Republicans finally pass a TAA, it'll be tiny and be offset with cuts in some other social program. Then the Democrats will cry that they've been tricked.
It's all kabuki. The game is rigged, and its not even well hidden."

When did this corruption in our government become so in your face, showing such contempt for voters? It's as if they are mocking us, as if to say "you don't like it - well, what are you can do about it!"

They really are now showing us how utterly corrupt they are - how much the corporate politicians of both parties can get away with. Was that the intent all along, one big show put on for the people last week, hoping we'd buy it but not really caring if we didn't - Just a throwout for the little people who cannot afford to fund their campaigns, those that cannot offer them the big bucks jobs like their corporate overlords?

“It’s a rare thing for members of Congress to go against the money these days,”
said Mansur Gidfar, spokesman for the anti-corruption group Represent.Us. “They know exactly which special interests they need to keep happy if they want to fund their reelection campaigns or secure a future job as a lobbyist.

“How can we expect politicians who routinely receive campaign money, lucrative job offers, and lavish gifts from special interests to make impartial decisions that directly affect those same special interests?”
Gidfar said. “As long as this kind of transparently corrupt behavior remains legal, we won’t have a government that truly represents the people.”

Top 10 Ways the US is the Most Corrupt Country in the World

American politicians don’t represent “the people.” With a few honorable exceptions, they represent the the 1%. American democracy is being corrupted out of existence.

allenjo

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Friday June 12, 2015 · 9:25 AM PDT

2015/06/12 · 09:25

I just got off the phone with the rude staff at Pelosi's DC office after hearing that she will be a yes vote. Richard Trumka had said that she was on their side. But after Obama hanging with her for 15 minutues at the ball game last night and his going over to the Hill to meet with Democrats earlier today, looks like she is abandoning them and us.

It doesn't matter if you live in her district or not, in fact, her staff so quickly wants to get you off the phone, they transfer you to voice mail. This concerns all of us so I cannot stress more that right now it looks if fast-track passes, it will be because of Nancy Pelosi.

So let's not let that happen. Get on the phone right now: (202) 225-4965

Richard L. Trumka AFL-CIO ‏@AFLCIO Home stretch.
Call Congress NOW to #stopfasttrack: 1-855-712-8441

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Greece - Parliament votes yes, so when do banks reopen?

Greece - White Flag Flying Over the Acropolis

Attack on Greeks in European Parliament today

Greece, all votes counted - 61,31 % NO

Greece, How would I vote?

Greece: Banks and stock market will not open on Monday

Update 2 -Greece: now into uncharted waters

Claire McCaskill says Bernie Sanders is too extreme

Obama scrambles for votes on fast-track trade authority

Greece Told, ”Do a deal or we cut off the money and your banks go bust.”

Transparently Corrupt Government. It's not even well hidden.

Call to Action - Pelosi a yes? If fast-track passes we will owe it to Pelosi