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[Syriel]

Multiple sources reporting an agreement has been reached between Eurozone members on Greece.

European Union President Donald Tusk says the bailout deal for Greece could pave the way for the country to remain a member of the euro.

In a tweet Monday, Tusk said eurozone leaders agreed unanimously on a new bailout for Greece that includes “serious reforms” and “financial support.”

Details of the agreement between Greece and its creditors have yet to emerge.

The Latest: Eurozone summit reaches deal on Greek bailout
http://www.washingtonpost.com/busin...f7f1a0-28f6-11e5-960f-22c4ba982ed4_story.html

“EuroSummit has unanimously reached agreement” Donald Tusk, who presided over the talks with leaders, said in a tweet. “All ready to go for ESM [European Stability Mechanism] programme for Greece with serious reforms & financial support.”

The tentative rescue deal—hammered out after 22 hours of at-times acrimonious negotiations between the currency union’s leaders and finance ministers—is likely to require a near-total surrender of the left-wing government to creditors’ demands.

Eurozone Leaders Reach Unanimous Agreement on Greece, Says EU’s Tusk
http://www.wsj.com/articles/eurozon...-agreement-on-greece-says-eus-tusk-1436771076

Eurozone leaders have reached a "unanimous" agreement after marathon talks over a third bailout for Greece, EU President Donald Tusk has said.

He tweeted that a bailout programme was "all ready to go" for Greece, "with serious reforms and financial support".

Greece debt crisis: Eurozone summit 'reaches agreement'
http://www.bbc.co.uk/news/world-europe-33503955

 

[Joni]

I hope they reached a sensible deal that can bring Greece back on track and force the Eurozone even closer together in a political/fiscal union.

 

[anonymous_abc]

I hope they reached a sensible deal that can bring Greece back on track and force the Eurozone even closer together in a political/fiscal union.

Agreed.

Let's wait and see what the rest of the day brings.

 

[Melon Husk]

Has Greece agreed yet?

What I mean by this:

The tentative rescue deal—hammered out after 22 hours of at-times acrimonious negotiations between the currency union’s leaders and finance ministers—is likely to require a near-total surrender of the left-wing government to creditors’ demands.

 

[Syriel]

I hope they reached a sensible deal that can bring Greece back on track and force the Eurozone even closer together in a political/fiscal union.

Bits that are being reported sound like more of the same, as far as what EZ expects of Greece. Will probably be a hard sell for Tsipras.

 

[Deleted member 231381]

Given what the negotiations were looking like, it doesn't even seem like a deal is actually a good thing at this stage.

 

[Theonik]

But how bad is it?

 

[Deleted member 231381]

Has Greece agreed yet?

No. They'd have to get it through the Greek parliament by Wednesday, at least if current talks are anything to go by. Tsipras won't have a majority from his government, but most of the other parties will vote in favour, so the main holding points will either be filibuster-style hold-ups by the radical Parliamentary Speaker Zoe Konstantinopolou or legal challenges by Syriza's left wing.

 

[Striek]

That description of the proposed deal basically sounds like another version of the bailout that the citizens voted against. Pushing it through parliament would make the plebiscite pretty fucking useless.

 

[Blablurn]

Yamas! Opa!

Good.

 

[Peyotl]

Eurogroup president Jeroen Dijsselbloem tells the press conference that €50bn of Greek assets will be transferred to a new fund.

That fund will contribute to the recapitalisation of Greek banks.

BUT! This fund will be based in Athens, not Luxembourg as originally planned.

http://www.theguardian.com/business...sis-eu-leaders-meeting-cancelled-no-deal-live

so much for that

 

[90TilInfinity]

Expecting something brutal and short-termist.

 

[Deleted member 231381]

http://www.theguardian.com/business...sis-eu-leaders-meeting-cancelled-no-deal-live

so much for that

Still under EU supervision, which means it's basically Greek profit-returning assets being sold at below market prices. I hope this deal is rejected in the Greek parliament or by another Eurozone state.

 

[Freshmaker]

Obama should just buy Greece.

 

[anonymous_abc]

Obama should just buy Greece.

USA to join the EU.

 

[Chariot]

"serious reforms" sounds so weak. Let's see what's coming out of this. Best hope for greece and the Eurozone.

 

[Randomizer123454444]

http://www.theguardian.com/business...sis-eu-leaders-meeting-cancelled-no-deal-live

so much for that

Wait what? Why would they take 50bn of Greece assets for 50bn bailout? Wouldn't it make sense for Greece to just sell these assets instead of taking a bailout if that was the case?

 

[chadskin]

Multiple sources reporting an agreement has been reached between Eurozone members on Greece.

Don't you mean an...agreecement has been reached?

I, for one, am just happy this saga appears to be over for now and we can get on with our lives. See ya'll in three years!

 

[Deleted member 231381]

Wait what? Why would they take 50bn of Greece assets for 50bn bailout? Wouldn't it make sense for Greece to just sell these assets instead of taking a bailout if that was the case?

It would make more sense, wouldn't it? ¯\_(&#12484_/¯

 

[Deleted member 231381]

Don't you mean an...agreecement has been reached?

I, for one, am just happy this saga appears to be over for now and we can get on with our lives. See ya'll in three years!

You're getting ahead of yourself here. First this has to actually get passed into legislation in Greece by Wednesday afternoon, and secondly this isn't being pushed through under the emergency clause, so all it takes is one Eurozone country to go rogue to derail it. It's not over until the 20th.

 

[Chariot]

http://www.theguardian.com/business...sis-eu-leaders-meeting-cancelled-no-deal-live

so much for that

I am so confused. At this point Greece would've have an easier and less irritating time by sinking the isles and joining the Atlantis Zone.

 

[hydrophilic attack]

http://www.theguardian.com/business...sis-eu-leaders-meeting-cancelled-no-deal-live

so much for that

Save us Zoe

 

[cebri.one]

Massive defeat for Syriza, no way their mp are supporting the program.

 

[Peyotl]

It would make more sense, wouldn't it? ¯\_(&#12484_/¯

apparently we can't trust the greek government with any money/assets. better put everything in private hands. at least some people will get really rich(er).

good night.

 

[norinrad]

And we are back. These are interesting times.

What are the chances the agreement would be accepted by the Greek parliament? Likewise I was worried Finland was going to throw Greece under the bus but as long as Germany, France and the Netherlands are behind this agreement, Greece gets to breath and gets some space to modernize their economy.

Next stop Italy, could be an absolute bloodbath if things get so far.

 

[Nicktendo86]

Andrew Neil sums it up pretty well

https://twitter.com/afneil/status/620495891196194816

 

[Uzzy]

Sounds like a monstrous agreement. Good job EU, as someone who generally likes the idea of European co-operation, this whole disgusting saga is making Farage really appealing right now.

 

[Joni]

Wait what? Why would they take 50bn of Greece assets for 50bn bailout? Wouldn't it make sense for Greece to just sell these assets instead of taking a bailout if that was the case?

It might be a set of assets they won't sell, but that would serve as collateral.

 

[Deleted member 231381]

Massive defeat for Syriza, no way their mp are supporting the program.

Syriza don't need all their MPs. To Potami, Nea Demokratia, and PASOK will all support it, so all it needs is 45 Syriza MPs to go through (of 149). It does mean that there will almost certainly be elections at some point after the 7th of August, because I can't see Syriza retaining the confidence of their MPs in the long-run, though.

 

[anonymous_abc]

Andrew Neil sums it up pretty well

https://twitter.com/afneil/status/620495891196194816

That Twitter background is mesmerizing....

 

[Randomizer123454444]

It might be a set of assets they won't sell, but that would serve as collateral.

That makes more sense. Thanks! I guess that collateral makes Greece take this thing more seriously.

 

[Deleted member 231381]

It might be a set of assets they won't sell, but that would serve as collateral.

No, they're actually being sold to help raise capital stock for Greek banks. If it were collateral that might actually be sort of possibly acceptable.

 

[norinrad]

What i find strange is that all these EU ministers keep saying Greece was on its way with their reforms and things were going well until Syriza came knocking. Basically they are all blaming the new Greek government. Weird. They also keep mentioning lack of trust. I'm not sure whether they are referring to the current Greek government or the previous one

 

[Joni]

No, they're actually being sold to help raise capital stock for Greek banks. If it were collateral that might actually be sort of possibly acceptable.

So it is part of the privatization process but it doesn't contain the other assets that need to be privatized?

 

[Keio]

If the assets are sold to a fund, who will own the fund?

 

[Deleted member 231381]

So it is part of the privatization process but it doesn't contain the other assets that need to be privatized?

It appears so, yes. The difference is this is being privatized under EU supervision, which from experience means sold below price to people who know people.

 

[Engell]

Lets see if they can agree on the new laws and get them passed before wednesday

 

[Randomizer123454444]

No, they're actually being sold to help raise capital stock for Greek banks. If it were collateral that might actually be sort of possibly acceptable.

https://twitter.com/mariastenroos/status/620494939131146240

So, 50bn in assets sold plus ~80bn in loan? That's +130bn fo Greece over 3 years. Good or bad?

 

[Dilly]

I wouldn't feel sad about the privatizations if the money gained from it would directly be invested in Greece, instead of the fucking banks.

 

[QuicheFontaine]

Don't you mean an...agreecement has been reached?

I, for one, am just happy this saga appears to be over for now and we can get on with our lives. See ya'll in three years!

I think it'll be rather sooner than that. This has made obvious some major problems with the Euro that should probably be addressed sooner rather than later.

 

[nature boy]

So now it's down to the Greek parliament. If they refuse the deal, it was all for nothing.

 

[norinrad]

If the assets are sold to a fund, who will own the fund?

I'm guessing private entities and foreign investment banks etc

 

[Deleted member 231381]

If the assets are sold to a fund, who will own the fund?

As I understand it, the fund doesn't (directly) stand to benefit, the assets are being sold on behalf of Greece and the money raised will go towards recapitalization of the Greek banks so that the ECB doesn't have to do it. The owner of the fund therefore doesn't matter particularly (although it will almost certainly be Germany indirectly). The more worrying question is who will they sell it to? Because given past experience with programmes like this, Greek people will soon be working so that profit can go to foreign owners.

 

[Deleted member 231381]

https://twitter.com/mariastenroos/status/620494939131146240

So, 50bn in assets sold plus ~80bn in loan? That's +130bn fo Greece over 3 years. Good or bad?

In my view, bad. Almost all of Greece's loan goes towards paying off debt, and leaves them with nothing to actually restructure their economy with. That means we'll be doing exactly the same thing in about three years time, but the only difference is that then Greece will have ~50bn less assets and an extra three years of endemic poverty.

These assets will also probably be sold at below market price, so really they'll be giving up, say ~70bn assets for an ~82-6bn loan. It's not hard to work out how terrible a deal that is.

 

[IdreamofHIME]

https://twitter.com/mariastenroos/status/620494939131146240

So, 50bn in assets sold plus ~80bn in loan? That's +130bn fo Greece over 3 years. Good or bad?

Get better deals at Wonga

 

[Gr1mLock]

Good for Greece and all but how will teens react to it?

 

[Dryk]

In my view, bad. Almost all of Greece's loan goes towards paying off debt, and leaves them with nothing to actually restructure their economy with. That means we'll be doing exactly the same thing in about three years time, but the only difference is that then Greece will have ~50bn less assets and an extra three years of endemic poverty.

Kicking this can down the road again is just going to make things worse. The EU actually needs to do something to fix this.

 

[Nikodemos]

Does the plan still entail absolutely fucktarded moves like selling off the transmission networks for electricity and gas? You know, the meat-and-potatoes on every government's revenue sheet?

Because if so, I really hope for a parliamentary riot.

 

[Keio]

As I understand it, the fund doesn't (directly) stand to benefit, the assets are being sold on behalf of Greece and the money raised will go towards recapitalization of the Greek banks so that the ECB doesn't have to do it. The owner of the fund therefore doesn't matter particularly (although it will almost certainly be Germany indirectly). The more worrying question is who will they sell it to? Because given past experience with programmes like this, Greek people will soon be working so that profit can go to foreign owners.

I should've phrased who will the fund be working to benefit (in addition to doing something a central bank should do), indeed. Considering that many politicians have strong industry ties to companies looking to benefit from the privatization, I can't help but look at this as a cynical exercise.

Maybe it's time to dust off Naomi Klein's Shock Doctrine again.

It's frustrating that things are entangled - I'm happy to see EU come together to try and salvage the Union, but I worry that the deal leads to more profits flowing out of Greece.

 

[norinrad]

In my view, bad. Almost all of Greece's loan goes towards paying off debt, and leaves them with nothing to actually restructure their economy with. That means we'll be doing exactly the same thing in about three years time, but the only difference is that then Greece will have ~50bn less assets and an extra three years of endemic poverty.

These assets will also probably be sold at below market price, so really they'll be giving up, say ~70bn assets for an ~82-6bn loan. It's not hard to work out how terrible a deal that is.

Perhaps the idea is to see if the current government can be trusted, once they show goodwill of willing to work with the creditors, investment will flown in to help Greece back on its feet and actually modernize their economy so they wouldn't have to be in the same situation again? That's what i get from listening to the live conference. I could be wrong though.