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[Syriel]

New news, new thread.

From Reuters:

The Greek government ordered banks to open on Monday, three weeks after they were shut down to prevent the system collapsing under a flood of withdrawals, as Prime Minister Alexis Tsipras looked to the start of new bailout talks next week.

The decree to re-open the banks came hours after new ministers were sworn in following a cabinet reshuffle in which Tsipras replaced dissident members of his ruling Syriza party following a revolt over the tough bailout terms.

The reshuffle allowed Tsipras to replace cabinet rebels with allies of his own or from his junior coalition partners, the right-wing Independent Greeks party.

The first action of the new cabinet was to sign off on a decree to reopen banks on Monday with slightly more flexible withdrawal limits that allow a maximum of 420 euros a week in place of the strict limit of 60 euros a day currently in place.

But restrictions on transfers abroad and other capital controls remain in place.

Tsipras now intends to seal the bailout accord with European partners over the next few weeks before likely new elections which Interior Minister Nikos Voutsis said this week could happen in September or October.

"Our aim is to negotiate hard for the terms of the agreement, not just to seal it, but on how it will be implemented. There are many vague terms in the text," said newly-appointed Labour Minister George Katrougalos.

He said the government, elected in January on an anti-austerity platform, would fight for an agreement that was "socially just" and dismissed suggestions that it would have to take on the powerful labor unions and risk street protests.

A poll published on Saturday in the leftwing Efimerida Ton Syntaknon newspaper suggested Syriza would get 42.5 percent of the vote if an election were held now, almost double conservative New Democracy's 21.5 percent.

In addition, 70 percent said they would prefer to accept the bailout deal if it kept Greece in the euro.

Source:
http://www.reuters.com/article/2015/07/18/us-eurozone-greece-idUSKCN0PR29W20150718

 

[Coriolanus]

Meet new boss, who somehow managed to fuck up even worse than old boss.

Kinda sad (but expected) so see Tsipras turn even further towards dragasakis.

 

[Blablurn]

Meet new boss, who somehow managed to fuck up even worse than old boss.

Kinda sad (but expected) so see Tsipras turn even further towards dragasakis.

maybe he should have listened to the EU earlier instead of just playing on time.

 

[Coriolanus]

maybe he should have listened to the EU earlier instead of just playing on time.

Maybe he should've listened to his economic advisors earlier and actually developed an alternative plan.
Maybe he shoulda used the momentum from the referendum to at least try to propose something that would directly benefit greece.
Maybe he shouldn't have acted like a bipolar fool that couldn't stand still.

Plenty of maybes. Still his fault.

 

[tokkun]

So the capital controls are basically unchanged, but Greek citizens now only need to wait in line one day a week instead of seven. Also don't pay attention to those guys I just fired.

He may be a bad strategist and negotiator, but he's still a good politician.

 

[ElTorro]

Do we know when the negotiations are scheduled to begin?

 

[PopcornMegaphone]

Maybe he shoulda used the momentum from the referendum to at least try to propose something that would directly benefit greece.

The referendum never had any momentum.

 

[ElTorro]

Accurate illustration of the 7 billion credit, which Greece already spent on loan paybacks.

 

[Undead]

The first action of the new cabinet was to sign off on a decree to reopen banks on Monday with slightly more flexible withdrawal limits that allow a maximum of 420 euros a week in place of the strict limit of 60 euros a day currently in place.

Wut?

 

[ElTorro]

Wut?

Well, it is more flexible. It's not higher.

 

[And_Gignac]

Tsipras is a clown. Betraying the mandate of his country's population like that, just gross.

 

[Skellig Gra]

Wait what's the difference between 60 euro a day and 420 euro per week? Less fees?

 

[Dilly]

Tsipras is a clown. Betraying the mandate of his country's population like that, just gross.

Tsipras has been democratically elected, his country's population have him the mandate to lead.

 

[ElTorro]

Wait what's the difference between 60 euro a day and 420 euro per week? Less fees?

You don't have to go to the bank every day.

Basically, the banks trust that the system is currently liquid enough to survive for one week and that a higher spike in withdrawals won't crash the system immediately. Still, the mid-term amount of available money is still limited. The ECB will want to wait for the results of the actual negotiations. Right now they are just receiving life support for the time of the negotiations.

 

[Vigilant Walrus]

κακή τύχη brian

 

[oti]

κακή τύχη brian

Βρύαν

 

[Napalm_Frank]

70% want to keep the euro even with current policies?

God damnit Greeks, you almost deserve this.

 

[QuicheFontaine]

Surely everyone is just going to immediately withdraw €420, then wait for next week and do the same until they've withdrawn all their money?

I would if I was Greek anyway...

 

[Theonik]

Βρύαν

Μπράιαν

Surely everyone is just going to immediately withdraw €420, then wait for next week and do the same until they've withdrawn all their money?

I would if I was Greek anyway...

People have been doing that, just in 60 Euro a day instalments. It's kinda futile though.

 

[Kuga]

maybe he should have listened to the EU earlier instead of just playing on time.

Regardless of early plans or the plan which was accepted by Greece, the country is in deep trouble. ALL of the EU's plans have been nonviable... Austerity will continue to choke Greece until we are back at new bailout talks in a couple years.

 

[Joni]

Surely everyone is just going to immediately withdraw €420, then wait for next week and do the same until they've withdrawn all their money?

I would if I was Greek anyway...

Yes, that is what everyone is doing now anyways. This is already a showing of confidence that the banks can now handle it. Well, mainly because of the ECB behind them, but it is better. Ideally, this goes ahead and at one point, people start seeing they are better off with money in the banks.

 

[Kuga]

Yes, that is what everyone is doing now anyways. This is already a showing of confidence that the banks can now handle it. Well, mainly because of the ECB behind them, but it is better. Ideally, this goes ahead and at one point, people start seeing they are better off with money in the banks.

There is little reason to have confidence in Greek banks long-term. The money is just additional liquidity to keep the ball rolling until the next crisis.

 

[Kin5290]

Greece's economy is in utter shambles, and its not just because of the debt. It never really had a modern economy to begin with, and engaging in rampant trade protection, building small industry cartels, and price fixing have ruined its economy in terns of competition with the outside world.

Of course, the austerity provisions that would reform this are called "European colonialism".

 

[Syriel]

Surely everyone is just going to immediately withdraw €420, then wait for next week and do the same until they've withdrawn all their money?

I would if I was Greek anyway...

Making it once per week instead of once per day keeps the lines down at the ATM.

Either that, or there was a mass rush today.