JEWISH KING JESUS IS COMING AT THE RAPTURE FOR US IN THE CLOUDS-DON'T MISS IT FOR THE WORLD.THE BIBLE TAKEN LITERALLY- WHEN THE PLAIN SENSE MAKES GOOD SENSE-SEEK NO OTHER SENSE-LEST YOU END UP IN NONSENSE.GET SAVED NOW- CALL ON JESUS TODAY.THE ONLY SAVIOR OF THE WHOLE EARTH - NO OTHER. 1 COR 15:23-JESUS THE FIRST FRUITS-CHRISTIANS RAPTURED TO JESUS-FIRST FRUITS OF THE SPIRIT-23 But every man in his own order: Christ the firstfruits; afterward they that are Christ’s at his coming.ROMANS 8:23 And not only they, but ourselves also, which have the firstfruits of the Spirit, even we ourselves groan within ourselves, waiting for the adoption, to wit, the redemption of our body.(THE PRE-TRIB RAPTURE)
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EU needs eurozone budget and parliament, says Hollande-By EUOBSERVER-JULY 14,15
Today, 13:53-Europe should "go further towards an economic government of the eurozone," French president Francois Hollande said Tuesday in his traditional Bastille Day TV interview. He said a eurozone budget was needed as well as "more parliamentary involvement". "I wish for a eurozone parliament," he said
Greek bailout plan is 'new Versailles Treaty', says Varoufakis-By EUOBSERVER-JULY 14,15
Today, 09:20-Former Greek finance minister Varoufakis has described Monday's bailout plan for Greece as a "new Versailles Treaty". "This is the politics of humiliation," he told Late Night Live and suggested that Greek PM Tsipras may call a snap election rather than bringing the deal before the Greek parliament.
Greece needs much more debt relief, says IMF report-By EUOBSERVER-JULY 14,15
Today, 15:54-Greece's "dramatic deterioration in debt sustainability" means it will need debt relief far beyond what is currently being considered by its eurozone partners, says a secret IMF report, quoted by Reuters. The report suggests explicit annual fiscal transfers to Greece or "deep upfront haircuts" as among the possible solutions.
Greece misses second payment to IMF-By EUOBSERVER-JULY 14,15
Today, 09:19-Greece on Monday missed its second debt payment to the IMF in two weeks. Athens was supposed to pay €456m by 2200 GMT to the fund. Greece's total arrears to the IMF are now around €2bn, said IMF spokesman Gerry Rice in a statement confirming the missed payment.
UK to block Greece short-term funding solution-UK's Osborne (c) opposes use of a EU fund to fund Greece, while Germany's Schaeuble (l) proposes debt IOUs and France's Sapin (r) could propose a bilateral loan.By Eric Maurice-JULY 14,15-EUOBSERVER
BRUSSELS, Today, 09:29-In the wake of the agreement reached Monday (13 July) for a new bailout for Greece, the focus today is on how to provide Greece with short-term funding.EU finance ministers will discuss the issue on Tuesday at a meeting in Brussels, with the UK saying it would oppose any solution that would include British taxpayers' money."This is very complex. We looked at a number of possibilities. There are technical, legal, financial and political issues to consider," Eurogroup president Jeroen Dijsselbloem said on Monday after a Eurogroup meeting.According to Greece's creditors - the EU, the European Central Bank (ECB) and the International Monetary Fund (IMF) - Greece needs €7 billion before Monday (20 July) and another €5 billion by mid-August.On 20 July, Greece must repay €4.2 billion to the ECB.It has also to repay a missed €1.6 payment to the IMF, plus a €456 million repayment missed on 13 July. Financial needs also include the payment of pensions, civil servants salaries, and arrears to state providers.Several solutions have already been aired, including a EU commission proposal to revive the European Financial Stabilisation Mechanism (EFSM).The EFSM is an emergency fund created in May 2010 with guarantees from all EU 28 member states and was used to bail out Ireland and Portugal.In 2012, alongside the eurozone-only European Financial Stability Facility (EFSF), it was replaced by the European Stability Mechanism (ESM), the body that will provide the third Greek bailout.An EU official said Monday that €13 billion remained in the EFSM fund and that €2 billion or €3 billion could be used for the bridge-financing for Greece.Even before the issue was discussed by finance ministers on Tuesday, the British chancellor of the exchequer, George Osborne, called European colleagues to express his opposition to the idea, according to British media."The idea that British taxpayers' money is going to be on the line in this latest Greek deal is a non-starter", a British treasury official was quoted as saying."Our eurozone colleagues have received the message loud and clear that it would not be acceptable for this issue of British support for eurozone bailouts to be revisited."British officials note that in December 2010 the EU decided at British PM David Cameron's request that the EFSM would not be used to bail out eurozone countries once the ESM was put in place.A diplomatic source said Monday that Poland too would oppose the use of EFSM to provide emergency cash for Greece.The source added that even some eurozone countries are wary of the bridge-funding idea, saying Greece has enough money to meet its short-term needs.Other solutions to provide the bridge-funding have been aired, for instance, the use of SMP profits - the profits made on Greek bonds by the ECB and eurozone national banks - or bilateral loans to Greece from countries including France and Italy."I foresee those negotiations being very difficult because I don't see many countries having a mandate to give money without any conditions", Finnish finance minister Alex Stubb said Monday.Arriving at the Ecofin meeting on Tuesday, Luxembourg finance minister Pierre Gramegna said there is "no ready product on the table yet" and that ministers would listen to experts from the euro working group who have been tasked to work on the issue.According to Germany's Handelsblatt newspaper, German finance minister Wolfgang Schaeuble proposed at Monday's Eurogroup that Greece issues IOUs to repay its debt to the IMF and ECB.This proposition will be controversial with other member states, especially France, which strongly support Greece ongoing membership in the eurozone.On the one hand, IOUs could be a solution to decrease the amount of money Greece's partners would have to provide, assuming that the ECB and IMF accept them.But on the other hand, they would be a first step towards issuing a parallel currency, which could lead to a de facto euro exit.
IMF calls for Greece debt relief as Germany talks tough-Reuters By Renee Maltezou and Jan Strupczewski-JULY 14,15-YAHOONEWS
ATHENS/BRUSSELS (Reuters) - A secret International Monetary Fund study showed Greece needs far more debt relief than European governments have been willing to contemplate so far, as Germany heaped pressure on Athens on Tuesday to reform and win back its partners' trust.The IMF's stark warning on Athens' debt was leaked as Greek Prime Minister Alexis Tsipras struggled to persuade deeply unhappy leftist lawmakers to vote for a package of austerity measures and liberal economic reforms to secure a new bailout.The study, seen by Reuters, said European countries would have to give Greece a 30-year grace period on servicing all its European debt, including new loans, and a dramatic maturity extension. Or else they must make annual transfers to the Greek budget or accept "deep upfront haircuts" on existing loans.The Debt Sustainability Analysis is likely to sharpen fierce debate in Germany about whether to lend Greece yet more money, while it will be seen by many in Greece as a vindication of the government's plea for sweeping debt relief. A Greek newspaper called the report a slap in the face for Berlin.German Finance Minister Wolfgang Schaeuble made clear in Brussels on Tuesday that some members of the Berlin government think it would make more sense for Athens to leave the euro zone temporarily rather than take another bailout.The Greek Finance Ministry said it had submitted the legislation required by a deal Tsipras reached with euro zone partners on Monday to parliament for a vote on Wednesday.Assuming Athens fulfils its end of the bargain this week by enacting a swathe of painful measures, the German parliament is due to meet in a special session on Friday to debate whether to authorize the government to open new loan negotiations."The dramatic deterioration in debt sustainability points to the need for debt relief on a scale that would need to go well beyond what has been under consideration to date - and what has been proposed by the ESM," the IMF said, referring to the European Stability Mechanism bailout fund.An EU source said euro zone finance ministers and leaders had been aware of the confidential IMF figures when they agreed on Monday on a roadmap to a third bailout.IMF Managing-Director Christine Lagarde was present but the IMF did not make the updated assessment public, in contrast to a previous study which was released in Washington on July 2.-PURGE AFTER VOTE?-Lawmakers from Greece's ruling Syriza party and their allies argued behind closed doors about whether to back sweeping reforms the government must ram through parliament as it races to meet the terms of the unpopular bailout deal.Having staved off financial meltdown, Tsipras has until Wednesday night to pass measures tougher than those rejected in a referendum days ago. With mutiny among hardliners in his own ranks, Tsipras will likely need the support of pro-European opposition parties to carry the vote.A Greek government official ruled out the possibility that Tsipras might resign, adding that the prime minister would probably purge the cabinet after the parliament vote.Syriza and its right-wing nationalist junior coalition ally held separate meetings to prepare for parliament sittings to pass the laws, which include plans for tax hikes, pension reforms and tighter supervision of the government's finances.It was a spectacular turnaround for a Syriza party voted into power in January promising to end years of cuts and recession in a country where one in four people is unemployed.In Germany, the biggest contributor to euro zone bailouts, doubts linger about whether Tsipras will stick to his word."There are many people, including in the federal government, who are quite convinced that in the interests of Greece and the Greek people that what we wrote down would have been much the better solution," Schaeuble said when asked about a German proposal on a "time-out" for Greece from the euro zone.-GORDIAN KNOT-Comparing the challenge facing the government to the Gordian Knot of mythology that was impossible to untie, Interior Minister Nikos Voutsis was nevertheless confident that Tsipras could muster enough votes in parliament.The Syriza party's junior coalition partner promised support, with the ambiguous caveat that it would only vote for bailout measures agreed before last weekend's summit in Brussels, which were less stringent. Opponents of the new measures plan strikes and protests in the coming days."I've taken the decision, this is a tough third bailout and I will not vote for it," Despoina Charalambidou, a deputy parliament speaker and Syriza lawmaker, told Vima FM radio."Why should I resign? I was elected on the basis of a certain manifesto, the Syriza program, which support these positions. I'm not giving up my seat."Another obstacle could be parliamentary speaker Zoe Constantopoulou, who is key to the logistics of the vote and has been one of the creditors' most ferocious critics. Tsipras could try to force her out through a no-confidence vote but that would eat up precious time and political capital for the reform bills."The government finds itself in quicksand after the deal with creditors," the center-right Kathimerini newspaper said."Mr. Tsipras needs to solve a difficult equation as dissenters on Wednesday's vote may reach or exceed 40," it said. Tsipras needs 151 of 300 lawmakers to pass the reforms and with the votes of his own party and allies theoretically has 162.Bank of England Governor Mark Carney also drew on Greek mythology to underscore the scale of the challenge, saying it needs a "Herculean" effort from all sides for the deal to work.Austria's Chancellor Werner Faymann said a "Grexit" could not be ruled out despite the agreement, echoing findings by a Reuters poll of 60 economists, some of whom saw at least a 50 percent chance of Greece leaving the currency.The poll, which was carried out in the 24 hours after news of the agreement broke, also pointed to scepticism about whether the deal was good for both Greece and Europe, and whether Greece had enough assets to sell to meet the terms of the deal.Euro zone finance officials must find a way to give Greece bridge financing to keep the country afloat while the third bailout package is negotiated, especially to pay back loans owed to the European Central Bank next week.There has been a mounting anger at both the government and creditors as many Greeks decry what they see as the humiliation of their country being treated like a European colony."With this deal, the public mandate and the proud 'No' of the Greek people in the referendum is canceled," said Energy minister Panagiotis Lafazanis, another of the leftist hardliners whom Tsipras must sidestep to implement the reforms."The dilemma posed by the creditors, truce or destruction, is fake and terroristic and has been demolished in the public conscience," he said.The pain for Greece continues, with bank closures and strict controls on withdrawals from cash machines squeezing businesses dry. A Greek trade federation called on the government to loosen such capital controls to allow companies to make payments owed to overseas vendors, while pharmacists warned they faced difficulties securing supplies.(Reporting by Renee Maltezou, Angeliki Koutantou, George Georgiopoulos, Lefteris Karagiannopoulos, Dina Kyriakidou, Costas Pitas in ATHENS; Alastair Macdonald, Francesco Guarascio and Robert-Jan Bartunek in BRUSSELS; William James in LONDON; Angelika Gruber in VIENNA; Sumanta Dey; writing by Matthias Williams; Editing by Sonya Hepinstall, Anna Willard and Paul Taylor)
Greece: The troika strikes back-Anonymous officials will have powers to stop Greek legislation -By Nikolaj Nielsen-EUOBSERVER
BRUSSELS, 13. Jul, 19:09-Monday’s (13 July) agreement between Greek prime minister Alexis Tsipras and euro leaders would allow the troika of international creditors to block any new legislation linked to the bailout.The Greek government will first have “to consult and agree” with anonymous officials from “the institutions on all draft legislation in relevant areas” before it goes to public consultation or to parliament.The institutions are International Monetary Fund (IMF), the European Commission, and the European Central Bank (ECB).An EU official familiar with IMF procedure and speaking on condition of anonymity, told this website that such measures are “not particularly new.”But the contact noted the task ahead for Greece and the political demands on the Tsipras government “is certainly in the outer range” of what the IMF has seen in the past.“In some sense you are asking a government to do things in five days that they haven’t done in five years, let alone the five months of this government. That is a very high political bar to set”.Greek MPs will this week have to pass a raft of laws to streamline VAT, broaden the tax base, and make pension reforms, among other pledges, before obtaining any third bailout money.IMF agreements generally include clauses that require governments not to pass any new legislation or initiatives deemed “inconsistent with the agreement”. Greece is in arrears to the IMF already, by €1.6 billion, due last month - the largest missed payment in IMF’s history.But the situation also means IMF’s role will be more limited because Greece is in arrears to it.The contact noted that a lot of “short term commitments” required by Greece wouldn’t need new legislation because the technical details on such reforms have already been scripted.“Most of this type of work has already been done and the legislation has sort of been languishing”, said the source, pointing out as an example the transposition of the EU banking resolution directive.The European Commission, for its part, deferred questions on its role to the ongoing discussion of Eurogroup of finance ministers and subsequent press statements.The European Central Bank has yet to respond.But Eurogroup president Jeroen Dijsselbloem told reporters in Brussels earlier in the day that the new supervision "is not about taking over a country”.The lack of democratic oversight and transparency over the three lenders and their direct involvement in the Greek crisis has seen sharp criticism.So-called troika teams of creditor officials dispatched to Greece even had to be accompanied by security details and kept meeting locations secret to avoid confrontations with anti-austerity protestors.Last year, the European Parliament itself called for the dismantling of the troika and for it to be replaced with something accountable to the assembly.Five years of troika oversight have so far seen the Greek economy suffer, with youth unemployment hovering consistently around 50 percent. Its GPD-to-debt ratio is now around 175 percent, higher than when austerity reforms were first initiated.For his part, John Weeks, an economist and professor at the University of London, described the troika’s oversight measure as part of a larger erosion of Greek democracy.“I’ve worked quite a bit in Africa, in Latin America, also in Asia, and I’ve seen the operations of the IMF and the World Bank and their conditionalities and I’ve never seen anything this extreme”, he told EUobserver. He said the Greek authority, under the terms agreed at the euro summit, has been transformed into “a client government to implement policies of the troika.”
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EU needs eurozone budget and parliament, says Hollande-By EUOBSERVER-JULY 14,15
Today, 13:53-Europe should "go further towards an economic government of the eurozone," French president Francois Hollande said Tuesday in his traditional Bastille Day TV interview. He said a eurozone budget was needed as well as "more parliamentary involvement". "I wish for a eurozone parliament," he said
Greek bailout plan is 'new Versailles Treaty', says Varoufakis-By EUOBSERVER-JULY 14,15
Today, 09:20-Former Greek finance minister Varoufakis has described Monday's bailout plan for Greece as a "new Versailles Treaty". "This is the politics of humiliation," he told Late Night Live and suggested that Greek PM Tsipras may call a snap election rather than bringing the deal before the Greek parliament.
Greece needs much more debt relief, says IMF report-By EUOBSERVER-JULY 14,15
Today, 15:54-Greece's "dramatic deterioration in debt sustainability" means it will need debt relief far beyond what is currently being considered by its eurozone partners, says a secret IMF report, quoted by Reuters. The report suggests explicit annual fiscal transfers to Greece or "deep upfront haircuts" as among the possible solutions.
Greece misses second payment to IMF-By EUOBSERVER-JULY 14,15
Today, 09:19-Greece on Monday missed its second debt payment to the IMF in two weeks. Athens was supposed to pay €456m by 2200 GMT to the fund. Greece's total arrears to the IMF are now around €2bn, said IMF spokesman Gerry Rice in a statement confirming the missed payment.
UK to block Greece short-term funding solution-UK's Osborne (c) opposes use of a EU fund to fund Greece, while Germany's Schaeuble (l) proposes debt IOUs and France's Sapin (r) could propose a bilateral loan.By Eric Maurice-JULY 14,15-EUOBSERVER
BRUSSELS, Today, 09:29-In the wake of the agreement reached Monday (13 July) for a new bailout for Greece, the focus today is on how to provide Greece with short-term funding.EU finance ministers will discuss the issue on Tuesday at a meeting in Brussels, with the UK saying it would oppose any solution that would include British taxpayers' money."This is very complex. We looked at a number of possibilities. There are technical, legal, financial and political issues to consider," Eurogroup president Jeroen Dijsselbloem said on Monday after a Eurogroup meeting.According to Greece's creditors - the EU, the European Central Bank (ECB) and the International Monetary Fund (IMF) - Greece needs €7 billion before Monday (20 July) and another €5 billion by mid-August.On 20 July, Greece must repay €4.2 billion to the ECB.It has also to repay a missed €1.6 payment to the IMF, plus a €456 million repayment missed on 13 July. Financial needs also include the payment of pensions, civil servants salaries, and arrears to state providers.Several solutions have already been aired, including a EU commission proposal to revive the European Financial Stabilisation Mechanism (EFSM).The EFSM is an emergency fund created in May 2010 with guarantees from all EU 28 member states and was used to bail out Ireland and Portugal.In 2012, alongside the eurozone-only European Financial Stability Facility (EFSF), it was replaced by the European Stability Mechanism (ESM), the body that will provide the third Greek bailout.An EU official said Monday that €13 billion remained in the EFSM fund and that €2 billion or €3 billion could be used for the bridge-financing for Greece.Even before the issue was discussed by finance ministers on Tuesday, the British chancellor of the exchequer, George Osborne, called European colleagues to express his opposition to the idea, according to British media."The idea that British taxpayers' money is going to be on the line in this latest Greek deal is a non-starter", a British treasury official was quoted as saying."Our eurozone colleagues have received the message loud and clear that it would not be acceptable for this issue of British support for eurozone bailouts to be revisited."British officials note that in December 2010 the EU decided at British PM David Cameron's request that the EFSM would not be used to bail out eurozone countries once the ESM was put in place.A diplomatic source said Monday that Poland too would oppose the use of EFSM to provide emergency cash for Greece.The source added that even some eurozone countries are wary of the bridge-funding idea, saying Greece has enough money to meet its short-term needs.Other solutions to provide the bridge-funding have been aired, for instance, the use of SMP profits - the profits made on Greek bonds by the ECB and eurozone national banks - or bilateral loans to Greece from countries including France and Italy."I foresee those negotiations being very difficult because I don't see many countries having a mandate to give money without any conditions", Finnish finance minister Alex Stubb said Monday.Arriving at the Ecofin meeting on Tuesday, Luxembourg finance minister Pierre Gramegna said there is "no ready product on the table yet" and that ministers would listen to experts from the euro working group who have been tasked to work on the issue.According to Germany's Handelsblatt newspaper, German finance minister Wolfgang Schaeuble proposed at Monday's Eurogroup that Greece issues IOUs to repay its debt to the IMF and ECB.This proposition will be controversial with other member states, especially France, which strongly support Greece ongoing membership in the eurozone.On the one hand, IOUs could be a solution to decrease the amount of money Greece's partners would have to provide, assuming that the ECB and IMF accept them.But on the other hand, they would be a first step towards issuing a parallel currency, which could lead to a de facto euro exit.
IMF calls for Greece debt relief as Germany talks tough-Reuters By Renee Maltezou and Jan Strupczewski-JULY 14,15-YAHOONEWS
ATHENS/BRUSSELS (Reuters) - A secret International Monetary Fund study showed Greece needs far more debt relief than European governments have been willing to contemplate so far, as Germany heaped pressure on Athens on Tuesday to reform and win back its partners' trust.The IMF's stark warning on Athens' debt was leaked as Greek Prime Minister Alexis Tsipras struggled to persuade deeply unhappy leftist lawmakers to vote for a package of austerity measures and liberal economic reforms to secure a new bailout.The study, seen by Reuters, said European countries would have to give Greece a 30-year grace period on servicing all its European debt, including new loans, and a dramatic maturity extension. Or else they must make annual transfers to the Greek budget or accept "deep upfront haircuts" on existing loans.The Debt Sustainability Analysis is likely to sharpen fierce debate in Germany about whether to lend Greece yet more money, while it will be seen by many in Greece as a vindication of the government's plea for sweeping debt relief. A Greek newspaper called the report a slap in the face for Berlin.German Finance Minister Wolfgang Schaeuble made clear in Brussels on Tuesday that some members of the Berlin government think it would make more sense for Athens to leave the euro zone temporarily rather than take another bailout.The Greek Finance Ministry said it had submitted the legislation required by a deal Tsipras reached with euro zone partners on Monday to parliament for a vote on Wednesday.Assuming Athens fulfils its end of the bargain this week by enacting a swathe of painful measures, the German parliament is due to meet in a special session on Friday to debate whether to authorize the government to open new loan negotiations."The dramatic deterioration in debt sustainability points to the need for debt relief on a scale that would need to go well beyond what has been under consideration to date - and what has been proposed by the ESM," the IMF said, referring to the European Stability Mechanism bailout fund.An EU source said euro zone finance ministers and leaders had been aware of the confidential IMF figures when they agreed on Monday on a roadmap to a third bailout.IMF Managing-Director Christine Lagarde was present but the IMF did not make the updated assessment public, in contrast to a previous study which was released in Washington on July 2.-PURGE AFTER VOTE?-Lawmakers from Greece's ruling Syriza party and their allies argued behind closed doors about whether to back sweeping reforms the government must ram through parliament as it races to meet the terms of the unpopular bailout deal.Having staved off financial meltdown, Tsipras has until Wednesday night to pass measures tougher than those rejected in a referendum days ago. With mutiny among hardliners in his own ranks, Tsipras will likely need the support of pro-European opposition parties to carry the vote.A Greek government official ruled out the possibility that Tsipras might resign, adding that the prime minister would probably purge the cabinet after the parliament vote.Syriza and its right-wing nationalist junior coalition ally held separate meetings to prepare for parliament sittings to pass the laws, which include plans for tax hikes, pension reforms and tighter supervision of the government's finances.It was a spectacular turnaround for a Syriza party voted into power in January promising to end years of cuts and recession in a country where one in four people is unemployed.In Germany, the biggest contributor to euro zone bailouts, doubts linger about whether Tsipras will stick to his word."There are many people, including in the federal government, who are quite convinced that in the interests of Greece and the Greek people that what we wrote down would have been much the better solution," Schaeuble said when asked about a German proposal on a "time-out" for Greece from the euro zone.-GORDIAN KNOT-Comparing the challenge facing the government to the Gordian Knot of mythology that was impossible to untie, Interior Minister Nikos Voutsis was nevertheless confident that Tsipras could muster enough votes in parliament.The Syriza party's junior coalition partner promised support, with the ambiguous caveat that it would only vote for bailout measures agreed before last weekend's summit in Brussels, which were less stringent. Opponents of the new measures plan strikes and protests in the coming days."I've taken the decision, this is a tough third bailout and I will not vote for it," Despoina Charalambidou, a deputy parliament speaker and Syriza lawmaker, told Vima FM radio."Why should I resign? I was elected on the basis of a certain manifesto, the Syriza program, which support these positions. I'm not giving up my seat."Another obstacle could be parliamentary speaker Zoe Constantopoulou, who is key to the logistics of the vote and has been one of the creditors' most ferocious critics. Tsipras could try to force her out through a no-confidence vote but that would eat up precious time and political capital for the reform bills."The government finds itself in quicksand after the deal with creditors," the center-right Kathimerini newspaper said."Mr. Tsipras needs to solve a difficult equation as dissenters on Wednesday's vote may reach or exceed 40," it said. Tsipras needs 151 of 300 lawmakers to pass the reforms and with the votes of his own party and allies theoretically has 162.Bank of England Governor Mark Carney also drew on Greek mythology to underscore the scale of the challenge, saying it needs a "Herculean" effort from all sides for the deal to work.Austria's Chancellor Werner Faymann said a "Grexit" could not be ruled out despite the agreement, echoing findings by a Reuters poll of 60 economists, some of whom saw at least a 50 percent chance of Greece leaving the currency.The poll, which was carried out in the 24 hours after news of the agreement broke, also pointed to scepticism about whether the deal was good for both Greece and Europe, and whether Greece had enough assets to sell to meet the terms of the deal.Euro zone finance officials must find a way to give Greece bridge financing to keep the country afloat while the third bailout package is negotiated, especially to pay back loans owed to the European Central Bank next week.There has been a mounting anger at both the government and creditors as many Greeks decry what they see as the humiliation of their country being treated like a European colony."With this deal, the public mandate and the proud 'No' of the Greek people in the referendum is canceled," said Energy minister Panagiotis Lafazanis, another of the leftist hardliners whom Tsipras must sidestep to implement the reforms."The dilemma posed by the creditors, truce or destruction, is fake and terroristic and has been demolished in the public conscience," he said.The pain for Greece continues, with bank closures and strict controls on withdrawals from cash machines squeezing businesses dry. A Greek trade federation called on the government to loosen such capital controls to allow companies to make payments owed to overseas vendors, while pharmacists warned they faced difficulties securing supplies.(Reporting by Renee Maltezou, Angeliki Koutantou, George Georgiopoulos, Lefteris Karagiannopoulos, Dina Kyriakidou, Costas Pitas in ATHENS; Alastair Macdonald, Francesco Guarascio and Robert-Jan Bartunek in BRUSSELS; William James in LONDON; Angelika Gruber in VIENNA; Sumanta Dey; writing by Matthias Williams; Editing by Sonya Hepinstall, Anna Willard and Paul Taylor)
Greece: The troika strikes back-Anonymous officials will have powers to stop Greek legislation -By Nikolaj Nielsen-EUOBSERVER
BRUSSELS, 13. Jul, 19:09-Monday’s (13 July) agreement between Greek prime minister Alexis Tsipras and euro leaders would allow the troika of international creditors to block any new legislation linked to the bailout.The Greek government will first have “to consult and agree” with anonymous officials from “the institutions on all draft legislation in relevant areas” before it goes to public consultation or to parliament.The institutions are International Monetary Fund (IMF), the European Commission, and the European Central Bank (ECB).An EU official familiar with IMF procedure and speaking on condition of anonymity, told this website that such measures are “not particularly new.”But the contact noted the task ahead for Greece and the political demands on the Tsipras government “is certainly in the outer range” of what the IMF has seen in the past.“In some sense you are asking a government to do things in five days that they haven’t done in five years, let alone the five months of this government. That is a very high political bar to set”.Greek MPs will this week have to pass a raft of laws to streamline VAT, broaden the tax base, and make pension reforms, among other pledges, before obtaining any third bailout money.IMF agreements generally include clauses that require governments not to pass any new legislation or initiatives deemed “inconsistent with the agreement”. Greece is in arrears to the IMF already, by €1.6 billion, due last month - the largest missed payment in IMF’s history.But the situation also means IMF’s role will be more limited because Greece is in arrears to it.The contact noted that a lot of “short term commitments” required by Greece wouldn’t need new legislation because the technical details on such reforms have already been scripted.“Most of this type of work has already been done and the legislation has sort of been languishing”, said the source, pointing out as an example the transposition of the EU banking resolution directive.The European Commission, for its part, deferred questions on its role to the ongoing discussion of Eurogroup of finance ministers and subsequent press statements.The European Central Bank has yet to respond.But Eurogroup president Jeroen Dijsselbloem told reporters in Brussels earlier in the day that the new supervision "is not about taking over a country”.The lack of democratic oversight and transparency over the three lenders and their direct involvement in the Greek crisis has seen sharp criticism.So-called troika teams of creditor officials dispatched to Greece even had to be accompanied by security details and kept meeting locations secret to avoid confrontations with anti-austerity protestors.Last year, the European Parliament itself called for the dismantling of the troika and for it to be replaced with something accountable to the assembly.Five years of troika oversight have so far seen the Greek economy suffer, with youth unemployment hovering consistently around 50 percent. Its GPD-to-debt ratio is now around 175 percent, higher than when austerity reforms were first initiated.For his part, John Weeks, an economist and professor at the University of London, described the troika’s oversight measure as part of a larger erosion of Greek democracy.“I’ve worked quite a bit in Africa, in Latin America, also in Asia, and I’ve seen the operations of the IMF and the World Bank and their conditionalities and I’ve never seen anything this extreme”, he told EUobserver. He said the Greek authority, under the terms agreed at the euro summit, has been transformed into “a client government to implement policies of the troika.”
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