Wednesday, July 1, 2015


OK, it's official.  The guy is a total jerk--Tsapris that is.  Last night, just befor not paying the IMF he sent a letter to the Euros indicating that with just a few small adjustments, he was prepared to sign the agreement that the Euros had put forward.  Of course the small adjustments went to the very hard of the program but hey, maybe the Euros would miss that fact.

The fool is still game-playing.  Knowing full well that there wasn't a prayer of a favorable response, the sole purpose of his actions was to provoke an angry response which would affect public opinion and move the referendum on Sunday over to the "No" side.  He almost got his wish as it is reliably reported that Angie went ballistic and had to be brought back down to earth allowing a response that was a bit on the harsh side but not the "&^%$ (&%, strong letter follows" for which Tsapris was hoping.

He then went on telly to tell the Greek people that if they vote "no" the negotiating position will actually be improved and a better deal worked out.  Small problem:  the Euros can't begin new negotiations until the IMF default is cured and the Greeks have no money to cure the default not to mention that Chrissie is in no mood to accept anything less than full repayment at this stage.  Funny how he seems to have missed that.

Anyway, the markets saw nothing in any of this and did very well today, but the tale is far from over and the result of the referendum is very much up in the air.  Bold prediction:  at some point the negotiations will begin again despite the results of the referendum.  It would be better if the Greeks voted "yes" because it is almost a certainty that they will immediately get concessions from the Euros IF--and here's the biggy--IF Tsapris and the Rock Star are no more.  Look for somebody, somewhere, to put this on the table in the next 24 hours.  The Game Theory is over; this is now a game of good 'ol country hardball.  We should have a pretty good read by Friday.

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