Wednesday, July 15, 2015


Greece got very Greek  couple of hours ago.  Riots in the streets; Molotov Cocktails; assault; fist-fights in Parliament.  Great stuff all around.  If you take a nap, keep your ears covered.

Tsipras was fighting to pass a deal with the EU that he said he could not support.  Members of his party were threatening to did.  Ministers were walking out screaming...and then coming back.  The vote in a Greek Parliament usually occurs at midnight so there is a bit of time to go as I write this piece.  In the mean time, no matter what the result, there are even greater concerns today as to how anything gets implemented as the IMF doubled-down today in stating that they would not be part of any deal that did not include debt relief which of course is anathema to Germany.  Now, the Fund is looking at unpaid obligations of around 2 billion Euros as we write and the only way they get repaid is if there is a deal and the only way there is a deal is if it gets done to Germany's satisfaction so isn't this a fine mess you got us in Chrissy?

And speaking of the Lady, I have to think I was dead wrong yesterday when I suggested that the Fund's position was a bit of sandbagging going on by her staff (rumor has it by the by that she is not universally loved or respected--I don't know).  Not after today.  There's no way this position gets released without her OK so there is another game going on that I missed entirely and with which I am trying to catch up.  Now all of this becomes moot at least for a while if the Greek vote rejects the proposal, so I'm not going to go into my early thoughts right now.  As a matter of fact, I'm going to pause and see if I can find out what's up in Athens.  Be back with a follow up.

In the end, it wasn't close.  229 members out of 300 in Parliament supported the deal.  And now, let the games begin with the incredibly divided Euro zone which makes the Parliament resemble a country church meeting.  The ancient divisions of these 27 remaining states have been exposed for all to see.  Can they pull it back together at least to solve this latest of problems?  We begin to find out tomorrow.

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