Garbatellamike

I see Greece's rating slipping deeper and deeper into junk today. Is that because Varoufakis gave a press conference saying he is still in charge or is it, more worryingly, a sense in the markets that Syrizia is still posturing and delaying and not intending on making any real structural reforms?

Getting worried

InVinoVeritas

Time is running out. There have been many upbeat messages coming out of Greece which have turned out to be untrue - another one today says they expect to have a minimum agreement (supposed actions which can be taken immediately) by May 11 which will release the balance of the 2nd bailout. Yannis Dragasakis, the new Greek negotiator is controlled by Varoufakis who is controlled Tsipras who is controlled by Syriza so his biggest problem will getting that lot to agree to anything acceptable to the EU. Hints by Tsipras of a referundum don't help - do they have time to do it, do they have the power to do it, what would be the question asked and what if there was no clear answer?

Garbatellamike

I agee with most of that but I don't think Dragasakis is controlled by Varoufakeit but more likely directly by Tipsyrash.

InVinoVeritas

Smoke and mirrors, only time will tell if anything has really changed.

Garbatellamike

could not agree more, noting there is not much time.......

InVinoVeritas

Varoufakis confirmed today that he is still in charge of the Greek negotiating team.

Red Eric

Odd - over a month ago a "source" was quoted as saying he was about to resign.

Garbatellamike

I think his ego is too big to resign he will have to be either side-lined or sacked if there is to be any chance of avoiding default

Garbatellamike

https://au.news.yahoo.com/thewest/bu...ld/a/27625288/

Quite a good summary of the first 100 days of Syriza here.

I am reading everywhere that the technical talks are "difficult" but without the toxic influence of Varoufakis, structural reforms are actually being discussed in detail for the first time and there is less posturing going on.

On a worrying note though, Greek manufacturing has slipped to a 2 year low, which makes the economic stiuation even worse. From 20 Feb to 2 May was just time wasting and game playing on an epic scale that the most apt metaphor is fiddling while Rome burns. get on with it!

Hopefully we are moving a little closer to an outbreak of sanity within the Greek government.

Garbatellamike

And this is why posturing and bluffing has to stop and structural reform has to start!
Stop bluffing, end the "destructive ambiguity" approach and enact refrom -NOW!

InVinoVeritas

I do wonder if the way this has been negotiated by the Greek side isn't just symptomatic of the deeper problems from which Greece suffers. The really do appear to be, as Buffet says, "the drunken brother".

Garbatellamike

A good summary of the Greek negotiating strategy here:

ekathimerini.com | Greece's 'Blazing Saddles' strategy isn't working

Red Eric

Very sensible assessment of the EZ / IMF position from the FT here
http://www.ft.com/cms/s/0/f17ac31e-f...#axzz3ZMifNuFs

Garbatellamike

Eric - it looks like you have to pay money to view that article - what does it say?

Red Eric

Try googling the phrase "free lunch : greece and economic reality" and accessing the article from the results.