Zerohedge: Rejected: Germany Throws Up Over Greek Extension Proposal

http://www.zerohedge.com/news/2015-02-19/and-now-back-down-after-germany-rejects-greek-extension-proposal

Update – it gets better:

  • GABRIEL: `WE HAVE REASONS WHY CAN’T SAY YES TO GREEK PROPOSALS’
  • GABRIEL: `WE CAN’T SHUT DOOR NOW ON TALKS WITH GREEKS’

Moments after we reported that stocks were delighted to price in yet another Greek resolution (even if they would be loath to reprice the reality), both Bloomberg and Reuters poured cold water over the HFT servers in Mahwah with the following headlines:

  • GERMANY REJECTS GREEK EXTENSION PROPOSAL, GOVT OFFICIAL SAYS
  • GREEK LETTER DOESN’T OFFER SUBSTANTIVE SOLUTION, GERMANY SAYS
  • GREEK LETTER NOT IN LINE WITH AGREED EUROGROUP CRITERIA: JAEGER
  • GREEK PLAN SEEKS BRIDGE FUNDING W/O FULFILLING PROGRAM: JAEGER

And more:

Germany rejected Greece’s request for an extension of its aid program, saying its offer doesn’t meet the euro region’s conditions for continuing aid.

The Greek government is trying to agree bridge-financing without meeting the conditions of its existing rescue program, German Finance Ministry Spokesman Martin Jaeger said in an e-mailed statement. European Commission Spokesman Margaritis Schinas moments earlier had said the Greek letter could be the basis for a “reasonable compromise.”

Euro-region finance ministers will make a “detailed assessment” of the request and formulate a response, Schinas said at a press conference in Brussels Thursday. Ministers are due to meet on Friday.

In other words this is precisely what we warned first thing today when we said that “as we first reported two days ago when redlining the original, Moscovici, and final Eurogroup draft proposal, what Greece is requesting is merely a return to the original, “agreed-upon” language formulation. The problem is that now that Europe officially threw up on that language, conceding to the Greek bailout proposal would effectively see the European Goliath bested by the Greek David, something which Germany’s Schauble will hardly agree to.

And sure enough, Germany did not.

rejected mutombo

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3 Responses to Zerohedge: Rejected: Germany Throws Up Over Greek Extension Proposal

  1. Ilex says:

    This is supposed to be a classified doc., not sure why? All names have been redacted.
    https://www.documentcloud.org/documents/1670898-dapino-gamma-gemalto-yuaawaa-wiki.html

    • Thanks for the heads-up re standard-issue SSL’s likely security standing today, some years post-memo! From a quick read, it sure looks like the Agency intended, @ time of reporting, to find a means of cracking standard-issue “High Security” 128-bit SSL encryption and stealing the traffic’s content for their own ends. That’s the level routinely used by SWIFT-connected banks and various USG Security Agencies iirc.

      All manner of Tricky Games and outright sabotage can surely result from that cracking, with NO benefit to the Rest of Us at all. Yet again. (ugh. ARGH! foo.) Now that the Russian alternative-to-SWIFT is reported up+running, one MIGHT expect something a leetle stronger, nu? 😉

      And that is all.0{:-)o[

  2. Ilex says:

    Money pouring out of Greece in preparation for a bank holiday this Monday.
    ww.zerohedge.com/news/2015-02-19/greek-deposit-run-accelerates-ahead-mondays-bank-holiday

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