After a marathon race of 17 hours, the Euro Leaders Summit ended on Monday morning. 17 hours of intense talks, with Greece trying to kill the monsters put on the table by the Eurozone officials – the finance ministers and the leaders. A breakthrough after five months of fruitless negotiations and waste of time. as Germany had a hidden agenda since 2011. Monday’s breakthrough is an agreement between the Euro-18 and Greece in order to begin negotiations on a program funded by the European Stability Mechanism and by a Privatizations Fund to be established in order to raise €50 billion from Greek assets. An amount of €25bn for the banks recapitalization will come also by the Privatizations Fund.
The Fund’s headquarters will be in Athens and not in Luxemburg as German Finance Minister had planned and already established in May 2014 with the blessing of then PASOK’s Finance Minister Yannis Stournaras and New Democracy’s Development Minister Kostis Chatzidakis.
People over 43 should not stay awake after midnight. Tsipras is 40.
One after the other, the Euro leaders made statements One of the most striking, I found was the one by French President Francois Hollande who said: “Europe won“, while the whole world understood that Germany and Schaeuble are the winners.
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Pm Alexis Tsipras said after the Summit: “We averted an organized plan to economical asphyxiation”.
In conclusion:
1. Grexit has been averted – at least for now.
2. With its banks on the verge of collapse, Greece was blackmailed to accept ‘measures’ that even German DER SPIEGEL describes as “List of atrocities“.
3. The ‘agreement’ foresees:
1. €82-€86 bn loan from ESM in the next three years
2. Greek assets transfer for Privatizations Fund – €50bn
4. According to source, the ECB may give 2bn ELA to Greek banks that could open tomorrow Tuesday. Capital controls & €60 limit will remain.
5. The Greek government has to pass some of the ‘prior actions’ demanded by Euro-chiefs already by Wednesday.
6. The ‘deal’ is expected to bring changes into the Greek government and SYRIZA’s power in Parliament – especially after several MP’s did not back Tsipras lask Friday.
But the PM has to sleep first and then make his arrangements.
PS I assume that after EURO leaders capitulated to Germany and the Greek government capitulated to Euroleaders, the 18-officials can cheer now “Trust has been restored!“

I am really interested how Greek parliament and Greeks wil react, because conditions are now much harder than those refused in referendum.
It’s very easy to figure that separatism will come now and some people are already betting which boroughs, islands and regions will be first declaring independence
How do you stay so cheerful when your country is being sent to the dogs????!!!!!!!!!!!!!
seen anyone cheerful around?
A total pillaging of Greece.
This is a sad day for the majority of Greeks and millions of ordinary people within Europe. At best, there should be a leadership challenge within SYRIZA (‘golden-balls Varafoukis’ perhaps) and then a Greek General Election.Greece needs someone who cannot be intimated by a cartel of capital-vultures who have the ability to turn on and off funds to the banks. Maybe one day people might just remember that banks are private organisations and if they are unable to compete in the real world, they should be allowed to disappear, just like other defunct businesses. Taxpayers should never ever be in a position to bail-out companies that have no regard for the interests of ordinary people.
The real issue now is Greece is at the mercy of people who have the ability to manufacture huge amounts of paper currency ‘out of thin air’ and charge huge amounts of interest along the way. Greece will never get away from this economic madness unless it can think outside the EU-box and steer an economic course away from the asphyxiation of the EZ and European Union.
Greece: since 1830 “Kingdom”, 1940 – 1944 “Führerstaat unter deutscher Kontrolle” (official NS-Term), since 2015 “Republic under European Control”. What a horrible and humiliating scene. But life must go on, every end is a new beginning, and “Weltschmerz” is a German attitude and not a Greek one. So let us be optimistic, there is no other alternative.
You should listen to Greek rock, the new Fado
thanks I will try, although Opah- Opah-Opah seems to be more appropriate for me and my generation.
It looks to me like Greece has got a worse deal than the one it voted no to only a week ago.
This is a huge understatement…
This is called punishment and revenge and blackmail as the temporarily Grexit reached its 3rd week and the embargo on Greece still keeps on going straight, Greek banks, money, companies in the Balkans are still “frozen” (=stolen by Albania, Fyrom, Bulgaria, Romania and even Serbia as they wanna join the 4th Reich with their economies that are 25-30% Greek) and the next step will be that Frontex will abandon refugees on uninhabited islands to claim that they starve cuz Greece is not making laws to surrender.
Can you elaborate on anything being “stolen” from Greeks? As far as I know, all of these entities are owned by their Greek parents and operating (unlike the Greek banks, of course).
The “contagion” already started in mid of June and was announced end of May, first by Fyrom, so the Grexit already started then and not with your sex-symbol visiting the Balkans.
At beforeitsnews of june 12 you’ll find info
Sorry, it is really difficult to find a one-month old news report on a site full of conspiracy theories.
I know your neighbor to the North (not called Bulgaria or Albania) does not allow Greek parent banks to withdraw founding capital from their local subsidiaries. However, this does not mean the subsidiary was “stolen” from the parent bank. They still own it and can sell it and get the proceeds. That would be more than they could get if the subsidiaries become insolvent (e.g., because the parent made a bad bet on Greek government bonds).
Clearly, you want Greek-owned entities to follow the local laws (just like you would want foreign-owned entities to follow Greek laws when they own subsidiaries operating in Greece).
No, no not “sell”, they said if they want it they have to buy it. You can find it also on Ekathimerini, it was only the beginning and it was clear also if Greece is not kneeing down to the the EU-racketeers they won’t get it back. It’s the same like with the humanitarian aid that won’t come unless Greece sucks Troika. As said, do that with Turkey next day their tanks roll Bukarest, Belgrade, Skopje and Tirana becomes the headquarter.
I wonder how you can make a deal after 17 hours of talking. Were their heads still clear to make good decisions? I doubt it…..
Not sure if the Greek people will be happy with the agreement 🙁
Anyway I will continue to support the Greek people!!!
what a colossal waste of time the past 6 months have been…
they should have just let fat venizelos sign this agreement and have saved everyone the agony.
this was an amazing moment in history with the country truly poised to take a new direction, and SYRIZA squandered it…now it seems this hell will go on ad nauseum.
These 6 months, and especially the last 2 weeks have been more than waste of time for everyone. The Greek economy was damaged a lot, and that is also bad for the creditors.
You people never learn. Greek politicians humiliated their partners and now their partners humiliated Greece. They set an example what happens with the rebellions. And everybody knew what was going to happen when you act like this. Only you were blind. That is the ugly reality.
What was the point of calling referendum when in the end nobody heard the voice of the people? And now Varoufakis and his trophy wife are on vacantion and the ordinary people are the ones left to suffer the consequences of their actions. The rich have their money in foreign banks and the rest are waiting in front of the ATMs.
That is the sad truth. I feel sorry for you people.
I wonder how will be the popularity of Syriza now.
True: “what a colossal waste of time the past 6 months have been…
they should have just let fat venizelos sign this agreement and have saved everyone the agony.”
Honestly, the agony changed +1 in GDP to maybe minus 3, brought bank run. Something that looked like slow getting up changed into recession.
And… this 50 billion fund … isn’t it loss of sovereignty ?
I hope that Mr Varoufakis has a good holiday.
What holiday? How long does it take by jet-ski and with a bicycle on the back to get to Athens? And popularity is something totally unimportant as people now have to decide on their own. What will the pigs do if “black-labour” and “tax-evasion” gets to be a real mass-movement and the state collapses? Send in 5000 German police which will get thrown into the sea in 10 minutes or close the borders for humanitarian aid from Diaspora and friends?
That’s the kind of sabotaging of the deal caused by the way it was reached (even the parts that are good for Greece in long term) that might make it not sustainable. Of course, “tax evasion” and other tricks to avoid the tough conditions will be countered (as far as creditors are concerned) by the stipulation, which would trigger automatic spending cuts if primary budget surplus targets are not reached. The ones that will get impacted are the poorest of the Greeks, who depend on their government’s support; the same strata of the population, who were the strongest Syriza supporters.
lol sorry – have you ever been in Greece?
Yes, 2-3 times. Of course, being a tourist does not make me any kind of expert on Greece. I will be interested to learn your insights (which is the reason I am coming to this web site).
“The ones that will get impacted are the poorest of the Greeks, who depend on their government’s support; ”
Wake up, there is no government support or weIfare state in Greece. That’s why KTG “IoI”ed.
The poor are totally without resources and are onIy heaped by citizen solidarity, soup kitchens, free medicaI civics where unpaid doctors donate their time because one third of the population has no access to pubIic heaIth.
There is no “doIe” or “social housing” or universe healthcare. There is NOTHING.
As for unemployment insurance, onIy 9% of Greeks qualify for this and the monthIy amount is 3oo euros and Iess.
Syriza voted in a humanitarian Iaw supported by aII parties This wouId restore electricity and water to the poorest. [Yes, many Greek famiIies have no running water anymore].
But the proud EU just insisted this Iaw be abolished.
By the way, one politician who became first time a prime minister said afterwards : “Oh , I did not know that a prime minister has such a small room of maneuver”…
Now the austerity stays, just the economy is much much worse…
I agree with your comment. But which people do you mean? In the past there were never just one, but mostly two or even more “peoples” in Greece – with their own leaders ideologies and clans and foreign supporters. Churchill was of the opinion that the Greeks rival the Jews in being the most politically-minded race in the world.(cf SWW,vol v, ch.xxx, the Greek Torment), and he knew what he said.
sorry, but my comment is a reply to comment no 9.
Churchill sent thousands of Greek troops from Middle East and Alexandria to concentration camps in Sudan, he conspired with Nazis and their Greek collaborators in Greece and started there the Cold War and Civil War, both already in 1944 and bombed Greece with napalm, esp the areas where communists introduced the modern Greek language.
what nonsense are you talking about again?
It’s history, Greek communist soldiers were waiting under Red Flag in Egypt, Lebanon and Palestine to join the invasion in Sicily, got arrested and deported for the flag and being ELAS.
talking baou tnapalms
First the Brits, later Greek army with Spitfires and then the US delivered not only democracy, hints to it is findable even in wiki
I agree!!
Imaginary history much?
I see, you would have preferred Greek becoming a member of the Communist Balkan Federation together with your communist friends in Bulgaria, Albania, Macedonia and other States without a future. Are you a Greek anarchist or do you play Greek Rock when you should listen?
The Greek revolution couldn’t win kuz Stalin and Churchill earlier dealt Greece not to be under Russian influence – very simple to understand given what troubles the Krauts had and so many islands in the Aegean – but the mistake was to not learn from Tito and made it fell victim to Stalin’s treason; the treaty of Varkiza was also treason and so far I remember the treaty was again called void on feb 12 2012 and Bulgaria, Albania and Macedonia were in three different communist Balkan federations
but Tito was supported by Churchill during the war. Without British support he would never had become “the hero” he was considered to be after the war. To learn from Tito? Greece would have finished as ex Jugoslavia, but much earlier
Not all the time, Tito organised support from different sources that didn’t stop the partisans to act more independent and the most power came from the revolts in Yugoslavia before Tito went big or even was known. The later autonomy of the workers in Yugoslavia was also one reason why the state-capitalists chose nationalism to get control back.
Anyway there were several negotiations between Yugoslavian and Greek partisans and attempts for more cooperation but the Greek side didn’t learn to get away from Stalin
To get it right: Greece tried to shamelessly blackmail Europe to throw another 100 bn. at it. What do you think, every European taxpayer saying thanks he is allowed by Greece to give you another few bn.?
eu taxpayers should change their governments if they don’t agree with their actions. that’s democracy.
would you please respect our democratically elected officials (eg the Italian one, since I am Italian): they did not capitulate to Germany, they agreed with Germany that Greece has to restore credibility or leave the Euro (which I think would be a much better deal for Greece). If you think it’s Greece vs Germany, you have it completely wrong. We Italians lent you 40 billion euros, and I tell you people is killing themselves here too because of the crisis, so it does not come cheap for us to lend you money. We are happy to do so because we love Greece and wish you a bright future, but insulting us is not a good way forward. Thanks for letting me comment here.