Monday, February 9, 2015

Varoufakis Blasts ECB "Has Lost Control Of Monetary Policy" As Germany Tells Greece: "There Is No Way Out"

"There is no way out" for Greece from its treaty obligations warns German lawmaker Michael Fuchs (Angela Merkel's deputy caucus chairman) telling Bloomberg TV that conditions set for Greece by The Troika (EU, ECB, IMF) for bailout funds "have to be fulfilled.... That's it, very simple." The Greeks remain adamant that they will not ask for an extension to the bailout mechanism with both Tsipras and Varoufakis confirming that a bridge agreement is required and the latter adding "the ECB has lost control of monetary policy," demanding the Troika structure come to an end. Then German Finance Minister Wolfgang Schaeuble exclaimed at the G-20 meeting that "Greece either has to find a way to get bridge financing, or, if they want to do it with us, they need a program," seeming to push the door open to possible Russian financial aid for Greece as Europe's pivot to Putin appears to be rising.

Germany To Greece...
“Greece either has to find a way to get bridge financing, or, if they want to do it with us, they need a program,” German Finance Minister Wolfgang Schaeuble tells reporters at G-20 meeting in Istanbul.

...

German lawmaker Michael Fuchs, deputy caucus chairman of Chancellor Angela Merkel’s Christian Democrats in parliament, says “there is no way out” for Greece on its treaty obligations.

Conditions set for Greece by EU, ECB, IMF for bailout funds “have to be fulfilled,” Fuchs tells Bloomberg Television.

“That’s it, very simple.”
Greece To Germany...
  • *TSIPRAS SAYS GREECE WILL STOP ASKING FOR NEW LOANS
  • *TSIPRAS SAYS GREECE TO SUBMIT 4YR PLAN FOR GROWTH AND REFORMS
  • *VAROUFAKIS: TROIKA STRUCTURE MUST COME TO AN END
  • *VAROUFAKIS: GREEK BAILOUT DEAL SAVED EURO-AREA BANKS
  • *VAROUFAKIS: WE'RE LOOKING FOR A BRIDGE AGREEMENT
  • *VAROUFAKIS: ECB HAS LOST CONTROL OF MONETARY POLICY
  • *VAROUFAKIS: TROIKA STRUCTURE MUST COME TO AN END
Meanwhile, the Austrians are living in a fairy tale...
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