Sunday, August 16, 2015

Nothing Has Changed For Greece

News
Handshakes all around except for Greece. Tspiras, whom supported another bailout and tax increases, pension cuts and market reforms despite being elected on the promise to end austerity, will likely face a confidence vote soon. The leader of the Syriza rebels, the former energy minister Panagiotis Lafazanis, is calling for a new movement to fight the deal. Supporters include the former finance minister Yannis Varoufakis, a smart man disliked by the Troika. Bottom line, the Greek crisis is not over! It's quite likely that Tspiras will be removed in a no vote of confidence.

The Greek stock market, a trend defined by new lows in downside energy, suggests nothing has changed (chart). If nothing has been changed, the Greek people will act again.

Chart FTSE Greek 20


Headline: Euro ministers give blessing to Greek bailout, wooing IMF on deb

BRUSSELS/ATHENS (Reuters) - Euro zone finance ministers have agreed to lend Greece up to 86 billion euros ($96 billion) after Greek lawmakers accepted their stiff conditions despite a revolt by supporters of leftist Prime Minister Alexis Tsipras.


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