Courtesy of Mish.
Air of Finality?
I cannot possibly count the number of "final" offers nor count how many times the clock hit midnight only to have it move back to 11:58 PM.
Today, however, there finally appears to be an air of finality. We will see soon enough.
Ultimatum From Creditors
The Financial Times reports Creditors Issue Ultimatum to Greece
Greece’s creditors have presented Athens with a last-ditch offer for a deal to unlock €7.2bn in desperately needed rescue aid after marathon talks failed to narrow the differences between the two sides.
Bailout monitors presented their final offer — with terms much closer to those demanded from Athens earlier this month — after Greek prime minister Alexis Tsipras failed to meet an earlier deadline to come up with acceptable concessions of his own.
Arriving for the meeting, German finance minister Wolfgang Schäuble, was gloomy about the prospects for a deal. He said there had been “not much progress” and a “big difference” remained between Greece and its creditors. It was up to the Greeks to move, he warned.
“The Greeks didn’t move at all,” said one senior official of the talks on Wednesday and earlier Thursday between Mr Tsipras and the heads of the European Commission, International Monetary Fund and European Central Bank.
“The level of frustration is so high. I don’t see a deal,” the official added. “It’s looking pretty grim right now.”
ECB Keeps ELA Lifeline, Bundesbank Protests
Reuters reports ECB Holds Athens Lifeline Unchanged as Bundesbank Protests.
The European Central Bank held a crucial cash lifeline for Greece unchanged on Thursday, a person familiar with the discussion said, as the head of the Bundesbank objected to the way Greek banks are being funded.
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Picture via Zero Hedge.
