TAA, TPP, TTIP, Fast Track – Trade Agreements Explained

First we’ll break down the acronyms and explain what these Trade Agreements are all about. The first two, TAA and TPP are causing a lot of contention in Congress right now along with the term “Fast Track”. Hope this post will help you understand what is going on in Congress right now and why it is so important.

TAA: Trade Adjustment Assistance

From Wikipedia:

Trade Adjustment Assistance (TAA) is a federal program of the United States government to act as a way to reduce the damaging impact of imports felt by certain sectors of the U.S. economy. The current structure features four components of Trade Adjustment Assistance: for Workers, Firms, Farmers, and Communities. Each Cabinet level Department was tasked with a different sector of the overall Trade Adjustment Assistance program. The program for workers is the largest, and administered by the U.S. Department of Labor. The program for Farmers is administered by the U.S. Department of Agriculture, and the Firms and Communities programs are administered by the U.S. Department of Commerce.

Trade Adjustment Assistance consists of four programs authorized under the Trade Expansion Act of 1962 and defined further under the Trade Act of 1974 (19 U.S.C. § 2341 et seq) (Trade Act). The original idea for a trade compensation program goes back to 1939.[1] Later, it was proposed by President John F. Kennedy as part of the total package to open up free trade. President Kennedy said: “When considerations of national policy make it desirable to avoid higher tariffs, those injured by that competition should not be required to bear the full brunt of the impact. Rather, the burden of economic adjustment should be borne in part by the Federal Government.”[2] More at link

TPP: Trans-Pacific Partnership

From Wikipedia:

The Trans-Pacific Partnership (TPP) is a proposed regional regulatory and investment treaty. As of 2014, twelve countries throughout the Asia Pacific region have participated in negotiations on the TPP: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam.

The proposed agreement began in 2005 as the Trans-Pacific Strategic Economic Partnership Agreement (TPSEP or P4). Participating countries set the goal of wrapping up negotiations in 2012, but contentious issues such as agriculture, intellectual property, and services and investments have caused negotiations to continue into the present,[7] with the last round meeting in Ottawa from 3–12 July 2014.[8][9] Implementation of the TPP is one of the primary goals of the trade agenda of the Obama administration in the United States of America.

On 12 November 2011, the nine Trans-Pacific Partnership countries announced that the TPP intended to “enhance trade and investment among the TPP partner countries, to promote innovation, economic growth and development, and to support the creation and retention of jobs.”[10] Although the text of the treaty has not been made public, Wikileaks has published several leaked documents since 2013. A number of global health professionals, internet freedom activists, environmentalists, organised labour, advocacy groups, and elected officials have criticised and protested against the treaty, in large part because of the secrecy of negotiations, the agreement’s expansive scope, and controversial clauses in drafts leaked to the public.[11][12][13][14][15] More at link.

TTIP: Transatlantic Trade and Investment Partnership

From Wikipedia

The Transatlantic Trade and Investment Partnership (TTIP) is a proposed free trade agreement between the European Union and the United States. Proponents say the agreement would result in multilateral economic growth,[1] while critics say it would increase corporate power and make it more difficult for governments to regulate markets for public benefit.[2][3] The American government considers the TTIP a companion agreement to the Trans-Pacific Partnership.[4] After a proposed draft was leaked in March 2014,[5] the European Commission launched a public consultation on a limited set of clauses and in January 2015 published parts of an overview.[6]

An agreement is not expected to be finalized before 2016.[7] More at link

FAST TRACK TRADE AGREEMENT:

From Wikipedia:

The fast track negotiating authority for trade agreements is the authority of the President of the United States to negotiate international agreements that Congress can approve or disapprove but cannot amend or filibuster. Also called trade promotion authority (TPA) since 2002, fast track negotiating authority is a temporary and controversial power granted to the President by Congress. The authority was in effect from 1975 to 1994, pursuant to the Trade Act of 1974, and from 2002 to 2007 by the Trade Act of 2002. Although it expired for new agreements on July 1, 2007, it continued to apply to agreements already under negotiation until they were eventually passed into law in 2011. In 2012, the Obama administration began seeking renewal of the authority. More at link

So far Congress has voted not to pass the TAA and TPP but the TPP is going to be reintroduced combined with “Fast Track”. Here’s more info on that from “Storm Clouds Gathering”

There is much wrong with the TPP and other Trade Agreements that will hurt the U.S. and it’s workers that we will discuss here. And Fast Tracking this, without debate and discussion, is a very bad idea.

883 thoughts on “TAA, TPP, TTIP, Fast Track – Trade Agreements Explained”

  1. The Automatic Earth ‏@AutomaticEarth 27m27 minutes ago

    Tsipras Invites Schäuble To Fall Into His Own Sword http://www.theautomaticearth.com/2015/07/tsipras-invites-schauble-to-fall-into-his-own-sword/ … @albertjohn @Frances_Coppola @AnnPettifor @ProfSteveKeen

    [snip]

    Tsipras, first through holding a referendum, and then through delivering a proposal that at first sight looked worse than what the Troika provided before the referendum, has managed a number of things.

    First, his domestic support base has solidified. That’s what the referendum confirmed once more. Second, he’s given the Troika members, plus the various nations that think they represent them, something that was sure from the moment he sent it to them: a way to divide and rule and conquer the lot.

    Tsipras has set the IMF versus the EU versus the ECB. Schäuble snapped at Draghi last night: ”Do you hold me for a fool?” Germany itself is split too, Merkel and Schäuble are at odds. Germany and France don’t see eye to eye anymore. The US doesn’t see eye to eye with any party involved.

    Italy is about to tell Germany to stop its shenanigans and get a deal done. The True Finns may get to decide the entire shebang, with less than 1 million rabid voters calling the shots for 320 million eurozone inhabitants.

    From that point of view, Tsipras has done a great job at playing the other side of the table off against each other. So much so, it doesn’t even have to have been intentional, and it still works out great. He’s exposed the entire EU structure as a bag of bones, let alone a naked emperor. [more]

    federico fubini ‏@federicofubini 53m53 minutes ago

    #Schauble has managed the miracle of making #Tsipras look sensible, predictable, moderate and the good guy. #kudos

    helena janeczek ‏@helenajaneczek 47m47 minutes ago

    @JeffDSachs @StavrosZenios @Frances_Coppola @ProSyn Trust, as Merkel says, is gone. But trust of half of Europeans in Germany. It’s over.

    Jeffrey D. Sachs ‏@JeffDSachs 4h4 hours ago Ethiopia

    The Eurozone is a crazy house. Incoherent, incompetent, and cruel.

    v23id @v23id

    Greek debt crisis: Goldman Sachs could be sued for helping hide debts when it joined euro http://www.independent.co.uk/news/world/europe/greek-debt-crisis-goldman-sachs-could-be-sued-for-helping-country-hide-debts-when-it-joined-euro-10381926.html

    [I said they should be sued!]
    [snip]

    Goldman Sachs faces the prospect of potential legal action from Greece over the complex financial deals in 2001 that many blame for its subsequent debt crisis.

    A leading adviser to debt-riven countries has offered to help Athens recover some of the vast profits made by the investment bank.

    The Independent has learnt that a former Goldman banker, who has advised indebted governments on recovering losses made from complex transactions with banks, has written to the Greek government to advise that it has a chance of clawing back some of the hundreds of millions of dollars it paid Goldman to secure its position in the single currency.

    The development came as Greece edged towards a last-minute deal with its creditors which will keep it from crashing out of the single currency.
    [snip]

    Greece managed to keep within the strict Maastricht rules for eurozone membership largely because of complex financial deals created by the investment bank which critics say disguised the extent of the country’s outstanding debts.

    [more]

    ReplyReply
  2. WikiLeaks ‏@wikileaks 5s5 seconds ago

    Is Germany now applying an ersatz “sanctions regime” to Greece? http://blogs.channel4.com/paul-mason-blog/greece-crisis-europe-turns-screw/4145#sthash.DIDDOMiD.dpuf … [This link I posted above, by Paul Mason: http://proligarchy.com/taa-tpp-ttip-fast-track-trade-agreements-explained/comment-page-17/#comment-64466 ]

    More: https://wikileaks.org/nsa-germany/intercepts/#intercept2

    WikiLeaks Synopsis
    Intercepted communication by UK’s Intelligence Services of German Chancellery Director-General for EU Affairs Nikolaus Meyer-Landrut reveals German negotiating positions ahead of a European Union Summit to discuss a joint German French response to the financial crisis in Greece. The report reveals that Germany had opposed tailored European solutions to the Greek crisis, instead supporting a special IMF bailout plan for Greece funded by the BRICS countries. [more]

    #ThisIsACoup

    FierceFeline ‏@FFierceFFeline 21m21 minutes ago

    Cop who used fatal chokehold on Eric Garner can’t wait to patrol the streets again http://www.rawstory.com/2015/07/one-year-later-cop-who-used-fatal-chokehold-on-eric-garner-cant-wait-to-patrol-the-streets-again/ … #StopRush #UniteBlue #p2

    Reuters Top News ‏@Reuters 23m23 minutes ago

    Senate leader says Congress will block some Obama moves on Cuba http://reut.rs/1DanF1Y

    t sylvester ‏@sylv0028 26m26 minutes ago

    @Reuters glad to see cold war fears and antiquated policies are healthy in the US.

    Efi Koutsokosta ‏@Efkouts 29m29 minutes ago

    Greek fin min @tsakalotos holding discussions now w French minister #Sapin and the German #Schauble. #Greece #EuroSummit

    Georg Tsiolis ‏@Phil_Hellmuth87 27m27 minutes ago

    @Efkouts @tsakalotos 50 Billion Euro for Greek oil and Gas Reserves worth 9 Trillion – Tsipras should go the hell out of there …

    Rob ‏@RobRuggio 22m22 minutes ago

    @Efkouts @GreekAnalyst @tsakalotos I admire Tsakalotos’s dignity. I wish Italy had someone like him in its government.

    Billmon ‏@billmon1 36m36 minutes ago

    1) If Merkel & Co. really believe any hint of a debtor front must be crushed ASAP, along with Syrizaa, then there will never be a “deal.”

    Billmon ‏@billmon1 34m34 minutes ago

    2) By which I mean that even if EU leaders endorse latest “offer,” & Syriza signs, Merkel & Co. will immediately start sabotaging it.

    Billmon ‏@billmon1 32m32 minutes ago

    3) Or, even more likely, Merkel will take any hint Syriza will knuckle under as a signal to either insist on even tougher terms or back out.

    Frances Coppola ‏@Frances_Coppola 2h2 hours ago South East, England

    If Greece agrees to these demands, it can no longer really be regarded as a sovereign state. http://www.theguardian.com/business/live/2015/jul/12/greek-debt-crisis-eu-leaders-meeting-cancelled-no-deal-live

    Nikos Alepis ‏@nikosalepis 2h2 hours ago

    The thing is that Greece is a member of the same union. This is unprecedented. @DanMKervick @Frances_Coppola

    Jerome Roos ‏@JeromeRoos 22m22 minutes ago

    If he hasn’t already, Tsipras will now have to choose which is dearer to him: his own country, party & beliefs, or euro membership. #Greece

    Nick Malkoutzis ‏@NickMalkoutzis 38m38 minutes ago

    Just to give perspective on how mad 50bln Greek asset idea is, #Greece privatisations since ’11 worth 5.4 bln http://www.macropolis.gr/?i=portal.en.economy.2316 … #Greece

    Edward Harrison @edwardnh

    The goal for some in Eurogroup is to make the terms so harsh that Syriza balks, and then force Grexit. This is clearer than it ever has been

    So now the Germans and Banks are downright stealing from the Greeks. They do want to destroy the country and take it over. Mostly because of it’s access to the Mediterranean.

    ReplyReply
  3. @toniD: it’s a big mess, toni. I am very worried. At this point I am almost wishing for tsipras to save his and his country dignity by giving these germans and austerity hawks the finger and to start printing drachmas tomorrow… it’s a jump in the dark but what is being asked of greece is obscene and borderline criminal

    ReplyReply
  4. @toniD: i dunno about this ed harrison comment, the latest thing i heard floating is a proposal to submit greece to a technical government; in other words a coup, to do away with syriza and install a government run from bruxelles that will enforce all the horrific austerity measures that are being demanded, including the privatization of ports and other assets, reforming the pension system (cutting pensions) etc etc. I don’t even know how they would go about installing a government from outside that is not supported by the population, given that tsipras is still very popular and will be even more popular if he is made a martyr

    ReplyReply
  5. Tsipras has set the IMF versus the EU versus the ECB. Schäuble snapped at Draghi last night: ”Do you hold me for a fool?” Germany itself is split too, Merkel and Schäuble are at odds. Germany and France don’t see eye to eye anymore. The US doesn’t see eye to eye with any party involved.

    so true! it would be almost fun to watch if not for the real drama and foreboding of tragedy that’s on the horizon

    ReplyReply
  6. @cent: that’s a beautiful dog cent. looks like a type of shepherd dog we have in the abruzzo region of Italy, that are very good at herding sheep. In the Pyrenees they also have sheep, so maybe it is the same or similar breed.

    ReplyReply
  7. hey cent, look at this video of sheepdogs in abruzzo at work protecting the sheep from wolves and wild hogs that roam the countryside. It features the head dog Velino which organizes the resistance to these wild enemies; it also explains how the bond between dogs and sheep is fostered and built up from young age…

    also the special bond between the shepherd and his dog… really beautiful

    ReplyReply
  8. @mirella: Sorry, got a phone call. Yes I agree with you. What the Germans and the banks are doing to Greece is criminal.

    ReplyReply
  9. Marianna Karakoulaki ‏@Faloulah 17m17 minutes ago

    #Grexit might as well be the best option Greece has at this point. The people are screwed anyway #ThisIsACoup #TsiprasLeaveEUSummit

    Theodora Oikonomides ‏@IrateGreek 45m45 minutes ago

    #GreeceCrisis Star Wars re-cast (after extensive consultation with various tweeps)

    Jonas Kyratzes ‏@JonasKyratzes 1h1 hour ago

    Schäuble is in all seriousness proposing Greece hand over 50 BILLION € in state assets to a fund run by… himself. #ThisIsACoup

    Paul Mason ‏@paulmasonnews 2h2 hours ago

    In Greece the #ThisIsACoup (#2 hashtag worldwide) being replaced by #TsiprasLeaveEUSummit

    Jeza Goudi ‏@JezaGoudi 2h2 hours ago

    This is not #germany against #greece, #ThisIsACoup of the financial elite against people. Battleground: #Greece but could be anywhere else

    Jerome Roos ‏@JeromeRoos 2h2 hours ago

    Paul Krugman writes that “The trending hashtag #ThisIsACoup is exactly right” http: // nyti.ms/1URLzdC via @NytimesKrugman #Greece

    Diane Shugart ‏@dianalizia 2h2 hours ago

    “they really are suggesting that Brussels take over the running of the Greek economy”
    this is cuckoo. #ThisIsACoup

    Bishop ‏@SubstanceM 3h3 hours ago

    Je l’aime bien ce hashtag #ThisIsACoup C’est tellement cela. Un coup d’état contre la Grèce, la démocratie, l’idée européenne.

    [Oui je suis d’accord]

    ReplyReply
  10. Frances Coppola ‏@Frances_Coppola 2h2 hours ago

    Final draft of Eurogroup statement | Brussels blog | http://FT.com http://on.ft.com/1JYYVl9

    [It’s a coup!]

    Richard Murphy ‏@RichardJMurphy 3h3 hours ago

    Germany has now brought the concept of slavery into modern politics: the indebted must lose their autonomy. #grexit

    ReplyReply
  11. Toni DiPego ‏@mykukla 3h3 hours ago

    Good way to let Germans know how we feel is Don’t BUY Anything German or Made in Germany. Hurt their Economy! #grexit

    Sofia ‏@thesspirit 30m30 minutes ago

    If #BoycottGermanProducts could go viral Germany would probably reconsider. #ThisIsACoup #TsiprasLeaveEUSummit

    Paul Mason ‏@paulmasonnews 42m42 minutes ago

    50bn fund is out. IMF is in. Laws to be drafted. Short term funding of GR is the unresolved issue. It’s moving…

    koumdros ‏@koumdros 42m42 minutes ago

    @paulmasonnews anyone else thinking these atrocious proposals were put forth to be retracted so we accept the simply horrible ones? #Greece

    Paul Mason ‏@paulmasonnews 45m45 minutes ago

    Multiple sources: ECB to un-asphyxiate Greece tomorrow.

    ReplyReply
  12. @mirella: Yes it was in my comment just above yours also.

    Paul Krugman writes that “The trending hashtag #ThisIsACoup is exactly right” http: // nyti.ms/1URLzdC via @NytimesKrugman #Greece

    ReplyReply
  13. Paul Mason retweeted
    Frances Coppola ‏@Frances_Coppola 6h6 hours ago Strood, England

    This is civilised behaviour, is it? http://www.theguardian.com/business/live/2015/jul/12/greek-debt-crisis-eu-leaders-meeting-cancelled-no-deal-live

    ChrisAtRU ‏@MarleyBrooklyn1 6h6 hours ago

    @Frances_Coppola So incredibly sad and odious. I mean, I’ve advocated #GrExit for neo-chartalist reasons, but this is just cruel & inhumane.

    Anna H. ‏@drlangtry_girl 6h6 hours ago

    @Frances_Coppola it’s really becoming clear this is about who governs, rather than ‘just’ the economics, isn’t it?

    Frances Coppola ‏@Frances_Coppola 6h6 hours ago

    @drlangtry_girl Abundantly.

    Anna H. ‏@drlangtry_girl 6h6 hours ago

    @Frances_Coppola step back from the technical issues, and it’s pure power play. If I were Greek, I’d be utterly disillusioned with Eurozone.

    ReplyReply
  14. @toniD: yes toni, I saw your tweet but I wanted to read the whole article. Many times your tweets wet my appetite but then I want to know more and the link is not in the tweet, not always

    ReplyReply
  15. @mirella:

    Thanks Mire… The Maremma are incredible dogs… I love to watch dogs work a herd like that. What amazing animals…

    There are many breeds of big white mountain shepherds spread all over Europe and West Asia… They are just slightly different in shape and temperament… The Maremma and the Great Pyr are almost identical, but the Maremma has a longer snout and the Great Pyr gets slightly larger… I imagine they probably all come from the same stock somewhere along the line and just developed differently in different regions over the centuries…

    They are all great protectors… I have traded emails with a ranch owner in Colorado who told me her Great Pyrs have even faced down bears more than once while protecting the herds…

    I was a little worried when we first got him because he was a little more willful than I am comfortable with, but I have found that once they bond to you they become very cooperative and manageable… Buster roams pretty freely on the property now and always comes when I whistle… He barks when something gets too close to the house but is always friendly when he runs across neighbors or delivery guys… Debbie walks him up to get the mail every morning without a leash and he is always at her side and follows her commands… So far we are very pleased with him…

    ReplyReply
  16. Gabrielle Giffords ‏@GabbyGiffords 3h3 hours ago

    Happy 18th birthday to Malala Yousafzai, a woman of uncommon courage. http: // ti.me/1f6EmoJ

    Vox ‏@voxdotcom Jul 7

    Bernie Sanders was decades ahead of the country on gay rights and ending the war on drugs http://www.vox.com/2015/7/7/8905905/sanders-drugs-gay-rights?utm_campaign=vox&utm_content=chorus&utm_medium=social&utm_source=twitter

    Carl Norman ‏@CarlNorman 8m8 minutes ago

    Segment: Jim Hightower on the Rise of #Populism | Moyers & Company | http: // BillMoyers.com http://bit.ly/1eUxSdc via @BillMoyersHQ

    Veterans for Bernie ‏@VetsForBernie 2h2 hours ago

    .@BernieSanders says Muslim nations must lead the fight against ISIS. We agree! http://vetsforbernie.org #Vets4Bernie

    Yannis Koutsomitis ‏@YanniKouts 2h2 hours ago

    Yannis Koutsomitis retweeted isabelle ory

    #France considering a bilateral loan to #Greece ~sources | The plot thickens.

    Republicans R Evil ‏@CanProveIt 2h2 hours ago

    By Native Americans For Bernie Sanders on fb. #FeelTheBern Join the Revolution‼️

    BobbieJane ‏@bobbiejaneV 50m50 minutes ago

    Media Intentionally Hides Republicans’ Economic Failures And Democrats’ Success http://www.politicususa.com/2015/02/23/media-conceals-gop-economic-failures-democrats-success.html … via @politicususa

    ReplyReply
  17. The Associated Press ‏@AP 21m21 minutes ago

    The Latest on Greece: Officials say no Greek exit from the euro after agreement on bailout at summit: http://apne.ws/1HWC2yq

    9 a.m.
    Summit chair Donald Tusk says eurozone leaders have unanimously agreed on a bailout deal for Greece. In a tweet Monday, Tusk said the European bailout program for Greece includes “serious reforms” and “financial support.”

    9:10 a.m.

    European Union President Donald Tusk says the bailout deal for Greece could pave the way for the country to remain a member of the euro.

    In a tweet Monday, Tusk said eurozone leaders agreed unanimously on a new bailout for Greece that includes “serious reforms” and “financial support.”

    Details of the agreement between Greece and its creditors have yet to emerge.

    The Greek government made a request last week for a three-year, 53.5 billion-euro ($59.5 billion) financial rescue from Europe’s bailout fund. During negotiations that stretched beyond a weekend deadline into Monday morning, Its creditors indicated that Greece will need tens of billions more than that to stay solvent.

    Greece’s economy is in freefall and its banks are facing collapse.

    9:20 a.m.

    European Union President Donald Tusk says the agreement with creditors struck Monday morning will allow Greece to “get back on track.”

    Officials including European Commission chief Jean-Claude Juncker say the deal means that Greece will not have to leave the euro currency, the so-called Grexit.

    French President Francois Hollande says the Greek parliament should convene within hours to adopt new reforms, and has praised the fact that the deal should keep Greece in the euro.

    For the eurozone to have lost Greece as a member would have been to lose “the heart of our civilization,” Hollande said.

    9:50 a.m.

    German Chancellor Angela Merkel says the eurozone is open to the idea of giving Greece some debt relief but she has ruled out an outright cut in the country’s debt level.

    Speaking after an agreement to start bailout negotiations with Greece, Merkel said the eurozone “is prepared, if it becomes necessary, to take additional measures” to ease Greece’s debt burden.

    Dimitris Galanis ‏@dimitrigalanis 25m25 minutes ago

    Merkel says trust with Greece ‘needs to be rebuilt,’ backs negotiations with ‘full conviction’ –

    What about trust with Germany?

    She noted that the eurozone could give Greece “a longer grace period.” A direct cut though is not an option, she added.

    Merkel insisted that no relief will come until after “the first successful assessment of the new Greek program.”

    Merkel said she recommended the start of negotiations with the cash-strapped country with “full conviction” but stressed that trust with Greece “needs to be rebuilt.”

    Philippe Marlière ‏@PhMarliere 43m43 minutes ago

    Tsipras has capitulated because the ECB closed Greek banks & has collapsed the Greek economy. There’s no doubt now #ThisIsACoup. Disgusting.

    Aliki Chapple ‏@amaenad 48m48 minutes ago

    Well, now we know. The masks are off and the face of power is bare. I hope Podemos is taking notes. #eurocrisis #ThisIsACoup

    Ariana Yakas @ArianaYakas

    It’s a sad day 4 Greece but in the last five years only Syriza and Tsipras has fought for Greece and its people! ECB has blackmailed Greece!

    Jeffrey D. Sachs ‏@JeffDSachs 17m17 minutes ago

    Eurozone process was broken & nearly brought the entire system down (& killed Greek banks). Less politics, more professionalism needed.

    Frances Coppola @Frances_Coppola

    Tsipras paraphrase: Germans screwed us over. We had to give in.

    Andy Brown ‏@VoteAndyBrown 22m22 minutes ago Yorkshire and The Humber, England

    #Greek deal doesn’t sound like help from #EU. Sounds like #German bullying. Aim has been to finish off elected government not rescue country

    Dan Davies ‏@dsquareddigest 58m58 minutes ago

    @umairh @Frances_Coppola what did we expect when we set up a system to prevent German leadership then asked Germany to lead it?

    Frances Coppola @Frances_Coppola

    @leisekante @dsquareddigest @umairh Yep. So it wasn’t just Greece that was waterboarded. Germany threatened to break up the EU.

    ReplyReply
  18. Giorgos Roidis retweeted
    ₯ @ Rios @ epan_e_kinisi 1h1 hour ago

    Germany welcomes the European peoples in the 4th Reich # EuroSummit # ThisIsACoup

    Richard Edgar ‏@ITVRichard 50m50 minutes ago

    Tsipras: WE TOOK THE RESPONSIBILITY FOR THE DECISION TO AVERT THE MOST EXTREME PLANS BY CONSERVATIVE CIRCLES IN EUROPE (Reuters translation)

    BBC Breaking News ‏@BBCBreaking 35m35 minutes ago

    Greek PM Alexis Tsipras “Greece had fought a tough battle and now faced difficult decisions” http://bbc.in/1CA2SKf

    BBC Breaking News ‏@BBCBreaking 34m34 minutes ago

    Greek PM Tsipras “Athens had averted the most extreme plans…and fought a good fight to the end” http://bbc.in/1Mp5w5Z

    Nick Malkoutzis ‏@NickMalkoutzis 44m44 minutes ago

    While the other eurozone leaders can go off for a snooze if they like, #Tsipras has to return to #Greece and pass 6 (?) reform bills by Wed

    Kathimerini English ‏@ekathimerini 45m45 minutes ago

    Hollande: Greece to make reforms in order to become more competitive, without growth debt is not sustainable

    ReplyReply
  19. Asteris Masouras正义 @ Asteris 14m14 minutes ago

    Also, #ThisIsACoup isn’t going away. Not w Merkel’s demand that humanitarian laws passed in Feb. be annulled by Wed.

    Zoe Keller ‏@KellerZoe 8h8 hours ago

    €Z drama beyond Greece: revealing the violently anti-democratic nature of the € @JeromeRoos http://roarmag.org/2015/07/greece-capitulation-eurozone-conflict

    Mr Ethical ‏@nw_nicholas Jul 11

    Greece doesn’t have creditors. It has predators. #Greece

    CEOemail @ CEOemail Jul 12

    .@nw_nicholas Is there somewhere a list of all these “loans” and how the money has been used? #Greece #Loansharks

    Mr Ethical ‏@nw_nicholas Jul 12

    @CEOemail not sure, would be interesting. As you know, most money used to pay private banks

    Nick Dearden ‏@nickdearden75 45m45 minutes ago

    Analyst says #Greece deal is worse than Versailles and means #eurozone has no future http://www.theguardian.com/business/live/2015/jul/12/greek-debt-crisis-eu-leaders-meeting-cancelled-no-deal-live#block-55a37676e4b05111b7559d4f … #ThisIsACoup #oxi

    Dr. Dzerzhinsky ‏@dr_dzerzhinsky 39m39 minutes ago

    @nickdearden75 @drubald Expect increased right-wing extremism, riots, social chaos and maybe civil war in the footstep of the looting.

    ReplyReply
  20. The Independent ‏@Independent 39m39 minutes ago

    ‘Who will trust Germany after this?’ asks Nobel Prize-winning economist Paul Krugman http: // ind.pn/1HpCWA5

    Tsipras’ face says it all here!

    Neil Wilson ‏@neilwilson 44m44 minutes ago

    The European Dream is like the American Dream. You have to be asleep to believe it. #ThisIsACoup

    David Jones ‏@DavidJo52951945 2h2 hours ago

    RIP Democracy #ThisIsACoup

    ReplyReply
  21. atypos.com ‏@atypos_com 2h2 hours ago

    WWI with guns – WWII with tanks – WWIII with banks #ThisIsAcoup http://olympia.gr/2015/07/13/wwi-with-guns-wwii-with-tanks-wwiii-with-banks-thisisacoup

    Ann Pettifor ‏@AnnPettifor 32m32 minutes ago

    ECB is the political instrument of enforcement preferred by Berlin govt: Sandbu “Greece capitulated because the ECB forced it to do so.”

    Zoe Keller ‏@KellerZoe 39m39 minutes ago

    @dimitrigalanis @markorusso69 @eriador must understand: the € gives this power to the ecb, troika and the likes. #Grexit

    ————

    NBC Chicago ‏@nbcchicago 1h1 hour ago

    Severe Thunderstorm Watch issued for #Chicago area http://nbcchi.com/oQZ5fF8

    [Close to me right now. If I’m gone awhile, this is why]

    ReplyReply
  22. ubaldo retweeted
    Elias Duparc ‏@EliasDup 1h1 hour ago

    Crise grecque. Les propositions de l’Eurogroupe sont bel et bien un coup d’Etat http://www.courrierinternational.com/dessin/crise-grecque-les-propositions-de-leurogroupe-sont-bel-et-bien-un-coup-detat … via @courrierinter
    Translated from French by Bing

    Greek crisis. The Eurogroup proposals are indeed a coup http://www.courrierinternational.com/dessin/crise-grecque-les-propositions-de-leurogroupe-sont-bel-et-bien-un-coup-detat … via @courrierinter

    Nick Dearden ‏@nickdearden75 19h19 hours ago

    ECB to make between €10 and €22 billion profit from #Greece bailout. Shocking. http://jubileedebt.org.uk/blog/ecb-to-make-between-e10-billion-and-e22-billion-out-of-loans-to-greece … #oxi

    [snip]

    The European Central Bank and its member national central banks are on track to make between €10 billion and €22 billion of profit out of lending to Greece, if Greece pays its debts in full, according to new analysis of official figures by Jubilee Debt Campaign.

    Greece is due to make a €4.2 billion payment to the ECB on 20 July and a further €3.2 billion on 20 August. The ECB and its national member central banks are already holding onto €1.9 billion of profit made from Greece’s debt repayments in 2014, which they had promised to return, but never have. All profit made by the ECB and its members – the central banks of Eurozone countries – is ultimately passed on to their respective governments. [more]

    Down to Earth ‏@D2Emag 2h2 hours ago

    “Ik wil niet dat bedrijven machtiger zijn dan het land waarin ik woon” @geert_MD #TTIP https://downtoearthmagazine.nl/ttip-hoe-verkoop-je-een-vrijhandelsverdrag/
    Translated from Dutch by Bing
    “I don’t want companies be more powerful than the country in which I live” #TTIP https://downtoearthmagazine.nl/ttip-hoe-verkoop-je-een-vrijhandelsverdrag/ … @geert_MD

    Dimitris Galanis ‏@dimitrigalanis 13m13 minutes ago

    someone saw it coming long ago

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  23. Dimitris Galanis ‏@dimitrigalanis 8m8 minutes ago

    How easy brave decisions are when you have no skin in the game – https://www.byline.com/column/11/article/164

    [Wonder what made Tsipras agree to this? Is there an ulterior motive/plan? Or a huge Threat? I can’t imagine this is what he wanted for Greece, his life up til now hasn’t shown he would do this unless there was a stress involved.]

    Alexis Tsipras: Hero, Traitor, Hero, Traitor, Hero

    We apologise to Marxists worldwide for Greece refusing to commit ritual suicide to further the cause. You have suffered from your sofas.

    It is revealing of the political landscape in Europe – indeed, the world – that everyone’s dreams of socialism seemed to rest on the shoulders of the young Prime Minister of a small country. There seemed to be a fervent, irrational, almost evangelical belief that a tiny country, drowning in debt, gasping for liquidity, would somehow (and that somehow is never specified) defeat global capitalism, armed only with sticks and rocks.

    When it looked like it wouldn’t happen, they turned. “Tsipras capitulated.” “He is a traitor.” The complexity of international politics was reduced to a hashtag, that quickly changed from variants of #prayfortsipras to variants of #tsiprasresign. The world demanded its climax, its X-factor final, its Hollywood dénouement. Anything other than a fight to the death was unacceptable cowardice.

    How easy it is to be ideologically pure when you are risking nothing. When you are not facing shortages, the collapse of social cohesion, civil conflict, life and death. How easy it is to demand a deal that would plainly never be accepted by any of the other Eurozone member states. How easy brave decisions are when you have no skin in the game, when you are not counting down, as I am, the last twenty-four doses of the medication which prevents your mother from having seizures.

    Twenty doses. Fourteen.

    It is a peculiar feature of pathological negativity to focus only on what is lost instead of what is gained. It is the very same attitude that means sections of every country’s population – long for their perfect Socialist Utopia while simultaneously avoiding tax every way they can.

    The idea of Tsipras as a “traitor” relies heavily on a cynical misinterpretation of the referendum last week. “OXI”, the critics would have you believe, was “no” to any sort of deal; an authorisation to disorderly Grexit. It was nothing of the sort. In speech after speech Tsipras said again and again that he needed a strong “OXI” to use as a negotiating weapon in order to achieve a better deal. Did you all miss that? Now, you may think he didn’t achieve a better deal – that may be fair – but to suggest it authorised Grexit is deeply disingenuous. And what about the 38% that voted “NAI”? Was Tsipras not there representing those people, too?

    Fear not. The deal may prove unworkable anyway. It may not be passed by Greek Parliament. Syriza might tear itself apart from within. Grexit may be forced by those who have been trying to make it happen for years now. Then we get to assess what your better outcome looks like. [more]

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  24. Dimitris Galanis ‏@dimitrigalanis 20m20 minutes ago

    The sticking point was the size and purpose of a privatization fund to be backed by sequestered Greek assets – http://www.ft.com/intl/cms/s/0/f908e534-2942-11e5-8db8-c033edba8a6e.html#axzz3fm6wlV4p

    Dimitris Galanis ‏@dimitrigalanis 18m18 minutes ago

    “They crucified Tsipras in there,” a senior eurozone official who had attended the summit remarked. “Crucified.” – http://www.ft.com/intl/cms/s/0/f908e534-2942-11e5-8db8-c033edba8a6e.html#axzz3fm6wlV4p

    ReplyReply
  25. Stace Constantinou ‏@Stacemusic 47m47 minutes ago

    Exclusive: Yanis Varoufakis opens up about his five month battle to save Greece http://www.newstatesman.com/world-affairs/2015/07/exclusive-yanis-varoufakis-opens-about-his-five-month-battle-save-greece

    [snip]

    Greece has finally reached an agreement with its creditors. The specifics have not yet been published, but it is clear that the deal signed is more punitive and demanding than the one that its government has spent the past five months desperately trying to resist.

    The accord follows 48 hours in which Germany demanded control of Greece’s finances or its withdrawal from the euro. Many observers across Europe were stunned by the move. Yanis Varoufakis was not. When I spoke with Greece’s former finance minister last week, I asked him whether any deal struck in the days ahead would be good for his country.

    “If anything it will be worse,” he said. “I trust and hope that our government will insist on debt restructuring, but I can’t see how the German finance minister [Wolfgang Schäuble] is ever going to sign up to this. If he does, it will be a miracle.”

    [more]

    Angelique Rockas ‏@A_Rockas 50m50 minutes ago City of London, London

    @zerohedge

    Joseph Stiglitz ‏@stiglitzian 9m9 minutes ago

    Joseph Stiglitz: ‘If the West won’t help, they should at least do no harm’ http://bit.ly/1UUpdse

    ReplyReply
  26. The Independent ‏@Independent 30m30 minutes ago

    Other than Greece, three more financial crises the world needs to worry about http://i100.io/WJ9Gy4R

    [snip]

    By midnight on Thursday, Greece must deliver a detailed reform plan, having submitted an application for a three-year loan from the European Stability Mechanism (ESM) bailout fund – to be used “to meet Greece’s debt obligations and to ensure stability of the financial system”.

    It has been signposted that a new deal must be signed off on Sunday at a planned EU leaders summit, otherwise a Greek exit from the eurozone appears imminent.

    However, while the country haggles with creditors over terms, there are a few economic crises that have been somewhat overlooked in favour of our Hellenic neighbours.

    China

    China will probably be the most likely crash you have heard of – yesterday the Shanghai composite fell as much as 8.2 per cent, leading some analysts to describe it as ‘Black Wednesday’.

    Beijing has relaxed lending rules in an attempt to help people buy more stocks, following a move late yesterday to ban investors holding more than 5 per cent in companies from selling shares in the next six months.

    To put it into scale – here’s the situation aptly compared with Greece by blogger Zero Hedge:

    zerohedge @zerohedge

    China has lost 15 Greeces in market cap in three weeks
    8:55 PM – 7 Jul 2015

    Since the middle of June, the prices of Chinese company shares have fallen by 30 per cent. That amounts to around $3.2 trillion that has been wiped off the stock market in only a few weeks.

    Puerto Rico [more]

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  27. @toniD:

    Meh… Andreou’s “hippie punching” rant is vaguely reminiscent of ObamaBots after his consecutive cave-ins on everything from the Public Option to extending the Bush Tax Cuts… Immediately upon surrender, call your detractors “utopian idealists” and declare victory…. wash, rinse, repeat… this is how democracy dies… it is sold off piece by piece like a friggin yard sale…

    I’ve got no qualm with Tsipras doing what is necessary to help the Greek people survive this disgusting neoliberal endgame… there is zero shame in strategic retreat as long as you keep fighting…. but I am tired of assholes blaming “idealists” for their self perceived failures in courage… If you are not willing to make the sacrifices necessary to throw off the thrall, then own it, admit you are powerless, and blame the transgressor for its vicious inhumanity… or just shut up and take what the banks give you… but do not try to assuage your conscience by tearing down those who DO “have skin in the game” and ARE willing to make the sacrifice. Blaming those who are fighting on your side for fighting too hard is self destructive stupidity. Instead of galvanizing resistance, it disintegrates it into factions, and ultimately destroys it…

    ReplyReply
  28. The Automatic Earth ‏@AutomaticEarth 15m15 minutes ago

    The Troika And The Five Families #capo #Germany #Godfather #Schäuble #Troika
    http://www.theautomaticearth.com/2015/07/the-troika-and-the-five-families/

    {Read it all, it’s quite interesting] [snip]

    Personally, like most of you, I always thought Germany, besides all its other talents, good or bad, was a nation of solid calculus and accounting. Gründlichkeit. And that they knew a thing or two about psychology. But I stand corrected.

    The Germans just made their biggest mistake in a long time (how about some 75 years) over the weekend. Now, when all you have to bring to a conversation slash negotiation is bullying and strong arming and brute force, that should perhaps not be overly surprising. But it’s a behemoth failure all by itself regardless.

    First though, I want to switch to what Yanis Varoufakis told the New Statesman in an interview published today, because it’s crucial to what happened this weekend. Varoufakis talks about how he was pushing for a plan to introduce an alternative currency in Greece rather than giving in to the Troika. But Tsipras refused. And Yanis understands why:

    “Varoufakis could not guarantee that a Grexit would work …

    …[he] knows Tsipras has an obligation to “not let this country become a failed state”.

    What this means is that Tsipras was told by the Troika behind closed doors, to put it crudely: “we’re going to kill your people”. He was made an offer he couldn’t refuse. And Tsipras could never take that upon himself, even though the deals now proposed will perhaps be worse in the medium to long term, even though it may cost him his career. [more]

    ReplyReply

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