[tcrlaf]

Yesterday’s Eurogroup meeting REALLY pi***d the Greeks off, it appears. From BI:

“...After the Eurogroup meeting broke and Varoufakis learned they would reconvene without him, he asked for clarification on the legal basis for this and was told:

“‘The Eurogroup is an informal group. Thus it is not bound by Treaties or written regulations. While unanimity is conventionally adhered to, the Eurogroup President is not bound to explicit rules.’ I let the reader comment on this remarkable statement.”

The significance here is that the Eurogroup, and really the euro project more broadly, is seen as a democratic institution.

In Varoufakis’ estimation, then, the group then going ahead an deliberating on the future of Greece without Greece sitting at the table is a fundamental break with what Varoufakis sees as the organization’s purpose...”

Remember, The ECB,EU,IMF have a lot more to lose from a Greek Default, than Greece itself does, at this moment.

[tcrlaf]

Skai TV has gone live, expecting Tsipras to speak at any minute

[Canedawg]

The Eurogroup is an informal group. Thus it is not bound by Treaties or written regulations.

What a coincidence! Neither is the supreme court!