EuroGroup president Jeroen Dijsselbloem gets a new name: Lightweight Weaselbloom

Yanis Varoufakis, quoted here:

'In the full transcript published on his blog, Varoufakis also laid into the Eurogroup president, Dutch Finance Minister Jeroen Dijsselbloem, saying he was key to the Greek deal “not just because he is so intellectually lightweight but, primarily, because he is untrustworthy. For example, he chose to lie to me in my first Eurogroup about procedure. It is one thing to disagree with the Eurogroup president. It is quite another thing to have him lie to you about gravely important procedures.”'

Someone gets to Ambrose Evans-Pritchard: On the weekend Schauble was a devil, but now he's a misunderstood genius!

Ambrose Evans-Pritchard erupted on Twitter on the weekend when Schauble leaked the Grexit memo in Brussels:

Now Schauble is a misunderstood genius who had it right all along:

'Wolfgang Schauble is one of the very few figures who has behaved honourably in this latest chapter. ... [H]e is entirely right to argue that a velvet divorce and an orderly exit from the euro for five years would be a “better way” for Greece, as he did on Germany radio this morning. ... Mr Schauble has been pushing for Grexit since 2012, and probably earlier. He genuinely thinks it would better for all concerned. When he floated his plan, he meant it. ... Even if [Merkel] was irritated by the Schauble paper – and her skirmishes with the irascible finance minister are legendary – she appears to have latched on to it as a useful negotiating ploy. The trick worked. It terrified Mr Tsipras into submission. ... Mr Schauble’s original and honourable intentions have been entirely misunderstood. The world’s verdict is that Germany's benign and enlightened statecraft in Europe over the past 60 years has given way to Bild Zeitung reflexes, the hegemony of crude populism. One can only feel sympathy for German diplomats who must clean up the mess and explain how this tangle of conflicting agendas spun escaped control.'

Mario Draghi: ECB is Greece's biggest depositor

There's real power, and then there's just power

Seen here this morning:

"We now have a total exposure of €130bn to Greece, that makes us the biggest depositor."

That's actually more than was on deposit at the end of May: 129.9 billion EUR. Deposits are down 108 billion EUR since September 2009, about 45%, squirreled away in other banks outside Greece, and under mattresses at home, which makes it a little risky to leave, say to protest in the streets. Europe has played Greece like a fiddle.

Jesus' parable about Germany: Time to abrogate The London Agreement and make GERMANY pay everything it was forgiven

"It is a sacrifice  required for the future of the human race"

Therefore is the kingdom of heaven likened unto The Allies, which took account of their servants in 1945.

And when they had begun to reckon, one was brought unto them, Germany, which owed them $10 trillion. But forasmuch as Germany had not to pay, his lord commanded Germany to be sold, and his wife, and children, and all that he had, and payment to be made. The servant Germany therefore fell down, and worshipped him, saying, Lord, have patience with me, and I will pay thee all. Then the lord of that servant was moved with compassion, and loosed him, and forgave him half the debt.

But the servant Germany went out, and found one of his fellowservants, Greece, which owed him $400 billion: and he laid hands on him, and took him by the throat, saying, Pay me that thou owest. And his fellowservant fell down at his feet, and besought him, saying, Have patience with me, and I will pay thee all.

And Germany would not: but went and cast Greece into prison, till he should pay the debt.

So when The Allies' fellowservants saw what was done, they were very sorry, and came and told unto their lord all that was done. Then their lord, after that he had called him, said unto Germany, O thou wicked servant, Germany, I forgave thee all that debt, because thou desiredst me: Shouldest not thou also have had compassion on thy fellowservant, Greece, even as I had pity on thee?

And his lord was wroth, and delivered him to the tormentors, till he should pay all that was due unto him.

Wolfgang Schauble Calls Tim Geithner's EFSF Leverage Idea STUPID!

It's about time someone did.

Ambrose Evans-Pritchard has the quotation from the German finance minister, here:

"I don't understand how anyone in the European Commission can have such a stupid idea. The result would be to endanger the AAA sovereign debt ratings of other member states. It makes no sense," he said.