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Post by faithandlogic on Jul 15, 2015 15:46:41 GMT -6
BHollenegg always keeps our faith going doesn't he? I sure hope that they release those funds soon. I have sure prayed hard about it and have been hanging on to faith for quiet awhile now.. But I still believe that it's coming.. Just hope that it's soon, so that I can retire.. I'm old enough to retire.. lol.. But can't afford it..
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Post by oreocookie on Jul 15, 2015 19:13:40 GMT -6
BHollenegg always keeps our faith going doesn't he? I sure hope that they release those funds soon. I have sure prayed hard about it and have been hanging on to faith for quiet awhile now.. But I still believe that it's coming.. Just hope that it's soon, so that I can retire.. I'm old enough to retire.. lol.. But can't afford it.. I couldn't agree with you more. I've been forced into retirement through disability and I'm not enjoying it at all. It's because I see my lovely wife (Oreocookie) still goes to work every day to keep me in the lifestyle I'm accustomed to! LOL! But really I want her to retire so we can help others together! Keep the faith, it's coming, there's just some sweeping up left to fully clean the house. To keep our money safe, IMO! Boyscout |
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Post by faithandlogic on Jul 16, 2015 18:41:18 GMT -6
Someone should ask him if he has a guess at how much longer it will take for us to get paid.
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Post by stockrocker on Jul 18, 2015 14:00:07 GMT -6
I don't think he knows. He is optimistic though. :)I'm both happy and relieved that he is in good spirits. Jim/SR  |
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Post by faithandlogic on Jul 21, 2015 3:59:24 GMT -6
Anyone have an update?
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Post by oreocookie on Jul 21, 2015 5:55:01 GMT -6
I have read, a few places that it might be a good time to stock up, in case there's any interruptions in the supply chain or services during the transition. If the timing is to be believed this time and how things may go down? It can't hurt to have a few supplies on hand as you never know what may happen. No fear mongering here but in order to set things right there are some that will need to be rounded up and put away. This will cause some confusion but it's all necessary, there has to be dark before the dawn, so to speak! I know, there are some that don't beleive any of this and that's OK, I'll freely admit I could be wrong but there's no harm in being prepared. To me, what Al says needs to happen for our money to be distributed and to be safe these changes must occur. Let's all envision how peacefully we want things to happen, it will certainly help!
Boyscout
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Post by faithandlogic on Jul 21, 2015 14:20:37 GMT -6
I'm just sitting and waiting to become filthy rich.. I'm already filthy, just need to get rich..
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Post by stockrocker on Jul 22, 2015 20:55:43 GMT -6
I'm Millionaires board deprived;((. can anyone else decipher ?  ) thanks, Jim/SR |
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Post by oreocookie on Jul 23, 2015 5:59:46 GMT -6
Asset backed currency backed bond matured yesterday and Greece paid it's legal debt. Going as planned. No reason to think it will go past July. Thanks for the info Lt. KK. I Googled "Greece paid legal debts" and found a bunch of articles, but of course only in the alternative media. What we won't hear about in the US is that Greece put together "Greek Debt Truth Commision" in order to find out what debt was real and what debt was odious. Odious debt being described as debt that is not the responsibility of the Greek people. This falls into the category of contractual coercion where no one can be held responsible for debt that either A.they never signed up for or B. they were coerced into signing. Like most gov't debt these days the obligation falls under the former, no citizen ever signed up for this nor voted for it, therefore it's not our responsibility! I think were gonna see the rest of Europe follow suit and this will be the beginning of the end for the corrupt financial systems currently in place. We too will follow suit in the US but we'll probably be the last to do so as it will take time for the politicians to come up with some BS story as to why this is OK? Thanks again, Boyscout |
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Post by faithandlogic on Jul 23, 2015 18:37:57 GMT -6
Could this be part of it?
COUNCIL IMPLEMENTING DECISION (EU) 2015/1181
of 17 July 2015
on granting short-term Union financial assistance to Greece
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Council Regulation (EU) No 407/2010 of 11 May 2010 establishing a European financial stabilisation mechanism (1), and in particular Article 3(2) thereof,
Having regard to the proposal from the European Commission,
Whereas:
(1)
Greece has requested new financial assistance from the European Stability Mechanism (‘ESM’) and there is an agreement in principle to provide the requested assistance.
(2)
However, Greece needs bridge financing until such assistance can be put into place, in order to preserve the integrity of the euro area, preserve financial stability and avoid further default on its repayment obligations. In view of the severe economic and financial disturbance caused by exceptional circumstances beyond the control of the Government, Greece officially requested some urgent financial assistance from the Union on 15 July 2015 with a view to safeguarding financial stability in Greece, the euro area and the Union. The assistance to be granted to Greece by the ESM will be used to repay the loan received by Greece under the European Financial Stability Mechanism (‘EFSM’).
(3)
The draft economic and financial adjustment programme (the ‘Programme’) submitted by Greece to the Commission and to the Council aims to ensure the adoption of a set of reforms needed to improve the sustainability of public finances and the regulatory environment.
(4)
The assessment by the Commission, in liaison with the European Central Bank (‘ECB’), is that Greece needs financing of a total amount of EUR 7 160 million over the month of July 2015. The detailed financial terms should be laid down in a Loan Facility Agreement.
(5)
The Union financial assistance should be managed by the Commission.
(6)
Greece submitted to the Commission and to the Council the Programme aiming to ensure the adoption of a set of reforms needed to improve the sustainability of public finances and the regulatory environment. On 15 July 2015, an agreement was reached at services level between the Government and the Commission in respect of the Programme, to be laid down in a Memorandum of Understanding on Specific Economic Policy Conditionality (the ‘Memorandum of Understanding’).
(7)
The Commission should verify at regular intervals that the economic policy conditions attached to the assistance are fulfilled, through missions and regular reporting by the Greek authorities.
(8)
The assistance should be provided with a view to supporting the successful implementation of the Programme.
(9)
The euro area Member States have communicated their commitment to reimburse jointly and promptly through a dedicated arrangement each non euro area Member State for the amount that that non euro area Member State has paid in own resources corresponding to the use of the general budget of the Union in cases of losses stemming from a Union financial assistance to a euro area Member State under Regulation (EU) No 407/2010. Appropriate arrangements will also be put in place so as to ensure the absence of over-compensation of non euro area Member States, when instruments to protect the general budget of the Union, including the recovery of debt, where necessary by offsetting amounts receivable and payments over time, are activated.
(10)
The EFSM loan is guaranteed by the general budget of the Union. In case of default under this loan, the Commission can call additional funds in excess of its assets taking into account any surplus cash balances, to service the Union's debt. Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council (2) (the ‘Financial Regulation’) applicable to the general budget of the Union and its detailed rules foresee instruments to protect the Union budget including the recovery of debt, where necessary by offsetting amounts receivable and payments over time. The Commission will apply these instruments,
HAS ADOPTED THIS DECISION:
Article 1
1. The Union shall make available to Greece a loan amounting to a maximum of EUR 7 160 million, with a maximum maturity of three months.
2. Union financial assistance under this Decision shall not be made available unless liquid collateral amounting to their exposure has been provided to those Member States whose currency is not the euro under legally binding arrangements such that it is immediately payable to them to the extent required to cover any liability they may incur as a result of any failure by Greece to repay the financial assistance in accordance with its terms.
3. The financial assistance shall be made available immediately after the entry into force of this Decision.
4. The Union financial assistance shall be made available by the Commission to Greece in up to two instalments.
5. The instalments shall be released subject to the entry into force of the Loan Agreement and the Memorandum of Understanding, and compliance by Greece with the relevant policy conditionality, in accordance with Article 3.
6. Greece shall pay the cost of funding of the Union, with a mark-up of ten basis points.
7. The costs referred to in Article 7 of Regulation (EU) No 407/2010 shall be charged to Greece.
8. If required, in order to finance the loan in time, the Commission shall be allowed to borrow via a private placement of notes or via any other appropriate financial arrangement that allows it to raise funds at very short term.
Article 2
1. The assistance shall be managed by the Commission in a manner consistent with Greece's undertakings.
2. The Commission, in consultation with the ECB, shall agree with the Greek authorities the specific economic policy conditions attached to the financial assistance as set out in Article 3. Those conditions shall be laid down in the Memorandum of Understanding, which shall be signed by the Commission and the Greek authorities consistent with the undertakings referred to in paragraph 1 of this Article. The detailed financial terms shall be laid down in a Loan Facility Agreement to be concluded with the Commission.
3. The Commission shall verify at regular intervals that the economic policy conditions attached to the assistance are fulfilled, and report to the Economic and Financial Committee. To this end, the Greek authorities shall cooperate in full with the Commission and the ECB, and shall place all the necessary information at their disposal. The Commission shall keep the Economic and Financial Committee informed of all relevant developments.
Article 3
1. The economic and financial adjustment programme (the ‘Programme’) prepared by the Greek authorities is hereby approved.
2. The disbursement of the assistance shall be conditioned on Greece's:
(i)
adopting the measures mentioned in the Programme as having 15 July 2015 as the deadline for adoption;
(ii)
taking unambiguous steps to prepare the implementation of the other policy conditions listed in the Programme; and
(iii)
obtaining the agreement in principle from ESM members under Article 13(2) of the Treaty establishing the European Stability Mechanism to provide financial assistance to Greece.
3. Greece shall adopt in a timely manner the measures indicated below:
VAT system
—
adopt, by 15 July 2015, legislation to reform the VAT system. The reform shall target a net revenue gain of 1 % of GDP on an annual basis from parametric changes. The new VAT system shall: (i) unify the rates at a standard 23 % rate, which is to include restaurants and catering, and a reduced 13 % rate for basic food, energy, hotels, and water (excluding sewage), and a super-reduced rate of 6 % for pharmaceuticals, books, and theatre; (ii) streamline exemptions to broaden the base and raise the tax on insurance; and (iii) eliminate discounts on islands, starting with the islands with higher incomes and which are the most popular tourist destinations, except the most remote ones. The reform shall be completed by end-2016, as appropriate and targeted fiscally neutral measures to compensate those inhabitants who are most in need are determined. The new VAT rates on hotels and islands shall be implemented from 1 October 2015.
Pensions
—
adopt legislation to freeze monthly guaranteed contributory pension limits in nominal terms until 2021;
—
adopt legislation to provide to people retiring after the entry into force of the relevant Greek legislation the basic, guaranteed contributory, and means-tested pensions only at the attainment of the statutory normal retirement age of currently 67 years;
—
adopt legislation to increase the health contributions for pensioners from 4 % to 6 % on average and extend it to supplementary pensions;
—
adopt the appropriate legal instrument to instruct all pension funds to fully implement law 3863/2010 to new pension requests submitted from 1 January 2015.
Statistical governance
—
adopt legislation to strengthen the governance of the Hellenic Statistical Authority (ELSTAT). The legislation shall cover (i) the role and structure of the Advisory bodies of the Hellenic Statistical System, including the recasting of the Council of ELSS (Hellenic Statistical System) to an advisory Committee of the ELSS, and the role of the GPAC (Good Practice Advisory Committee); (ii) the recruitment procedure for the President of ELSTAT, to ensure that a President of the highest professional calibre is recruited, following transparent procedures and selection criteria; (iii) the involvement of ELSTAT as appropriate in any legislative or other legal proposal pertaining to any statistical matter; (iv) other issues that have an impact on the independence of ELSTAT, including financial autonomy, the empowerment of ELSTAT to reallocate existing permanent posts and to hire staff where it is needed and to hire specialised scientific personnel, and the classification of the institution as a fiscal policy body in the recent law 4270/2014; role and powers of Bank of Greece in statistics in line with Union legislation.
Implementation of the Treaty on Stability, Coordination and Governance (TSCG) in the EMU
—
Greece shall implement by 15 July 2015 the relevant provisions of the TSCG.
Article 4
Greece shall open a special account with the Bank of Greece for the management of the Union financial assistance.
Article 5
This Decision shall take effect upon notification.
Article 6
This Decision is addressed to the Hellenic Republic.
Article 7
This Decision shall be published in the Official Journal of the European Union.
Done at Brussels, 17 July 2015.
For the Council
The President
J. ASSELBORN
(1) OJ L 118, 12.5.2010, p. 1.
(2) Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002 (OJ L 298, 26.10.2012, p. 1).
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Post by faithandlogic on Jul 23, 2015 18:42:25 GMT -6
European Commission - Press release
Investment Plan for Europe: European Fund for Strategic Investments ready for take-off in autumn
Brussels, 22 July 2015
Today the European Commission has put the final building blocks in place to kick-start investment in the real economy. A package of measures agreed today will ensure that the European Fund for Strategic Investments (EFSI) is up and running by early autumn 2015, keeping the ambitious timetable set by President Jean-Claude Juncker to implement the Investment Plan for Europe.
The Commission has just published a Communication on the role of National Promotional Banks (NPBs) in supporting the Investment Plan for Europe. European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: “National Promotional Banks have a very important role to play in making the Investment Plan a success. Already nine Member States have come forward with contributions to the Investment Plan via their promotional banks, which have invaluable local expertise and knowledge. The European Investment Bank is already working closely with those NPBs, and we hope many more will be inspired to step up their efforts.”
Commissioner Pierre Moscovici, responsible for Economic and Financial Affairs, Taxation and Customs, said: ''The synergy between European and national tools will be essential to start rapidly closing the investment gap that our economies face. In order to make this happen, we’re convinced that a well-structured network of national promotional banks can play a key role and complement the European Investment Bank.''
The Communication explains the important role that NPBs can play in getting Europe investing again by participating in EFSI investments. It provides clarity and practical guidance on how to set up a new NPB, the statistical treatment of NPB co-investments as regards government deficit and debt under the Stability and Growth Pact, the EU state aid treatment of national project co-financing and how NPBs from different Member States can join forces and work with the European Investment Bank (EIB) to set up investment platforms. This crucial guidance will help companies across Europe gain access to financing through EFSI, the cornerstone of the €315 billion Investment Plan.
Further decisions taken by the College of Commissioners today include:
Agreement on the working methods between the Commission and the EIB, as foreseen in the Regulation for a European Fund for Strategic Investments. Commission President Jean-Claude Juncker, Vice-President Jyrki Katainen and EIB President Werner Hoyer signed the EFSI agreement in Brusselsearlier today.
Confirmation of the projects pre-financed or ”warehoused” by the EIB which will receive the backing of the EFSI guarantee. In line with the European Council conclusions of December 2014, which invited the EIB to "start activities by using its own funds as of January 2015", the latter announced several projects to be pre-financed in the context of the Investment Plan for Europe while the adoption of the EFSI Regulation was pending. The warehoused projects to receive the EU guarantee are: Copenhagen Infrastructure II / Abengoa research, development and innovation II / Energy efficiency in residential buildings / Grifols Bioscience R&D / Äänekoski bio-product mill / Redexis Gas Transmission and Distribution /Arvedi Modernisation Programme / Primary healthcare centres PPP
The appointment, together with the European Investment Bank (EIB), of the four members of EFSI’s Steering Board: Ambroise Fayolle, Vice-President responsible for Innovation, EIB; Maarten Verwey, "Structural Reform Support Service" in the Secretariat General, European Commission; Gerassimos Thomas, DG Energy, European Commission; Irmfried Schwimann, DG Competition, European Commission. The Commission alternate members are Benjamin Angel, DG Economic and Financial Affairs; Nicholas Martyn, DG Regional Policy; Robert-Jan Smits, DG Research and Innovation.
Final arrangements to launch the European Investment Advisory Hub (EIAH). The EIAH will support the development and financing of investment projects in the EU by offering a single point of contact for guidance and advice, providing a platform to exchange know-how, and coordinating existing technical assistance.
Decision on the management and main elements of the European Investment Project Portal (EIPP). The EIPP will be a publicly available, secure web portal where EU based project promoters seeking external financing are given the opportunity to promote their projects to potential investors.
The delegated act for a Scoreboard of indicators which the independent Investment Committee will use when deciding whether a project proposal fits the criteria to receive backing of the EU guarantee (EFSI).
Background
The economic crisis brought about a sharp drop of investment across Europe. That is why collective and coordinated efforts at European level are needed to reverse this downward trend and put Europe on the path of economic recovery. The Commission set out an approach based on three pillars: structural reforms to put Europe on a new growth path; fiscal responsibility to restore the soundness of public finances and cement financial stability; and investment to kick-start growth and sustain it over time. The Investment Plan for Europe is at the heart of this strategy.
On 28 May 2015, just four and a half months after the Commission adopted the legislative proposal on 13 January, EU legislators reached a political agreement on the Regulation for a European Fund for Strategic Investments (EFSI). Member States unanimously endorsed it on 10 March and the European Parliament voted through the Regulation at their plenary session on 24 June, allowing the EFSI to be operational by early autumn as planned.
In February, Germany announced that it would contribute €8 billion to the Investment Plan through KfW. Also in February, Spain announced a €1.5 billion contribution through Instituto de Crédito Oficial (ICO). In March, France announced a €8 billion pledge through Caisse des Dépôts (CDC) and Bpifrance (BPI) and Italy announced it will contribute €8 billion via Cassa Depositi e Prestiti (CDP). In April Luxembourg announced that it will contribute €80 million via Société Nationale de Crédit et d’Investissement (SNCI), and Poland announced that it will contribute €8bn via Bank Gospodarstwa Krajowego (BGK). In June, Slovakia announced a contribution of €400 million through its National Promotional Banks Slovenský Investičný Holding and Slovenská Záručná a Rozvojová Banka, and Bulgaria announced a contribution of €100 million through the Bulgarian Development Bank. On 16 July, the UK announced that it will contribute £6 billion (about €8.5 billion) to projects benefiting from EFSI finance.
IP/15/5420
Press contacts
Lucia CAUDET (+32 2 295 61 82)
Annikky LAMP (+32 2 295 61 51)
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