The Greek response is a huge joke. Total can-kicking and political cover. Syriza is in trouble.

Some very astute comments on Greece from David Zervos attached. Here's a snippet:

Before turning away from Greece I must say that I did enjoy reading the Varoufakis homework assignment released Monday evening. It was a finely crafted apology letter which, if implemented in any economy, would be a huge economic success. I particularly liked this passage:

"....Reduce (a) the number of Ministries (from 16 to 10), (b) the number of 'special advisors' in general government; and (c) fringe benefits of ministers, Members of Parliament and top officials (e.g. cars, travel expenses, allowances)."

Lefties cutting government programs, who would have thought?? Maybe we need a few neo-libertarian Marxists in Washington!!"

And I thought I would just cut and paste Joan McCullough's note here:

An eternally astute observer who obviously doesn’t get much shut-eye, J, kindly forwarded me copies of some written response from the IMF and the ECB.  To the proposals from the Greek government and a copy of that as well.
Gist: 
Judge Judy would say that the proposal is a buncha’ “who shot John?”  LOL.  But seein’ as how I get paid by the word, allow me to elaborate:
The Greeks, in their 6 page “menu”, went hog-wild “Thesaurus”.   The result reads like an outline for a term paper.  A high school term paper.   Among their vast usage, the following verbs: 
Enhance, modify, advise, strengthen, staff, reform, limit, broaden, modernize, enforce, improve, work towards, adopt, devise, augment, review, control, calibrate, not roll back, commit, respect, unify, achieve, expand, develop, phase in, remove, pursue, align, operationalize, activate, establish, rationalize, promote and evaluate. 
And the following nouns:
new culture, compliance, amendments, steps, openness, transparency; legislation, revenues, process, independence, high wealth, large debtors, inspections, audits, collection, pension funds, income, corruption, smuggling, prices, corruption, arrears, schemes, default, policies, non-performing loans, banks, privatizations, gas, electricity, practices, shelter, nourishment, health services, energy, fuel, tobacco and humanitarian crisis.
It is a grand plan, make no mistake about it.  But nothing more than an outline. And a loose one at that.  They envision a lot.  But it’s unclear how they’re gonna’ get there.  Which fact, believe it or not, their taskmasters may have picked up on.  J

Draghi, in his response letter, indicated that it was a good starting point .  He backed that assessment up by acknowledging the lack of concrete measures it contained.  But gave the Greeks quarter, pointing out that they had little time to get the proposal slapped together.

Draghi stated that the Greeks will be held to the current MOU and the MEFP (Memorandum of Economic and Financial Policies).  And pointed out that Monday’s proposal varies somewhat from the terms of these agreements.  His bottomline:  Take a nothin’ done unless after review, it is determined that the new terms offered by the Greeks are of equal or better quality “in terms of achieving the objectives of the programme”.  Cute. Consider that the “out” if they need one later.

Closed by advising Greece to shake a leg.

Lagarde wrote similarly in that she views the proposal as a good starting point as well.  Noting that the Euro members get to put their 2 cents in as well.

She encouraged the new government’s more aggressive approach to fighting tax evasion and corruption.

And then she got serious.

To wit:  the MEFP on which Draghi gave them an eentz of leeway. 

Lagarde gave them none as she does not appear willing to budge on this existing agreement.  And cited specific areas which the Greeks mentioned in their proposal but which they also failed in their proposal … to commit to.  She is talking about “reforms”.  Labor, VAT, privatization, pensions, to cite a few areas of concern.  And used the compound adjective “already-agreed”.

Her tone was a bit impatient, though civil.

And there you have it.  Hopefully, the beginning of a four-month respite.

Summary: 

The Greeks wrote 6 pages of baloney. 

The IMF and the ECB punched their ticket.

And in so doing, allowed the clock to keep tickin’. 

Which is a fine objective with a fair outcome, if you ask me. 

We just gotta’ hope that nobody else acts up.  Next case.