Greece...

TheBlueHorse

if a country needs more Wonga loans to service the interest payments on the Wonga loans they already have - then the are F***ED. The end.

Best thing to do is for Wonga, Amigo Loans and QuickQuid - aka The Troika - to throw Greece out of the EU and Euro - and give them a 5 yr grace period with no further interest accruing. Then hope that in 5 yrs time Greece has some cash to start paying again.

Or just write it off completely and cut them loose, never to be able to borrow again.

chucknorris

antrobus wrote: »

Definitely Greece.

I can recall that Scotland famously failed to beat the Faroe Islands on at least two occasions. However the real issue here is not so much that Greece failed to beat the Faroe Islands, but more that they have actually lost (twice) to the Faroe Islands.

I didn't see the first game, but I watched the second game, and it was no fluke, Greece were hopeless.

purch

1.3858....just topped up my FairFx card :eek:

ChiefGrasscutter

Generali wrote: »

The Greek banking system has just been bailed out again for another day. They are literally getting day-by-day funding now.

The EU is starting to turn the screw.

Surely (at one level anyway) all they are doing by this is giving Greeks the opportunity on a day by day basis to withdraw Euro's in cash from the system?

Graham_Devon

So it seems there will be no deal today.

But never fear! They will meet again! And again...and again, and again

Meanwhile, the ECB has increased support to Greece 3 times in the last 5 days alone.

Markets are still rising though, with one commentator suggesting there is now a relief rally that nothing will be sorted today. That in itself tells a story.

Graham_Devon

Oh a bit more. It seems the Greeks are getting the blame for sending the wrong documents. Apparently anyway.

It's all over the media. the entire EU establishment all wracking up thousands of air miles flying back and forth to these meetings are stating as such. Wolfegang is shrugging and saying nein lots.

Theres a gaping hole here in the EU officials statements. If Greece has sent the wrong documents (which Greece denies), what's stopping the Eurocrats simply asking for the right documents!? It's not as if they are being delivered on horseback.

All the money that has been spent on these people and everything is called off as no one will seemingly accept another e-mail?!

Whether Greece did send the wrong documents we'll likely never know now. Either way, it's seen the can kicked a bit further and cost us all a load more money.

Update: it's changing now. Apparently the issue now is that they received no proposals at all. So either they got the wrong ones, or they didn't get any at all. Various other Eurocrats have been too busy to gen up on the latest wheeze, busily tweeting they are studying the proposals. Hollande finally looked up and stated "the proposals are acceptable".

Jesus wept. one line - stick to it!!

As someone reporting from the event states on twitter:

"There are/aren't new Greek proposals, they do/don't form basis for a deal & there is/isn't a point to tonight's summit. All clear?"

update 2:

Haha, the official meeting lasted 9 minutes. It's now over.

Literally nothing has happened.

Thrugelmir

Anthorn wrote: »

Why don't we simplify this and cut through the bumf: Greece is seeking to do what many of us on MSE warn against and that is taking on more debt to pay off debt. Or to put it another way they are seeking to borrow more money from the people they are in debt to and they have to make a payment to. But that's only if their creditors won't write off what Greece owes. A recipe for disaster if ever I saw one! In the meantime Greece's citizens continue to withdraw money from the banks no doubt to keep it under their safer mattresses.

The debt owed is of no consequence as will never be repaid. To remain in the club Greece has to fall into line with the other member states. Very simple. Whether people in the streets wish to accept the changes is another matter. No different to the anti austerity lobby in the UK. Who believe that there's an alternative solution to the problems faced. There's no gain without pain.

Generali

ChiefGrasscutter wrote: »

Surely (at one level anyway) all they are doing by this is giving Greeks the opportunity on a day by day basis to withdraw Euro's in cash from the system?

That's one way of looking at it. Another is that the ongoing bank run is being financed by the ECB.

Both are the same thing really.

wymondham

Graham_Devon wrote: »

Theres a gaping hole here in the EU officials statements. If Greece has sent the wrong documents (which Greece denies), what's stopping the Eurocrats simply asking for the right documents!? It's not as if they are being delivered on horseback.

All the money that has been spent on these people and everything is called off as no one will seemingly accept another e-mail?!

I think this is the equivalent of the cheque is in the post but on a country sized scale... this should be turned into a Carry on Film!

antrobus

wymondham wrote: »

I think this is the equivalent of the cheque is in the post but on a country sized scale... this should be turned into a Carry on Film!

The funny thing is that this is apparently not the first time the Greeks have sent the wrong documents. Allegedly.:)

The Telegraph reports that the"Last time this happened, back in February, Yanis Varoufakis' office also denied they had missent their proposals, to only later confirm that they had in fact made a booboo." This time around the Greeks are again denying any mistake; although some "technical corrections" were required "to the previous document", you understand.