Greece...

Generali

cepheus wrote: »

Difficult not to have sympathy with the Greeks in view of this:



http://www.theguardian.com/world/2015/jun/29/where-did-the-greek-bailout-money-go?CMP=share_btn_tw

I think a bit of context is needed.

The bailout a few years ago did three things:

- It got the bad debts off the books of non-Greek banks and insurance companies, particularly BNP Paribas and Deutsche Bank and onto the books of the Troika (IMF, ECB, EU Governments)
- it extended the period of time Greece had to repay her debts
- It reduced the rate of interest Greece had to pay to roll over her debts

The problem Greece has is the same that it had: the debts are too big for her to repay. That problem can be resolved in a number of ways, none of which involve Greece repaying her debts in full.

ruggedtoast

Greece didn't meet any of the requirements for Euro membership. It was a 3rd world country. But Germany and France wanted them in to expand their Euro project so they were waved through and told not to worry about it.

Their 3rd world government then had loans thrust on it by euro banks at a rate of interest lower than any Greek government had ever seen.

Now it's all gone wrong and ordinary Greek people are being tied to the wheel. It is an unjust situation orchestrated by venal Euro-hypocrites who are delighted to apportion all the blame to a bunch of Greek farmers and teachers, and none to the cruelty of their own contrived neo liberal banking dogma.

When payday loan lenders behaved like this to people in Britain they rightly had the legs cut out from under them. If Greece was a person they would be seen as the victim of sharp practice.

I am generally pro European but I am throughly disgusted by the actions of the EC and especially Angela Merkel here. With her inflexible technocracy she is aptly demonstrating that Germany is neither fit nor able to lead Europe in any direction other than toward its own administrative self interest. Which is a shame.

Ever closer union. What a farce.

Hope the Greeks stick two fingers up at them.

antrobus

Generali wrote: »

They're kinda in Switzerland. They're a very modern mess. ..

I'm only working on what Ekath says;

Coca-Cola HBC moved to Switzerland in 2012 and changed its name from Coca Cola Hellenic Bottling Co.

http://www.ekathimerini.com/198410/article/ekathimerini/business/greek-companies-avoid-g-word-to-access-bond-markets-abroad

antrobus

Interesting report here;

Under the circumstances, it is also highly unlikely that the state will be able to pay the salaries and pensions due at the end of next month, as tax payments have stopped and the coffers have run dry. State General Accounting Office sources said that the last hope for the payment of next month’s salaries and pensions had been the payment of value-added tax, but accountants say major firms have ordered them not to submit VAT statements or pay their taxes.

http://www.ekathimerini.com/198575/article/ekathimerini/business/public-coffers-run-dry-as-taxes-go-unpaid

Froggitt

antrobus wrote: »

major firms have ordered them not to submit VAT statements or pay their taxes.

So business as usual then.......

chucknorris

ruggedtoast wrote: »

Their 3rd world government then had loans thrust on it by euro banks at a rate of interest lower than any Greek government had ever seen.

When payday loan lenders behaved like this to people in Britain they rightly had the legs cut out from under them. If Greece was a person they would be seen as the victim of sharp practice.

When did payday loan lenders offer loans at a rate of interest that the borrows had never seen such low rates before? Have you got the contact details of any of these lenders?

purch

chucknorris wrote: »

When did payday loan lenders offer loans at a rate of interest that the borrows had never seen such low rates before?

Oh, don't go and spoil his little rant.

We need rugged to spit his dummy out every day or so to keep us entertained.

antrobus

There is a chatter of a last-minute deal being kicked around.

http://www.bbc.co.uk/news/world-europe-33325886

antrobus

antrobus wrote: »

There is a chatter of a last-minute deal being kicked around.

http://www.bbc.co.uk/news/world-europe-33325886

Although, as always, it is as clear as mud what is going on. The Greek side are saying that there is a "new offer" and they are thinking about it. Merkel says she has no idea of what they're on about.

wotsthat

antrobus wrote: »

Although, as always, it is as clear as mud what is going on. The Greek side are saying that there is a "new offer" and they are thinking about it. Merkel says she has no idea of what they're on about.

Seems to be reported as a restating of the existing offer which expires at midnight (and the Greeks will vote on on Sunday!). I think the Greek government is just being reminded that there is an offer on the table.

It would take an epic U-turn for the Greek government to now accept this.