Greece...

antrobus

BBC reports that the EZ have reached agreement on Greece. No details yet.

http://www.bbc.co.uk/news/world-europe-33503955

Generali

Tusk is on Bloomberg TV at the moment talking about it.

Junker has said there is no Grexit, 'fiscal consolidation' is required alongside growth. EUR35bn to be given (lent I assume) to Greece to 'pay' for growth.

The bailout is conditional on reform of goods and services markets and a fund is going to be set up containing 'real assets', the income stream from which will be used to recapitalise the banks, provide money to the Greek Government and pay down debt.

Mr. Dijsselbloem is tired, poor love.

antrobus

wotsthat wrote: »

If Greece has €50bn of state assets that could be signed over to an external holder awaiting privatisation there's an increased chance they'll actually get privatised. That's why Tsipras isn't happy because it makes it (slightly) more difficult to agree to privatisations and renege later.

I doubt he'll accept this even though it's not much more than a paper promise.

Greece agreed to a privatisation programme as a condition of the first bailout. The target was to raise €22bn. The Hellenic Republic Asset Development Fund was set up to hold the assets to be sold, in order to restrict government intervention in the privatisation process.

Lo and behold when Syriza got into power, they announced a halt to privatisation, and sacked the old HRADF management and put their own cronies in charge. I.e. they breached the conditions of the first bailout.

This is the issue of trust. It's all very well to get Greece to agree to something. It's getting them to actually do it that's the problem.

worldtraveller

P.S. Can I repost my repost from around 3.1/2 years ago yet?

"Ah, good! Well, that's Greece done & dusted for a bit, until it all blows up again, when it will become patently bloody obvious that they were never going to pay their way, not in a million years! ":rotfl:

Carl31

antrobus wrote: »

This is the issue of trust. It's all very well to get Greece to agree to something. It's getting them to actually do it that's the problem.

I have a mate like that. He asks to borrow money, swears blind that he will pay me back the end of the week, then always has an excuse as to why he cant afford to, yet has no problem spending his money on other, generally unaffordable to him, things

Greece very much reminds me of him, i might start calling him stavros

Graham_Devon

Generali wrote: »

Tusk is on Bloomberg TV at the moment talking about it.

Junker has said there is no Grexit, 'fiscal consolidation' is required alongside growth. EUR35bn to be given (lent I assume) to Greece to 'pay' for growth.

The bailout is conditional on reform of goods and services markets and a fund is going to be set up containing 'real assets', the income stream from which will be used to recapitalise the banks, provide money to the Greek Government and pay down debt.

Mr. Dijsselbloem is tired, poor love.

Your thoughts?

I just heard the sound of "whoosh" as I read the details.

Generali

Graham_Devon wrote: »

Your thoughts?

I just heard the sound of "whoosh" as I read the details.

Merkel is on the TV now so we had to turn the sound down. She looks very tired and seems to have aged about 10 years since I last saw her on TV.

It doesn't seem to address the fundamental problem: Greece can't afford to pay back all of the debt even at very low rates of interest. No debt forgiveness means this is highly likely to fail IMO.

Graham_Devon

Well I've just heard that's the deal hasn't really been agreed, rather the framework of the deal has been agreed.. It now needs to go back to Greece for parliamentary approval.

It also requires approval of all the member states. Also heard it will push Greece to 200% GDP to debt ratio? Not sure if that's true.

The way it's being reported I assumed it was on.

Word from Greece appears to be that theres no way it will be approved and Tspiras will now have lost the confidence of the Greek electorate.

Which means more negotiations.

remorseless

not a full tie yet...



but getting there!!! oh dear and good luck!

antrobus

Graham_Devon wrote: »

You need to get past this point.

Greece has never "asked" for bailouts.....

Documents regarding the Greek request for ESM stability support
http://www.efsf.europa.eu/about/operations/esm_efsf_and_greece.htm

Are you suggesting these are forgeries?:rotfl: