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Greece...
Comments
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Their legs are getting tired, the can is getting heavy, and it travels a shorter distance with each kick.0
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You don't need any growth to reduce a deficit, although it would certainly help. To put things into perspective, Greece now has less debt per GDP than Japan, a lower deficit than the UK and cheaper borrowing costs than France.0
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Seems it's all going to kick off again.
Greece is preparing for the "worst rioting in years"."Workers in our country refuse to accept the barbarity of the tougher neo-liberal measures that have been extortionately imposed by our creditors," the GSEE private sector trade union warned earlier this week.
"And that is why they will continue and step up their struggle... to block the destruction of our society".
http://www.bbc.co.uk/news/world-europe-171231990 -
It wouldn't be so bad if the bail out was buying some time for a 'plan B' to be developed.
However it seems that the bail out is because there is no plan at all and no prospect of a plan.
Or maybe plan B is simply to make thing so bad in Greece that they will 'voluntarily' leave and so Germany can avoid the embarassment of actually kicking them out.0 -
The alternative is default, quit the EU, join the Third World. Oxfam-style poverty and military dictatorship.Or maybe plan B is simply to make thing so bad in Greece that they will 'voluntarily' leave
Even the rioters don't really think the government should have rejected the bailout.
What bugs them is that the conditions attached are neither necessary nor helpful. They're only there because voters (government supporters) in Germany and Holland and Finland want their pound of flesh.
Soon they'll be going to Greece on holiday to laugh at derelict factories and boarded-up shops."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
The alternative is default, quit the EU, join the Third World. Oxfam-style poverty and military dictatorship.
Even the rioters don't really think the government should have rejected the bailout.
What bugs them is that the conditions attached are neither necessary nor helpful. They're only there because voters (government supporters) in Germany and Holland and Finland want their pound of flesh.
I don't see that as the alternative.
Leaving the Euro is a sensible proposal given their circumstances;
one can be in the EU without being in the EURO (some other well known countries have this arrangement without becoming third world countries with oxfam style poverty or miltary dictatorships.)0 -
The alternative is default, quit the EU, join the Third World. Oxfam-style poverty and military dictatorship.
Even the rioters don't really think the government should have rejected the bailout.
What bugs them is that the conditions attached are neither necessary nor helpful. They're only there because voters (government supporters) in Germany and Holland and Finland want their pound of flesh.
Soon they'll be going to Greece on holiday to laugh at derelict factories and boarded-up shops.
I hope their respected governments have warned the people of those countries that holidaying in Greece should be at their own risk this year and personal bodyguards may be advisable.[FONT="]“I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” ~ Maya Angelou[/FONT][FONT="][/FONT]0 -
Fitch have just downgraded Greece's credit rating from CCC to C.
Basically this indicates that a default is highly likely in the short term.
They have downgraded because the new bailout would, in Fitch's book constitue a "distrsessed debt exchange". If completed, this will constitute a default and the rating will be downgraded again to RD (restricted default).
The big part is that this may trigger CDS insurance policies.0 -
The EU has already said they would have to leave the EU. That was on legal grounds.Leaving the Euro is a sensible proposal given their circumstances;
one can be in the EU without being in the EURO
But it would be fatal to the euro to allow countries to drop out without major consequences.
And Greece would need to put up trade barriers, because it's not strong enough to survive in a free trade area."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0
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