Greece...

Froggitt

westernpromise wrote: »

The small problem here is that Greece wants to stay in the euro and the EU and Germany and the EU also want Greece to stay in the euro and the EU. There is nobody involved in the matter who wants any other outcome.

But Greece staying in the Euro will only be possible if Germany stump up hundreds of billions of Euros, which they won't. So Germany doesn't want Greece to stay in the Euro.

And Greece may want to stay in the Euro, but it can't because it will be bust if it does. So Greece also doesnt want to stay in the Euro.

westernpromise

Froggitt wrote: »

But Greece staying in the Euro will only be possible if Germany stump up hundreds of billions of Euros, which they won't. So Germany doesn't want Greece to stay in the Euro.

And Greece may want to stay in the Euro, but it can't because it will be bust if it does. So Greece also doesnt want to stay in the Euro.

And that's the problem. Greece can't leave and Greece can't stay.

sabretoothtigger

Greece leaving would cause losses to German banks (and our RBS, etc). If thats ok then Greece will be allowed to leave I guess.
An actual default is the correct outcome to bad debt, especially as it was taken under false pretence.

The other outcome is to make people poorer who worked hard, honestly for money to be pay their income to those who were dishonest or bad at their job.
Central control of money is not capitalism, its not helping the population afaik.

StevieJ

How ironic! Greece one of only two countries in Europe to meet its NATO defence target of 2% of GDP Guess the other one? No you are incorrect, it is Estonia.
http://news.sky.com/story/uk-fails-to-reach-defence-spending-target-10767486

cogito

I understand that Greece will be around €5bn short of what it needs to meet the repayment which is due to be made in July. The crisis is re-emerging very rapidly and if the IMF maintain their stance of not making further advances of money (Trump might insist on this according to an article in today's Telegraph), then the whole thing could boil over at last as that would mean that EU taxpayers specifically German taxpayers would take a hit.

I also hear that Klaus Regling, head of the Stability Mechanism, is willing in principle to advance the money to Greece using a migrant emergency as a pretext enabling Greece to make the payment.

Wonderful creative thinking on the part of the EU. Pity that they couldn't do it when Cameron was negotiating to keep the UK in the EU.

A_Medium_Size_Jock

Greece is just one of the many proverbial cans which the EU has been kicking for quite a while.

The difficulties faced by Greece will I'm sure come to a head at some time but - with elections due in so many EU countries soon - I personally think that yet more fudged agreements will abound in order to keep Greece in the Eurozone for now at least.

Lagarde said on Monday, however, that it might still be possible to make Greece's debt sustainable without haircuts, though she did not give details of this strategy. “The Europeans have extended very long-term facilities at low interest rates. They have recently proposed a few measures to lower even further the burden of the debt,” she said.
“More needs to be done and we believe it can be captured within a mechanism that will not require actual haircuts, provided that the reforms that I just mentioned are actually delivered upon by Greece.”

http://www.ekathimerini.com/216152/article/ekathimerini/business/imf-cant-cut-special-deal-for-greece-but-debt-solution-possible-says-lagarde

On a (perhaps) more humorous note I see the Express suggesting that Greeks may adopt a tie to the US$ along the lines of Puerto Ricans in order to escape the Eurozone.
Or rather perhaps I should say, this is what the Express are saying that Donald Trump's "reported pick as EU ambassador has sensationally claimed."
http://www.express.co.uk/news/politics/766811/Eurozone-crisis-Greece-ditch-euro-US-dollar-Trump-Ted-Malloch

leveller2911

StevieJ wrote: »

How ironic! Greece one of only two countries in Europe to meet its NATO defence target of 2% of GDP Guess the other one? No you are incorrect, it is Estonia.
http://news.sky.com/story/uk-fails-to-reach-defence-spending-target-10767486

The link supposedly shows a picture of the British Army . Now if it is indeed the British Army they need shooting because they have the Union flag upside down !!!!!!...................If the British Army can't tell which way up the flag should be then all is lost.........

A_Medium_Size_Jock

And on we go.

On Thursday, EU officials were urging speed to avoid catastrophe and one German politician close to Chancellor Angela Merkel hinted that one bone of contention - the participation of the International Monetary Fund - may be got around.
But Greece remained firm that is would not imposed more austerity than already agreed on is population, which has been living with deep recession, deflation and a roughly one-in-four jobless rate.

http://uk.reuters.com/article/uk-eurozone-greece-dombrovskis-idUKKBN15V121?il=0

Who writes these reports BTW?
Such simple errors - unforgivable in this day & age.

paparossco

Looks like Lithuanian flashes. Best 'team Murdoch' reporting:rotfl:

A_Medium_Size_Jock

Greek resistance?

"We cannot accept IMF insistence on further cuts in pensions," Labour Minister Effie Achtsioglou said in a letter published in the Financial Times, rejecting "claims that the retirement age is too low and pensions too high."

http://uk.reuters.com/article/uk-eurozone-greece-bailout-idUKKBN15W1WX?il=0