Greece...

Carl31

cogito wrote: »

Interesting read from the Greek Reporter.

http://greece.greekreporter.com/2017/10/13/despite-government-boasting-over-growth-greeks-get-poorer-businesses-keep-shutting-down/

And this from Ekathimerini.

http://www.ekathimerini.com/222513/article/ekathimerini/business/greece-confounding-creditors-fell-in-recession-again-last-year

Never mind. The EU will find another way to screw them next year.

as long as they default after March 19, then thats nowt to do with us

worldtraveller

Eurozone finance ministers have reached a "political agreement" to grant Greece €6.7 billion in bailout money. The ministers praised Greece's progress, putting it on track to leave its bailout program this year.

Greece's eight-year bailout program entered its final stages on Monday with eurozone finance ministers approving a new cash injection for the country.

The new €6.7 billion ($8.22 billion) bailout is the latest from Greece's third financial rescue package from eurozone countries and the International Monetary Fund (IMF) since 2010.

Monday's decision also puts Greece on track to exit its current bailout program when it expires in August this year. Afterwards, the country is expected to finance itself by directly borrowing from investors.

Deutsche Welle

antrobus

I was intrigued by this report on the same site.

http://www.dw.com/en/greece-secures-billions-as-bailout-enters-final-stages/a-42265318

Greek public transport workers have withdrawn their labor to press parliament not to proceed with an austerity bill that would limit trade unions' right to strike.

!!!!!!? I thought Syriza were supposed to be to the left of the Corbynistas.

Never mind, the 10 year bond yield is down to 3.61%. which isn't bad, a couple of years ago it was 10% is.

Thrugelmir

antrobus wrote: »

Never mind, the 10 year bond yield is down to 3.61%. which isn't bad, a couple of years ago it was 10% is.

When the ECB has been spending a couple of billion € a day hoovering up Government debt hardly surprising. The US has commenced unwinding. The UK is currently holding steady, though inflation is eroding the debt held. Be interesting to see how the Eurozone copes. When the economies within it are hardly in sync.

Perhaps there's where the pressure to drive forward with the project is emanating from. Interesting decade ahead.

worldtraveller

A deal has been struck on Greek debt relief by European leaders, heralding the end of the eight-year bailout effort which followed the financial crisis.

The country is set to exit from its bailout programmes in August this year, and it will no longer receive new funds from outside sources.

The fresh deal allows Greece to put off the repayment of nearly Euro 100 billion of debt by a decade, equivalent to 40% of the debt which it owes the eurozone. This is only part of the nearly Euro 280 billion that Athens has received in funds since 2010. :rotfl:

The Telegraph




Good luck! :rotfl:

cogito

worldtraveller wrote: »

A deal has been struck on Greek debt relief by European leaders, heralding the end of the eight-year bailout effort which followed the financial crisis.

The country is set to exit from its bailout programmes in August this year, and it will no longer receive new funds from outside sources.

The fresh deal allows Greece to put off the repayment of nearly Euro 100 billion of debt by a decade, equivalent to 40% of the debt which it owes the eurozone. This is only part of the nearly Euro 280 billion that Athens has received in funds since 2010. :rotfl:

The Telegraph




Good luck! :rotfl:

Tell the young Greek unemployed, the retirees who are about to see their pensions cut yet again and the entire population who are seeing more tax increases that the crisis is over. They'll be delighted.

vivatifosi

Apologies cogito, I can't remember whether you have links to Greece or Cyprus, but wondered if you could give an update as to what life in Greece is like.

antrobus

cogito wrote: »

Tell the young Greek unemployed, the retirees who are about to see their pensions cut yet again and the entire population who are seeing more tax increases that the crisis is over. They'll be delighted.

Tell them what exactly?

That default and a new drachma would have been a less painless option?

worldtraveller

On Monday, Greece ends its third and final financial bailout programme, having received more than 300bn (£269bn; $342bn) over eight years.

The government and its European lenders are keen to paint the end of the last bailout as a good thing, having avoided a "Grexit" in which the country would have crashed out of the eurozone into unknown territory.

But for many Greeks - especially the young - the damage has already been done.

A recent poll indicates that three-quarters of the population think the country is headed down the wrong path. The same number think the bailout deals, rather than saving Greece, actually harmed the country.

Taxes remain high and more than 90% of Greeks believe the lenders will keep a close watch on the country's spending for years.

BBC News

antrobus

worldtraveller wrote: »

...

A recent poll indicates that three-quarters of the population think the country is headed down the wrong path. The same number think the bailout deals, rather than saving Greece, actually harmed the country.

'
No indication as to what this "three-quarters of the population" thought was the right path. Or how that might have 'saved' Greece.

Default and a new drachma was always an option. Perhaps it still is. Trouble is, a new drachma won't change the fact that all the debt is in euros.

There where and are no painless options.