Greece...

Graham_Devon

LOL. The crisis talks have now been delayed, yet again, until next Tuesday, after they broke down, yet again, on Sunday.

It just goes on and on.

Apparently Greece will be officialluy bankrupt on 20th March this year. As the BBC state, deadlines however, just keep coming and going.

Rochdale_Pioneers

From what I am reading the "PM" keeps telling both the Greek parliament and his masters in Frankfut that a deal is nearly done. And time after time the politicians in Athens point out that there will be a revolution if he tries to impose a deal. Now he's talking about what horrors lie ahead if they default - I don't think this is having much impact on a country where already the hospitals can't afford drugs and ze Germans wanted to annex them last month.

So, with a primary budget surplus and bailouts from the EU only needed to pay back previous bailouts from the EU, it appears that the Greek parliament has imposed a tougher line on their puppet PM and keeps refusing every proposed deal. As a bailout would mean the end of their political lives (and threatens the breakdown of their state - providing Germany doesn't succeed with the anschluss first), they have little to lose by saying no.

Anyway, with the ECB printing endless oceans of Euros to hand to the banks, doesn't that rather insulate them from a default? Or is the game ensuring that the inevitable default isn't called a default so that the CDS card can't be played? Either way, you have to hand it to the Greeks for finally growing a pair.

Mrs_Bones

Voting for and following through are not the same though. We've been here at least a couple of times before and I've no great belief that this time it will work any better than the other times. The numbers still do not add up. Come the April elections if they go ahead, everything could change again. I give Greece six months before it all disintegrates again and that is a generous time frame.

yertiz_2

So who will actually get the money from the bail out? The Greeks or the banks?

Ilya_Ilyich

It goes to the Greek government who then pay it to their creditors, which does primarily mean private banks.

Generali

Ilya_Ilyich wrote: »

It goes to the Greek government who then pay it to their creditors, which does primarily mean private banks.

The biggest Greek creditors are the ECB, other Eurozone central banks and the IMF. Most of the others are pension funds either directly or via their investments in bond funds.

Generali is the 17th biggest holder of Greek bonds they don't mean me I don't think.

wymondham

Generali wrote: »

Generali is the 17th biggest holder of Greek bonds they don't mean me I don't think.

impressive portfolio Gen!

Graham_Devon

Does anyone not find these sort of thing worrying?

Greek MPs have approved a controversial package of austerity measures, demanded by the eurozone and IMF in return for a 130bn euro ($170bn; £110bn) bailout.

The vote was carried by 199 in favour to 74 against.

Coalition parties expelled more than 40 deputies for failing to back the bill.

You can get anything through if you keep expelling those who don't agree with you!

CLAPTON

Graham_Devon wrote: »

Does anyone not find these sort of thing worrying?


You can get anything through if you keep expelling those who don't agree with you!

one assumes it was a bit like a 3 line whip in the UK

pineapple

You can find an interesting assessment of the situation on the Max Keiser Report. Particularly the second half interview with a Greek economist.
I think basically we are all stuffed. As in Gordon Brown sold our gold?
Episode 247 — RT