Greece...

Koicarp

I got this email from the DEH (Greek electricity company) today. Interesting timing for an upgrade.


Dear Customer,


As part of the continuous improvement of our services, we install a new, modern IT system facilitating the service to our customers.


For your convenience, we recommend that you program any commercial transactions, such as signing new supply contracts, power interruption due to relocation, debt adjustment or changes to account information, before 2 June or after 5 June.


For the settlement of accounts you have service normally from our store and from our extensive partner network.


For more information please contact the Department Telephone Service at 11770.



We ask for your understanding for any temporary inconvenience.




From the Sales Division

mystic_trev

German bank Berenberg has published a scathing assessment of Greece’s situation today, warning that the new government has been an “unequivocal disaster”.

Every day of deadlock brings more pain to the Greek economy, warns senior economist Christian Schulz, who writes:

Anyone following the Greek situation must be wondering, what Prime Minister Tsipras is holding out for. While the Greek economy and its financial system are increasingly at peril of a major collapse, Syriza has achieved virtually nothing in the negotiations with the troika. The key conditions for remaining €7.2bn disbursement from the second bail-out remain the same. Worse, a follow-on package is inevitable come July, and with Eurozone and IMF trust shattered, the conditions will have to be tough and the monitoring of the implementation is going to be very tight. Compared to what a hypothetically re-elected Samaras would probably have achieved, Tsipras has been an unequivocal disaster.

http://www.theguardian.com/business/live/2015/may/27/greek-bailout-talks-resume-brussels-imf-live

I think we all knew that!

Killerseven

wymondham wrote: »

is this all a good example of "Creative Accounting"?

It just kicks the can but it will hit the wall eventually

worldtraveller

Killerseven wrote: »

It just kicks the can but it will hit the wall eventually

I've been a "kicking the can" southsayer (is that the right description? ), like most posters on this thread, for years now. TBH, with the EU elite, I believe that they'll do ABSOLUTELY ANYTHING to prevent a Grexit!

Where is that wall exactly? If it can be avoided, and, by basically, and IMHO easily, screwing the largely apathetic eurozone taxpayers for the cost, it will be!

A Grexit will, no doubt whatsoever, lead to a further breakup of the EU project, which desires, more than anything else on this planet, a 100% federal Europe. This is inevitable, whatever the bluster we get from the likes of Cameron. The uber-elite, unelected, political class will, quite simply, not let that breakup happen!

What's more, Greece know's that well and, quite frankly, doesn't need to show their cards at all!

Froggitt

Nope. They want to send a message to other countries with anti-austerity parties getting close to government.

michaels

worldtraveller wrote: »

I've been a "kicking the can" southsayer (is that the right description? ), like most posters on this thread, for years now. TBH, with the EU elite, I believe that they'll do ABSOLUTELY ANYTHING to prevent a Grexit!

Where is that wall exactly? If it can be avoided, and, by basically, and IMHO easily, screwing the largely apathetic eurozone taxpayers for the cost, it will be!

A Grexit will, no doubt whatsoever, lead to a further breakup of the EU project, which desires, more than anything else on this planet, a 100% federal Europe. This is inevitable, whatever the bluster we get from the likes of Cameron. The uber-elite, unelected, political class will, quite simply, not let that breakup happen!

What's more, Greece know's that well and, quite frankly, doesn't need to show their cards at all!

Froggitt wrote: »

Nope. They want to send a message to other countries with anti-austerity parties getting close to government.

So how do they acheive both of these this time - even if they muddle through to the end of the current bail out they will need to do another 'proper' bailout once this one reach the end of the current one.

Game theory alert: Playing chicken you want to be the last one to blink - one tactic is to throw the steering wheel out of the car so that your opponent can see it is impossible for you to swerve. I wonder if this is what Greece are doing, backing themselves into such a corner that their is no option but for the EU to bail them out again on more generous terms or else they will default leaving it for the EU to decide.....

padington

michaels wrote: »

So how do they acheive both of these this time - even if they muddle through to the end of the current bail out they will need to do another 'proper' bailout once this one reach the end of the current one.

Game theory alert: Playing chicken you want to be the last one to blink - one tactic is to throw the steering wheel out of the car so that your opponent can see it is impossible for you to swerve. I wonder if this is what Greece are doing, backing themselves into such a corner that their is no option but for the EU to bail them out again on more generous terms or else they will default leaving it for the EU to decide.....

There's always the brakes ( the islands ) ...

Thrugelmir

worldtraveller wrote: »

A Grexit will, no doubt whatsoever, lead to a further breakup of the EU project, which desires, more than anything else on this planet, a 100% federal Europe. This is inevitable, whatever the bluster we get from the likes of Cameron. The uber-elite, unelected, political class will, quite simply, not let that breakup happen!

There'll only be a break up if other poorer members take the option of defaulting on their debt. The EU has no control over the electorate and who they vote into power at a national level. If like many in Greece you are on the receiving end of real austerity . Then you are going to vote for change. As you've absolutely nothing to lose.

Froggitt

Germany does not want forever to be the benefactor of Club Med. That is incompatible with Club Med desire to run up debt and have someone else pick up the tab. Euro will split/end at some point.....whether sooner (Greece) or later (Spain).

Generali

Froggitt wrote: »

Germany does not want forever to be the benefactor of Club Med. That is incompatible with Club Med desire to run up debt and have someone else pick up the tab. Euro will split/end at some point.....whether sooner (Greece) or later (Spain).

Germany's trade surplus with Club Med is incompatible with Germany not making transfer payments of some sort.

If Germany wants to produce more than she consumes long-term then this is an unavoidable consequence.