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Greek bailout money held back
pqrdef
Posts: 4,552 Forumite
Here we go again already
http://www.bbc.co.uk/news/business-18014075
Or perhaps it's all different this time. Perhaps the new government won't say "Yes Frau Merkel, three bags full Frau Merkel". Perhaps it'll say it doesn't want to play this game any more. Frau Merkel had better know what she's going to do next.
And if the Germans cave in, the implications for other countries are immense. And if they don't, the implications for other countries are immense. If the German fuse is this short, it could be all over before July.
http://www.bbc.co.uk/news/business-18014075
Or perhaps it's all different this time. Perhaps the new government won't say "Yes Frau Merkel, three bags full Frau Merkel". Perhaps it'll say it doesn't want to play this game any more. Frau Merkel had better know what she's going to do next.
And if the Germans cave in, the implications for other countries are immense. And if they don't, the implications for other countries are immense. If the German fuse is this short, it could be all over before July.
"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 Lewis
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The rescue fund said that it would disburse 4.2bn euros of the 5.2bn euros due to Greece.
It said that Greece did not need the remaining funds this month.
The 1bn euros will be released later "depending on the financing needs of Greece", the board of the European Financial Stability Facility (EFSF) said in a statement.
"As with previous disbursements to Greece, the EFSF will transfer the 4.2bn euros into a segregated account which will be used for debt service payments.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Who needs elections when the EFSF is running Greece. But that was before. What if the Greeks now decide that the Greeks are running Greece and they don't much care what the EFSF thinks?HAMISH_MCTAVISH wrote: »It said that Greece did not need the remaining funds this month.
Point is, not paying the money could cost the Germans dearer than paying it. It could end up hurting them more than it hurts the Greeks."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 -
nothing can change in greece until the greek people realise that the Euro is the source of their problems and not the solution to their problems.
it seems amazing that virtually everyone there wants to keep the Euro without understanding the inevitable consequences.
once they leave (or are kicked out) of the Euro, peace and happiness will reign over euroland (well, italy, spain, portugal, ireland and maybe the baltic states will need to leave too).0 -
The mismanagement of the euro is the source of their problems.nothing can change in greece until the greek people realise that the Euro is the source of their problems and not the solution to their problems.
Then the Germans will have to find some new targets to destroy. Who next?once they leave (or are kicked out) of the Euro, peace and happiness will reign over euroland (well, italy, spain, portugal, ireland and maybe the baltic states will need to leave too)."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 -
HAMISH_MCTAVISH wrote: »
"As with previous disbursements to Greece, the EFSF will transfer the 4.2bn euros into a segregated account which will be used for debt service payments.
If it is purely to service debt payments what is the !!!!!!!g point.
They are never going to be able to back the original or these further advances.
Effectively they are just adding to the debt which the lenders will have to eventually take the hit on at some point.
If they just accepted a moratorium on payments presumably that would downgrade the creditors standing rather than keeping it up by issuing pretend loans.
Insanity: Doing the same thing over and over again and expecting different results. Einstein.
"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
That's mismanagement.the failure of the Euro was inevitable; it was based on a fraudulent agreement
The United States is the standing proof that in principle a continental-sized Union can work with free trade and a single currency, despite very different economic conditions in different regions. But of course it operates in a very different way."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 -
Well the Volk might buy the line that Germany is bailing Greece out as a favour, but bankers don't work that way. Frankfurt is using German taxpayers' money to protect Frankfurt.grizzly1911 wrote: »If they just accepted a moratorium on payments presumably that would downgrade the creditors standing rather than keeping it up by issuing pretend loans.
But if the Greek situation is allowed to fall apart, that's a disaster for Frankfurt's reputation in currency management. Frankfurt would be looking at the crumbling of its plans for world domination. It needs a successful rescue on its CV, not a failed rescue."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 -
That's mismanagement.
The United States is the standing proof that in principle a continental-sized Union can work with free trade and a single currency, despite very different economic conditions in different regions. But of course it operates in a very different way.
The reason the US works even though there are different economic conditions in the various states is because it's under one central government and variations of the regions are build in and taken account of.
The Euro-zone on the other hand is run by several governments all with their own electorate and internal interests. There is no degree of flexibility built in to the system.[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 -
IMHO one of the main things that allowed the EUR to work, especially during the good years has been that the mobility of labour has worked far better than many (including moi) predicted.
In the U.S. one of the things that makes the USD work as a currency for one large nation with huge economic differences if the ability for citizens to move States easily to find work.
Even with legislation allowing the free movement of labour within Europe, the barriers to such movement are far larger within the EU than they are within one large single country.'In nature, there are neither rewards nor punishments - there are Consequences.'0
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