Greece get's bailout, alongside 20% debt reduction

Graham_Devon

Looks like £44bn has been given, but £40bn wiped off their debts to "the Eurozone". Meanwhile, profits from the debts (€11bn) have been passed back to Athens. An extension on the debts has also been passed....so not sure how the IMF have got this one past their own policies as that was the major sticking point of the last 2 failed discussions.

Eurozone finance ministers and the IMF have reached a deal on an urgently needed bailout for debt-laden Greece.

They have agreed to cut debts by 40bn euros ($51bn; £32bn) and have paved the way for releasing the next tranche of bailout loans - some 44bn euros.

Greek Prime Minister Antonis Samaras welcomed the deal, saying "a new day begins for all Greeks", but it was condemned by the main opposition party.

It's mainly seen as a good thing from what I have listened to, however, Ireland and Spain are now likely to seek debt reductions too....which, IMO, is only fair if it's good enough for one country.

Germany is also expected to write down debt owed in 2016, to further write down debts in order to achieve the GDP to debt ratio required.

http://www.bbc.co.uk/news/business-20506251

MacMickster

More can kicking I'm afraid.

The underlying problem remains a weak economy tied in to a strong currency. Until Greece is able to devalue its currency (ie not within the Euro) to make its economy more competetive, then no amount of elastoplast will cure the patient.

The only alternative is to move extremely quickly to a federal Europe, with the stronger areas (Germany and err Germany) permanently subsidising the weaker areas. I can't see that ever appealing to the German electorate.

chewmylegoff

Did you misuse that apostrophe in the thread title just to annoy me? Please say yes.

System

chewmylegoff wrote: »

Did you misuse that apostrophe in the thread title just to annoy me? Please say yes.

There's a chap called Greece Get, and he got a bailout.

grizzly1911

chewmylegoff wrote: »

Did you misuse that apostrophe in the thread title just to annoy me? Please say yes.

At least you put in the capitals this time, so he won't be retorting.

chewmylegoff

grizzly1911 wrote: »

At least you put in the capitals this time, so he won't be retorting.

i didn't do it on purpose, my phone does it automatically, which i hate.

moneyinmypocket

The numbers are not important, all that everyone needs to know is the euro won't be allowed to fail.

Eellogofusciouhipoppokunu

moneyinmypocket wrote: »

The numbers are not important, all that everyone needs to know is the euro won't be allowed to fail.

I think the most important thing is that we spend our valuable time reading the posts of a barely literate buffoon. We all really need to do something more productive with the few years we are granted on earth.

I looking at you. :cool:

Grantabrycge

"The surge in sterling to around 81p came as decent third quarter growth in the UK appeared to trump the previous night's eurozone-IMF debt deal to prevent Greece going bust and keep it in the euro." misinforms the Daily Mail.

Reality, after dropping for the past five days against the Euro Sterling recovered some of the losses of the past weeks today.

moneyinmypocket

Eellogofusciouhipoppokunu wrote: »

I think the most important thing is that we spend our valuable time reading the posts of a barely literate buffoon. We all really need to do something more productive with the few years we are granted on earth.

I looking at you. :cool:

Fancy a tickle fruity pants?

kbrumann

DailyMail, where is the "surge in the Pound"?