Open Letter from Syriza Leader to German People

antrobus

MARTYM8` wrote: »

Maybe its about time we made Germany pay back all the debts we let it off paying - would be a tidy sum in accrued interest by now! Or alternatively just have the rest of Europe net it off any repayments to German banks....

The Greeks repudiated their debts back in 1932. That would be a tidy sum in accrued interest by now! Or alternatively just have the rest of Europe net it off any repayments to Greek banks.

N1AK

antrobus wrote: »

It is undemocratic because it makes decisions that I don't agree with.

Even if this was said seriously, I'd have more respect for someone who said it, than for the people contorting truths to pretend they have a different reason.

I don't like a lot of aspects of the EU, including the way the parliament and commission works; I think their are better, more accountable, democratic options but that doesn't mean the current system isn't democratic.

Heck, there are plenty of things about the UK's democracy that I don't like. The power held, admittedly more in theory than practice, by a hereditary monarch, being an obvious example.

purch

HAMISH_MCTAVISH wrote: »

I am at a loss to understand how anyone can think the EU is undemocratic.

:rotfl: Move over Kevin Bridges

antrobus

N1AK wrote: »

Even if this was said seriously, I'd have more respect for someone who said it, than for the people contorting truths to pretend they have a different reason.

I don't like a lot of aspects of the EU, including the way the parliament and commission works; I think their are better, more accountable, democratic options but that doesn't mean the current system isn't democratic.

Heck, there are plenty of things about the UK's democracy that I don't like. The power held, admittedly more in theory than practice, by a hereditary monarch, being an obvious example.

It wasn't said seriously in the sense that's what I think. But it was meant seriously in the sense that there people who out there who clearly do think that. What they really mean when they attack some entity as being 'undemocratic' is that it is not doing exactly what they want it to do.

N1AK

antrobus wrote: »

It wasn't said seriously in the sense that's what I think.

I knew you didn't mean it as your own opinion, I just struggled with a way to express that clearly alongside the other point

dryhat

As always, Max and Stacy have got the Greek situation nailed ...


http://rt.com/shows/keiser-report/228687-episode-714-max-keiser/

HAMISH_MCTAVISH

HAMISH_MCTAVISH wrote: »

..... options, restructuring the repayment profile of Greek debt......

HAMISH_MCTAVISH wrote: »

If I had to bet on one, I'd bet on that.

Saves face for the Greek PM, allows devaluation of the debt over time in real terms, isn't going to get Merkel in too much hot water politically at home.

And as if by magic.....

finance minister Yanis Varoufakis told City investors that he hopes to swap some existing debt for new bonds linked to Greek growth (as Germany received in 1953).

He also suggests that the ECB’s holdings could be changed for new ‘perpetual bonds’ - yielding a coupon, but never to be repaid.

http://www.theguardian.com/business/live/2015/feb/03/greek-debt-swap-plan-calms-markets-business-live#block-54d0b635e4b0c30f80151166

Mr Market seems to like the idea.....;)

The Athens stock market is up almost 8%, as investor confidence rallied. National Bank of Greece is up almost 23%.

Graham_Devon

Ouch........

The European Central Bank has increased the pressure on Greece by bringing forward a ban on the debt-stricken country using its bonds as collateral for cash.

Officials at the eurozone central bank has said a waiver that allowed Greece to swap its junk-rated debt for money would now expire on February 11, weeks earlier than the previous deadline of February 28.

The ECB said it would ban the use of Greece’s debt as collateral for its liquidity operations, lifting a waiver that had been set to expire at the end of February if the Syriza-led government carried out its threat to leave its EU bailout programme.

Graham_Devon

Paul Mason on twitter...

ECB launches "kill Greece" strategy - late night move forces Greek banks towards Greek central bank for support.

Some are suggesting that the ECB are engineering a bank run which will force problems for the Greek government. Greek banks will need to pull down funding from the Greek Central Bank. The GCB doesn't have the funding. It will therefore be up to the Greek government to step in. The Greek government doesn't have the money.... clearly!!

So the demise, should it happen, will end up being the fault of the Greek government....

Clever.

Commentator is suggesting bank runs in Greece tomorrow.

On Newsnight now, suggesting this is serious for Greece and already there is a "brisk jog" on Greek banks.

wotsthat

Graham_Devon wrote: »

On Newsnight now, suggesting this is serious for Greece and already there is a "brisk jog" on Greek banks.

There's been a slow run for years. I can't imagine that Greek people and businesses keep more than the bare minimum in Greek banks anyway.