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With Greece "Everything Must Go Right From Now On" To Avoid Market Shock
Greek Minister of State Nikos Pappas and Deputy Foreign Minister Euclid Tsakalotos are in Brussels today, for political negotiations, Bloomberg reports, as Athens seeks to address short-term liquidity concerns on the heels of a fractious week that began and ended with fire and brimstone rhetoric from PM Alexis Tsipras.
Recapping, Tsipras penned a lengthy and scathing op-ed late last month before submitting what he called a “reasonable” proposal to creditors last Monday. An emergency meeting between the EU top brass produced a draft agreement on Tuesday. Tsipras promptly shot it down, before delivering a speech to the Greek parliament on Friday during which he expressed his disappointment at the troika’s tactics and continued to insist that creditors were attempting to “blackmail” Greece. Over the weekend, EU Commission President Jean-Claude Junker reportedly declined a phone call from Tsipras because there “was nothing to talk about.” The Greek government has denied the call ever took place.
World leaders meeting in Germany for a G-7 summit put up a united front, after US President Barack Obama put Greece on the agenda. “There was unanimity of opinion in the room that it was important for Greece and their partners to chart a way forward that builds on crucial structural reforms,” The White House said, with spokesman Josh Earnest adding that "there is obviously a deadline looming [and the President] is certainly hopeful that Greece and their partners will be able to chart this path without undue volatility.”
“There is full agreement at the G-7 that everything must be done in order to avoid Greece exiting the euro, but also that Greek citizens, actually the Greek government, must be the first to send a signal,” Italian PM Matteo Renzi said (because Italy is certainly the model for fiscal responsibility).
For his part, Junker says he and Tsipras are still friends, but claims Tsipras misrepresented creditors’ proposal when he addressed parliament last week. “I don’t have a personal problem with Alexis Tsipras, but friendship, in order to maintain it, has to observe some minimal rules,” Junker said, adding that “he was presenting the offer of the three institutions as a leave-or-take offer. That was not the case. That was not the message given to him.”
So, just as we said over the weekend when we noted that “the hurt feelings will likely give way to reluctant (and painfully repetitive) talks next week,” Greece and its creditors will be back at it, and while words like “deadline” and “ultimatum” have become somewhat of a joke as they relate to the Greek drama, at least one EU FinMin thinks the point of no return is June 30:
- FRENCH FIN MIN: NO AGREEMENT WITH GREECE POSSIBLE AFTER THE END OF JUNE
Meanwhile, BofAML syas “a positive scenario requires almost everything to go right from now on.”
“Greece needs to receive new funding before the end of June, otherwise it will not be able to repay the IMF on June 30 … which would put ELA access of Greek banks at risk,” the bank adds. Here’s more:
The European proposal is asking three times more fiscal measures than what the former Greek government was willing to accept, despite a much lower primary surplus target. The Greek proposal is not specific enough on reforms, while insists on pre-election promises that we believe are unacceptable to the other side—reversing labor market reforms and asking for debt restructuring. Even in VAT, where reports suggested an agreement was close, there are large differences. It is hard to see much progress until the discussions focus on one draft which, given parliamentary constraints elsewhere, it is likely to be closer to the one of the lenders in our view.
Greece needs to agree with the creditors on the requirements for the current program review in the next 1-2 weeks. This will be very difficult given how far the proposals of the two sides are at this point.
The Greek parliament will have to vote and approve the deal. If approval requires support from opposition parties, the government should remain in power, or a new coalition government should be formed quickly, to avoid political uncertainty that could delay official funds. Certain European parliaments will also have to approve the deal.
The deal will need to provide sufficient funds to Greece to repay the IMF and the ECB during the summer—about €10bn total.
Negotiations should also start soon on a new program that will include policies and funding for the next 2-3 years. Such a program will have to be finalized by this fall. If the Greek government loses its parliamentary majority, new elections could take place before approving a new program.
Barclays has a bit more color on the negotiations and on what we have argued is a looming government shakeup:
Negotiations are gathering pace, nonetheless the gap is still substantial and we believe that bridging it may take longer than many expect. Moreover, we think a compromise on policies by the Greek government will carry a non-negligible political cost for the Syriza-led government and could trigger a political crisis that could accelerate deposit outflow and result in the imposition of administrative controls on Greek banks. But, if progress continues, we believe Europe will find a way to release some funds (even prior to a full-programme agreement) in order to avoid a default. The cash could come from the EUR10.9bn bank recapitalization funds (this would require the agreement of the ESM board, ie, a 85% majority vote) or the release of c. EUR2bn of SMP profits (which is part of the remaining €7.2bn of the last tranche). In any case, we do not believe that the crisis will be solved before the summer break, and it is very likely that Greece will remain a major uncertainty after the summer as the government and the institutions will need to agree on a third bailout, probably including a debt restructuring (OSI). Moreover, should a political crisis result in snap elections after the summer, which we think is a possibility, it would delay the process even further.
(a guide to negotiations)
Barclays also suggests that Tsipras' defiance is politically motivated, something we've suggested time and again:
In our view, PM Tsipras' aggressive speech last Friday was aimed at uniting his party, as divergence is mounting about the strategy to adopt with the creditors. Some members of Syriza are now openly calling for a default and an exit from the euro area, but according to a poll released over the weekend by Metron Analysis, 79% of Greeks want to stay in the eurozone, although 45% would vote for Syriza should new elections were held now. We still believe that an agreement will eventually be reached to avoid a Greek default, possibly through an extension of the programme beyond the end of June and a partial disbursement of the remaining bailout funds, but we think it could trigger a political crisis as the most radical faction of Syriza would not accept the conditions. Moreover, talks will probably continue until after the summer to agree on a third bailout, probably including a debt restructuring (OSI).
The bottom line is this:
With the risk of a default increasing, and possibly leading to an exit 'by accident' from the eurozone, deposit outflows are likely to continue and put additional pressure on the banking system, which relies more and more on the Emergency Liquidity Assistance from the Bank of Greece. During the weekend, Daniele Nouy, head of the Single Supervisory Mechanism, reportedly said that Greek banks were solvent, which should enable the ECB to continue to provide access to the ELA to Greek banks at least until the end of June (Die Welt). However, if there is no sufficient progress in the coming weeks and should creditors not officially extend the programme ending in June, then we believe in all likelihood the Eurosystem would not be able to continue funding Greek banks under the same terms (ie a at least a haircut increase is very likely). Moreover, if Greece were to default on its IMF loans, or on the bonds currently held by the ECB under the SMP, which are due to be repaid in July and August, we think Greece may then be forced to impose capital controls. In any case, we believe it is clear that without receiving further aid, Greece will not be able to pay €3.4bn that is due to the ECB on 20 July.
In a way, all of this is largely irrelevant, because as we've shown, Greece will remain Europe's debt serf for decades and indeed, if the country's economy doesn't find its footing, these negotiations could repeat themselves periodically for some time to come. That is unless Athens abandons the euro and that, Dutch central bank director Job Swank says, would "for sure give a shock":
"We have never experienced a Grexit or a country leaving the monetary union. It will for sure give a shock."
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It won't
In fact it gets a lot worse now that Obongo got involved.
Obongo is too low on the food chain to matter. The real issue is will the Central Banksters force the Greeks to cut pensions to pay off loans used to bail out the very same banksters?
Obongo : The markets acted stupidly.
This is a fucking self kicking can
Everything's gone right so far. Not sure why we would expect that to change.
Throw those pathetic Greeks out of Europe already.
This was made several years ago but is still relevant:
www.youtube.com/watch?v=rK0De210TBQ
I think I'm starting to understand Wolferl.
Meh, in MY dream, hawt women just come up to me and start rubbing themselves all over me, day and night! :>D
Think of how stupid this sounds: "Somebody has to lend money to Greece so they can pay back the money they owe".
Sounds like a page straight out of the Fed rulebook.
YouTube good 'ole Clarke and Dawe. The segment titiled "European Debt Crisis" is very enlightening. It lasts about 2 1/2 minutes and will make you laugh quite a bit as well as make you think of how absurd the assholes who control the issuance of money are. When it is no longer about the money, it's about the power, as G. Edward Griffin says.
Diesel fueled?
Obongo knows! He is an expert on the subject. It amazes me he can even read the teleprompter
LL, would that be the same pensions that were repoed just recently to meet IMF payment deadlines? Oh the insanity!
They can take any reparations that may be left over.
Greece has an immigrant fiasco brewing that is going to drive it the rest of the way into the dirt.
The muslims are going to destroy anything and everything that WAS greece.
Tsipras, you better get real smart real fast.
You have a savior.
Pick up the fucking phone, be a man and fix your country..
Ok...we don't want anything to scare the ponzi casino so let's be sure to lend them more money so they can pay the interest on the money we already lent them. It's all Bullshit!!! Greece will get the money. Rally on!
Look - I'm going to lend you $10 so at least you can pay me $5 towards the $1,000 you owe me, okay?
It's closer to $9 of the $10 to be loaned by IMF, ECB et al. would be used to repay the very same lenders.
That would be fine, if as long as.I don't pay you back the 10 bucks you dont get pissed about it.
.
...and then lend me another 10 bucks when I have to pay you the 10 bucks back from the last time you lent me 10 bucks and then...
eurotards are a bunch of drama queens
we all know how this ends but they will milk it for all they can. the teats are sore, give it a rest.
Push to add drama...
https://www.youtube.com/watch?v=316AzLYfAzw
compared to whom? to Russians? perhaps. to Chinese? mayby. to... Americans? ehm... seriously? Greeks have perhaps invented drama, but you, dear Cousins, have improved on the Art of it ;-)
not really. the maggots adopted the "make you an offer you can't refuse" approach a long time ago.
and here I disagree with you, with Urban Redneck and practically with every and each American Cousin on ZH
an "offer you can't refuse" is your worldview, devoid of sovereignty, one of the words that in English has been twisted out of it's classic and still here-existing meaning in the vocabulary
Iceland. For good or bad, Iceland did say a "thanks, but no, thanks". Meanwhile, Greece is airing a possible - unlikely, but still possible - "pivot to Russia", or a GreXit
It's not our fault. Orwell warned you with his famous essay on the misuse of vocabulary changes in politics for political reasons
Kudos to iceland, but I'm not sure its the most relevant example here.
how about Russia? or China? or Iran? North Korea?
look, it's easy: no example will ever be enough. that's what a seriously distorted vocabulary begets you: the impossibility of rational thought in the areas that were tampered with
sovereignty is a bit like freedom: a request, albeit on larger scale
the word has been taken and split in two: one side of "individual sovereignty" that does not compute, in the vocabulary sense, and one side of "total hegemony" which does not compute in the historic sense
Iceland, Russia, China, Iran, NK, none of which use the Euro.
That's the experiment and where the rubber his the road with regard to sovereignty, no?
if the public administration is not fixed nothing is going to help Greece... Throwing more money to cronies and to corruption is money down the drain...
The fate of EU money is well known beforehand.... EU officials cut->Greek politicians cut-> Banksters cut-> Cronies cut->tax collector cut-> justice cut -> greek citizens leftover
end result of the acomplishment ? a bullshit project that adds no value to the economy in the long run
Greece does not have a high wage cost problem (anymore), but fundamental institutional and structural problems.
Corruption is part of everyday life, like the bribery of bureaucrats, tax collectors, and judges. Greece is considered to be the most corrupt Euro-zone country. Corruption is not just detrimental to the economy in general, but specifically to innovation and entrepreneurship.
Corruption is one reason why researchers and innovators stay away or leave
The private sector still suffers under the highly inefficient and corrupt public administration. The OECD provides composite indicators for instance of product market regulations. Despite some improvements over the last five years, the indicator reflects the numerous regulations, bureaucratic hurdles and restrictions that Greek entre preneurs and SMEs face. Greece is one of the most regulated ecconomies of the EU...
what the average Joe (Greek citizen) pays today is the systemic corruption going on for the last 30 years
http://www.diw.de/documents/publikationen/73/diw_01.c.489530.de/diw_econ...
on a more positive note the proposal for GDP-Linked loans (bonds) by Varoufakis is a brilliant idea
http://www.diw.de/documents/publikationen/73/diw_01.c.488644.de/diw_econ...
"We have never experienced a Grexit or a country leaving the monetary union. It will for sure give a shock."
he forgot to add: in our lifetimes. and even that is a bit far fetched. After all, Nixon brought the USD out of a monetary union in 1971. The monetary union of USD and gold
but even on other situations, we had something like a twenty changes of currencies in the last decade alone. It's not arcane history or rocket science
Bingo. People banging on about how the end of the EUR spells the end of the world are doing nothing but fear mongering.
it's basically the same people that would bang on the end of the European_Exchange_Rate_Mechanism (ERM) if we had that still in place, instead of the EUR
usually out of two fears: that of missing a lot of FX trading or that of the USD being too exposed to reality
I'll take the USD being exposed to reality any day of the week.
That last tables hilarious, as if there'll be a 'Greece' in 2057.
Why wouldnt there be a Greece in 2057? There might not be a Pliskin in 2057 but Greece will still be there.
Really? Why is that?
"It's a club and you ain't in it" really does come to mind here.
If they had threatened use of the drachma and "full on Iceland" then yes I think "Greece" would have had a negotiating position.
Threatened the euro economies with "more blown euros because our
People simply think our entire Governent is a total fraud" is not a negototiating strategy.
Sorry but these folks look like they have only two options: get kicked out of leave.
They simply have refused to govern from the beginning and they're playing in shark infested waters right now...and are bleeding.
"full Iceland" meant capital controls and a devaluation of something like 50%, didn't it? just saying, try it at home, first, and then tell us
Iceland has come back since that point. Greece has just gotten worse. HTH
and how do you measure it? (in which currency?) fact is that any Icelander with savings had to cough up part of their spending power, didn't they?
You can tell when people are playing with their money as apposed to their clients money. These bankers are more than happy to extend these loans regardless of loss as long as it is not called a default. They just want to keep rolling the ponzi and for that, to be able to keep drawing more investor money into their scheme, there can be no default. There is no way in hell that any person would throw good money after bad as we have seen in Greece as well as the rest of the world if it was their hard earned cash. The destruction of the world relies on access to "other people's money".
Lunacy in it's purest form.
ZH should stop with these "Greece is ready to take the while system down" daily articles. It's all over but the crying in Greece.
There is an agreement already in place. This is all theatre to give yet another Greek prime minister traitor enough cover to pass it through parliament while not breaking up his own party and causing his government to fall as well as sell it to the dummified Greek public.
Unless there is blood in the streets, nothing will stop this shit show, nothing.
It is a pretty pathetic meme actually.
Kinda like watching Republicans and Democrats run for President "post Obama."
Total Corruption versus Total Chaos...those are your two options.
They are both completely corrupt and chaotic.
It's more of a choice between, do you want it two inches longer, or one inch thicker?
Welcome to the USSA!
The All Bankrupt G7 are meeting to discuss bankrupt PIGS. Was only a few months ago that the Italian PM Matteo Renzi was speaking up for Russia and its importance as a trading partner with his country.
A week is a long time in politics.
i still think a deal will be done because
1. NATO/EU can't have Greece going over to Russia. Full stop.
2. EU can't have an unhappy camper exit . that would be administrative chaos AND more importantly, bad precedent.
3. Will start the derivative unwind
4. Will rain on the stock market parade
A deal will be done even if it is lending them money to pay their loans. stupid is as stupid does.
In other news:
Air Force Intel Uses ISIS 'Moron' Post on Obscure Website Zero Hedge to Track FightersBy Walbert Castillo, CNN
Washington (CNN) Although ISIS is known for using social media for recruitment purposes, U.S. Air Force intelligence has been using it to track down Islamic State militants, according to Gen. Hawk Carlisle, commander of Air Combat Command.
"These guys that are working down at Hurlburt (Florida), they're combing through social media. And they see some moron standing at this command and control capability for Da'Esh, ISIL. These guys go, 'ah we got an in,'" Carlisle said at a speech in Arlington, Virginia, on Monday.
Twenty-two hours after seeing the post, U.S. warplanes went in for the kill.
"Long story short...three JDAMs take the entire building out," Carlisle said in the speech to the Air Force Association.
A JDAM is a kit attached to a conventional bomb that converts it into a "smart" weapon, according the U.S. Navy. The kit, made by Boeing and put in the tail of the bombs, uses a global positioning system and internal navigation system to guide the bombs onto targets.
Using GPS coordinates, JDAM bombs have an error rate of less than 40 feet, the Navy says.
An F-15E Strike Eagle, capable of carrying JDAM bombs, flies a combat patrol mission over Afghanistan.Boeing said in 2013 it had produced more than a quarter-million JDAMs for the U.S. and its allies.
JDAM units can placed on 2,000-, 1,000- and 500-pound bombs, which can be carried by a variety of Air Force, Navy and Marine Corps aircraft. An Air Force B-2 bomber can deploy 80 JDAMs in a single pass, the Navy says.
Carlisle did not give details of the type of JDAM bomb or aircraft used, but he gushed about the team at Hurlburt Field, home of the Air Force's 1st Special Operations Wing.
"Incredible work when you think about it," Carlisle said of the operation. "And it was these incredible airmen out there doing those kind of things," Carlisle said.
The Islamic group has published approximately 1,700 pictures, videos and other publications all across social media and have gained at least 200,000 readers on Twitter, experts told Congress, according to the Air Force Times.
With more than 1,500 pictures, videos and publications scattered across social media, ISIS has managed to capture the attention of around 3,400 Westerners and at least 200 Americans to join their ranks, said Nicholas Rasmussen, director of the National Counterterrorism Center.
Social media has been a central focus for propagandists to recruit, share their experiences and show off their triumphs. However, U.S. intel, specifically airmen, have been avidly searching across social media to track down ISIS whereabouts to actively respond.
Defaulting on odious debt...is a logical step in the right direction.
Why doesn't Greece adopt the framework that the Swiss and Norwegians have with the EU? Bilateral trade agreements, and EFTA and/or EEA membership...with the drachma pegged to the euro or something like that, until it recovers...and then the option to re-join the club if it really wants to at a later date.
Norway has oil and a huge sovereign wealth fund. The Fourth Reich owes them a mint.
Switzerland's job is to guard the Germans' 80 years' worth of ill-gotten gold, including the USD500B Berlin refuses to return to Israel.
Those are golden geese the Germans don't want to kill, so the local rabble can be humoured to some extent. The Swiss and Norwegian elites, of course, would join the EU tomorrow if they could.
You can argue whether Greece should, or should not, default.
But the West seems to want them to withdraw from the Eurozone if they do default; that would be good for Germany and bad for Greece. They cannot both save their banks and stay in the Eurozone if they default. So they should stay in the Eurozone and let the banks go bust.
As to pegging the Drachma, it should not be pegged to the Euro. Better to peg it to the Ruble or the Yuan. Because there is some chance of borrowing Rubles or Yuans from thr BRICS Bank, but no chance of borrowing Euros or Dollars after the default.
Michel Sapin french financial minister has said : If we don't have a structured Greek deal by end June all bets are off; aka the Bond market in Eurozone goes to hell !
We are very close to the edge in the Eurozone bondage game. No wonder those 2 CEOs of Deutsche jumped off the boat!
Bullshit Greece.
There will be NO GREXIT ever.
Exactly. No nation leaves the Fourth Reich unless bound for a gas chamber.
Everything has gone right---for the banksters. They want Greece on a silver platter, and the Greek people driven into exile or extinction and replaced with a proletariat more to the banksters' liking. And because Greece doesn't have nuclear weapons, unlike Russia or Israel, that's precisely what they'll get.
By fall Tsipras will be overthrown by NATO or his own army and by Christmas he'll be in exile, in jail or at the bottom of the Aegean. His job was to give the banksters a way to argue that the Greeks were unfit to govern themselves. Once his job is finished, so will he be.
Greece is govern by the families of 1 milion public servants and milions of pensioners former public servants with big pensions. They elected Tsipras to keep lending money that Greece can no longer produce to keep paying them. And this at any cost for the country and all the other citizens who suffer terribly losing jobs and being overtaxed. Normally this would mean civil war! But unfortunately pensioners support all the other classes (the families of their unemployed children) so you have a society that knows Grexit and drachma is the only healthy solution but keeps refusing it as long as big pensions cover the food of the day...
MOLON LAVE!
Come and bathe us?
For Greece "EVERYTHING MUST GO" is a better headline
If you skipped a week in this game you could easily confuse who's partnering, reaming or bombing who.
Next Isis , AlCIAduh, Al Nusruh and splinters thereof , will all participate in an NFL type draft.
The situation is becoming a joke: they will lend us some billions so we dont default and keep paying them the billions we dont have and we dont produce any more. And we all know what happens if someone keeps borrowing money to pay the money he borrowed previously...the perfect domino!
But everyone is happy untill the shit hits the fan...Obama can say Wall Street is doing great, Merkel can say she saved EU banks and inslaved the bad Greeks and the Greek goverment can keep paying 1 milion public employes (nice voters) and pensioners big money that Greece can no longer produce (but can keep asking for more lends). The world can be such a nice place for all!!!
When an infinite supply of fiat can be created by shifting some electrons around via computer, there's no such thing as being broke. Greece is being coerced to change its behavior in exchange for being given make-believe money. LOL Since we live in the land of make-believe, Greece needs to go ahead and imagine its own currency. SMH
"MARKET SHOCK"? WTF!?
What, they could not see this coming and could not have mitigated this? And exactly why are the "Risk Managers" getting paid obscene amounts, when they can't even take care of this?
Line up and hang the lot of them! Musollini style!
The Troika won't fix the Greek economy, but Greeks can, write Ivan Mikloš and Dalibor Rohác. Especially if they look to Slovakia as an example
It may sound harsh – but Greeks have to stop seeing themselves as victims of a diktat imposed on them by the European Union and the International Monetary Fund.
True, Greece’s international partners need to bear their share of responsibility for the economic catastrophe that has been unfolding in the country. However, it is not its creditors that are holding Greece back – rather, it is the lack of domestic leadership and ownership of economic reforms.
As Slovaks, we have learned a fair bit about these matters.
Once home to much of Czechoslovakia’s heavy industry – exporting arms and heavy machinery to the former Soviet bloc – Slovakia bore a disproportionate share of the costs incurred by the transition from communism in the early 1990s. High unemployment and a fall in real incomes led Slovaks to reject the reforms that were seen as imposed by the Czech leaders – who were more pro-market and pro-Western than Slovak politicians of the era. At the time of the country’s break-up, in 1992, the per capita income in Slovakia, expressed in purchasing power parity, was merely 62 per cent of that in the Czech Republic.
The years that followed were not happy. The lingering sense of victimhood fostered nationalism and authoritarianism, as well as cronyism and corruption linked to the misguided attempts to create a domestic economic elite. At one point, Madeleine Albright, the US Secretary of State, referred to Slovakia as “a black hole in the heart of Europe.”
By the time of the parliamentary election of 1998, Slovakia was on the brink of a financial meltdown and excluded from accession talks with the EU. The new government, formed by a coalition of pro-Western parties, restructured the banking sector, brought the public deficit under control, and successfully reopened the accession process to the EU.
The parliamentary election of 2002 opened a unique window of opportunity. Slovakia’s novel tax reforms, spearheaded by domestic reformers under the auspices of Prime Minister Mikuláš Dzurinda, were seen by the IMF at the time as far too radical. However, the new, simpler, and leaner tax system, alongside other structural reforms, incentivized investment and turned Slovakia, nicknamed the “Tatra Tiger”, into the fastest-growing economy in the EU.
What made Slovakia’s success possible was the domestic leadership and ownership of reforms. There were other countries that followed the same route and went above and beyond what international experts considered prudent or necessary.
In 2008, instead of devaluing its currency – as recommended by the IMF – Latvia slashed public spending, cutting the salaries of civil servants by 26 per cent. The economy rebounded quickly to a growth rate of 5 per cent in 2011.
Today, Slovakia’s per capita income rivals that of the Czech Republic. Together with Poland and the Baltic states, these countries have been catching up with their advanced Western European counterparts much more rapidly than Slovenia and Hungary, where a similar domestic reform zeal has been long absent. Many transitional economies further East, such as Ukraine, were even less fortunate as their reform attempts lacked domestic leadership and ownership – a necessary condition of their success.
Instead of crafting domestically-owned reforms that can get the economy back on track, the Syriza-led coalition seems ready to jeopardize Greece’s future just to spite its creditors. It has reversed, for instance, a recent public sector reform, opening a way towards rehiring thousands of public sector workers. The interior minister, Nikos Voutsis, justified the measure on the grounds of Greece’s being a sovereign state.
“We aren’t going to consult [bailout monitors], we don’t have to,” he told the Greek Parliament.
Ordinary Greeks, however, are those who are harmed the most by a bloated public sector. The same is true about Greece’s debilitating labor laws, or the catastrophically low rates of tax collection. According to the Organization for Economic Cooperation and Development, tax debts are equal to some 90 per cent of annual tax revenue, more than in any other industrialized country.
The purpose of economic reforms should not be to please the Troika, but to restore durable, shared prosperity. Deep, domestically led reforms need not be a form of political suicide, either. In 2006, after eight years of deep – and sometimes painful – reforms, Slovakia’s leading reformist party recorded its best electoral result in history. Similarly, many of the radical reformers in the Baltic states did well in subsequent elections.
And a Greek leader who turns his country into a “Mediterranean Tiger” will most certainly not go down in infamy.
by Ivan Mikloš and Dalibor Rohác June 8, 2015 | The Telegraph
Ivan Mikloš is a Member of Parliament of Slovakia. He served as the country’s Deputy Prime Minister (1998-2006, 2010-2012) and Minister of Finance (2002-2006, 2010-2012).
Dalibor Rohác is a research fellow at the American Enterprise Institute in Washington DC.
http://www.aei.org/publication/could-slovakia-provide-an-unlikely-roadma...
I refuse to read these articles but I thought Today was Default day? Tsipras is a fucking retard. Go back to your old currency and tell the EU to take it up the ass or shut the fuck up! Krauts too for that matter.
I thought last Friday was default day, which in other words would mean today. I've seen this before and I don't get it. There's a deadline, it passes, and then everybody starts talking about something else... :-/
Oh fuck the Greeks.
You know voting to maintain sanctions against their Orthodox brethren in Moscow is a part of any deal.
Tsipras deserves whatever he gets. Let the Euortards treat him like a two dollar whore. Spare me the fakery of social democratic lefitsts.
Maybe the head guy from Golden Dawn wears a tie
I call bullshit. I pretty much guarantee that on June 30th, Greece won't pay the IMF, and some other previously unknown mechanism for legally pushing the payment back a month, like last week's "bundling" clause, will be found, and the know-it-alls will then once again proclaim a new date as the final date.
If it doesn't go right they can blame it on the U.S.
http://www.globaldeflationnews.com/the-global-minotaur-a-global-finance-...