This page has been archived and commenting is disabled.
Eurogroup Officially Threatens Greece With 5 Year Grexit "Time Out"
As we noted this morning, EU finance ministers have effectively given Greece 24 hours to accept the set of rather draconian conditions outlined in a “draft” term sheet leaked to the press earlier today.
As a reminder, here are the stipulations:
- fully comply with the medium-term primary surplus target of 3.5 percent of GDP by 2018, according to a yearly schedule to be agreed with the institutions;
- carry out ambitious pension reforms and specific policies to fully compensate for the fiscal impact of the Constitutional Court ruling on the 2012 pension reform and to implement the zero deficit clause;
- adopt more ambitious product market reforms with a clear timetable for implementation of all OECD toolkit I recommendations, including Sunday trade, sales periods, over-the-counter pharmaceutical products, pharmacy ownership, milk, bakeries. On the follow-up of the OECD toolkit II, manufacturing needs to be included in the prior action;
- on energy markets, the privatization of the electricity transmission network operator (ADMIE) must proceed, unless replacement measures can be found that have equivalent effect, as agreed by the institutions;
- on labor markets, undertake rigorous reviews of collective bargaining, industrial action and collective dismissals in line with the timetable and the approach suggested by the institutions. Any changes should be based on international and European best practices, and should not involve a return to past policy settings which are not compatible with the goals of promoting sustainable and inclusive growth;
- fully implement the relevant provisions of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, in particular to make the Fiscal Council fully operational;
- adopt the necessary steps to strengthen the financial sector, including decisive action on non-performing loans, transposition of BRRD and measures to strengthen governance of the HFSF and the banks;
- develop a significantly scaled up privatization program with improved governance. A working group with the institutions shall provide proposals for better implementation mechanisms;
- amend or compensate for legislation adopted during 2015 which have not been agreed with the institutions and run counter to the program commitments;
- implement the key remaining elements from the December 2014 state of play of the fifth review of the second economic adjustment program."
And here is the above, paraphrased, courtsey of Politico:
Source: @politico
Of course going back to Greek lawmakers with a set of terms that's even more punitive than those which were not only rejected by the Greek people last Sunday, but also rejected on Friday by party hardliners, will be exceptionally painful for Tsipras and it seems far from certain that the PM will be able to rally support for this latest set of demands.
But that's exactly what Tsipras will have to do if he wants to secure an ESM bailout (which is now estimated to cost as much as €86 billion, up €10 billion in just the last 24 hours), keep his country in the euro, and keep the Greek banking sector from collapsing as early as Tuesday, because as the following excerpt from the Eurogroup draft shows, Greece will be given a "swift" time-out from the EMU if Brussels doesn't get a complete, no questions asked surrender from Athens on Monday.
Here's the new estimate of the ESM program cost:
Greece financing needs according to the EG draft pic.twitter.com/8dlCaY8vrp
— Pablo Rodríguez (@Suanzes) July 12, 2015
And here is the "swift time-out":

Source: @BrunoBrussels
And for anyone confused by the constant barrage of conflicting headlines and feigned optimism, here's a breakdown of who's who at the table and where they stand on Grexit (incidentally, this also gives you an idea of just how divided Europe has truly become):

- 43831 reads
- Printer-friendly version
- Send to friend
- advertisements -



Nein, Mutti, nein!
OF course there is no legal authority to do that but hey, why not copy the U.S. model where Constitutions no longer matter.
Can we get a #8 up in here. Let's Enron the bitch.
Anybody participating in these "meetings" likely is in dire need of some serious benzodiazopines.
Do you always thread jack?
Playing Musical Chairs without any chairs. Looks kinda funny.
Darling, you gotta let me know
Should I stay or should I go?
If you say that you are mine
I'll be there till the end of time
So you gotta let me know
Should I stay or should I go?
It's always tease, tease, tease
You're happy when I'm on my knees
One day is fine and the next is black
So if you want me off your back
Well, come on and let me know
Should I stay or should I go?
[Chorus:]
Should I stay or should I go now?
Should I stay or should I go now?
If I go there will be trouble
And if I stay it will be double
So come on and let me know
This indecision's bugging me
(Esta indecision me molesta)
If you don't want me set me free
(Si no quieres librame)
Exactly who I'm supposed to be
(Digame que tengo ser)
Don't you know which clothes even fits me?
(Sabes que ropa me queda)
Come on and let me know
(Me tienes que decir)
Should I cool it or should I blow?
(Me debo ir o quedarme)
[repeat and rinse the fisting of your economy/society/ way of living by the banksters]
Or Hemlock.
Why hasn't Greece left the EU yet? Because they don't want to look like the bad guy?
Fucking man up and leave the EU Greece!
Leaving the EU is far better for Greece than staying. Tell the IMF to fuck off and don't pay the debt they forced down all Nation_states whene Lehman collapsed. The banks caused the crash that directly led to the IMF debt "loan" swap that has structured Greece's current debt.
It was a perpetrated crime by the IMF/Fed/JPM/Gpldman?etc....
They crashed the system, they set up the loans. This is entrapment and illegal by a court of law.
JUST.FUCKING.LEAVE
Exactly. The bullies of the sandbox want to send Greece to the teeter-totter alone and wait for them to beg to come back and have sand thrown in their eyes and be spit on. What a deal!
Hmm, wonder if the Eurocrats would soil their britches if Greece switched to the Ruble?
They do not have to leave the EU, only EMZ.
Frankly they should leave both. Being in the EU gives their people the adventage of Visaless travel though out Europe but it is not worth the price of all the meddling in their internal affairs buy the career politicians in Brussels.
Do not do 8. I promise you Greece that you will regret that most of all. Tell them all to go to hell and put the ballast blocks they put in your sinking boat back into theirs. Take the pipeline deal and add to it grid upgrades.
Tsipras has severely let his people down. At the very worst, tsipras should haveheld out with the peoples mandate, instead of appearing the world over like wolfgangs little cock-jockey. He needs to be replaced asap with someone with vision, determination and a set of bollocks.
He has followed the poeple's mandate. They voted to decline the then-current terms -- to give him the option to play fast and loose with negotiations, allowing him to use the risk of a Grexit as an actual threat when negotiating. This is exactly what hes done.
The statist MSM would have you believe they outright voted to leave which is simply not the case. They want you to believe hes the bad guy and youre falling for it.
Apparently you you didn't see this:
http://www.zerohedge.com/news/2015-07-10/tsipras-sells-out-referendum-no...
The Greek people don't want to leave the EU. They want to keep riding that gravy train and not pay the piper.
debt reduction + asking for another 78 billion = cognitive dissonance
Tsipras is the living personification of the Greek populace. All tough talk but folds when confronted with reality.
Looks to like the green seats are fiscally responsible, the orange seats want to be fiscally responsible but have not figured out a way to do it. And the others are slug butt slackers wanting to chill in the bistros on other peoples money.
hahahaha and after 5 years of being out of the EU and NATO
Do you think they will want to come back?
that's the whole point.
Please can someone threaten me with debt reduction and the possibility to print my own money.
I would need to think hard which path to choose...
Wanna Get Away?
It's a Grexit in all but name because having gone through all this, why would any sane Greek want to rejoin the euro?
And by that time there won't be a Euro anyway.
5 year? It all goes down THIS year. The can has been kicked so many times, that there is no more can to kick. Reality has taken over. Prepare accordingly.
Each time the can was kicked it became heavier and the foot that kicked it more bruised. Now it is firmly wedged in the gutter beyond any hope of moving.
The 5 year thing is so the bankers can pretend that the debt will one day be repaid & so their bad CDS bets won't be triggered.
Wrong. The Euro is going to shoot to the moon once these deadbeats are booted out onto the pavement.
Which dead beats??
Do you mean the French or Italians?
Perhaps the Spanish?
They won't and Italy, France and Spain will follow when they see the German attack on their heavy industry
Note that France and Italy are on the Greek side here: they're already afraid of the Germans, but they are strong enough still to stand against them. Spain is too scared to defect to the Greek side (and Rajoy's an idiot you wouldn't want on your team anyway, even if you were desperate).
Varoufakis might have been right: this is the moment that defines whether the EU is a polite name for the region of German control. The French above all others will not want to be part of that, so they'll defect, probably with a nationalist (Le Pen) leading the charge. If Greece goes, I can't see the EU staying together.
dude, france has no more single industry, just to say, like greeks and all we are mostly a service economy, we produce nothing but food, crappy cars, and the shittest electro music of the world.
Where is Croatia and UK, and others? Strange that Montenegro, not in the EU, uses the euro exclusively, and Croatia, a member for a year is still clinging to their old fiat.
When all else fails the US taxpayer will greatly aid the failures with a paper-over. Greece is going nowhere, there will be this circle jerk gaining big Mo until the whole EU explodes like a dying sun, implodes then goes novatose and blinds the financial world in a nanosecond.
As to the Goldman enticements to stupidly lend, let them "pays their money and takes their chances" and take it up their Greek hole. No bails for either Greece or their stupid lenders is my insignificant preference. No government bails us out, and shoud not.
Can't see the buffet table on that schematic.
No buffet but a very large liquor cabinet and well stocked bongs at each place setting.
If you can't see the buffet, YOU, ARE the buffet!
ECB, IMF, and the corrupt complicit international banks are currently picking over the Greek carcass.
It's the blue box at the upper left labelled "Greece."
Print!
Money can only be printed when Banks need help not when people need help.
Help retiring at 50? Taking month-long vacations? Dodging taxes? What the Greeks know how to do is help themselves to the slop in their bankrupt government's trough.
Anyone here heard of CGNAO?
He's a guy who seems to know stuff....
http://www.greenenergyinvestors.com/index.php?showtopic=20140
The one thing we won't hear from Greece is "fuck you and the horse you rode in on!". If I were Tsiparas etal, I would secure all hanging quality rope and stay away from tall building......
Bottemless pit, they have nothing to do in the Euro zone...!!!!!!!!!!!!!!!!!!!!!!!!!
Francois Hollande is sitting at the poker table wondering who the mark is.
Lets get some lipstick on this pig! It is likely Greece will soon exit the Euro-zone, but do not be surprised if it is done under some new or politically correct moniker that puts the action under the most positive light possible. One way to re-frame this is not to view it as a bailout but as “humanitarian aid”. Two things are apparent, this soap opera is far from over and that Greece remains a money pit or "black-hole."
While people point out Greece is a small country and a small part of the Euro-zone GDP it has a massive amount of dept, and debt does matter! Make no doubt about the fact this makes no practical difference because a series of back-hand deals has already transferred the debt to the people of Europe. The real issue now before politicians and bankers is how to create the illusion this doesn't matter and minimize both the blame and the fallout. More on this subject in the article below;
http://brucewilds.blogspot.com/2015/07/grexit-coming-how-they-will-save-face.html
Should have never gotten rid of Varoufakis....
In Russian Greece, Varoufakis gets rid of you :-)
Varoufakis was the cheif point man in getting them to this point. They both work for the bankers and the EU one govt intending elite. They are a part of the privilaged greek elite.
The purpose of a 5 yr "Time Out" (with reentry written into an enforcable agreement) is to cause Greece to implode while containing the impact to Greece only. This deal will not allow Greece to vote in new laws that violate the EU's dominance over Greece or that allow Greece to leave the EU. Then in 5 yrs when every single pool of money is gone (the pension money was already mostly given to the bankers by Varoufakis) and the people starved the EU can enforce the agreement and bring Greece back in. Why? Because by then all that is Greece will have been placed into collateral for the loans. And at that point the people behind the curtain will take control of the infrastructure, natural resources and property of Greece through "legal" means. When some Greeks resist they will be demonized as nazis (Golden Dawn) and EU forces will come in with violence if needed. Then Greece is a name only, it will not just be occupied but will be owned. The Greeks will be renters to their masters and will never be allowed to climb out of that hole.
Never gonna happen. Too much imagination my friend. In the end, why they wanted Varoufakis out?
You don't think it will?
Ask the Poles who owns their infrastructure. The French own some of the water utilities. Ask their customers how they like their water bills.
They did not want Varoufakis out. It was theater, he gave them what they wanted. He gave them the pension money for example.
And he is not "out". He is still involved and helping to make their strategy for the take over. They moved fast and the greek people started to talk about Varoufakis and question "what the hell is going on here". So they made a show of moving him out and put in a fresh face. This distracts the greek people who will now sit still thinking they can trust the new traitor.
" the Greeks will be charged with their 30th and final time out"
Whatta ya thing Boomer, a Hail Mary from their own 1 yard line or should they line up for a 120 yard field goal?
Field goal? They are down 300 billion to nothing. They will pull an Obama tactic as Putin stated in his (Obama's) chess tactics. He said Obama plays chess like a pigeon, he struts around on the board, kicks over all of the pieces, shits on the table and then struts around as if he won the match.
If they accept the EU cheese and use their assets as collateral, the panzers will head south under a fraudulent law upon the inevitable default.
One down, four to go.
Any surrender still won't fix the trust issue. This is just an exercise in delay to let the inevitable Grexit sink in and not be so shocking to the markets.
It astounds me how so many people think that more debt is the solution to having to much debt. Next governments around the world will demand fire departments spray gasoline onto fires rather than water.
Feeling tired Alexis. Take 5. ;)
That list of demands is a step-by-step playbook of foreign usurpation. The Greeks are far from innocent in this fiasco, but generational servitude to Banksters is not justice nor economic panacea. The Greeks need to cast off from Europe. Once they happens, and they shit in their own bed again, there will be no question as to who made it.
Totally agreed with you, looking at privatization and other 'orders' from Europe show Greece will remain a country in all but name and maybe food....(even that will come from Unilever and Nestle) in any case this is Schäuble's vengance and if Tsirpas and the Greek parliament swallow it they deserve what will be coming for them!
A turd patty with iced vomit.
The Greek people will not accept it whatever the politicos do.
Grexit or civil war.
I do hope so winston, I hope so because Greece serves as a blueprint!
Hahaha, time out my a s s!!
This will be forever and that will be the best for Greece and the end of Europe / Deutsche Bank.
Go for it Greece!
"A 5 year timeout"
Well i always find it difficult to dive into the pool when it is a bit colder than normal.
But once i am in i do not want to come out anymore.
Try it Greece !
I don't see Obama or Putin on that image.
Everyone seems to be calling those two, from Germany to Greece.
Greece start over. You have a beautiful country and as one poster said, grow your own food and fish.
It could be worse, you could be in the North where -50 below will kill you
Once you are in the EU you have to produce speficic amount of food etc. No more than other countries, no less than others. It's all a mess
There was a time when Greece wasn't far from being self sufficient on food, then the EU centrally planned payments for certain crops destroyed the local farmers normal produce.
Like I said the Eurogroup of FINMINS don't make that call.
And France's Hollande this evening has said even temp. Grexit is NOT ON.
No shit.
Mr Hollande’s diplomacy is not only designed to rescue the eurozone from a historic setback and avoid the potential financial fallout of a Grexit that could hit France harder than Germany. Two years before the next presidential elections, the French politician is also seeking to stay in tune with a public opinion that is arguably more sympathetic than any other in Europe to Greece’s plight. The efforts are also meant to appease a leftwing majority that resents Mr Hollande for reneging on his campaign promise to confront the German chancellor on austerity. “François Hollande is preparing for the 2017 election. He is sending messages to his camp,” said Laurent Bouvet, a political sciences professor at Versailles University. “If he follows Angela Merkel, he knows he will pay for it.”
Source - FT
http://www.ft.com/cms/s/0/74568606-23bc-11e5-9c4e-a775d2b173ca.html#axzz...
Yes but thats looking at the binoculars from the wrong side.
Grexit means huge pain and a reversal of Europe to unknown and dangerous territory.
So its not just his own future its the future of the european project that Mutti now has to decide upon.
Back in 1992 Maastricht agreement Delors SPECIFICALLY proposed to a smaller 6-8 member EU that EUROBONDING and a Monetary institution were necessary for the European project. It meant sharing "sovereignty" more than the individual states wanted to. (Kohl was too involved in Reunification). And France's right wing Gaullist party then was lukewarm about Maastricht a Mitterrand/Kohl deal. So they shot down FISCAL discipline and Eurobonding and just kept a slim lined ECB without fiscal package!
They had the choice then, they had it again at Nice 2000 summit; both times they GOOFED, and went for the "egotistical" option.
Now Europe pays with 28 members in EU and 19 in EZ; tower of Babel !
If France and Germany had aligned in 1992 or even in 2000 when Schroeder suggested to Chirac what Kohl had refused to Delors, Chirac said : No thankyou.
Schroeder did it anyway, the productivity ramp up and fiscal discipline, and France looks lame duck today!
Its now up to the Europeans if they want to have an integrated European project or not. And that is bigger than the lousy Euro that they have bastardised thru egostistical decisions now gone viral in financial casino fiat bonanza times.
As Deutschland goes, so go Austria, Czechoslovakia, the Baltics, and Slovenia. Totally predictable.
And clearly the members hold positions of Honor, not Financial or Economic expertise, if lowly Slovenia is an indicator: Miro Cerar is an old Olympian (Pommel Horse).
Also, given that France and the other PIIGS don't want them to leave, tells you how scared they are about the consequences for themselves: genuine reform. Luxembourg = banks, so that one is easy to decipher.
As I've said a number of times before, "Greece is clearly The Template to discipline the other piggy members." But, as we've seen so many times on ZH, it matters more on Who says something than What is said. [sarc smirk]
Haha, the Russian proposal to pump fuel directley into Germany will split the ZATO alliance.
The US is now a third word power. They just have not realized it yet. There is NO company in the USA who can make a Tank. Your F-35468585767 jet does not even work. You are Fucked, Asshole.
DO NOT support any further US military operations ouside the USA.
The breaking point was the Russian Navy blockading Syria taunting the US to fire missiles over their ships.
You lost, Bath House. Wake the Fuck UP. You get into a War with Russia, the US will be a Wasteland.
You are going to have enough trouble supressing the Activation of Jade Helm down the road.
Leftists ALWAYS overreach. I spent 1 tour in Nam and 30 years learning how to camouflage myself against deer and Thermal Sights. Bring your Homo 69th Gay Blade Division down here, You fucking Indonsian fake nigger.
You are Indonesian because I have been there and you are NOT African or "black."
Getting married to that Transvestite wife was a good move. I'll give you that. You get a dick up the ass but in public it all seems normal. ValJar is the President; she has more SS than you do!
You want a hug?
You may need to be reborn.
Do I sense some Buybull bullshit coming up? LOL
My parents got it right the first time.
Who is the big blind and the small blind on that table.
O wait, thay all are blind (and deaf and dumb).
Gee, the NYSE will be up 200 tomorrow!
"We can't leave the Euro...
Who else is dumb enough to loan us money now?"
LOl, does kinda sum it all up
Stayin' Alive! Stayin' Alive!
Ha! Ha! Ha! (Hahahahahaha bananas)
Stayinnnnnnnnnnnn Alivvvvvvvve
(Who-hoooo...
Something wrong with the table drawing it seems.
Belgian PM Charles Michel : "Greece in the Eurozone is our priority and our choice"
Time out? These authorities are going from bizarre to just plain macabre now. WTF?!?
The EU:
Where Karl Marx is funnier than Groucho.
maybe they want to avoid the word exit ?
(not to trigger contracts that "insure" against a default ?)
It's macabre to require a country to prove it can pay you back before you loan them more money? What's bizarre is how many people on ZH have drunk the socialist koolaide.
....lotsa passive / aggressive behaviour over there in Europe.
Not sayin' it's a good thing but if you're in our cross-hairs at least we bomb the fuck outta ya and kill ya 1000 times over......and fuck over your cuntry for 500 years... no putzing about...
"Privatize the electricity grid"
The plunder continues, I'm actually surprised the Greeks still own their own power grid.
Not for long methinks.
GoldmanSachs is working up a new annual prepay billing system as we speak.
For those in dire curcumstances, they have an affordable lease plan for an extension cord to plug into your neighbors feed.
Steve LIESman: ''This just doesn't make any sense, the fundamentals of Greece are strong''.
The Greek Government should Nationalise the banks and declare all external debt null and void ! F the EU.
But then they'd have to live within their means, and that's the last thing they want to do.
Time for the bankers to start making money off WW3.
Ok Finally we are at the end of this ordeal. The demand has been set...either do it Greece or get out of EU.
Now can I ask, once this Greek mess is dealt with in the next few days, can we now force Italy to do something?
Please, Italy is as bad as Greece, do we have to wait until the criminals in Rome bring Italy to the same edge of the abyss as Greece before something is done?
As an Italian, I beg you all, demand Italy to do the same as that is demanded of Greece!
Greece forced the EU Commission into looking like unelected vultures.
The Commission didn't need to be forced - they are!
Luxembourg and Eurogroup should be on the "ready for grexit" side?
According to the seating chart those wanting to avoid grexit outnumber the grexit camp by just one vote. It's so ridiculously close, the decision has probably been made already. Really eerie looking at the chart and remembering the countries in the Axis powers & SS recruitment grounds during WWII. Italy stands out on the wrong side, but the Baltic states and others haven't changed a bit.
Am I wrong to believe that there has to be a unaminous vote, that only one -- France or Italy, for example -- can scuttle the whole thing?
What happens if they can't agree? Do they scuttle the unaminous vote requirement or break into two eurozones?
It's moot for now because as we all know the meeting broke up without reaching a decision, but according to the articles I've read, ESM Emergency voting procedure allows decisions to pass with 85% majority. So, yes, it's possible for 3+ members voting the other way to scuttle any deals.
http://www.zerohedge.com/sites/default/files/images/user92183/imageroot/...
Holland is wrong, should have been called The Netherlands.
Holland is part of the names of 2 provinces, north and south Holland.
Bunch of LYING motherfuckers.
DECLARE A DEFAULT and do it NOW!
Trigger all those CDS's and lets' see how much the EU banking is intertwined.
Everybody into the pool!
Oh come on! This is Bullshit. Tsipras is playing for the other team. Actions speak louder than words. His actions and inactions show his loyalties pretty clearly.
Anything other then perp walks is simply another chain yank. Period end of story. Forget all the other economic stuff he could have done. The fact that no perp walks happened should be all the tell any person with the tinyest bit of integrity needs to know. Thats all the proof needed. Its kind of a universal truth.
Lock, stock, and barrel. Team GS
Deutsche Bank is sitting on a lethal amount of derivatives and everyone at the bank knows it.
"Greece defaulted, pay up."
"We're sorry but the money is gone."
" *???* "
"Thank you for your business."
Greece is a failed state because it has a failed culture & society.
Greece has been this way LOOOOONG before the creation of the EU.
Greece has been this way LOOOOONG before Greece FRAUDULENTLY joined the EZ in order to steal money from creditors under deceit of borrowing.
The EU should:
1. Declare Greece a failed state, impose a technocrat government FROM the EU in Greece, and impose martial law in Greece.
2. Have a team of forensic accountants find out and publish ALL the frauds that went into joining the EZ, hunt down and then execute all the perpetrators of the fraud.
3. Have a team of forensic accountants hunt down where ALL the "borrowed" money was stashed by thieving Greek government officials SINCE JOINING the EZ, and then execute all the perpetrators of the theft and recover as much of the stolen “loaned” money as possible, eg find all the secret foreign bank accounts and shell corporations used by the Greek bureaucrats to hide stolen money, empty ALL the Greek government’s vote-buying funds (euphemistically called “pension funds”), etc and return the stolen money to the bond holders first, then the EU lenders.
Nice act.
The comedy club is next door.
WIRE - BLESSED STATE - https://www.youtube.com/watch?v=_XBz4nq31Yw
Closing doors
Opens eyes
To the fatal gift
Of a well timed lie
Loved in the flesh
But butchered in the mind
Oh what a pearl
What a well made world
Holy globe
Eternal home
Sacred sphere
So glad I'm here
Oh what a pearl
What a well made world
am a little confused....is this the final 24 hrs, the final final 24hrs or the final final final final final final final final final 24hrs?
Kick 'em OUT Estonia, Latvia, Slovakia ,Slovenia and Latvia. What a shower of non-entities. The above represent the who's who of Pikers, most with Nazi representation in their rank and file and anti-Russian allowing free weapon-build up to Vichy DC.
How come this den of low-life are not on board with the IMF?
I loathe DEBT but the underhand way it's been allowed to accumulate at the expense of the Public is Criminal.
Is anyone else here but me sick of this shit?
It's a non-stop, back and forth, "this is it! Greece is goin' DOWN!" followed by, "oh no no, wait, compromise still possible. Let's talk about a revised deal."
I'm getting Greece fatigue.
first choice was - vote no and get fucked
now - hand over everything or get a double anal
Once they're out, there will be no reason to go back in from either an EU perspective OR Greece.
This is giving them an offer they cannot accept. It's meant to be rejected so everyone can throw up their hands and blame someone else.
I find this blame meme amusing.
"It's not our fault we're both stupid."
But the private bondholders and the Euro taxpayers are the stupidest of 'em all.
Bondholders and non-periphery taxpayers will get hosed, buuuuuuuuuuut they will still have food, water, medicine, jobs, and shelter. Can't say the same of the periphery once the oil credit card known as the euro is at long last yanked from their grasp.
Perhaps the Eagles should rewrite "Hotel California" for the EU?
"We are all just captive prisoners of our overlords using their own device"....
No need. The original words certainly encompass the Greeks:
We are all just prisoners here, of our own device.
This is the road they voluntarily chose to walk.
They enjoyed the shit out of the free and easy part of the journey. But now they're seeing the ultimate destination up ahead.
Yet they got to this place of their own free will. Happily.
They enjoyed the shit out of the free and easy part of the journey. But now they're seeing the ultimate destination up ahead.
And nobody at the banks with the printing press and nuclear weapons need be responsible for this catastrophe?...
Let Donny serenade you with the words of "forgiveness"...
Let's face it - In Greece only Golden Dawn will be the ones who give the banksters a Golden Shower.
One could see where the prolonged suffering of the Greeks would provide a great example for the rest of the Goy peasantry. Then of course, when they have suffered just enough the bastards will bestow compassionate gifts of humanitarian aid. "I am a just God a kind God" - 300
This seems to be the crisis point, the kairotic moment if you will in the battle between human kind and the banks. And it is happening in Greece! The irony is staggering. It has been said that coincidence and synchronicity are the language of God, I have no idea who God is but I am beginning to find that theory rather thought provoking, if not evident.
What a SHOCK! Not a one of 3 pages of comments appear to be aware that:
The US Dollar buy oil. The Euro buys oil. The neo-drachma will not buy oil.
All and every other consideration is a superfluous theatric distraction.
No wonder everyone is so confused about Greeks' steadfast refusal to leave the euro voluntarily, they still think crude oil grows on olive trees.
Shows how little you understand of the situation. Do you even know who provides Greece's oil and gas? Well it's mostly from Russia so it will be up to them to decide if they want a new Greek Drachma or not. Considering the Euro is backed by nothing but empty promises and they accept it the Greek Drachma might not stand such a bad chance...
Just default already.
The good news: a debt/GDP ratio of 0%. The bad news: either balance the budget every year or watch the re-constituted drachma be printed into oblivion.
RAPE AND PILLAGE ON FAST FORWARD.
I presume " best European practices "means anything that lets the "elite" and their cronies make lots of dosh, preferably at the expense of the Greek people, or anybody else who won't kow-tow to the bastards.
DEFAULT NOW, JUST TELL THEM TO FUCK OFF.
I shouldn't come on the comment section here it winds me up so much.
The EU have previously overthrown governments and replaced them with those more favourable to the EU. All Tsipras is doing is that making sure if they do leave the EU, and there is devaluation and banking chaos. The Greeks, and the opposing political parties (who are all very Pro- EU), will not decide it is a great idea to overthrow Syriza in order to go back to the EU.
Doing otherwise, allowing for this eventuality when it has happened before, would be very naive.
If the greek people had any sense they would get the hell as far from the EU as possible. You wouldn't have to kick me out. At the same time they need a house cleaning to correct the way the wealthy get away with paying little or no taxes. Plus they need to get rid of all the politicians that sold them out to the EU bankers, and let the country get into this mess. On the latter, images of Benito Mussolini and his whore's dead bodies hanging in Milan at the end of WW2 comes to mind. {grin}