Eurozone will collapse...

Originally Posted by Osem

According to Andrew Neil on the Beeb, Merkel has just ruled out any further negotiations wit the Greeks until after their referendum on Sunday. He also mentioned rumours that the Greek PM may cancel the planned referendum.

And yet, the Eurogroup is meeting to discuss it today at 4:30, the ECB will discuss the ELA on the Greek banks in 10 minutes, Tsipras will make a TV speech any minute now and the the Greek Vice-President rubbished the media reports attributed to him in cancelling the referendum --- it not possible constitutionally.


And the Greek credit cards have no limits worldwide but no cash withdrawals

[Osem]

Presumably they're having discussions not negotiations.

Originally Posted by Osem

Presumably they're having discussions not negotiations.

I did not dispute what you said, it was accurate . See

http://www.bbc.co.uk/news/world-europe-33345219

[Osem]

Neil said it not me.

[Osem]

A "No" vote in the Greek referendum on bailout terms would not provide Greece with an easy way out of its economic crisis, the head of the grouping of eurozone finance ministers has said.

Jeroen Dijsselbloem's comments came after Greek Prime Minister Alexis Tsipras told Greeks a "No" vote would lead to a "better agreement".

But Mr Dijsselbloem insisted that suggestion was "simply wrong".

http://www.bbc.co.uk/news/world-europe-33363295

Originally Posted by Osem

http://www.bbc.co.uk/news/world-europe-33363295

If I were Greek, I'd listen to what the Eurocrats say, then do the exact opposite.

---------- Post added at 19:17 ---------- Previous post was at 17:41 ----------

Incidentally ... the IMF reckons even if Greece lifts its fustanella and allows the Eurozone to give it a good seeing-to, it will still be €50bn short of what it needs to function over the next 3 years.

[heero_yuy]

Well if I was a Greek I'd be dusting off those Drachma's that were stuffed in the bedding.

[Kursk]

I'm just a teensy bit worried that Prime Minister Tsipras and his Cabinet are going to turn up at the next eurozone meeting in full Spartan battledress and we all know what that means....

[nomadking]

Originally Posted by Kursk

I'm just a teensy bit worried that Prime Minister Tsipras and his Cabinet are going to turn up at the next eurozone meeting in full Spartan battledress and we all know what that means....

The Spartans spent so much time training for battle that they would have starved without slaves called helots. The helots worked on the Spartans' farms. They grew the food for the Spartan soldiers and their families.

They were freeloaders even back then.

[heero_yuy]

The fact that everyone’s repaying the IMF means that lending is essentially risk-free for them. And as in all other cases when lending is considered risk-free, the lender is encouraged to act irresponsibly, and to do really stupid things.

The most effective way to prevent irresponsible lending is to make it clear to lenders that they won’t see their money back if they lend irresponsibly. This is why Greece should default on the IMF loans and force the IMF to write them off. This would substantially strengthen the more prudent voices in the IMF decision-making processes.

Source

Some intersting observations on the IMF with the Greek chrisis.

[nomadking]

The lenders have already taken a 50% "haircut". The banks were lending on behalf of depositors/savers. It is those people who would lose out, including 77% of the money in Greek pension funds.

It is faith the banking system that has to be "propped up". People and businesses need to borrow for things like mortgages, business investment, start ups etc. People might prefer to put their money "under the mattress" instead.

If Greece had been denied lending in the past, what then? Even the UK needed IMF funding in the 1970's.

Varoufakis copies Harry Redknapp : press conferences on the road

[Escapee]

Originally Posted by nomadking

Even the UK needed IMF funding in the 1970's.

Both good examples of how left wing government spend, spend, spend policies can get a country into a mess.

[Osem]

Originally Posted by Escapee

Both good examples of how left wing government spend, spend, spend policies can get a country into a mess.

Too true.

[TheDaddy]

Originally Posted by Osem

Too true.

Or not true at all, depending on your prospective

http://www.newstatesman.com/politics...ting-seventies