Another month another cliffhanger

[Suff]

Deja Vu

I believe I said this only a few days ago. The only people who can save the Greeks are the creditors.

Even at this late stage they are demanding that Athens give them Even More than the already crippling climb down which has happened this week.

Even if they can manage to force this legislation through parliament by Tuesday, it will destroy the Greek government and cause chaos. It will be nothing more than lip service as it will, almost certainly, force Syriza out of Government.

At a new election it is possible, then, for Syriza to campaign for leaving the Euro on the grounds that the creditors will never renegotiate the debt and that Greece will never exit the suffering....

They tried.

They failed.

Why? Because the Greeks think that being in the Euro is a good thing. Only when the Greeks realise that this is a bad thing will things finally start getting better for the Greeks.

I've read a lot about how Greece will "drop into chaos" if they exit the Euro. However, recently, I've been reading a lot about how Greece is already in chaos in all but name and that the drop, should they default, will not actually be that much further than it has already gone.

After all, they are now almost where they were in 1990. If this continues, people will be back where they were in 1980 when they joined the EEC. The major difference being that it will be almost impossible for them to move from that position until they finish paying the bailout loans back in the 2050's. Also assuming that they get more bailouts as they don't have enough money left to survive 6 months.

For the Greeks the Euro was a fairy tale. Without the happy ending. Time to close the book, look reality in the face and move on.

Notably that would be bad for the rest of the Euro Zone so they are constantly trying to scare the Greeks into staying as 4th class citizens.

[Edit]

Interestingly I missed this little snippet in the FT article.

“It raises the question whether creditors are trying to bring about regime change in Athens.”

I'd say that has been a definite YES since January.

[Suff]

So another day another summit another eurogroup meeting.....

Monday the Greeks put in a late amendment to what they were willing to do. It constituted pretty much breaking every red line they had to one extent or another. Just about alienated everyone in Greece and set the party at each others throats.

EU/Troika response?

Not enough, we want more, followed by a formal demand.

The Greek response today. Another paper offering less than they offered on Monday.

The 'Crats are bemused. They seem to think this is like haggling for a cheap skirt on the market. You start somewhere and I'll counter you with half more than you started with. Kind of like haggling backwards to a higher price.

Tsipras is incensed. He put his whole reputation at home on the line, is being called a traitor and, without the slightest of grace, the Troika slaps him down and the finance ministers grind him under their heels.

So it's back to the drawing board and the eurogroup will meet again on Saturday after the Greeks have been given time to reflect and "bend the knee". Or both knees and drop the kecks........

Reality says that the Greeks will never get this through parliament before the end of Sunday and The German parliament has to vote on it on Monday if the Greeks, by some miracle, manage to get the legislation voted through.

Hopes? I'm hoping Tsipras is playing some kind of desperate gamble where he can go back to parliament and the people and tell them "you see, nobody can negotiate with them, they just won't negotiate". Then call snap elections and campaign on leaving the Euro because it's not possible to stay in it and have any quality of life.

I'll be on holiday when this all goes down so I won't be posting. But I will be watching....

[Suff]

Ah the joys of EU negotiations. A.K.A you stab my back and I'll stab yours.

Now we hear that Merkel and Hollande can guarantee Greece 15.5 bn in Loans. (tapatalk, crap for putting links in on a mobile)

Amazing isnt it what is on offer when it looks like your stance will trash their financial system....

I, personally, hope the Greeks hold fast and see how deep the rabbit hole goes.

At least they would not be the only ones suffering and would be able to put their economy back on track.

[Workingman]

Yes, we know you cannot pay, we know that, we have always known that. We have let you borrow so much that your fortnightly benefits are less than your payments to us. So, here is what we will do. We will lend you a lot more. It will cover the interest payments on your original interest payments for at least a few months, and if there is any left over you can get a 50" plasma TV. Sound good? Sign here.

See you soon....

[Suff]

I must admit that the cynical game that EU countries are playing against the Greeks is beginning to grate. It's been €7.2bn for months now and everyone and their dog knew it would never fly and would not meet the debt repayments.

Suddenly two EU countries have pulled 15.5 bn out of their jacksie without reference to their parliaments or any other body. Just like that. Which means that money was always there. Why push Greece to the wall when they knew it was only a stopgap then offer billions more like an olive branch??? As if having failed to bully them into what they want, now they are trying to buy them.

If I were Tsipras I would, by now, know exactly how scared they are. I would hold out for more as a certainty. In fact I'd default and see just how much further they were willing to go when the catastrophe was upon them.

Honestly it makes me want to spit with anger.... Hopefully the Syriza parliament will see it the same way...

[Suff]

Good for them