The crisis thread

hodroyd

hodroyd

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14,150
Looks like it could get worse if these new proposals are not accepted, no money left very, very soon..!!
 
rossyl

rossyl

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3,312
I've not said much, or possibly anything, in this thread but recent events have sparked my desire to foray into qasi-political debate on the forum!

I thought the new Greek PM was being quite tactical in meeting Merkel, in the way he was bringing up the German WW2 reparations. I thought he was pushing towards Greece getting a Marshall Plan type aid, leading more so to a "London Agreement on German Debt" resolution. The Germans were helped out of a seriously crippling debt, imposed on them due to quite heinous actions. The Greeks want similar. (Bit more on this here: www.economist.com/blogs/freeexchange/2012/06/economic-history) also this is very interesting (www.lse.ac.uk/researchAndExpertise/researchImpact/PDFs/germany-hypocrisy-eurozone-debt-crisis.pdf)

I can see the logic.

But talking with Russia is a dangerous game.

He will either push Germany into giving him the deal he wants, destroy all the hard work he has done within the EU, or, worse actually get into bed with Russia with the result being an even more screwed over Greece. There's talk of the Greek PM handing over to the Russians the keys to their national energy company and train companies, as well as rights to certain ports. All this with a country that is having financial turmoil due to the EU are imposed sanctions.

It will be interesting to see how it turns out. I'm hoping he does not turn to the Russians, instead he gets a Marshall Aid type plan.
 
hodroyd

hodroyd

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Brinkmanship is something that I would not say the Greek's are that good at, when playing with the big boys and the bet is with your country, very high stakes indeed..!!
 
safrane

safrane

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Apparently they had to ask the public to provide money to pay their last interest payment to the European bank...€780 million...still a long way to go and they have het to pay off tbe capital.
 
safrane

safrane

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So is this the final acts of this Greek tragedy?

I hear the ECB is to end its emergency funding to the banks today so I expect a rush on the banks/cash point as people grab what little they have before the banks are broke.

Still Euro is high so some good news for those going abroad for their hols, but less so for anyone who trades across the channel.

Good luck to oir Greek members.
 
Wattie

Wattie

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8,640
safrane said:
So is this the final acts of this Greek tragedy?

I hear the ECB is to end its emergency funding to the banks today so I expect a rush on the banks/cash point as people grab what little they have before the banks are broke.

Still Euro is high so some good news for those going abroad for their hols, but less so for anyone who trades across the channel.

Good luck to oir Greek members.
Click to expand...
Greece is still in a bailout programme till tuesday so technically the ECB cannot end its support.......if it does its effectively a political decision and thre ECB should not be making them!
Cheers Wattie
 
CatmanV2

CatmanV2

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Wattie said:
Greece is still in a bailout programme till tuesday so technically the ECB cannot end its support.......if it does its effectively a political decision and thre ECB should not be making them!
Cheers Wattie
Click to expand...

Indeed:

And French Prime Minister Manuel Valls said the ECB "is independent but... I don't think it can cut off rations [for the Greeks]". He said "it's the Greek nation that is suffering".

C
 
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