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Posted on 01/16/2012 6:57:41 AM PST by C19fan
As Greece and its lenders prepare for another week of tense negotiations, European officials now say that the task is less to help the country through its troubles than to avoid the sort of uncontrolled default that many experts fear could threaten the global financial system.
Officials from the so-called troika of foreign lenders to Greece — the European Central Bank, European Union and International Monetary Fund — have come to believe that the country has neither the ability nor the will to carry out the broad economic reforms it has promised in exchange for aid, people familiar with the talks say, and they say they are even prepared to withhold the next installment of aid in March.
(Excerpt) Read more at nytimes.com ...
At some point, they other Europeans will let Greece fall over the cliff before they, too, are pulled in...........
Just a pet peeve. It’s not Greece, or even the Greek economy. It is the Greek and European GOVERNMENTS that are responsible for all of this.
No, more like the Euros are trying to save themselves from thier own stupidity ... they lent Greece money knowing full well that Greece couldn’t repay it, and they continue to loan money that is all but guaranteed to be defaulted on.
Contrary to popular opinion, this is not a PIIGS problem, it is an EU/Euro problem - it is built into the system and each and every member nation KNEW from day one that not ONE of the countries involved could every honestly live up to the conditions imposed.
At the time, it seemed the borrowing could go on forever, and, for a while, everyone was happy - *espeically* the banks and central banks! Now that the party is over, these same interests decry the system they themselves set up. Banks are getting over a trillion Euros from the Central Banks in order to cover thier bad loans - IOW, ALL taxpayers (yes, you too) are being forced into financial slavery in order to bail out banks.
Rail all you want against some mythological greek inability to self rule. Ignoring the real causes however will not fix the problem.
Thanks C19fan.
Of course they don't, they can't devalue their currency" because they all knowingly committed to the "Crisis Currency" (Euro). Even the Euro supporters admitted there would be a future crisis, but felt it would pull them closer together at the end.
There is a tendency to think that the phrase "Don't let a crisis go to waste" refers to an unplanned for event, but that is, to be brief, complete BS.
But but,,,, Greece has plenty of money! They must, if they intend to provide welfare to pedophiles and kleptomaniacs.
Those that don't have cars ....abandon their donkeys....
Those without donkeys abandon their children....
Those without any of the above wait at empty pharmacy stores in the hope of a few suicide pills....
Prayers for the abandoned children.
These socialist countries have just made more “progress” than Germany. They have every aspect of their survival tied into government. I read last week that Greece had a shortage of asprain because the government could not buy it!
They have to totally reinvent themselves and their governance in order to survive. They are way beyond what “cuts” can accomplish. The US is the same.
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