Just as Greece complies at last, Europe pulls the plug

The Telegraph ^ | 2/16/2012 | Ambrose Evans-Pritchard

[Olog-hai]

What, the EU’s really the bad guy here? Who’s surprised?

[mylife]

The Troika is not working.

[Olog-hai]

No, they’re working for themselves. Which is actually what was expected . . .

[mylife]

Triumvarat~ Panic On 5th Ave

[mylife]

Indeed.

[rwilson99]

So if Greece collapses... it screws Iran. Yes!

[RobbyS]

Golly, Greece really is like California!

[Milhous]

“government is now €7bn (£5.8bn) in arrears to private companies”

Stiff workers to pay freeloading banksters.

[familyop]

"What the EU-IMF "Troika" did not fully understand is how many firms were really part of the state in disguise."

That's what is not fully understood about our USA, but then leaders of all kinds refuse to think about it, much less discuss it. All hail the government-debt-dependent "service industry," which is not really industry. As for established exporters relying on credit for continuing business, that's a stylish but flawed business model.

[Del Rapier]

Greece essentially talked the game but couldn’t play it.It is their loss and Europe’s gain.

[bruinbirdman]

"government-debt-dependent "service industry," "

Now including lunch box inspectors, an idea straight from UK. In fact that's where Michele got all her bogus collectivist nutrition ideas.

yitbos

[okie01]

Stiff workers to pay freeloading banksters.

I believe your "banksters" have already taken a 70% write-down on the Greek bonds.

[caww]

Greece brought all this on themselves....they complain that their country is now being run by “outsiders”...but when a someone goes bankrupt an executor is appointed and you no longer have control of your assets, did they somehow think this would be an exception for them? They begged for money from the EU....then failed to even comply with a single point of that agreement... just what did they expect?

Greece has been “playing” their same old game for eons. They lied to the EU just to get accepted and then they wonder why the hammer is coming down.

"Borrower will always be servant to the lender"

[Razzz42]

Bankers now directing Greece, just print more money and throw it in that general direction. Locals have more time to burn down things since there are no jobs available. Looks like VAT was just enough to suck up any extra available cash to put Greece in the red since they were borderline already. BTW, a Letter of Credit (LC) guarantees whoever is delivering the goods, gets paid. If one contemplating issuing a LC doesn't want the risks of say, maybe, Iran going to war during shipment of oil or Greece defaults before the oil arrives at its destination besides insurance issues and product quality guarantees, you can see where one might not sign a LC because of possible losses at this time esp. when the US doesn't want Iran making money.

[Moltke]

Yep. It’s amazing how many, even here, are in denial about that simple truth.

[Bon mots]

Scary NY Slimes article on Greece.

Some of these faults are now apparent in the USA, such as the MSM being the propaganda arm of the current regime.

http://mobile.nytimes.com/2012/02/19/magazine/the-way-greeks-live-now.xml;jsessionid=B81E11BDA478E70A82EB8C83AA5BBFA5.w6?rec=t

[Milhous]

So it’s OK with you for governments, such as the state of Illinois, to refuse to pay private companies for services rendered?

[okie01]

So it’s OK with you for governments, such as the state of Illinois, to refuse to pay private companies for services rendered?

Excuse me. But where in hell did I even suggest such an outcome?

If you somehow misdirected this comment to me, I'll accept your apology.