Posted on 06/14/2015 2:26:02 PM PDT by John W
Talks aimed at reaching an 11th-hour deal between Greek ministers and their bailout creditors collapsed on Sunday evening after a new economic reform proposal submitted by Athens was deemed inadequate to continue negotiations.
The breakdown is the clearest sign yet that differences between the two sides may be too wide to breach, increasing the possibility that Athens will not secure the €7.2bn in bailout aid it needs to avoid defaulting on its debts — including a €1.5bn loan repayment due to the International Monetary Fund in just two weeks.
(Excerpt) Read more at ft.com ...
Monday is going to fun with the financial markets...!
This is “deja vu all over again” ...
If the Greek communists, who were elected by promising more free stuff and a rollback of trying to live within a sensible budget, try to live by a budget they will be out of office by the day’s end. So, they can’t give in.
If Germany caves and provides even more money it is almost literally urinating it down a rat hole. The EU will never see the money again. But the EU isn’t really feeling the pain so they’ll try to play hardball but give in. There is plenty of urine left.
Face it. Greece has been in default for five years,Only bizarre financial shenanigans by the EU and the IMF ( 60% funded by US taxpayers) have kept the proliferate Greeks “solvent” and the non sustainable spending to continue. Eventually even dopey people stop lending money to deadbeats.
I dunno about that. It's easy to lend when it's taxpayer money and not yours.
Socialism does not work...thump...socialism does not work...thump...socialism does not work...thump...socialism does not work..
Selling any antiquities,
Yet?
The whole bailout negotiation is bizarre. The EU is going to loan Greece a few billion which Greece will give back to the EU to pay interest on the debt. Left pocket, meet right pocket.
What is scary/interesting about this situation is you can see the hole that socialism digs over time. Imagine Greece elects Adam Smith to run the country, then what? The country is in debt, makes little, the biggest employer is the government, and owes a huge number of people a pension. How do you turn Greece back into a productive country?
The horrible thing is we (the US) are on the same path.
Anyone for dominoes?
Greece’s financial problems came to the world’s attention because nobody in Athens was paying the tax to build a swimming pool.
They had the money to put in built-in swimming pools, they just didn’t want to use their own money to pay the tax for the pool.
The Geeks like to spend other people’s tax money.
Opa! Opa! Opa!
Another shot of whiskey to postpone the hangover.
Greece has been insolvent literally its entire existence as a Republic. It had a few bright spots with the Cold War and both sides pumping money in and the Onasis miracle when he bought all those old Liberty ships just before the Suez Crisis.
The 100th anniversary Olympics was one last Hurrah to complete financial idiocy. Still Europe will cave and let them go on just the way they have always done.
Not really. It's from the taxpayer's pockets to the banker's pockets.
Markets will likely rally.
Let Russia have whizz. They can spare some now that Obama is supporting Cuba.
This is the sound of the world doing the same thing again and again, and expecting a different result i.e. the world is insane. Who'd a thunk?
Ultimately taxes pay for everything, but money supplied for the "bailout" comes from the EU, and will go back to pay debt to the EU. Yes, future greek taxpayers will be on the hook, or they will default, so they pay one way or another.
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