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Asunto: News Around The World
(by comparison, Germany’s external debts currently stand at about 145% of GDP).
And?? Didn't check your numbers but this is also not important. One person can have a mortgage of 50.000 euro, another of 1.000.000 euro, as long as both can pay the mortgage nothing is wrong. But both situations have nothing to do with each other.
Greece isn't Germany, completely different financial situation.
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And?? Didn't check your numbers but this is also not important. One person can have a mortgage of 50.000 euro, another of 1.000.000 euro, as long as both can pay the mortgage nothing is wrong. But both situations have nothing to do with each other.
Greece isn't Germany, completely different financial situation.
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I am not changing the subject
you crying about the effects of Greek crisis but you blame everyone else except your politicians
If you lose money because your politicians wanted to save some bank throw Greece its your fault because you choose those politicians who made that choice my friend
You can ignore that reality and just keep crying like little child
you crying about the effects of Greek crisis but you blame everyone else except your politicians
If you lose money because your politicians wanted to save some bank throw Greece its your fault because you choose those politicians who made that choice my friend
You can ignore that reality and just keep crying like little child
If you find funny this situation and these conditions, you can have fun........
Anyway i believe that whoever of the Europeans who have fun with this situation, they will have fun for a while, not for long.
Here in Greece we say a saying: 'whoever ridicule, ridicule his face first of all' '.
So be careful because this situation can back boomerang.
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Anyway i believe that whoever of the Europeans who have fun with this situation, they will have fun for a while, not for long.
Here in Greece we say a saying: 'whoever ridicule, ridicule his face first of all' '.
So be careful because this situation can back boomerang.
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lol, I am sorry, but if you are even comparing this current "Greek crisis", to Poland's debt to Germany, debt created to rebuild Poland after the second world war destruction (by Germany) :-], after Poland was sold by the western gov's, to the soviet (undemocratic left-wing radicals, to be nice about it) occupation for half a century :-] (literally and brutally), then I have nothing to say to you, as it sounds more like an insult, not a argument.
Left-wing radicals are 9 out of 10 times only good at two things: spending and failure. Inevitable failure which follows inevitable over spending (just look and soviet Russia), left-ist idyllic utopian ideas are simply too expensive in the end, if people can't get that lesson from history then... I don't know what... it is just really really sad, I just hope for the sake of all humanity, that China has learned this lesson. :-]
This "argument" of debt clearance is just cheap left-wing populism in this case, and or anti-German nonsense... just like the link you copied, implied in full.
"We want everyone to be doing well, so the evil capitalist's "the rich" should forgive us the debt we consciously made, and over-spent to the point of near collapse." :-]
On what grounds? there are none... and most probably there will be some debt clearance anyway...
I only feel for the majority (4/5th's) of Greek people, as is seems obvious to me, that government corruption and stupidity is behind all this, a democratic minority in power is messing up the whole country. :-]
I know they mean well, but this is usually never good enough...
_ _ _
On the other hand, if we are thinking "outside the box", then I think there actually is grounds for a debt clearance to most countries, not only Greece, as in this day and age the debts go into virtual proportions, and are not directly caused by "natural phenomena" like war or drought, most of the time it is just virtual (but unfortunately real) government "legal" stealing and betting. In essence, if all debt of all countries in the world would be proportionally and equivalently cut, so that richer countries get the surplus credit also... then it could just work, in my opinion, but that is all fiction, just a socialist more radical than radical - dream. ;-p :-]
Unfortunately the reality of it all, is mainly doom.
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Left-wing radicals are 9 out of 10 times only good at two things: spending and failure. Inevitable failure which follows inevitable over spending (just look and soviet Russia), left-ist idyllic utopian ideas are simply too expensive in the end, if people can't get that lesson from history then... I don't know what... it is just really really sad, I just hope for the sake of all humanity, that China has learned this lesson. :-]
This "argument" of debt clearance is just cheap left-wing populism in this case, and or anti-German nonsense... just like the link you copied, implied in full.
"We want everyone to be doing well, so the evil capitalist's "the rich" should forgive us the debt we consciously made, and over-spent to the point of near collapse." :-]
On what grounds? there are none... and most probably there will be some debt clearance anyway...
I only feel for the majority (4/5th's) of Greek people, as is seems obvious to me, that government corruption and stupidity is behind all this, a democratic minority in power is messing up the whole country. :-]
I know they mean well, but this is usually never good enough...
_ _ _
On the other hand, if we are thinking "outside the box", then I think there actually is grounds for a debt clearance to most countries, not only Greece, as in this day and age the debts go into virtual proportions, and are not directly caused by "natural phenomena" like war or drought, most of the time it is just virtual (but unfortunately real) government "legal" stealing and betting. In essence, if all debt of all countries in the world would be proportionally and equivalently cut, so that richer countries get the surplus credit also... then it could just work, in my opinion, but that is all fiction, just a socialist more radical than radical - dream. ;-p :-]
Unfortunately the reality of it all, is mainly doom.
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I never vote PASOK and ND (the 2 parties who ruled in Greece for 40 years) so you are wrong again, but I wasnt talking personaly when I told you to blame your politicians I thought that we were talking in general (then blame your covoters for losing your money for the banks).
You see I forgot that you are always talking in personal (which is stupid in an internet game which you diont know who is in the oter side) and you always attacking to the opsosite side speaker
Pathetic poor charles...
You see I forgot that you are always talking in personal (which is stupid in an internet game which you diont know who is in the oter side) and you always attacking to the opsosite side speaker
Pathetic poor charles...
And here the money went to buy guns from west, went to the banks who was gaven loans to the rich ant to the old partiew, went to siemenes and other german companys which payed politician for fake deals etc
PS syriza is not communists, communists are different party (KKE) with about 5% of voters
syriza is like de linke in german podemos in spain or sean fein in ireland
dont see nigtmares everywere cause your communist past...
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PS syriza is not communists, communists are different party (KKE) with about 5% of voters
syriza is like de linke in german podemos in spain or sean fein in ireland
dont see nigtmares everywere cause your communist past...
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When a kid doesn't know what to say anymore a few things can be expected, twisting the words of the other and childishly repeating the other are two of these things.
I deleted my previous post because I'm not going to lower myself to your level.
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I deleted my previous post because I'm not going to lower myself to your level.
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Europe’s Attack on Greek Democracy
Joseph Stiglitz
http://www.project-syndicate.org/commentary/greece-referendum-troika-eurozone-by-joseph-e--stiglitz-2015-06
It is hard to advise Greeks how to vote on July 5. Neither alternative – approval or rejection of the troika’s terms – will be easy, and both carry huge risks. A yes vote would mean depression almost without end. Perhaps a depleted country – one that has sold off all of its assets, and whose bright young people have emigrated – might finally get debt forgiveness; perhaps, having shriveled into a middle-income economy, Greece might finally be able to get assistance from the World Bank. All of this might happen in the next decade, or perhaps in the decade after that.
By contrast, a no vote would at least open the possibility that Greece, with its strong democratic tradition, might grasp its destiny in its own hands. Greeks might gain the opportunity to shape a future that, though perhaps not as prosperous as the past, is far more hopeful than the unconscionable torture of the present.
The Consciense of A Liberal
Paul Krugman
http://krugman.blogs.nytimes.com/2015/06/28/grisis/?module=BlogPost-Title&version=Blog%20Main&contentCollection=Opinion&action=Click&pgtype=Blogs®ion=Body
I would vote no, for two reasons. First, much as the prospect of euro exit frightens everyone — me included — the troika is now effectively demanding that the policy regime of the past five years be continued indefinitely. Where is the hope in that? Maybe, just maybe, the willingness to leave will inspire a rethink, although probably not. But even so, devaluation couldn’t create that much more chaos than already exists, and would pave the way for eventual recovery, just as it has in many other times and places. Greece is not that different.
Second, the political implications of a yes vote would be deeply troubling. The troika clearly did a reverse Corleone — they made Tsipras an offer he can’t accept, and presumably did this knowingly. So the ultimatum was, in effect, a move to replace the Greek government. And even if you don’t like Syriza, that has to be disturbing for anyone who believes in European ideals.
Joseph Stiglitz
http://www.project-syndicate.org/commentary/greece-referendum-troika-eurozone-by-joseph-e--stiglitz-2015-06
It is hard to advise Greeks how to vote on July 5. Neither alternative – approval or rejection of the troika’s terms – will be easy, and both carry huge risks. A yes vote would mean depression almost without end. Perhaps a depleted country – one that has sold off all of its assets, and whose bright young people have emigrated – might finally get debt forgiveness; perhaps, having shriveled into a middle-income economy, Greece might finally be able to get assistance from the World Bank. All of this might happen in the next decade, or perhaps in the decade after that.
By contrast, a no vote would at least open the possibility that Greece, with its strong democratic tradition, might grasp its destiny in its own hands. Greeks might gain the opportunity to shape a future that, though perhaps not as prosperous as the past, is far more hopeful than the unconscionable torture of the present.
The Consciense of A Liberal
Paul Krugman
http://krugman.blogs.nytimes.com/2015/06/28/grisis/?module=BlogPost-Title&version=Blog%20Main&contentCollection=Opinion&action=Click&pgtype=Blogs®ion=Body
I would vote no, for two reasons. First, much as the prospect of euro exit frightens everyone — me included — the troika is now effectively demanding that the policy regime of the past five years be continued indefinitely. Where is the hope in that? Maybe, just maybe, the willingness to leave will inspire a rethink, although probably not. But even so, devaluation couldn’t create that much more chaos than already exists, and would pave the way for eventual recovery, just as it has in many other times and places. Greece is not that different.
Second, the political implications of a yes vote would be deeply troubling. The troika clearly did a reverse Corleone — they made Tsipras an offer he can’t accept, and presumably did this knowingly. So the ultimatum was, in effect, a move to replace the Greek government. And even if you don’t like Syriza, that has to be disturbing for anyone who believes in European ideals.
IS affiliate in Egypt claims rocket attack on Israel
A group affiliated with Islamic State has said it fired three rockets into Israel from Egypt's Sinai peninsula.
The affiliate, which calls itself Sinai Province, said it had acted in retaliation for what it says is Israeli support for the Egyptian army.
Israel said two rockets landed in the south of the country, causing no casualties or material damage.
At least 17 Egyptian soldiers and 100 IS militants have died in fighting in northern Sinai since Wednesday.
The clashes were triggered by a co-ordinated mass assault of IS militants on the town of Sheikh Zuweid.
Siren alert
Sinai Province claimed the rocket attack on social media on Friday.
The group said it had fired Grad rockets towards "occupied Palestine".
The Israeli military later said that two missiles landed in open areas in Israel's Negev region, causing no damage.
Sirens were heard in communities in Israel's Eshkol regional council, near the Gaza border.
"I trust the army and am certain that it will take all necessary measures to protect communities in the South," council leader Eshkol Gadi Yarkoni was quoted as saying the Haaretz newspaper.
Israel accuses Hamas, who run Gaza, of providing support for Sinai Province - a claim the Palestinian group denies.
Israel has a 240km (150 miles) border with the Sinai peninsula.
'Under control'
On Wednesday morning, militants launched near-simultaneous against at least five military checkpoints and a police station in and around Sheikh Zuweid.
The attack was one of the largest co-ordinated assaults so far by the jihadists in Sinai.
Eyewitness reported seeing militants roaming the streets of the northern town, clashing with armed forces.
An Egyptian military spokesman, Brig-Gen Mohammed Samir, later told state TV that the situation was "100% under control".
Jihadists based in the restive region stepped up their attacks after the military overthrew Islamist President Mohammed Morsi in July 2013.
At least 600 police and armed forces personnel have since been killed.
http://www.bbc.com/news/world-middle-east-33391871
It was just a matter of time before some IS alliance started to attack Israel. And Israel shooting back at neighboring countries, even if it is aimed at IS, will make the situation in that region most probably even worse.
And Israel accuses Hamas of providing support for Sinai Province :/ Of course, this group really needs the help of Hamas when IS is backing them up. Just as the IS attack isn't a surprise, Israel accusing Hamas is also no surprise at all. A 'good reason' for Israel to start another genocide of Gaza by murdering hundreds of children and women.
A group affiliated with Islamic State has said it fired three rockets into Israel from Egypt's Sinai peninsula.
The affiliate, which calls itself Sinai Province, said it had acted in retaliation for what it says is Israeli support for the Egyptian army.
Israel said two rockets landed in the south of the country, causing no casualties or material damage.
At least 17 Egyptian soldiers and 100 IS militants have died in fighting in northern Sinai since Wednesday.
The clashes were triggered by a co-ordinated mass assault of IS militants on the town of Sheikh Zuweid.
Siren alert
Sinai Province claimed the rocket attack on social media on Friday.
The group said it had fired Grad rockets towards "occupied Palestine".
The Israeli military later said that two missiles landed in open areas in Israel's Negev region, causing no damage.
Sirens were heard in communities in Israel's Eshkol regional council, near the Gaza border.
"I trust the army and am certain that it will take all necessary measures to protect communities in the South," council leader Eshkol Gadi Yarkoni was quoted as saying the Haaretz newspaper.
Israel accuses Hamas, who run Gaza, of providing support for Sinai Province - a claim the Palestinian group denies.
Israel has a 240km (150 miles) border with the Sinai peninsula.
'Under control'
On Wednesday morning, militants launched near-simultaneous against at least five military checkpoints and a police station in and around Sheikh Zuweid.
The attack was one of the largest co-ordinated assaults so far by the jihadists in Sinai.
Eyewitness reported seeing militants roaming the streets of the northern town, clashing with armed forces.
An Egyptian military spokesman, Brig-Gen Mohammed Samir, later told state TV that the situation was "100% under control".
Jihadists based in the restive region stepped up their attacks after the military overthrew Islamist President Mohammed Morsi in July 2013.
At least 600 police and armed forces personnel have since been killed.
http://www.bbc.com/news/world-middle-east-33391871
It was just a matter of time before some IS alliance started to attack Israel. And Israel shooting back at neighboring countries, even if it is aimed at IS, will make the situation in that region most probably even worse.
And Israel accuses Hamas of providing support for Sinai Province :/ Of course, this group really needs the help of Hamas when IS is backing them up. Just as the IS attack isn't a surprise, Israel accusing Hamas is also no surprise at all. A 'good reason' for Israel to start another genocide of Gaza by murdering hundreds of children and women.
Greek referendum: how voters interpret unclear question will decide outcome
The fact that there are many voters still undecided so close to the referendum does mean the outcome (if the polls are right) is impossible to predict with any certainty.
The question in Sunday’s vote is unclear and wordy, and the creditors’ proposals are technically no longer on offer. One week is an extraordinarily short time in which to call and hold an election, to the extent that the Council of Europe claims the vote doesn’t meet its standards. While others question the very legality of the vote.
All this adds up to confusion: it is not fully clear what Greeks are actually called to vote upon.
Because of this, a key factor will probably be what Greeks believe the vote to be about.
Those that think the referendum is about easing the burden of austerity are more likely to be inclined to vote no. In fact, support for Syriza remains high in voting intention polls and, in many surveys, has even increased since January’s general election.
However, the opposite is true if voters become convinced that the referendum puts into question Greece’s future in the euro.
Polls by ALCO and the University of Macedonia show that 74% and 81%, respectively, of Greeks want to remain in the single currency.
It’s clear why the no campaign repeatedly claims that a no vote would mean a better deal for Greece with its creditors.
While the yes camp (and most of Europe’s governments) is adamant that a no vote wouldn’t mean a better deal – it may mean no deal at all and instead would become a decisive step towards exiting the euro.
http://www.theguardian.com/news/datablog/2015/jul/03/greek-referendum-voters-greece-creditors-proposals
The fact that there are many voters still undecided so close to the referendum does mean the outcome (if the polls are right) is impossible to predict with any certainty.
The question in Sunday’s vote is unclear and wordy, and the creditors’ proposals are technically no longer on offer. One week is an extraordinarily short time in which to call and hold an election, to the extent that the Council of Europe claims the vote doesn’t meet its standards. While others question the very legality of the vote.
All this adds up to confusion: it is not fully clear what Greeks are actually called to vote upon.
Because of this, a key factor will probably be what Greeks believe the vote to be about.
Those that think the referendum is about easing the burden of austerity are more likely to be inclined to vote no. In fact, support for Syriza remains high in voting intention polls and, in many surveys, has even increased since January’s general election.
However, the opposite is true if voters become convinced that the referendum puts into question Greece’s future in the euro.
Polls by ALCO and the University of Macedonia show that 74% and 81%, respectively, of Greeks want to remain in the single currency.
It’s clear why the no campaign repeatedly claims that a no vote would mean a better deal for Greece with its creditors.
While the yes camp (and most of Europe’s governments) is adamant that a no vote wouldn’t mean a better deal – it may mean no deal at all and instead would become a decisive step towards exiting the euro.
http://www.theguardian.com/news/datablog/2015/jul/03/greek-referendum-voters-greece-creditors-proposals
Greek referendum falls short of standards - Council of Europe
PARIS, July 1 (Reuters) - Greece's July 5 referendum does not meet non-binding guidelines drawn up by the Council of Europe, notably one recommending that voters have at least two weeks to make their minds up, the human rights watchdog said on Wednesday.
It said it was also unable to send observers as a result of the short notice.
While there are no automatic legal consequences, the council's view underlines the confusion that many Greeks feel about the hastily-called plebiscite on whether to accept or reject international creditors' proposals for a cash-for-reform deal.
http://www.trust.org/item/20150701140640-eq0vi/?source=hpMostPopularTheWire
Maybe confusion is also part of the strategy :/
PARIS, July 1 (Reuters) - Greece's July 5 referendum does not meet non-binding guidelines drawn up by the Council of Europe, notably one recommending that voters have at least two weeks to make their minds up, the human rights watchdog said on Wednesday.
It said it was also unable to send observers as a result of the short notice.
While there are no automatic legal consequences, the council's view underlines the confusion that many Greeks feel about the hastily-called plebiscite on whether to accept or reject international creditors' proposals for a cash-for-reform deal.
http://www.trust.org/item/20150701140640-eq0vi/?source=hpMostPopularTheWire
Maybe confusion is also part of the strategy :/
Exclusive: Europeans tried to block IMF debt report on Greece: sources
Euro zone countries tried in vain to stop the IMF publishing a gloomy analysis of Greece's debt burden which the leftist government says vindicates its call to voters to reject bailout terms, sources familiar with the situation said on Friday.
The document released in Washington on Thursday said Greece's public finances will not be sustainable without substantial debt relief, possibly including write-offs by European partners of loans guaranteed by taxpayers.
It also said Greece will need at least 50 billion euros in additional aid over the next three years to keep itself afloat.
Publication of the draft Debt Sustainability Analysis laid bare a dispute between Brussels and the Washington-based global lender that has been simmering behind closed doors for months.
Greek Prime Minister Alexis Tsipras cited the report in a televised appeal to voters on Friday to say 'No' to the proposed austerity terms, which have anyway expired since talks broke down and Athens defaulted on an IMF loan this week.
It was not clear whether an arcane IMF document would influence a cliffhanger poll in which Greece's future in the euro zone is at stake with banks closed, cash withdrawals rationed and commerce seizing up.
"Yesterday an event of major political importance happened," Tsipras said. "The IMF published a report on Greece's economy which is a great vindication for the Greek government as it confirms the obvious - that Greek debt is not sustainable."
At a meeting on the International Monetary Fund's board on Wednesday, European members questioned the timing of the report which IMF management proposed at short notice releasing three days before Sunday's crucial referendum that may determine the country's future in the euro zone, the sources said.
There was no vote but the Europeans were heavily outnumbered and the United States, the strongest voice in the IMF, was in favor of publication, the sources said.
The Europeans were also concerned that the report could distract attention from a view they share with the IMF that the Tsipras government, in the five months since it was elected, has wrecked a fragile economy that was just starting to recover.
"It wasn't an easy decision," an IMF source involved in the debate over publication said. "We are not living in an ivory tower here. But the EU has to understand that not everything can be decided based on their own imperatives."
The board had considered all arguments, including the risk that the document would be politicized, but the prevailing view was that all the evidence and figures should be laid out transparently before the referendum.
"Facts are stubborn. You can't hide the facts because they may be exploited," the IMF source said.
IMF spokeswoman Angela Gaviria declined comment on this report.
POLITICALLY ANATHEMA
Greek Finance Minister Yanis Varoufakis said in a blog post the IMF had upheld the Syriza party government's contention for the last five months that debt relief should be at the center of the negotiations.
"Puzzlingly, all this fine research by the good people at the IMF suddenly evaporates when IMF functionaries coalesce with their ECB and the European Commission colleagues in order to impose upon our government their chosen policies," he wrote.
The IMF argues that Greece's debt burden of nearly 185 percent of gross domestic product can only be made sustainable if the euro zone provides considerable extra financing through a mixture of new loans and a debt restructuring.
This is politically anathema in Germany, the biggest creditor country, and most other euro zone states, where no leader wants to explain to taxpayers that the money they lent to Athens will never be coming back.
Euro zone governments insisted in five months of talks this year that a lengthening of loan maturities and a reduction in interest rates would only be considered after Greece had implemented its commitments under a 2012 bailout deal, including painful structural reforms and public spending cuts.
In Brussels, the way the IMF communicated the findings was seen as confusing, misleading and politically unhelpful.
The European Commission had produced its own debt sustainability analysis, based partially on IMF data, which is less pessimistic in its scenarios and is one of the documents mentioned on the Greek referendum ballot paper.
Diplomats said the IMF's publication of the study was a way of making clear it would only be part of any future loan pact with Greece if the Europeans included debt relief in the mix.
Germany and its north European allies have said the IMF's presence is indispensable both to win parliamentary backing for aid for any euro zone partner, and to keep the European institutions honest. Berlin suspects the European Commission of being too soft on Greek efforts to wriggle out of reforms of pensions, taxation, public sector wages and labor law.
The European Central Bank, the third partner in what used to be called the "troika" of bailout enforcers, is also keen to keep the IMF involved.
(Additional reporting by David Chance in Washington; editing by Anna Willard)
http://www.reuters.com/article/2015/07/03/us-eurozone-greece-imf-idUSKCN0PD20120150703
Euro zone countries tried in vain to stop the IMF publishing a gloomy analysis of Greece's debt burden which the leftist government says vindicates its call to voters to reject bailout terms, sources familiar with the situation said on Friday.
The document released in Washington on Thursday said Greece's public finances will not be sustainable without substantial debt relief, possibly including write-offs by European partners of loans guaranteed by taxpayers.
It also said Greece will need at least 50 billion euros in additional aid over the next three years to keep itself afloat.
Publication of the draft Debt Sustainability Analysis laid bare a dispute between Brussels and the Washington-based global lender that has been simmering behind closed doors for months.
Greek Prime Minister Alexis Tsipras cited the report in a televised appeal to voters on Friday to say 'No' to the proposed austerity terms, which have anyway expired since talks broke down and Athens defaulted on an IMF loan this week.
It was not clear whether an arcane IMF document would influence a cliffhanger poll in which Greece's future in the euro zone is at stake with banks closed, cash withdrawals rationed and commerce seizing up.
"Yesterday an event of major political importance happened," Tsipras said. "The IMF published a report on Greece's economy which is a great vindication for the Greek government as it confirms the obvious - that Greek debt is not sustainable."
At a meeting on the International Monetary Fund's board on Wednesday, European members questioned the timing of the report which IMF management proposed at short notice releasing three days before Sunday's crucial referendum that may determine the country's future in the euro zone, the sources said.
There was no vote but the Europeans were heavily outnumbered and the United States, the strongest voice in the IMF, was in favor of publication, the sources said.
The Europeans were also concerned that the report could distract attention from a view they share with the IMF that the Tsipras government, in the five months since it was elected, has wrecked a fragile economy that was just starting to recover.
"It wasn't an easy decision," an IMF source involved in the debate over publication said. "We are not living in an ivory tower here. But the EU has to understand that not everything can be decided based on their own imperatives."
The board had considered all arguments, including the risk that the document would be politicized, but the prevailing view was that all the evidence and figures should be laid out transparently before the referendum.
"Facts are stubborn. You can't hide the facts because they may be exploited," the IMF source said.
IMF spokeswoman Angela Gaviria declined comment on this report.
POLITICALLY ANATHEMA
Greek Finance Minister Yanis Varoufakis said in a blog post the IMF had upheld the Syriza party government's contention for the last five months that debt relief should be at the center of the negotiations.
"Puzzlingly, all this fine research by the good people at the IMF suddenly evaporates when IMF functionaries coalesce with their ECB and the European Commission colleagues in order to impose upon our government their chosen policies," he wrote.
The IMF argues that Greece's debt burden of nearly 185 percent of gross domestic product can only be made sustainable if the euro zone provides considerable extra financing through a mixture of new loans and a debt restructuring.
This is politically anathema in Germany, the biggest creditor country, and most other euro zone states, where no leader wants to explain to taxpayers that the money they lent to Athens will never be coming back.
Euro zone governments insisted in five months of talks this year that a lengthening of loan maturities and a reduction in interest rates would only be considered after Greece had implemented its commitments under a 2012 bailout deal, including painful structural reforms and public spending cuts.
In Brussels, the way the IMF communicated the findings was seen as confusing, misleading and politically unhelpful.
The European Commission had produced its own debt sustainability analysis, based partially on IMF data, which is less pessimistic in its scenarios and is one of the documents mentioned on the Greek referendum ballot paper.
Diplomats said the IMF's publication of the study was a way of making clear it would only be part of any future loan pact with Greece if the Europeans included debt relief in the mix.
Germany and its north European allies have said the IMF's presence is indispensable both to win parliamentary backing for aid for any euro zone partner, and to keep the European institutions honest. Berlin suspects the European Commission of being too soft on Greek efforts to wriggle out of reforms of pensions, taxation, public sector wages and labor law.
The European Central Bank, the third partner in what used to be called the "troika" of bailout enforcers, is also keen to keep the IMF involved.
(Additional reporting by David Chance in Washington; editing by Anna Willard)
http://www.reuters.com/article/2015/07/03/us-eurozone-greece-imf-idUSKCN0PD20120150703
Greek economy close to collapse as food and medicine run short
Alexis Tsipras urges people to vote no in Sunday’s referendum as capital controls bite and vital tourism industry sees tens of thousands cancel holidays in Greece
Greece’s economy is on the brink of collapse after the capital controls imposed ahead of Sunday’s referendum left the country with shortages of food and drugs, the tourist industry facing a wave of cancellations and banks with barely enough money to survive the weekend.
Banks said they had a €1bn cash buffer to see them through the weekend – equal to just €90 (£64) a head for the 11 million-strong population – and would require immediate help from the European Central Bank on Monday whatever the result of the referendum, in which the two sides are running neck and neck.
http://www.theguardian.com/world/2015/jul/03/greece-economy-collapse-close-food-medicine-shortage
Medicines, food, banks, tourism ....
Keep up the pro-Alexis Tsipras and support him till the end .... a pity for those who are dragged down because of this dumb blind support.
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Alexis Tsipras urges people to vote no in Sunday’s referendum as capital controls bite and vital tourism industry sees tens of thousands cancel holidays in Greece
Greece’s economy is on the brink of collapse after the capital controls imposed ahead of Sunday’s referendum left the country with shortages of food and drugs, the tourist industry facing a wave of cancellations and banks with barely enough money to survive the weekend.
Banks said they had a €1bn cash buffer to see them through the weekend – equal to just €90 (£64) a head for the 11 million-strong population – and would require immediate help from the European Central Bank on Monday whatever the result of the referendum, in which the two sides are running neck and neck.
http://www.theguardian.com/world/2015/jul/03/greece-economy-collapse-close-food-medicine-shortage
Medicines, food, banks, tourism ....
Keep up the pro-Alexis Tsipras and support him till the end .... a pity for those who are dragged down because of this dumb blind support.
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