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For those wedded to orthodox interpretations of the Greek Crisis… June 29, 2015

Posted by WorldbyStorm in Uncategorized.
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… this Guardian opinion piece underlines a basic truth in regard to the situation:

The creditors need to have the humility to recognise that their austerity programme has failed. None of the hardship has made Greek debt more sustainable, yet still they demand more. The loss of about 5% of UK national income in 2008 could be answered by pumping in a fiscal injection of 1% GDP. Greece, where 25% of the economy has disappeared, is instead asked to offer up a fiscal blood donation, whose direct effect is withdrawing 1% of demand.

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1. CL - June 29, 2015

Merkel ” said she stood ready to restart talks with the government in Athens after a planned referendum on Sunday.”
http://www.reuters.com/article/2015/06/29/us-eurozone-greece-germany-merkel-idUSKCN0P91Q620150629

Apocalypse postponed?

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benmadigan - June 29, 2015

merkel doesn’t want to go down in history as the leader that broke up the Euro and the EU

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gendjinn - June 29, 2015

I seriously doubt that. Duetsche Bank is into Greece for more than enough to break it when Greece defaults. It’s the same reason the German/French govts forced Ireland to nationalise the bank debts to their banks and pension funds.

If the PIIGS could get together and threaten collective default the Germans, French and British would have to come to terms or face ruin.

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2. shea - June 29, 2015

more like let them eat cake. Money getting cut of tomorrow, she is not reported as proposing anything different.

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