I reckon its more down to he guys who forced the greeks to elect them day one. it should have been dealt with 5 years ago or 3 years ago
Greek letter to ESM is here http://www.bloomberg.com/news/articles/2015-07-08/greece-faces-euro-exit-unless-demands-accepted-by-sunday… pic.twitter.com/CE9SJEceDV please log in to view this image Greece submits new bailout request While the European Parliament debate was raging, Greece quietly submitted its formal request for a new aid package in an attempt to avoid crashing out of the eurozone. Finance minister Euclid Tsakalotos has asked for a three-year programme, from the bailout fund (the European Stability Mechanism). And in return, Greece would commit to: “to a comprehensive set of reforms and measures to be implemented in the areas of fiscal sustainability, financial stability, and long-term economic growth.” Importantly, Tsakalotos’s said that Greece is proposing to “immediately” implement measures, starting next week. That would include “Tax reform related measures” and “Pension related measures” -- two of the “red lines” that proved so hard to tackle in recent months. Tsakalotos also promises to flesh out these proposals on Thursday, with “a comprehensive and specific reform agenda” which can be assessed by the IMF, ECB and European Commission. And there’s no ducking the debt relief question: Tsakalotos says: Greece welcomes an opportunity to explore potential measures to be taken so that its official sector related debt becomes both sustainable and viable over the long term. Letter above.
Without going into the rights and wrongs of the austerity measures and the management of the loans/debt situation by both parties, the way the greek government went about trying to get their way was simply misguided. Gambling on the future of a whole nation like a game of poker.
the current lot yes i agree. they were elected on a brazen manifesto. they did get in due to where the greeks ended up. however i think the greeks debt doubled while they pay back german banks..... but then again their historic corruption and poor economic balance with far too many in cushy government jobs was the thing that put them in the hole.
Have you seen what's going on with the Chinese stock market at the moment? That's extremely ****ing worrying
Their growth is all fakey anyway. first time less than 7% you might as well say they are in recession as most of their growth comes form government stimulus and spending based on modernisation. 50% of stocks suspended on their markets and the Chinese state bank stepped in to buy shares and still could not stop the flood. china is really trying to transform form a state economy to a consumer economy but it doesn't have enough people with cash and those that do put it all in shares so now stand to lose it all we will have to see where it goes.
bascially the thing is a formal request. thats all. it will solve nothing as they cannot pay the loans they have. they already agreed to change pensions from 55 to 67 years old in public service and so there nothing new in this.
The chinese growth was the one that drove the world economy upwwards not the US . Reminds me of what happended to the japanese stock index about 30 years ago. At one point it was more than the US and when it fell to 25% of its value it never recovered. It has been in recession for that time. The base rate was 0% for decades. People didn't invest in shares and property. Every body saved and no one spent.
yes but that was a different economy dirven by consumers and exports. they all invested and made a bobbule. here china is a hoover for resources and products but it 2/3rds government spending and capital projects etc. the price of steel for example fluctuated wildly for last 10/15 years due to them.. same for coal.
From today's Guardian " The irony has not been lost on anyone - even though governing MPs are making light of it - that after the Greeks’ resounding rejection of further biting austerity at the weekend, prime minister Alexis Tsipras has with lightning speed now agreed to put his name to the most punitive austerity package any government has been asked to implement during the five years of economic crisis in Greece." That's what I forecast: Tsipras blinked first. His naïvety cost the Greek people dear. The austerity measures he now had to accept are worse than he put to the people on Sunday.
Greece debt crisis: Merkel says talks 'extremely difficult. Germany's Chancellor Angela Merkel has called the talks on Greece's debt rescue "extremely difficult" and ruled out "agreement at any price". She was speaking as she arrived in Brussels for a meeting of the other 18 eurozone leaders to discuss the deal. They are considering proposals by eurozone finance ministers which would impose tough conditions on Athens. Greece risks being ejected from the eurozone if a deal to rescue it from financial collapse is not reached. Finnish Finance Minister Alex Stubb said one condition in the ministers' proposal requires Greece to implement new laws by Wednesday. Greece will also be required to introduce tough conditions on labour reform, VAT and taxes, and tough measures on privatisation and privatisation funds, Mr Stubb told reporters. The head of the Eurogroup of finance ministers, Jeroen Dijsselbloem, said a "couple of big issues" remain which would be left to the heads of government to rule on, though he did not give details. Mrs Merkel told reporters that the eurozone leaders would be considering whether "the conditions are met" to start negotiations on a third bailout. "That's what is at stake, nothing more and nothing less," she said. But she warned that there would be "no agreement at any price", adding: "We have to make sure the pros outweigh the cons - for Greece's future, for the entire eurozone and the principles of our collaboration." Mr Tsipras was more upbeat, telling reporters: "I'm here ready for an honest compromise... we can reach an agreement tonight if all parties want it. Analysis: Laurence Peter, BBC News Chancellor Merkel and other eurozone leaders say there can be no third bailout unless trust is restored with the leftist Greek government. After months of delay and political upheaval in Greece this is a make-or-break summit - not least because Greek banks are desperately short of cash. A deal tonight could pave the way for a third bailout - but the process is fraught with uncertainty. A deal would require Greece to enact laws immediately to reform its pension system, sales tax (VAT) and labour market. Ambitious privatisation is required too - something that has been delayed for years. But the Finnish and German parliaments have to vote even to allow new bailout talks to start. The future of the euro is at stake - and that is concentrating minds. Prior to the finance ministers meeting, many had spoken of a breakdown in trust between Greece and other eurozone nations over the negotiations. Reports on Saturday suggested that German ministers were drawing up a plan that would allow Greece to exit the eurozone temporarily if this weekend's talks fail - something Athens says it is not aware of. This idea was also dismissed by France's President Francois Hollande who said: "There is no temporary Grexit, there is a Grexit or there is not a Grexit." He said France would "do everything to find a deal tonight, allowing Greece, if the conditions are met, to remain in the eurozone and allowing Europe to progress". Greece is asking creditors for €53.5bn ($59.47bn; £38.4bn) to cover its debts until 2018. However, the amount of the new bailout could reach €74bn as Greece seeks a restructuring of its massive debt, which it says is unsustainable. Of the €74bn, €58bn could come from the EU's bailout fund, the European Stability http://www.bbc.co.uk/news/world-europe-33499650
Merkel has done a Valley and exposed the entire mafia team by trying to get €50billion of Greek assets signed over to Schauble
I'll predict with 3 years we will be back to this. they have solved nothing and the debt will just continue to grow.
Greece debt crisis: Eurozone summit reaches agreement Did Greeks fail to pay 89.5% of taxes? 11 July 2015 Eurozone leaders have reached agreement over a third Greek bailout after marathon talks in Brussels. EU chairman Donald Tusk said leaders agreed "in principle" on negotiations for the bailout, "which in other words means continued support for Greece". Prime Minister Alexis Tsipras said that after a "tough battle", Greece had secured a "growth package" of €35bn (£25bn), and won debt restructuring. Greece will now have to pass reforms demanded by the eurozone by Wednesday. Follow our live updates "There will not be a 'Grexit'," said European Commission head Jean-Claude Juncker, referring to the widespread fear that if there had been no deal, Greece would have had to leave the eurozone. Mr Tsipras also said he had the "belief and the hope that... the possibility of 'Grexit' is in the past". "The deal is difficult but we averted the pursuit to move state assets abroad," he said. "We averted the plan for a financial strangulation and for the collapse of the banking system." Jeroen Dijsselbloem, the head of the eurozone group of finance ministers, said the agreement included a €50bn Greece-based fund that will privatise or manage Greek assets. Out of that €50bn, €25bn would be used to recapitalise Greek banks, he said. Greek banks have been closed for two weeks, with withdrawals at cash machines limited to €60 per day. The economy has been put under increasing strain, with some businesses closing and other struggling to pay suppliers. Eurozone finance ministers are due to meet later on Monday to discuss providing "bridge financing" that would cover Greece's short-term needs. Parliaments in several eurozone states have to approve any new bailout. "The road will be long, and judging by the negotiations tonight, difficult," German Chancellor Angela Merkel said on Monday morning. French President Francois Hollande said the agreement had allowed Europe to "preserve integrity and solidarity". "We also had to show that Europe is capable of solving a crisis that has menaced the eurozone for several years," he said. Eurozone leaders had been meeting in Brussels for 17 hours, with talks continuing through the night. During the talks, reports emerged that Greece was holding out over the proposed role of the International Monetary Fund (IMF) in a new programme, and over the fund to hold Greek assets. @media only screen and (min-width: 1px) { .ns_datapic_stat-- .ns_outer_wrapper { background-image: none; } .ns_datapic_stat-- .ns_outer_wrapper .ns_inner_wrapper { max-width: 100%; padding: 0; } } @media only screen and (min-width: 480px) { .ns_datapic_stat-- .ns_outer_wrapper .ns_inner_wrapper { max-width: 45%; padding: 0 1.875em 0 1.4375em; } .ns_datapic_stat-- .ns_outer_wrapper { background-image: url(http://newsimg.bbc.co.uk/media/images/82638000/jpg/_82638690_greekflag_reu_624.jpg); } } .ie8 .ns_datapic_stat-- .ns_outer_wrapper .ns_inner_wrapper { max-width: 45%; padding: 0 1.875em 0 1.4375em; } .ie8 .ns_datapic_stat-- .ns_outer_wrapper { background-image: url(http://newsimg.bbc.co.uk/media/images/82638000/jpg/_82638690_greekflag_reu_624.jpg); } Greece in numbers €320bn http://www.bbc.co.uk/news/world-europe-33503955
so how much debt is being written of if any here and will they end up in 3 years time with more or less national debt?
Was hoping this would be the first nail in the EU coffin. I still think (having not looked in detail at the current deal) that Greece will be back in this position soon enough and next time will leave.
if the debt that lead them here and the 50% unemployment of youth etc isn't dealt with this will only delay the inevitable.
