Is This Finally The End For Greece In The Euro?

[EDDIE51]

http://www.bbc.co.uk/news/business-33531743
The IMF has said it wants no part in the bailout, as it was due to pay around 1/3rd will this finally push Greece out of the Euro?

[Peter Pedant]

Yeah I didnt understand that

The IMF is a creditor - and having lent recklessly so that the Geeks cant pay it back is now saying - o well we had better let them have it....

so the IMF isnt the lender of last resort but the giver and the giver and the giver

Christ like I call it - with other people's money

[EDDIE51]

The IMF realises that it will just be throwing even more money down the drain. They accept that what they have already loaned Greece is gone for ever, they just do not want to add more to it. The Greeks had better get the drachma printing presses rolling!

[lindapalmara]

Yes, it seems the EU are telling us (not asking) to fund the Greeks by £1 billion when we are not members of the Euro. Greece now really has to Exit the Euro. All countries should help them with aid until they get on their feet. They were doing reasonably well running a small surplus before their present Government came in. Now they are really bust with lots of business going bust since the start of these present negotiated. They could have a managed Grexit a long time ago but for Tsipras and his Marxist crew.

[Gromit]

Greece owe money to the IMF, the European Central Bank and the EU.

The creditors have a difference of opinion. EU says no debt relief, IMF say it is inevitable. The IMF exists to provide Global Monetery Stability so they can't walk away. If debt relief is as inevitable as the IMF says, then it will happen at some stage whether the EU want it or not.

[Gromit]

The IMF is a consortium of 188 countries. The fallout from a Greece failing would cause instability throught the world, which the IMF is in existance to try and avoid. Deals will be done.

[bazwillrun]

we can but hope...and lets put an end to this crazy political experiment of a one size fits all eussr, its empire and everything else it wants to put in place for its own political ends...it will not work...lets hope this wil lead to the break up and demise of this whole eussr folly and let the countries in europe be free to control themselves and get their identity back before its too late....

[ToraToraTora]

From what we are told by Gromit and the Euromaniacs the bubbles have a blank cheque for ever. The whole Euro experiment is a failure but the grandees of the EU refuse to admit the obvious and will do anything to avoid any sort of exit from the Euro. We should stop paying in to the pot ourselves and let the whole sorry mess sink.

[ichkeria]

Baz do you actually bang a real drum when you post this every time :-)

[EDDIE51]

I don't see Greece leaving the Euro as a disaster. They are largely self sufficient in food production so don't need to import much. If they go back to the Drachma the cost of tourism , which is the main 'industry' in Greece will fall and it will become even more popular than it is now. More tourists = more money. Greek exports ( mainly food) will become cheaper and more popular so even more cash, seems like a 'no brainer' to me.

[bazwillrun]

ichkeria

dont like dont read...dunno, seems pretty simple to me...
you wouldnt be pro eussr by anychance would you ?...just askin'

[retrocop]

I recall a taxi journey from one side of Lesvos to the other.
I asked the old driver how he liked the Euro. He spat out the window and said,"When I got paid on Friday with 2million drachma I feel I have done a man's work. Now I go home with 400 Euro I am poor"
If that is how the Greeks look at finances then no wonder.!!!

[ichkeria]

I love it baz. I try to imagine the drum beat too :-)

[lindapalmara]

I loved Retrospect analogy! Just about sums up the Greeks!

[lindapalmara]

That should read Retro's analogy!

[EDDIE51]

^^ I 'd like to be 'Poor' with just E400 a week take home!!

[youngmafbog]

Ick baz repeats it because he is right. Your counter is only to slate him on a post. Guess you have nothing to defend the eussr with. At least Gromit tries.
This whole sorry mess has to end with a Grexit. It wont break the Euro and it wont break the EU. Pigheadedness and bully ractics being used will though.
A Grexit with us all helping Greece is the only long term solution

[DTCwordfan]

£30000 per man woman and child of debt - and they want to add another 10000 - are they nuts?

[ichkeria]

"Ick baz repeats it because he is right. Your counter is only to slate him on a post."

I'm not slating him. He is plainly a sensible soul and I wouldn't dream of it :-)
Not sure about the logic "I repeat ergo I am right" Sounds a bit, er, Soviet that :-)

[ichkeria]

"sensitive" soul (!)

[New Judge]

"The fallout from a Greece failing would cause instability throught the world,.."

1. No it wouldn't. Greece represents only 2% of the EU's GDP and if it (economically) disappeared tomorrow there would be hardly any effect on the rest of the world outside Europe (but see below).

2. Greece has already failed. It has debts which are forecast to reach 200% of GDP under the new "deal" (up from about 180% at the moment). Little if any of this debt will ever be repaid. As part of the deal they are going to have to adopt measures which will further add to their woes making the chance of recovery even more remote.

Not for the first time the Euromaniacs emerge from their meeting after port and cigars, patting each other on the back, congratulating each other on reaching an "historic" (or did it read "hysterical"?) agreement. Not for the first time, before breaking out the bubbly, they seem to have overlooked the tiresome little task of running the terms of their latest largesse past the people who will be footing the bill .

This matter is by no means over. If it gets past the various hurdles it faces in the next few days and weeks (concurrence of the Greek and German parliaments as well as those of one or two other Eurozone members; concurrence of the IMF; legal challenges because the terms of the deal seem to break the Lisbon Treaty) the same problem will emerge again, probably before the end of the year and certainly within 12 months. This is because the Greeks may agree to the terms but have little intention or ability to implement them. It will not end until Greece is relieved of its debts, leaves the euro, reverts to its own currency and controls its own affairs. It can then revert to a declining economy (because they make no progress which sees growth and collect little in the way of taxes to finance services), a devaluing currency which reflects that economy (as all sensible currencies should) and resume their low tax, high spend economy of peasant farming with a smattering of tourism. But, as before they joined the euro, funded with their own money.

Of course the terror that the Euromaniacs fear is that a Grexit will see the beginning of the end for their ridiculously flawed single currency, at least in its current form. That's why they continue to refuse to face reality and solve the problem properly. It has nothing to do with saving Greece.