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RandySF

(57,666 posts)
Wed Jul 1, 2015, 01:21 AM Jul 2015

Greece has asked for a new 2-year bailout

And now Greece has proposed a two-year bailout extension.

According to headlines from Bloomberg and others, Greek Prime Minister Alexis Tsipras has requested a two-year bailout program from the European Stability Mechanism.

The request is to cover all of the country's financial needs over the next two years, including a debt-restructuring plan.

On Tuesday, Greece is slated to miss a €1.6 billion ($1.79 billion) payment to the International Monetary Fund.



http://www.businessinsider.com/report-greece-has-proposed-a-2-year-deal-2015-6#ixzz3ec8wtlZg

12 replies = new reply since forum marked as read
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oldandhappy

(6,719 posts)
1. Is there any accountability for the banks/governments
Wed Jul 1, 2015, 01:32 AM
Jul 2015

making these bad loans? Greece is obviously never going to pay all they owe...way way way over-extended.

Nuclear Unicorn

(19,497 posts)
2. If it's a bad idea to loan Greece money due to its inability to pay
Wed Jul 1, 2015, 07:00 AM
Jul 2015

then the EU should not allow this bailout and should allow Greece to crash. All the loans seem to be doing is delaying the inevitable so it should have been allowed to crash on its own many, many years ago.

 

magical thyme

(14,881 posts)
5. the loans were unpayable from the start, because they were structured to destroy the Greek economy
Wed Jul 1, 2015, 07:16 AM
Jul 2015

The forced "austerity" ensured the loans would be unpayable. And the Troika's own economic analysis stated this in print outright from the start.

The Troika knew what they were doing from the get-go and it was deliberate.

It is the deliberate destruction of any pretense of democracy starting in Greece, but extending ultimately to every country there, unless and until the European people overthrow their Oligarchs.

 

davidn3600

(6,342 posts)
6. Who's fault was it Greece got in that situation in the first place?
Wed Jul 1, 2015, 07:38 AM
Jul 2015

The government hasn't shown any accountability. And now they just want to play chicken with everyone until someone blinks.

 

magical thyme

(14,881 posts)
7. a corrupt government, 3 governments ago, along with the Greek 1%ers
Wed Jul 1, 2015, 07:52 AM
Jul 2015

But the Greek people didn't cause this.

And the corrupt government and Greek 1%ers didn't do this alone or in a vacuum. The Troika aided and abetted it all along.

The current Greek government isn't "playing chicken." They're "playing for time" trying to find a way forward that will enable them to rebuild an economy that the Troika deliberately destroyed.

Without rebuilding the hollowed out economy, Greece can't pay back the debts.

The Troika have acted like a debtor's prison, ensuring the loans would never be paid back right from the get-go. And now are behaving like loan sharks, breaking the bones of the debtor to make an example in order to terrorize the rest of the so-called "PIIGS."

And I still say Germany should be made to re-pay the loans that Greece made and then forgave to Germany post WWII. Really, they (and we) should have left the German people to clean up their own rubble.

oldandhappy

(6,719 posts)
10. vicious
Wed Jul 1, 2015, 10:50 AM
Jul 2015

This was deliberate. It seems that way from the news, and now your statement makes it clear. awful. I got no ideas. I feel really sorry for the people of Greece, but not for the banks in the EU.

polly7

(20,582 posts)
12. Exactly.
Wed Jul 1, 2015, 10:53 AM
Jul 2015

A democratically elected government more interested in protecting and providing for its own citizens at the expense of the predatory lending institutions whose 'lending' benefits only themselves, cannot be tolerated. We've seen this over and over.

Greece needs to follow its own path - austerity literally kills, as it has there for years with all the suicides, the horrific unemployment, hopelessness and suffering.

http://www.democraticunderground.com/1016126220

http://www.democraticunderground.com/1016126285

http://www.democraticunderground.com/1016126211

http://www.democraticunderground.com/1016126052

pampango

(24,692 posts)
4. They won't repay anything unless their economy gets a stimulus. The only place that will come
Wed Jul 1, 2015, 07:13 AM
Jul 2015

from is more loans hopefully structured to eliminate all the tax breaks for the 1% like income from the huge shipping industry being all tax-free and no capital gains taxes on stock sales. Their 1% encouraged the government to borrow to fund operations rather than tax the 1%.

Continued austerity (teaching Greece a 'lesson' so that other countries don't try the same thing) is both bad for Greeks and will not lead to repayment. Much of the debt will have to be written off at some point but no repayment is going to happen as long as the Greek economy is imploding.

Historic NY

(37,449 posts)
8. Maybe they should start with a tax plan first....
Wed Jul 1, 2015, 08:36 AM
Jul 2015

they spend more than they collect, and then borrow to cover the difference.

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