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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsGreece 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
oldandhappy
(6,719 posts)making these bad loans? Greece is obviously never going to pay all they owe...way way way over-extended.
Nuclear Unicorn
(19,497 posts)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.
geek tragedy
(68,868 posts)magical thyme
(14,881 posts)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)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)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.
brooklynite
(93,891 posts)How did the "corrupt government, 3 governments ago" get power?
oldandhappy
(6,719 posts)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)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)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)they spend more than they collect, and then borrow to cover the difference.