Greek Financial Crisis

[hullefc]

"If the "secret" IMF report is to be believed, the deal forced upon Greece may contain elements that contravene IMF rules (and possibly others) - if so this surely negates the validity of the whole proposal as the "package" has to be accepted in full - does this mean "back to the drawing board" - or can the Eurogroup, ECB and IMF ignore their own rules when it suits them. It would seem that the European Financial Stabilisation Mechanism is being considered as a source of funds, in spite of agreement not to use it for Euro Bailouts - goalpost moving?".

Insightful observation of the working of those that are supposed to help the European and world economy run 'smoothly'.

The Greeks should halt their vote. And demand clarification, that what they have been asked to do is within the rules of their organisations and actually legal. Seems like the Euro group are working on the hoof and don't know their ar*es from their elbows.

 

[hullefc]

It couldn't be clearer what the real intentions were.

"Peter Kazimir, the Slovak finance minister, ran into some controversy yesterday by tweeting that the compromise reached was tough for Athens because it was the result of their “Greece Spring.”

That was subsequently deleted but Kazimir has waded in again just now, changing “Greek Spring” to “Syriza Spring.”

Seems like 'you can have democracy providing we like the people you elect. If not you will pay'. Preparing a coup d'etat.

 

[Toffeelover]

"If the "secret" IMF report is to be believed, the deal forced upon Greece may contain elements that contravene IMF rules (and possibly others) - if so this surely negates the validity of the whole proposal as the "package" has to be accepted in full - does this mean "back to the drawing board" - or can the Eurogroup, ECB and IMF ignore their own rules when it suits them. It would seem that the European Financial Stabilisation Mechanism is being considered as a source of funds, in spite of agreement not to use it for Euro Bailouts - goalpost moving?".

Insightful observation of the working of those that are supposed to help the European and world economy run 'smoothly'.

The Greeks should halt their vote. And demand clarification, that what they have been asked to do is within the rules of their organisations and actually legal. Seems like the Euro group are working on the hoof and don't know their ar*es from their elbows.

It is not only us but other non Eurozone countries are being dragged into it. It demonstrates the desperation of Germany and especially France to hold the Eurozone together at any cost.

Wonder if a non Eurozone country got into such difficulties how much help it would get?

 

[hullefc]

It is not only us but other non Eurozone countries are being dragged into it. It demonstrates the desperation of Germany and especially France to hold the Eurozone together at any cost.

Wonder if a non Eurozone country got into such difficulties how much help it would get?

Romania. "The new programme will run for 24 months (until end-September 2015) and is composed of precautionary assistance by the European Union of up to EUR 2 billion and by the IMF of up to SDR 1.75 billion (around EUR 2 billion) supported by a new stand-by arrangement. In addition, the World Bank will continue providing earlier committed support of EUR 891 million, of which EUR 514 million is still to be disbursed".

All EU countries will have contributed to the fund that lent Romania money.

 

[Toffeelover]

Romania. "The new programme will run for 24 months (until end-September 2015) and is composed of precautionary assistance by the European Union of up to EUR 2 billion and by the IMF of up to SDR 1.75 billion (around EUR 2 billion) supported by a new stand-by arrangement. In addition, the World Bank will continue providing earlier committed support of EUR 891 million, of which EUR 514 million is still to be disbursed".

All EU countries will have contributed to the fund that lent Romania money.

Bl**dy hell will it never end, all these begging bowls. Of course for many this was the purpose of joining the EU.

 

[peteblue]

Romania. "The new programme will run for 24 months (until end-September 2015) and is composed of precautionary assistance by the European Union of up to EUR 2 billion and by the IMF of up to SDR 1.75 billion (around EUR 2 billion) supported by a new stand-by arrangement. In addition, the World Bank will continue providing earlier committed support of EUR 891 million, of which EUR 514 million is still to be disbursed".

All EU countries will have contributed to the fund that lent Romania money.

Loose change tbh.........

 

[hullefc]

Bl**dy hell will it never end, all these begging bowls. Of course for many this was the purpose of joining the EU.

The EIB in Bulgaria

EIB lending in Bulgaria totalled EUR 610 million in 2014, an impressive 126% increase compared to the previous year’s EUR 270 million. Over the past five years (from 2010-2014), the Bank has invested over EUR 1.3 billion in Bulgaria to promote its economic development. Of the 2014 lending, 49% of went towards financing transport and telecommunications projects, 33% for water, sewerage, solid waste and urban development, 18% in favour of SMEs and mid-caps".

The reason funds are forthcoming is to build up the outer EU countries economies so they can buy EU goods, primarily German as they are the country that dominates industrial goods. Germany has trade surpluses with the rest of the EU and the world (due to keeping the Euro 'competitive' - encourage Euro devaluation against the dollar). That is why the Euro was instigated by Germany. Easier and cheaper to have one currency rather than loads and loads. And trade surpluses have been criticised by the US, this doesn't go down well in Berlin.

 

[Toffeelover]

With the likes of the two countries just mentioned it highlights the failure of communist governments and the communism doctrine.

 

[davids]

In fact I think they and the other creditors were, which is why their attitude in the current crisis has been questioned.

The 50 billion "privatisation fund" to help guarantee another loan that the Greeks will find impossible to pay might give a clue to the motivation of the lenders.Who'll be next Italy with their 2,451.8 tonnes of gold reserves?

 

[Frank Gallagher]

germany will end up running/owning half of these Euro 'states' ... instead of taking them over by force (WW2) they will simply wait for them to default and then take over the debt and run the country!

 

[rascal]

With the likes of the two countries just mentioned it highlights the failure of communist governments and the communism doctrine.

And what of us?

 

[hullefc]

With the likes of the two countries just mentioned it highlights the failure of communist governments and the communism doctrine.

???? Communism ended in 1989.

 

[davids]

germany will end up running/owning half of these Euro 'states' ... instead of taking them over by force (WW2) they will simply wait for them to default and then take over the debt and run the country!

They have lined the dominos up and the first one is about to fall.

 

[magicjuan]

With the likes of the two countries just mentioned it highlights the failure of communist governments and the communism doctrine.

or the force of controlling finances...

 

[Toffeelover]

And what of us?

Hardly anything like the the states I referred to. Here there is accountability and the people can change governments. It is a process called General Election. No Communist country had them and so What of us?