Will There Be Another Last Minute Reprieve For Greece?

[MajGenl.Meade]

That's a really good random thought. Or not

[Long Run]

Is everything an either or proposition?

In this case, there has to be a showing by Greece that there has been actual and fundamental change in the way their government behaves, since they have backslid in this regard on several occasions. Thus, it is an either/or deal, as it would be untenable to provide Greece with debt relief and allow a surge in government spending or tax cuts or other stimulation for the economy, as the latter is the basis of the problem.

[Crackpot]

Hard to progress when your economy is in freefall

[rubato]

http://economistsview.typepad.com/econo ... -time.html

'Negotiating with Germany is a Waste of Time'

Kevin O'Rourke:

...I don’t suppose that any other left wing party that may come to power in the future seeking to challenge the current European economic policy mix will be as feckless as Syriza. The lesson that they will draw from this debacle is: negotiating with Germany is a waste of time; be willing to act unilaterally, be willing to default unilaterally, have a plan for achieving primary surplus if you haven’t already achieved it, have a hard default and euro exit (now possible, thanks to the Germans) option in your back pocket, and be willing to use it at the first sign of hassle from the ECB. A deal could have been done today that would have strengthened the Eurozone, but instead it has just become a lot more fragile.

[Gob]

If that's the case one would wonder why the governments are offering to restructure the debt once again; unless it's that they are reaping what they sowed and are just dancing to the dictates of the bankers who cannot afford to write off the debts. I love the hand wringing and rhetoric about how itrrespomnsible Greece is, followed by an offer to just extend the debt (and the ultimate again reconciliation) yet another time. I told you they wouldn't pull the plug on Greece--the bankers won't let them.

They offered the restructure as Germany and France are shit scared that Greece leaving the EU would pull the whole sham edifice down. The money owed is not to Banks BTW, it's to the IMF and otehr quasi national groupings.

[Long Run]

Major stakeholder:

The European Stability Mechanism (ESM) is an international organization located in Luxembourg which was established on 27 September 2012 as a permanent firewall for the eurozone to safeguard and provide instant access to financial assistance programs for member states of the eurozone in financial difficulty, with a maximum lending capacity of €500 billion. It replaced two earlier temporary EU funding programmes: the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM). All new bailouts for any eurozone member state will now be covered by ESM, while the EFSF and EFSM will continue to handle money transfers and program monitoring for the previously approved bailout loans to Ireland, Portugal and Greece.

https://en.wikipedia.org/wiki/European_ ... _Mechanism

Germany 27%, France 20%, Italy 18%, Spain 12% are the big contributors.

[Econoline]

Serious question (to which I don't know the answer): is there actually enough money left anywhere in the Greek economy to pay back all that debt? (and if there is, where?)...or will the Greek government now have to sell off the country wholesale to Germany?