Happy_Trails
TSP Pro
- Reaction score
- 14
I actually think that would be bullish. That could potentially preserve last week's deal.
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Europe / Eurozone
- Thread starter tsptalk
- Start date
I actually think that would be bullish. That could potentially preserve last week's deal.
Frixxxx
Moderator
- Reaction score
- 131
I'm hoping international pressure will keep the plan in place. But if Greece's government fails (4th, behind Ireland, Portugal and Slovakia) it will show that no matter how much money you throw at this problem, it still isn't working.....
Warrenlm
TSP Legend
- Reaction score
- 93
The former Deputy Finance Minister of Greece was on CNBC. He said that the proposed "haircut" of 50% is not nearly enough. He named a sizable amount of debt that should be forgiven outright. He said the "haircut" should not be considered a default because everyone knows Greece cannot repay its debt.
Greece needs more money to keep going or else the world as we know it will end.
Greece needs more money to keep going or else the world as we know it will end.
- Reaction score
- 2,455
I think that Papandreou (the prime minister of Greece) may need to be on a suicide watch because he is under some huge pressure. He wants the people of Greece to vote on the bailout but the Eurozone folks are trying desperately to talk him out of it. It seems like a slap in the face to those other countries who agreed to bail them out. Greece may sink.
burrocrat
TSP Talk Royalty
- Reaction score
- 162
I like big Papa's move here, put the question to the people, let them manifest their destiny, how can you go wrong with that.
How much can you let the bankers force down your throat before it becomes your fault for accepting it? Let the people swallowing it have their voice. I'm sure they're much more intimately aware of both the current pain and the impending consequences of either choice.
Democracy is a tricky thing. Unusual bit of what the future will call history taking place right here in the present.
Whoo, hooo. Burn it. I bet he knows a bit about playing cards. That's balls out, either he has it and knows it, or else has nothing to lose.
How much can you let the bankers force down your throat before it becomes your fault for accepting it? Let the people swallowing it have their voice. I'm sure they're much more intimately aware of both the current pain and the impending consequences of either choice.
Democracy is a tricky thing. Unusual bit of what the future will call history taking place right here in the present.
Whoo, hooo. Burn it. I bet he knows a bit about playing cards. That's balls out, either he has it and knows it, or else has nothing to lose.
burrocrat
TSP Talk Royalty
- Reaction score
- 162
Just trying to figure this out, they secure a 50% discount and 100+ billion more free dollars, and they're still something so wrong with that 'sustainable' scenario that you question whether to just tie your bandana to a stick and start walking, pick your own fork in the road, for better or worse?
What does he see that we don't?
At least somebody called poop or get off the pot. Maybe this is the start of putting 2008 all behind us. Riiigghht.
Or left?
A simple 50/50 shot, you're only going to lose half the time. Unfortunately when you do, it may be the last time. Batter up.
What does he see that we don't?
At least somebody called poop or get off the pot. Maybe this is the start of putting 2008 all behind us. Riiigghht.
Or left?
A simple 50/50 shot, you're only going to lose half the time. Unfortunately when you do, it may be the last time. Batter up.
FishSqueezer
Investor
- Reaction score
- 3
I'm starting to have a different idea on this whole idea of the referendum in Greece, now that Papandreou has apparently stepped down. Maybe this was all a strategic stroke of genius on his part that will only be appreciated 2-3 years down the road...maybe.
Look back over the last few months. The Greek parliament has been having difficulties passing the austerity measures needed and also required to get the bailouts from the rest of the EU. Riots in the streets and all that. Not that the EU has been efficient either; taking up every last minute to develop a plan (BTW, do they have one yet?), having to survive votes of confidence, the whole thing relying on Slovakia, yadda yadda. All the while everyone was screaming "do it right, do it now!"...been going on for over 2 years now. Seems to me that a bunch of them were taking the opportunity to play their petty political games in preparation for the next election rather than do what was needed in a timely fashion (sound familiar?). Maybe this referendum idea was a tactic to get everyone, and I mean all of 'em, Greece and the rest of the EU combined, to take a real, hard look at what continued inaction on everyone's part really means: uncontrolled failure of Greece, subsequent failure of Italy, Spain next, continental contagion, worldwide financial collapse. Get a good eyeful of that and then think if its really worth going straight to that result without giving these stopgap measures another try. Even though it may have cost Papandreou his PM job, he did get everyone to agree that the current plan is much better than the alternative, and he may have secured the political will to avoid that alternative.
Or maybe I'm rambling.
Look back over the last few months. The Greek parliament has been having difficulties passing the austerity measures needed and also required to get the bailouts from the rest of the EU. Riots in the streets and all that. Not that the EU has been efficient either; taking up every last minute to develop a plan (BTW, do they have one yet?), having to survive votes of confidence, the whole thing relying on Slovakia, yadda yadda. All the while everyone was screaming "do it right, do it now!"...been going on for over 2 years now. Seems to me that a bunch of them were taking the opportunity to play their petty political games in preparation for the next election rather than do what was needed in a timely fashion (sound familiar?). Maybe this referendum idea was a tactic to get everyone, and I mean all of 'em, Greece and the rest of the EU combined, to take a real, hard look at what continued inaction on everyone's part really means: uncontrolled failure of Greece, subsequent failure of Italy, Spain next, continental contagion, worldwide financial collapse. Get a good eyeful of that and then think if its really worth going straight to that result without giving these stopgap measures another try. Even though it may have cost Papandreou his PM job, he did get everyone to agree that the current plan is much better than the alternative, and he may have secured the political will to avoid that alternative.
Or maybe I'm rambling.
- Reaction score
- 2,455
Good post FishSqueezer. You may be right. It was a no win situation but he may have outsmarted the folks, or at least got them to see another side without them realizing it.
burrocrat
TSP Talk Royalty
- Reaction score
- 162
Yeah, but who pushed him into that corner? And why?
