IT'S OVER THIS MORNING ...GREECE FELL UNDER THE GERMAN BOOT ...the IVth. Reich recorded it's first victim - Greek MPs pass an unpopular austerity bill crucial for a 130bn euro ($170bn; £110bn) bailout, as protesters clash with police outside parliament.---The eurozone bloc (Germany in fact) wants a further 325m euros in savings for this year and also insists that Greek leaders give "strong political assurances" on the implementation of the packages. Greece cannot service its huge debt, and there are fears that a default could endanger Europe's financial stability and even lead to a break-up of the eurozone. But many Greeks feel they are already squeezed almost to breaking point and cannot take any more cuts, our correspondent says. Some are even saying Greece should leave the eurozone to be able to devalue its former currency, the drachma, and ease the debt stranglehold. Are you in Greece? Have you been protesting in Athens? What is your reaction to the austerity plan? You can send us your views and experiences using the comments link - I than you for that!
The Germans seem to be coming around to the idea of jettisoning the Greeks, but unless they can isolate that country, the whole house of cards will come down. If that happens, Ireland, Greece, Portugal and maybe Spain will renege on their debts, and the Germans will find themselves bailing out their own banks for a change. They'll also assume a share of the ECB liabilities currently being created, and their state will be as indebted as any other. There's a German word for how the rest of us will feel when that happens, but I can't spell it. ..... "Germany may, however, decide that the moral of this story is that it is suffering too high a price for keeping the single currency together – and that the stragglers need to be cut loose, perhaps once the French presidential election is over". Don't count on it. Germany will fight this to the bitter end, even if it means the ultimate financial ruin of their country. Unless Germany changes direction soon, and makes moves to pull out of the Euro soon, irrespective of the howls of horror from the French, Germany could soon be on the road to the break up of Germany itself into its 16 Lander. Merkel must have been told a million times to put Germany's self interest first, but once she gets into the company of French politicians in the Elysee, her logical mind goes to pieces.
6 comments:
I have just watched a report on the TV, and I do believe we are all getting hardened to seeing violence on television, especially on news reports. I have just watched the Greek militia,(sorry police-but that is what police forces have become) beating the hell into ordinary Greek citizens, who at the end of the day, are just ordinary people like you and me, not responsible for the decisions of their politicians. ----These are the fruits of the EU. and don't expect for one minute that it won't happen in Romania, UK, Portugal and elsewhere , it will. That is the aim of the Totalitarian EU, to conquer the whole of Europe by debt.
Look at Greece, as they are now, soon we shall be. Because all us, The European Countries, are up to our necks in debt, so no room for complacency. Democracy Now - Referendum Now. .... Kill the EU and the Euro - Before it Kills you !!!! All this havoc is about saving the German anf French banks and not Greece.... Greece must get out of European Union before it's to late.
The finance chiefs of Germany and Ireland have both cast doubt on claims that Greece has reached a credible agreement. In the last couple of minutes, German finance minister Wolfgang Schäuble told reporters in Brussels that it was "still not clear' that Greece can reduce its debt pile to 120% of GDP by 2020. That's the key long-term goal set by international lenders, at the heart of the plan to encourage creditors to take a 'voluntary' haircut on their loans. Ireland's Michael Noonan said that he was "not sure" a Greek deal has been done. Reuters is reporting that the Greek deputy labour minister has resigned over the new austerity measures agreed by the three coalition leaders
The Greek bailout is not a bailout of Greece, it's a bailout of foreign banks, mostly German and French
Greek leaders thought they had fulfilled their side of the bargain, yesterday, hammering out 3bn euros in extra budget cuts to qualify for their next round of international loans.
But at the meeting of eurozone finance ministers on Thursday, frustration at Greek foot-dragging seems to have won the day.
Those same politicians have now been told they have three days to come up with a bit more budget pain. And they have to all promise (in blood?) that they will stick with the programme, no matter what the voters might say in April.
International bailouts - and the debt crises leading up to them - are always pretty painful to watch.
You wouldn't look very dignified either, jumping through hoops for your bank manager, with your back firmly against the wall (mixed metaphor intended).
Greek politicians have approved a bill on austerity measures needed for a new bailout.
The austerity measures have been demanded by the EU, the International Monetary Fund (IMF) and the European Central Bank (ECB) - the so-called Troika - as a condition for handing over a further loan.
The agreement will unlock the latest 130bn euros (£108bn; $171bn) in bailout loans and allow a further 100bn-euro write-off of the country's debt to private banks.
Athens faces loan repayments to private lenders of 14.4bn euros on 20 March which it cannot afford to pay and it has failed to cut its deficit.
Greece must still clear four hurdles before it receives its €130bn bailout package.
1) The eurogroup of finance ministers, which meets on Wednesday night, must agree that it has now met the terms of the package
2) The leaders of its political parties must pledge in writing that they will implement it.
3) The German Bundestag must vote to approve the package, probably on February 27th.
4) The long-running negotiations with its creditors over debt restructuring (the Private Sector Involvement) must be concluded.
Gilles Moer of Deutche Bank told Bloomberg TV this morning that it is essential for Greece to maintain its credibility with its international partners. He said that the demand for Greece's leaders to make a commitment in writing "shows the pressure that the Troika is still prepared to put on Greece".
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