Germany: No More Debt Relief For Greece – As Left-Wing Syriza Party Begins To Remove Austerity Measures…

(Via BBC) But Mrs Merkel told the Die Welt newspaper she still wanted Greece to stay in the eurozone.

Merkelgreece 1

Greece’s left-wing Syriza party won last weekend’s election with a pledge to have half the debt written off.

Its finance minister said the “troika” of global institutions overseeing Greek debt was a “rotten committee”.

The troika – the European Commission, European Central Bank and International Monetary Fund – had agreed a €240bn (£179bn; $270bn) bailout with the previous Greek government.

But new Finance Minister Yanis Varoufakis has refused to work with the troika to renegotiate the bailout terms and has already begun to roll back the austerity measures the creditors had demanded of the previous government. (read more)

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33 Responses to Germany: No More Debt Relief For Greece – As Left-Wing Syriza Party Begins To Remove Austerity Measures…

  1. Paul H. Lemmen says:

    Reblogged this on A Conservative Christian Man.


  2. auscitizenmom says:

    More riots?


  3. Beware of Greeks demanding endless gifts.


  4. dan says:

    Sometimes the best thing you can do is just stand back and let ‘er buck…


  5. doodahdaze says:

    Chapter 7 time. And come and get it. This is as bad as Obamacare. And nothing is as bad as the Obamacare mess. Strange brew. They are insane.


  6. BertDilbert says:

    I guess that Putin can bail out the Greek banks by printing rubles for them and open trade relations..

    Liked by 1 person

    • JohnP says:

      I don’t know how interested Putin would be in a bankrupt country full of people who don’t think they need to work. After all most of the billions in Greek bank write-offs have Russian accounts.


  7. HuskerHomer says:

    One way or another, quickly or slowly, Greece will renege on its debts, and leave the Euro. It will resinstitute the drachma, which will be worth very little. It’s people will become poorer than they are now. But, when your country is based on socialism, deficit spending, tax avoidance, protected oligarchs, and poor productivity, the end result is unavoidable.

    Liked by 2 people

    • BertDilbert says:

      “when your country is based on socialism, deficit spending, tax avoidance, protected oligarchs, and poor productivity, the end result is unavoidable.”

      Oh you mean like the US?

      Liked by 1 person

    • ytz4mee says:

      It seems that you are getting your information solely on what is spoon fed to you through the corporate media.

      Interestingly, unification of Germany was a priority of the Germans, and they spent billions to integrate East Germany into the West. It continues to be a never ending money pit for them. However, when “lesser” countries such as Greece were admitted to the EU, Germany in particular made no provision to uplift/integrate these countries to the living and economic standards found elsewhere in the EU region.

      Some of the “austerity” measures imposed by Brussels are just downright stupid and short-term thinking. One of the few assets Greece has, in contrast to most other EU members, is the repository of antiquities and the potential for an almost limitless, broad-appeal international tourism which will bring it hard currency. However, Brussels demanded huge layoffs in the public sector,which resulted in the ridiculous situation we found ourselves in during our recent visit to Athens: Buy a combo ticket for the six most popular tourist sites of Antiquities; however, no one is available to staff or keep them open for any consistent period of time, because Brussels demanded massive “public sector” layoffs. Result? Pissed off tourists, who won’t return and/or recommend Greece as a vacation destination to others, exacerbating the problem. And it ‘s not like the Greeks don’t want to work hard or develop their tourism industry – they do – but they are being “controlled” by the diktaks of Brussels and the IMF. Many Greeks have said “enough”.

      ADD: The article is wrong on at least two accounts: average Greek wage is 400 Euros per month, and true youth unemployment is significantly over 50%, FWIW. The people of Greece are really suffering.


      • BertDilbert says:

        Brussles just approved a trillion dollar QE to keep the European economy on 4 wheels. Looks Greek to me. I think Brussles is having a case of plank eye.


      • czarowniczy says:

        Interesting that Germany bent over backwards for Greece and Greece … trying not to get too into double entendres here. Turkey’s been begging to get into the EU for decades and while most of the rest of the EU wanted Turkey in Germany steadfastly blocked Turkey’s application. One wonders if Greece’s pressure to keep the Turks out may have been behind Germany’s efforts. All moot now, both the Greeks and Turks are switching dance partners.


      • Burnt Toast says:

        What you point out, Greece’s Antiquities civil service should/would be self-sustaining by (say) museum entrance fees, yet top-down planning cannot recognize those government services which are self-sustaining. So, they cut across the board because top-down planners are incapable of differentiating between their own efficient and inefficient subordinate elements.

        Sounds like a vicious circle or bureaucratic mumbo-jumbo Dilbert business-speak…
        But is just Dunning-Kruger / Peter Principle…

        … OK, vicious circle / Dunning-Kruger / Peter Principle, they are auguring it into the ground while the masses* stand by in awe of the transparent stupidity, but will take their EBT for another month hoping it will still be there next month.

        *masses: IQ say over 80, do recognize the Peter Principle.


    • doodahdaze says:

      They will be bailed out. One way or another. No matter what.


  8. myopiafree says:

    So the Greeks, “go it alone”, and default on all their debts. What now? Borrow another 11 Billion? Or, “print their own money?”. Eventually, they will get “run away inflation”, and need another bail out. Lots of luck – Greece.


  9. elvischupacabra says:

    Greece’s economy becoming Zimbabwe’s economy in 3… 2… 1…

    Liked by 1 person

  10. starfcker says:

    Don’t be so quick. All that bailout money just uses greece as a pass through to the german banks. All that EZ credit that allowed average greeks to drive a BMW or a benz was just a pass through to the german industrial sector. This is what it looks like when men reach their breaking point. Expect it to spread.


  11. czarowniczy says:

    Back to my post on the night of the win – Putin supported the Syriza Party and is supporting Tsipras for the PM’s post. Putin’s been instrumental in a huge new NG hub on the Greek/Turkish border that will transship NG thru Greece to Europe, not putting all of Russia’s eggs in the old Bloc transit basket. This will bring two very strategic NATO flanking countries into the Soviet…whoops…Russian fold and pump petro money into them. Note that the EU never asked Turkey to the EU ball, but Russia’s giving her the revenge of having EU gas and oil pass thru Turkey and building Turkey nuke plants that NATO/EU never did. The EU/NATO believed it could pimp out Turkey forever and let Greece stew in its own fiscal irresponsibility but Putin knew he had the resources to buy both away from Europe by playing each as a separate case – and it looks like it worked.
    Russia’s playing the economic/political game in the Mideast while it uses Iran to play the military game through its foreign military power projection, between them the Mideast won’t look the same 10 years and we will be much the sorrier for it. Europe will be the weak little eunuch propped up on the shreds of its former glory tacitly under Russian economic and military control as the Moslems nibble away at it bite by bite. The two wild cards will be Germany and France, in that order I believe. France still has a viable nuke force and the will to use it if pressed while Germany has military technical capability to take on Russia but not all of the will it needs.
    The Russians are planning/building a huge NG liquefaction port in Syria and I’m betting they’re dangling the prospects of another/others in front of both Greece and Turkey, as well as future oil terminals. Putin won this race driving ’89 Yugos while our dear POtuS threw wrenches into our current Corvettes – actually Putin didn’t win, our POtuS voluntarily pulled out of the race. He tried to push a ‘green’ energy dream while the rest of the known world’s still well into an already established and totally functional petroleum-based reality. Let’s see what;s left of the country by 2016.


  12. shipley130 says:

    What age can one retire in Greece today? That is certainly going to become a target to raise.


  13. Be Ge says:

    Trojan horse appears to be a tough archetype. The original one was not commie or hyperborean, though. Now, all of the country is em…one big….trojan horse to whosoever wishes to take it.


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