Yep, than the greeks can relax, drink Ouzo and rewatch Rocky with Visaria, the privilege of a triumphing ancient culture... I don't think Syriza acts with the least concern for their creditors, they already think Fuck them all, now it's not clear they are and feel in such a confortable position... Anyway, if the Chinese take over Greece, i might be able to head back to Europe earlier than expected_ I'd rather see them take over Paris or Munich, but one step at a time !
79% of Greeks agree with government's policy pledges, and 76% agree that Greece should "remain in euro area at any cost" LOL!
This is being treated as purely a financial issue. As Marc Chandler has noted however, it is anything but. Greece is an important NATO member and actually has spent its expected share of GDP on defense, unlike most of the other EU states. Some part of the Greek debt stems from that, although I am not so naive not to think that those defense purchases pumped up a lot of insiders' Swiss bank accounts. A greek exit from the EU might well be followed by an exit from NATO and the establishment of Russian or Chinese naval bases there. Given the current western paranoia about Russia, one would think that would send shivers up the spines of western leaders. Avoiding it would seem to be well worth the relativley small cost of accommodating Greece's debt. The letter from the new Greek leader in the OP made a certain amount of sense. Greece is insolvent in the accounting sense. It's unclear how extending bad loans and providing new money to pay the old debt advances matters. This idea that sovereign euro debt can never be defaulted on is bizarre. Would the US monetary system collapse if a state defaulted on bonds? Plenty of countries, from Russia to most of South America, have defaulted before and life continued. Why is Greece so special?
Exactly...the only reason can be is to prop up the creditors, who are no doubt german and french banks. When Mexico defaulted i think in 1980?, the US fed came to the rescue. Why? Because the biggest lenders were the US banks!
That's a key part here. Essentially they want short term loans, on which they will default anyway. Who in their right mind would agree to that? The self-confessed Marxist leader of Greece is just living out his personal frustrations at this point.
How does this work with Syriza promising to be acting in the self-interest of Greece, allowing foreign bases on its soil. Russia is overstretched as it is, they're in no position to act as anyone's sugar daddy. China will want to privatize many Greek assets, something that Syriza promised it's voters won't happen. Naturally, none of this is an issue after Syriza's brief time in the government will be over. The relatively big defense budget is mostly that big because of their arch enemy Turkey, not because the Greeks care about meeting the expenditure targets (they clearly don't). At this point in time, Turkey is in a much better position and might just use it to their advantage.
That's funny ! Did they ask the same people ? Go figure why some doubt about the merits of universal vote to design the leaders of a country.... "Essentially they want short term loans, on which they will default anyway. Who in their right mind would agree to that?" +1 The best we can hope for is Syriza's Greece getting crushed economically fast enough to dampen the enthusiasm of their followers, most notably in Spain.
An "important" Nato member? How so? Where are the Nato bases in Eastern Europe located, in Greece? Incorrect, they are in Turkey. On which Nato missions has Greece meaningfully participated in the past? Defense spending does not equate international assistance or participation. Defense spending has nothing to do with Greece's debt problems and attitudes towards Europe. And Greece can choose whatever it wants of course, they can default, they can leave Schengen and they can leave Nato, in fact they can become a dictatorship again. But what they cannot do is scare and pressure Europeans anymore. Naval bases in Greece? Greece has already sold out its ports to China's COSCO. No, nothing that Greece does sends any shivers to anyone anymore. Greece's debt is relatively small? Aside the fact that its not let's not forget once you submit to extortions you will always be the dummy, I think everyone in Europe knows that perfectly well by now. Once Europe gives in to Greece's blatant demands it will be abused by Hellas forever. Greece is not insolvent. Greece will not be insolvent if it continues to carry out structural reforms prescribed by those it happily took their money from. Greece chooses to go bankrupt (if it does) but it is not forced into bankruptcy because of solvency issues. It has the clear choice to carry out reforms or not. Simple as that. A or B. Greece is NOT special, that is the whole point of mine since page 1!!!!!!!! Greece can go into default it will NOT ripple through Europe because the attitudes of most Spaniards is entirely different. Nor will it send equity markets into a tail spin. 5-10% selloff? Sure why not. So, nothing is special about Greece, that is exactly why I say that Greeks should go into default or choose to carry out reforms, just do it but the bullshit about involving the US Treasury and all those other lies and bullshit stories and extortionist attitudes are pathetic at best.
Well, obviously if you ignore some of the most active thread contributors you will have a hard time to follow... To sum up while Visaria is digging very deep to come up with his personal revisitation of grecoamerican mythology ( " Injured and ouzo fuelled Rocky kicks ass. Watch out euro folks" ) Tsingtao posts some interesting links and tidbits.