Greece Watch...

OrraLoon · Post by **OrraLoon** » 19 Jun 2015, 22:15

So nothing that happens will be nice and Grexit could be a particularly brutal resolution of things.
So should they sign a contract giving Vlad several dozen tons of gold in exchange for guaranteed food, oil and medicine for x months while they get the New Drachma going?
It's what rainy day money is for, after all.

[No, I don't fully understand the consequences for the wider world, but I suspect that several people in positions of power will have come to widely different calculations on that. Like generals and diplomats just before a war.]

3rdRock · Post by **3rdRock** » 20 Jun 2015, 09:47

http://www.bbc.co.uk/news/business-33209199

Merkel urges deal before Monday summit

German Chancellor Angela Merkel has warned there must be a deal between Greece and its creditors ahead of Monday's emergency EU summit.

Otherwise, she said, the summit would not be able to make any decision.

Greece has less than two weeks remaining to strike a deal or face defaulting on a €1.6bn (£1.1bn) IMF loan repayment.

There are fears about the health of Greek banks, amid reports more than €4bn has been withdrawn this week.

On Friday, the European Central Bank (ECB) approved more emergency help for the banks. The amount of extra funding has not been officially disclosed.

Meanwhile, Russia says that it will consider granting a loan to Greece if it is asked.

If Greece fails to make the repayment due to the International Monetary Fund, it risks having to leave the eurozone and possibly also the EU.

http://www.telegraph.co.uk/news/worldne ... -bill.html

Greek crisis could land British taxpayers with large bill

3rdRock · Post by **3rdRock** » 20 Jun 2015, 14:20

http://www.bbc.co.uk/news/world-europe-33210144

New proposals to be put to creditors

http://rt.com/op-edge/268558-greece-cri ... t-default/

European political expediency will kill the Euro

3rdRock · Post by **3rdRock** » 21 Jun 2015, 10:32

http://www.independent.co.uk/news/world ... 34526.html

Kremlin denies talks of Greece loan ahead of IMF payment deadline

3rdRock · Post by **3rdRock** » 21 Jun 2015, 11:27

http://www.theguardian.com/world/2015/j ... -austerity

Episodes of despair and drama as moment of truth nears

AutomaticEarth · Post by **AutomaticEarth** » 21 Jun 2015, 11:37

Guess this is all you can do given the circumstances:

http://www.telegraph.co.uk/news/worldne ... aches.html

3rdRock · Post by **3rdRock** » 21 Jun 2015, 19:04

http://www.theguardian.com/world/2015/j ... -extension

Creditors aim to strike deal to include six-month rescue extension

Deal may also include up to €18bn in rescue funds, and later debt relief, but EU officials stress Alexis Tsipras must make concessions.

3rdRock · Post by **3rdRock** » 22 Jun 2015, 08:24

http://www.theguardian.com/world/2015/j ... r-progress

Tsipras concessions welcomed as 'good basis for progress'

It looks like they're about to kick the can a little further down the road.

Little John · Post by **Little John** » 22 Jun 2015, 09:58

It's to early to be certain, but I think the Northern Europeans may have blinked first. Possibly on the back of fears of a formal economic alliance between Greece and Russia. And if that had happened, the Yanks would have had a shit fit.

snow hope · Post by **snow hope** » 22 Jun 2015, 10:33

Yes, I am betting that they kick the can further down the road. Lots of bluster from all parties, but I can't imagine that they will do anything else really.

Why would any of the parties want to precipitate major European economic problems? Mind you in a weird way there would be a certain amount of "fun" watching what happened if they did default - but as I said I feel it would have major ramifications - thus won't happen.

3rdRock · Post by **3rdRock** » 22 Jun 2015, 15:19

http://www.bbc.co.uk/news/world-europe-33228119

Eurozone 'hopes for deal this week'

The Eurozone's top official says Greece's new proposals to end deadlock on its debt crisis are a positive step, but a deal is unlikely on Monday.

Eurogroup's Jeroen Dijsselbloem said EU ministers hoped to reach a deal later this week after assessing the plan.

He confirmed Monday's emergency EU summit in Brussels would go ahead.

biffvernon · Post by **biffvernon** » 22 Jun 2015, 16:39

Little John wrote:It's to early to be certain, but I think the Northern Europeans may have blinked first.

Yes, I think they had to, but they will do their best to show that the Greeks blinked first. To do otherwise would be to admit that Yanis Varoufakis is right (which he is) but they can't admit that or the whole house of cards will come tumbling down.

3rdRock · Post by **3rdRock** » 22 Jun 2015, 22:12

http://www.theguardian.com/business/201 ... se-sharply

Hopes for Greece bailout deal rise sharply as Athens gives ground

Creditors view new Greek proposals on pensions and VAT as the most positive move yet in five months of wrangling.

biffvernon · Post by **biffvernon** » 23 Jun 2015, 07:56

biffvernon wrote:
Little John wrote:It's to early to be certain, but I think the Northern Europeans may have blinked first.
Yes, I think they had to, but they will do their best to show that the Greeks blinked first. To do otherwise would be to admit that Yanis Varoufakis is right (which he is) but they can't admit that or the whole house of cards will come tumbling down.

Yep, the North blinked, and there's a big spin operation going on showing how the Greeks blinked.

PS_RalphW · Post by **PS_RalphW** » 24 Jun 2015, 13:27

IMF reject Greece compromise proposals

Greece’s Enikos newspaper has confirmed that the IMF presented Greece with new counter-proposals.

And they do indeed insisting on tougher pension and VAT reforms -- to yield a full 1% of GDP, and a smaller rise in corporation tax.

http://www.theguardian.com/business/liv ... klash-live