A few emails on Greece – more due to a lot of rumor innuendo plus a claim by Yanis (the ex Greek Finance Minister) that Germany wants Grexit to bring the French into line blah blah blah . . .
Then this –
GREEK LAWMAKERS APPROVE GOVERNMENT’S BAILOUT PROPOSAL: TALLY
Please let us get one thing straight – if you have not read the prior blog (1) on European Union then take note – no country can be forced from the EU.
Simple all the rest of the innuendo and claims are background noise and excuses.
This is a very simple exercise – this is why I personally am not worried about Greece. Take note Mike.
Somehow I feel that the referendum vote went against the real wishes of Tsipras and the Syriza party platform and our dear friend Yanis intended to resign – regardless of a Yes or a No vote.
The fact that it was a No vote – gave ammunition to Tsipras to demand a haircut – what wasn’t expected was the European Central Bank (ECB) denying ’emergency loans’ to the Greek Banks – this action by the ECB was the ‘straw that broke the camels back’.
In fact this issue and inaction by the ECB will end up in the Courts – disgraceful action to deny emergency aid to Greece under the conditions in which the Greek people were suffering. These autocrats, together with Merkel have a lot to answer for.
As (I) expected Greece lawmakers have approved the bailout proposal.
Now it is up to the major creditor Germany and the EU to approve – that is the only thing you have to worry about.
Please note that no Government repays their debts – Germany has defaulted on their loans four times since the end of WW1 – have had debts extinguished- but in the current environment, they are the major creditor and a collapse of Greek debt has severe ramifications to German banks and taxpayers.
Also bear in mind the mere fact that Obama / USA have a major stake in this whole ball game and have a big whistle and a big stick – they need Greece to stay in the EU – they do not need Greece getting support from Russia – and definitely do not need a weakening relationship NATO.
So me – well I expect a €150 billion bailout package to be made available by the ECB – debt haircuts will only come should the Greek government acquiesce to all requirements and implement these properly – or a new government appointed, with politicians that do not embarrass the EU and state politicians.
Simple – no background noise – peace and quiet so that we can have the calm before the storm.