GREECE LATEST: How one man’s tired old proposals are another man’s age-old principles

wolfiebleom9615ptnetGREECE MAY BE FINANCIALLY BANKRUPT, BUT THE CREDITORS ARE MORALLY BANKRUPT

“There’s nothing new in this latest Greek proposal,” a Brussels source told me just before lunch today, “It’s just the same tired old stuff”.

Everything today can be seen as facing the music or the wall depending on how officials describe it. My own take on the seemingly endless (and pointless) exchange of papers between Troika2 and the Greeks goes like this:

1. Syriza insists there electoral-promise red lines it won’t cross.

2. Troika2 listens to this, and responds by making new proposals more extreme in their heartless neoliberalism than the previous batch.

3. The MSM then comments that Athens is being inflexible.

4. Various Finnish, German, French, Spanish, IMF and Belgian officials patronisingly warn Tsipras that he is “running out of time”.

5. Return to Point 1 and start again.

Meanwhile, as more German sanctimony spews forth from the twisted brain of Wolfgang Schauble, news comes in that S&P has downgraded Deutsche Bank to BBB+. Could the ‘negotiations’ between ‘the creditors’ and ‘the Left-wing naïve Syriza government’ and this downgrade be in any way connected. I couldn’t possibly comment….other than to say, “Yes”.

I will lay odds right now that, when the poo starts hitting the hair-driers in Northern Europe, it will be all Greece’s fault.

Any takers?

PS – Somebody really does need to take the Zero Hedge chaps to one side and educate them just a teensy bit about the European Left.

Earlier at The Slog: The inevitability of hyperinflation

9 thoughts on “GREECE LATEST: How one man’s tired old proposals are another man’s age-old principles

  1. No. we do not agree . As a factual resume’ of what Wolfgang and I wish the MSM to feed the punters for now we believe zerohedge have followed our current roadmap perfectly.

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  2. I would place a farthing on the new National Socialist party in Deutschland being blamed. When Deutsche Bank blows, Greece will be one of the few countries (those that have farmland) left standing in Europe. The Europimple that is draining the life out of a continent will itself be lanced.

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  3. Age old principle is to declare the massively illiquid state bankrupt and bring in the IMF. This was the post WW2 final solution for democratic countries. What to do now for the good of the people?
    Sorry IMF role already corrupted in this game and out of chips for Greece.
    Look for a new financier, Russia/China… Default on Trioka debt and go back to Drachma. EU/USA and people won’t accept this and not a long term solution.
    Keep talking until you run out of cash….default on public sector salaries, pensions and let banks go bust.
    Massive civil unrest, parliamentary system collapses, first shots, then signs of civil war ( CIA ) and bingo ! You have it.
    First EU Military Junta for the people by the people, In Greece it’s always a lowly Colonel or two so as not to offend the people. This means much needed technical assistance and cooperation from the EU Army formed quickly to ensure transparency and EU standards in implementing accountable but not auditable national socialism for the people.
    Greece collapses economically and EU and World Bank come up with a new solution for the people. Money flows to keep the peace and to demonstrate how good this solution would be in the UKRAINE. But at least the Greeks still have the Euro and freedom of travel, what lucky people!
    Simple , the EU lives up to its mantra, Peace and Prosperity for the People, the new final solution. And look No Wars!

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  4. Whether or not the Greek crisis will implode the Euro experiment we will only know after the can is squashed flat and will no longer roll. Pundits have been forecasting the demise of the Greeks within the Euro for years yet the can keeps rolling down the road. I for one will believe it when I see it. .

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  5. The problem is that most of the commentators – even sensible ones like Roger Bootle – 1) don’t read the Treaties to understand what is and is not allowed under “the rules” of “ever closer union” and continue to talk about Grexit as if it is something that can just happen; and 2) are under the thumb of their paymasters with an agenda – few have the balls of Peter Oborne to quit.

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  6. Completely off topic but, worthy of derision; Lord Janner who apparently is too ill to charged with any offence relating to his alleged sexual offences against children, is apparently well enough to be re-appointed to the law committee to consider complex legal issues.

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