Greece closer to desperately needed deal with creditors

This deal isn't a good deal for most Greeks, is it?

Everyone feels bad for Greece. However, imagine in the US if people in some states could retire at 60 with full social security, and others had to follow the current rules. And the states that were getting to let people retire early were borrowing the money from the federal government to achieve that goal.

Do you think there might be some people upset?

Debt forgiveness is the only way to make this work and that is not on the table. so eventually Greece leaves. and more eventually the Euro fails.

Looks like the meeting is split between north and south. When the Euro was first established it was part of the rules that there would be no bailouts. There were also rules about 3% deficits and 60% debt to GDP ratio that were ignored. It's hard to compromise when some parties insist on following the rules whilst others want to make them up as they go along.

Whatever happens, there is no way the Greeks can repay all of the debt.

It is an anathema to common sense and logical reasoning in suggesting that past and present Greek governments have done enough to implement reforms, and tackle widespread tax evasion. Certainly steps have been taken to identify and prosecute illegal non-payment or underpayment of tax. Without committing paragraphs, Prime Minister Alexis Tsipras presented key examples formally when addressing a recent session of the European Parliament.

The 'bailouts' all 240 billion Euros in the case of Greece were to hide and subsequently postpone tackling the underlying weaknesses and flaws of ERM/EMU, from a host of shocking policy mistakes, to failure in implementation of clear Maastricht treaty convergence criteria, incurring heavy debts in many sovereigns. Labour market over regulation hasn't helped, Brussels insistence on legal directives to enforce rigid conformity to bureaucratic processes, youth unemployment is above Italy 40%+, Spain 50%+, all when added together has brought the Eurozone on the downside escalator into a economic and political abyss.....To repay that debt will need a 'five loaves and two fishes' moment. No four loaves, or is it six, genuinely is all Greek certainly for the Germans

how did EU expect to fix the problem by enforcing the one-sided measures that over the period of four years reduced the productivity and employment by 25 percent and brought the youth unemployment to 50 percent. when many pensioners are sole source of income for three generation in the same household how can they ask for pension cuts and when half the population has no jobs how does it makes sense to extend the retirement age further? Is someone in EU very stupid or very evil? They have to start new projects, produce exportable goods, increase the tax on stagnating money and get the jobs for young people. And they should not sell any government assets that make profit. That is a long term income to pay of the loans. When they are forced to privatize that means someone behind the force wants to get the assets way below their value and that is the bad business. It is like selling a tree loaded with apples for a price of one apple.

I have a suspicion my grandfather's generation have never really come to terms with the legacy, the consequences of incalculable suffering during the first and second world wars, deep down national interests come first and foremost. Cultural prejudices die hard. Grandfather still doesn't trust the 'Germans'.

Looks like the fools agreed on a "deal" which is nothing more but the same failed recipe as before. They extend yet more loans in exchange for yet more promises of "austerity", none of which solves the problem. All of the fools agree that they do not want to the only thing that offers a solution, i.e. a Grexit.

So, they are kicking the can down the road, and problem will come back again very soon, only yet more expensive.

Meanwhile, in Finland the Eurosceptics have a majority, the countries economist have just published an open letter asking the politicians to stop the madness and exit the Euro, and the electorate is solidly against more bailout funds poured down the black hole.

It starts to look as if the first exit might be a Finnish one; of course once one country shows the way, others will follow.

I been noted theirs a deal agreed in principal, need to see the small print, in respect to Euros 26 billion alone in refinancing the banks....

Another deal, everyone's making deals