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Greece struggling to convince creditors it's for real


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The European political elite screwed this up when they used their taxpayers' money to pay off the Greek debt held by private financial institutions, which had provided easy credit to a debtor country that was never going to be able to repay the loans. These institutions in all likelihood knew they would be bailed out and had excess capital that had to go somewhere. Now these political elite are reluctant to go back to those same taxpayers, to tell them they bilked them once for their financial friends and now must bilk them again.

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Do the Euros have the courage to let Greece sink? Sadly, I doubt it. The corruption there is so manifest in the attitude of the people - i.e., laws are meant to be broken and we will do everything to not pay taxes (and not worry about being policed into doing so because the accountants and government bureaucrats all do the same thing); a quote from one offender who has no shame. Let them sink!

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I have to agree that taxpayers shouldn't have been forced to prop up the private equity groups that "invested" in Greek govt. bonds. If the punters want to take that kind of risk they should be left with the consequences, not the average guy just trying to make ends meet.

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If the greek people really want to help themselves, they should tell their own government and everyone affiliated with it to get lost and fire them all.

The greek and EU politicians have all played a massive and very common game with financing, welfare and favor to amass money for the politicians and those affiliated with them, world wide.

What the people of Greece need to do is reject any sort of obligation imposed on them by their politicians and the rest of the world political class. All that is happening now is the Greek Government is using this crisis they created as a means to ensure the government people get yet more money because the greek politicains know if they dont, then they themselves will actually have to work and do something real, like remove the socialism and put in place some kind of free economy, that takes work and politicians don't become millionaires off free economies.

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Isn't it funny how those above who bleat financial responsibility now were so silent in 2008.

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German Government has provided the Greek Government with another/final/unequivocal ultimatum, take it or leave it (literally), the leave it option is negotiate a exit from Eurozone for a minimum five year period.

Take it - yield to stringent humiliating measures and clauses that would demand up to or above national 'assets' to the value of €50bn, be held in trust funds being subject to sale or privatization for settlement of obligations/debts. In addition Greece would capitulate to European commission authority to manage and administer all government institutions in relation achieve bailout obligations.

Even the most Europhile of colleagues are voicing serious doubts about the continuation within the Eurozone for France, Italy, Spain, Portugal, and Ireland, even going as far as to question the legitimacy of the EU as a institution, both politically and economically.

Sunday evenings summit of 28 could well herald a turning point for the European project as an entity. South European member states could well split away from the North certainly from political perspective.

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Even the most Europhile of colleagues are voicing serious doubts about the continuation within the Eurozone for France, Italy, Spain, Portugal, and Ireland, even going as far as to question the legitimacy of the EU as a institution, both politically and economically.

All very true. I suppose the other way to look at it is to ask whether Germany should be kicked out of the Eurozone. The behaviour of the Germans is just childish, selfish and repulsive as far as I'm concerned. They bailed out their own reckless banks and now they are obsessed with trying to guarantee that the ordinary Greek people will reimburse them for every single cent. It's really unbelievable and ingnorant of Germany's own history after the WW2. I'm a staunch Europhile, but if Germany unilaterally forces Greece out of the Eurozone, I for one will be avoiding German goods (and I've only ever bought German cars). It will be Deutschland Deutschland unter alles as far as I'm concerned.

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Above poster, this is not socialism but especially reckless capitalism at work. It is going to cost the Euro loan sharks more money to get wherever they can out of Greece. Time is money and trying to squeeze repayment out of a broken nation is a waste of time.

The Greeks, who, incidentally, work the longest hours of all Europeans, are an amazingly patient people. This patience cannot last forever, as people become increasingly fed up with the EU, the Geramns (who, incidentally, work the shortest hours) and their own government.

The best thing that Greece can now for itself and the EU is to default.

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Today's 'summit' (all 28) has been postponed until 16th, orders of President of the European Council.Mr Tusk, to give the the Euro group, appropriate drum roll, the absolutely the final last ditch attempt to find a solution. Personally I would have gone with 'extraordinary' last ditch.

Hi M3M3M3, I am led to believe no single country can arbitrarily decide the fate of another Euro-zone member. But in the actions taken to force Greece to introduce capital controls, the ECB road a coach and horses over the Lisbon Treaty. Perhaps a judgment from the ECJ could settle the matter once and for all?

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Yes, the Greeks really, really promise to be good this time, if only you gave them more sweeties. Cross their heart and hope to die.

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@itsonlyrocknroll: I am led to believe no single country can arbitrarily decide the fate of another Euro-zone member.

I think you're right. Of course they may just try to make the situation unbearable for the Greeks and then claim that they left the Eurozone voluntarily. Also, I'm a bit slow but I just put two and two together and realised why you are so familiar with OECD material and are always travelling to Paris! Your work must be quite interesting.

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since the end of WWI until now Greece has been ruined by the western Europe. They were always controlled by outside forces directly or through inside dictators supported by the western Europe establishments. They never got properly compensated for the German atrocities during the WWII and the so called civil war was enforced on them by UK and USA. tens of thousands of Greek resistance fighters, my father amongst them were wrongly outlawed as war criminals and all their property confiscated, their citizen ship taken a way and they were forced to flee to various countries of eastern Europe. From there on most Greeks lived in poverty while all the resources were controlled by a few oligarchs and western interests. Greek youth was forced to go out seeking jobs in western European countries and the money they brought back was half of the Greek GDP. At this time they are asked again to give themselves up unto the hands of foreign banks and loan sharks who are already proven them selves as unable to fix the problem but rather they have made it already worst.

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