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Greek PM Tsipras resigns; calls snap elections


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The closest American comparison with the Greek situation is Florida. When Jeb Bush was governor, Florida experienced a huge real estate bubble which he now farcically claims as evidence of his ability to grow an economy. When the bubble burst in Florida (as it did in Greece), Florida didn't turn into today's Greece because it not only shared a common currency (the dollar) with the other states, but it was integrated politically in a way that meant the federal dollars automatically flowed in to support people while the state economy worked out of its crisis. The European Union isn't the same as the United States in that way.

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What was his payoff (Tsipras's)?

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The closest American comparison with the Greek situation is Florida. When Jeb Bush was governor, Florida experienced a huge real estate bubble which he now farcically claims as evidence of his ability to grow an economy.

There is no comparison. In Florida the largest employer is not the government. The housing bubble and burst was not caused by either Bush. The Fed knew of the potential of a housing market collapse, and I first heard the term "housing bubble" in 2005. I cashed in my chips before everyone's cards were own off the table.

Greece represents all the bad things which democracy can bring about, the people sold thieir votes in exchange for government jobs and increased welfare without giving any thought as to how these would be paid for. They thought they could pass the bill on to taxpayers in other parts of Europe.

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Why is Tsipras resigning to seek a mandate from the voters? They already rejected the bail out in the last referendum, but he ignored that. He doesn't listen to the voters, so why bother calling an election? I suppose if he loses the election the whole circus will begin again.

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Greek PM Tsipras resignation is a symptom or reflection of the political consequences of capitulating to a 3rd 'bailout', a contradiction in terms by any other name. Without a plausible or feasible level of sustainability/debt relief Europe will experience a markedly greater economic crisis that in 2010.

To stabilise Greek debt at current levels, taking account of the creditors concessionary terms, plus Greece would have to balance their budget, the interest payment hovers around 2% of GDP, with 2% growth, defined as tactical sustainability. This scenario is not remotely creditable, an illusionary crisis of liquidity, masks the overriding dilemma of solvency. The conclusion would be more bridging leverage from Eurozone members when crucial numbers aren't met.

The current IMF debt restructure analyse to strategic sustainability concludes on finalization of the reform programme access to the markets with a average nominal rate of 5.5% ish will require a 60 year fixed cycle , ludicrous when one considers capital market stability. The EU creditors and the IMF are a galaxy apart on every aspect of debt relief and sustainably, on just about every level. Greece needs upfront debt write downs of between 60/70%, this is not a haircut, we are in advanced stages of economic alopecia.

To add insult to injury the lions proportion of each and every bailout was to alleviate market fears of single currency implosion leading to the eventual breakup of the EU project, never for the benefit people of Greece. The fact remains, the elephant in the room is a Greek economy tethered to a fixed single currency has shrunk every quarter for the last five years, resulting in eye watering levels of unemployment. The IMF won't have any of this, it haircuts'.... For Merkel and co, it hats all round.

My suggestion to Greek PM Tsipras, grow a pair and as captain go down with the sinking ship head held high and a smile.

While Clemenza was at lunch, I almost inadvertently succumbed to my usual desperate attempt to appear clever (failing miserably), had a 'deep and meaningful' Shakespearean quote prepared but alas poor yorick it's back in the draw.

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What a wiener. I guess he thinks his party will come back with more power, and will try to renegotiate, AGAIN. I think Greece should exit the EU. Everyone would be better off. Greece can't be trusted as far as I could throw a small piano.

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