EU Finance Minister Give Greece Access To 'Markets' After 'Successful Conclusion' Of Bailout

YouKnowWhatIMeanLike

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EU Finance minister have finalised a plan to give Greece access to 'markets' aka the tail end of the ECB QE programme in August after final bailout.

Described by the Irish Times as a historic package allowing Greece to exit on August 20th from its third bailout programme, an end to an eight-year era of financial rescue programmes .

As part of the package Greece will receive another loan tranche of 15 billion euros and a preliminary 10 year extension on the repayment of its European Financial Stability Facility (EFSF) loans and an additional grace period of 10 years on interest payments.
The European Commission President Jean-Claude Juncker wrote in a tweet this apparently "paves way for the successful conclusion of the program and a new chapter for the country."


more details to follow
 


Analyzer

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Newsflash....Greece is officially all fixed


(Again).

the fact is that the debt is completely unsustainable.......


A bit like somewhere else where debts are real, and GDP figures the result of substantial accounting fraud.

The difference is....we outsource the fraud to mncs who try to shove as much money through Ireland as possible. And that is the essence of it. The money flows.

As a prominent FFers knows only to well....this money is not resting in the (national) accounts.
 

Analyzer

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The real winners in all of this are the private sector banks and insurance companies in Paris and Frankfurt who had to endure no pain, no restructuring, no austerity, for money provided to the Greek state that were liar loans.

Hurray for the 0.001%. And also for The ISIS Times which pumps this story as yet another exampled of the success of the nEU empire.
 

Analyzer

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Once again, 'austerity' works.
One of the benefits of Ireland's austerity is that we get to send our tax money to banks that give massive debt write downs to media oligopolies that are owned by a prominent chum of FG.
 

PAGE61

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GREECE Government Debt to GDP 178.60 180.80 180.80 22.60

They need someone to balance their books.....now where is David Drumm again?
 

Toland

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Newsflash....Greece is officially all fixed


(Again).

the fact is that the debt is completely unsustainable.......
That is technically incorrect. The whole point of the bailout is to make Greece's economy sustainable (or to force Greece into making its economy sustainable by itself).
 

Analyzer

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GREECE Government Debt to GDP 178.60 180.80 180.80 22.60

They need someone to balance their books.....now where is David Drumm again?
I think they need to send for Kevin Cardiff.....

Oh wait....he is on the EU Court of Auditors.....a body who purpose is to sign off on the EU's accounts.....and which never actually signs off on the EU's accounts
 

brughahaha

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That is technically incorrect. The whole point of the bailout is to make Greece's economy sustainable (or to force Greece into making its economy sustainable by itself).
Without the tools of currency and interest rates control .....an economic experiment at the Germans behest, doomed to failure

But the Germans dont mind , the Greek pull on the value of the Euro means in German terms and undervalued euro and an export bonanza .So Germans making out like Bandits on the back of Greek austerity
 

YouKnowWhatIMeanLike

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and the IMF will officially leave the troika and put and end to sinking funds into this black hole of debt. With Lagardes words the IMF is to safeguard its stakeholders. It's all up to the EU and the 'markets' now to finance Greece into the future .
 

Kevin Parlon

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I won't pretend to know the ins and outs of how Greece is actually doing but the tone of the coverage seems to indicate this is part window-dressing and part kicking the can down the road.
 

myrak

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The IMF are the world leaders in getting money out of crippled economies. Germany made billions on its millions of lending and it’s lenders are unscathed by the financial collapse - so far at least.
 

GDPR

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It was at Germany's insistence in 2011 that any rescue of Greece include the IMF.
Who, as I recall, basically adopted what was the stated position of the Netherlands as to whether the IMF ought to be involved in such a manner.
 
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Wascurito

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Agreements about commitments that stretch out to 2060 look a wee bit Versailles Treaty-esque. :lol:
 

YouKnowWhatIMeanLike

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The IMF are the world leaders in getting money out of crippled economies. Germany made billions on its millions of lending and it’s lenders are unscathed by the financial collapse - so far at least.
true, as part of the EU bailout deal Germany bought and keeps buying Greek government bonds to prop up the Greek economy since 2010. The Bundesbank bought government bonds and then transferred them to the federal treasury. The interest on the bonds come to more than €2.5 billion in profit, in addition to the interest of €400 million on a loan from the KfW development bank.

Now as part of the 'succussfull conclusion' of the bailout programme Germany now formally agreed to hand over these €2.9 billion in profits to Greece.

I don't know but it sounds to me like the German government is pretty inept in getting money out of crippled economies and in keeping it.
 


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