Greece To Close Banks, Impose Capital Controls Amid Looming Default

[merrylander]

Chris when so many people become unemployed by austerity fewer taxes are paid in to the treasury - it is simply a race to the bottom - to see how quickly the government can go bankrupt. It would seem that Greece has arrived at that point,

Sure some reforms were needed and a left government might achieve some reforms, for example I wonder if Onasis ever paid income tax in his lifetime and I doubt his heirs are paying any today.

Sorry about the girls team.

[Boreas]

It's also important to remember that the problems facing Greece have their origins not with Tsipras and Varoufakis but with a series of shady deals made with Goldman Sachs by previous governments that stretch back to 2002.

[merrylander]

Originally Posted by Boreas

It's also important to remember that the problems facing Greece have their origins not with Tsipras and Varoufakis but with a series of shady deals made with Goldman Sachs by previous governments that stretch back to 2002.

So if they exit the EU will Goldman Sachs take a hit? If so it could not happen to a more deserving lot.

[HarmanKardon]

Rob - the US girls did a good job!

What is your advise for our chancellor to improve the situation? She is ready now for new negotiations, she said today, despite her patience is at an end.

For sure Tsipras and Varoufakis did not start the crisis, but they did a lousy job in the last months and their demands on Brussels were more than one time impertinent.

[Boreas]

Chris, I think part of the problem is that Varoufakis is a schreiendes Arschloch.

[donquixote99]

At some point the hardships of the repayment outweigh the hardships of default, for the Greeks.

At some point the hardships of concession outweigh the hardships of default, for the creditors.

I'm pretty sure there remains an area of overlap where neither would choose default--if they can find it and agree to it. But there may be too many players, and too many 'other considerations.' In a game of 'chicken' neither player intends to drive off the cliff, but that doesn't guarantee no one will....

[merrylander]

Originally Posted by HarmanKardon

Rob - the US girls did a good job!

What is your advise for our chancellor to improve the situation? She is ready now for new negotiations, she said today, despite her patience is at an end.

For sure Tsipras and Varoufakis did not start the crisis, but they did a lousy job in the last months and their demands on Brussels were more than one time impertinent.

Chris I have felt from the very beginning that the EU was a big mistake. The EU Bankers in Brussels control the value of the EU. All the EU members have their own treasury departments, that's an unmanageable situation. I know just how bloody difficult life is in such a situation. I live here in the US but the major part of our income is my Canadian pension. The Bank of Canada (and the price of oil) pretty much sets the value of the $CDN and right now we are taking a 15-16% cut in income - it is not pretty.

[merrylander]

Originally Posted by Boreas

Chris, I think part of the problem is that Varoufakis is a schreiendes Arschloch.

His EU counterpart is no prize.

[merrylander]

Originally Posted by donquixote99

At some point the hardships of the repayment outweigh the hardships of default, for the Greeks.

At some point the hardships of concession outweigh the hardships of default, for the creditors.

I'm pretty sure there remains an area of overlap where neither would choose default--if they can find it and agree to it. But there may be too many players, and too many 'other considerations.' In a game of 'chicken' neither player intends to drive off the cliff, but that doesn't guarantee no one will....

I think the Greek pensioners have already reached that point where they cannot live on their pensions and the EU wants them cut even further, if you are going to starve anyway why do it so that the IMF can get its money?

[HarmanKardon]

Originally Posted by Boreas

Chris, I think part of the problem is that Varoufakis is a schreiendes Arschloch.

He will be history pretty soon!

And the referendum next sunday is nothing but another bad Tsipras joke.

I watched a television report (ZDF channel, the most trustworthy one in Germany) yesterday and there was an old Greek man, a retired person. He said that he has nothing to eat anymore for already two days. Then he started to cry. Heartbreaking.

(My English is damned lousy currently. But I am suffering from a severe heatwave and my brain does not work properly anymore... sorry...)