Financial Crisis in Greece

[Bill77]

I hear This time around as been a tougher proposal than the oxi one.
Not very intelligent these modern Greeks. And for Tsipris....what could have been if his wish for a Yes vote eventuates. From could have been a hero....to zero.

Anyway, either way it's a humiliation for Greece. A humiliation So necessary.

[Phoenix]

Originally Posted by Risto the Great

... Greece will have to become a responsible nation. Perhaps no more plates being smashed for a while ...

Pigs arse...nothing will change.
The greeks are thieves, they'll just work another scam to defraud the EU...

[Gocka]

As far as eurozone leaders are concerned, these conditions are necessary, but not sufficient, and they will not tolerate any backsliding.
As their statement says: "The above-listed commitments are minimum requirements to start the negotiations with the Greek authorities. However, the euro summit made clear that the start of negotiations does not preclude any final possible agreement on a new ESM programme."
The ESM is the European Stability Mechanism, the eurozone's rescue fund. The document says that the summit "takes note of the possible programme financing needs of between €82bn and €86bn".
It also "takes note" of Greece's "urgent financing needs" of €7bn by 20 July and another €5bn by the middle of August.
You might wish to take note of the fact that so far, the EU has not yet firmly undertaken to pay out one cent to Greece.
For now, everything hinges on whether Greece's leftist Syriza government can get this package approved by the country's parliament.
By Wednesday night, Greek MPs have to vote on a raft of measures covering the VAT increases, the pension changes, the independence of the country's national statistics institute and commitments to "fiscal consolidation".
Only then can final agreement on the latest bailout be reached

This is priceless. They have completely capitulated only so they can open the door to actually enter talks to negotiate an agreement. The most they will get right now might be a small amount to pay its upcoming debt payment to the IMF. This is far from finished. This will not be an easy pass through the Greek parliament and I think it would be even harder to get past the Greek people who were overwhelmingly against austerity, and this is much more austerity than they were already not willing to accept.

Even if it does get through parliament wait until these measures start taking effect. Greece's economy is already down 25% and this will cause it to decline even more.

The real pain is yet to begin and I doubt the current government will survive given they just went back on the only promise that got them elected in the first place.

[Bill77]

Originally Posted by Gocka

Even if it does get through parliament wait until these measures start taking effect. Greece's economy is already down 25% and this will cause it to decline even more.

The real pain is yet to begin.....

http://i.imgur.com/mSFXk2a.gif

[Risto the Great]

Originally Posted by Phoenix

Pigs arse...nothing will change.
The greeks are thieves, they'll just work another scam to defraud the EU...

https://www.youtube.com/watch?v=KjmjqlOPd6A

It will cost the EU much more to cut them loose. The cost of money for the other shitful nations in the EU would rise and make it impossible for them to sustain themselves. I reckon Greece will finally be pushed into the 20th century. (yes, 20th)

[Amphipolis]

The Greek government will change today, though it's not certain to which direction. The new Parliamentary Majority will also determine whether Prime Minister Tsipras will be replaced.

[Gocka]

People who originally voted No on the referendum certainly still feel that way, there's 60% of Greece right there. Then even some of the people who voted Yes originally certainly did not expect the conditions to be this bad, so there has be some Yes voters that now are also against austerity. You could end up with a situation where 70% of the country is against what is about to happen. There is no way any government can hold legitimacy in this kind of scenario. One way or another these measures either will not pass parliament or parliament will not pass. I'm shocked that they European markets are up again, does anyone really think this is a done deal? By tomorrow your going to have mass protests and probably violence.

I'm starting to wonder if they purposely forced such harsh measures expecting the parliament in Greece to reject them. I find it hard to believe that given everything that has happened that the Eurocrats really believe that the latest proposal has any chance of holding up.

Can our Greek friend tell us if protests have already begun in Greece? I couldn't find anything on the news sites earlier today, which makes me very suspicious. All that was reported on was the deal and how Euro markets are up. I find it hard to believe protests aren't already going on.

Originally Posted by Amphipolis

The Greek government will change today, though it's not certain to which direction. The new Parliamentary Majority will also determine whether Prime Minister Tsipras will be replaced.

[Amphipolis]

No protests yet. This is 10pm of the first day, the deal was announced in the morning. At the moment we wait to see how many MPs of the Government Patries will quit or make a new party.

We also expect to see if /how the Speaker of the Greek Parliament Zoe Konstantopoulou (a hardliner of NO and also a weird... dominatrix) will be ousted.

Edit: Actually there was a protest by Rebellion and (resigning) members of the Government Party and its' Youth Organizations.

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[DedoAleko]

I'll put my two cents in some version of a military junta culmination in near future.

[Gocka]

I think its a long shot only because Europe would probably intervene, at least I think they would.

Mostly likely there will be new elections and people who are willing to reject the bailout and its terms will be elected. The only worrisome part about that is the only people willing to do that are probably mostly on the far spectrum of both left and right.

We will probably have a clearer picture by next week.

Originally Posted by DedoAleko

I'll put my two cents in some version of a military junta culmination in near future.