Re:Greeks Reject Bailout Terms
by peterfirefly on Sunday July 05, 2015 @07:56PM
(#9835747)
And nobody sane would give Greece Yet Another Debt Restructuring without seeing reforms actually implemented first.
It's really tail chasing all the way down. Because according to the IMF, the reforms that they have demanded have done more harm then good, and have further hurt the chances of creditors seeing their money ever again.
Re:Greeks Reject Bailout Terms
by peterfirefly on Monday July 06, 2015 @06:06AM
(#9837958)
Not quite what they said/wrote, actually. It was more like "given the lack of implemented reforms and privatizations, the current debt has become close to unsustainable and definitely will be unsustainable if they continue to not implement long promised reforms and privatizations".
The "No" vote, to my understanding, strengthens their demand to have whole debt restructuring included in this deal - not put off till later.
Edit: this is a "strengthened hand", but subtly different to using that hand just to get more cash / debt. The ECB is like my bank manager wanting to give me an overdraft so I can make my mortgage payments so he does not have to foreclose. I want to have all debts up for discussion, he just goes on about overdrafts.
It is forcing the EU to face up to the realities of a single currency and fiscal union. But at least it is a democractic approach...