Author Topic: Germany blocks extension  (Read 23489 times)

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Offline HiFi

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Re: Germany blocks extension
« Reply #25 on: Monday, 23 February, 2015 @ 19:59:13 »
Just one fault in your plan Baldrick. Greece repays it's debts? pmsl

Offline TonyKath

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Re: Germany blocks extension
« Reply #26 on: Tuesday, 24 February, 2015 @ 13:51:35 »
See Greece got its homework in late.  Currently being marked I gather.

Tony

Offline U4ea

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Re: Germany blocks extension
« Reply #27 on: Tuesday, 24 February, 2015 @ 15:42:28 »
And having been shown how to doit, Italy, Spain and Portugal follow suit.

This then causes the value of the Euro to rise, making German exports, which drive the whole, more expensive and so they dry up, and completely buggers the Eurozone.

So far so good for the UK, but it means weaker economies throught the whole of the EC which means they can't afford our exports.

Intersting times.

Offline HiFi

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Re: Germany blocks extension
« Reply #28 on: Tuesday, 24 February, 2015 @ 17:04:04 »
So as forecast, Greece gets away with it this time.
Big alarm bells for the summer (in my opinion).
Buys Greece time, but also bus Germany time to see what the polls in Spain are doing......
No worries - will be the end of the season before panic on tourism.............

Offline TonyKath

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Re: Germany blocks extension
« Reply #29 on: Tuesday, 24 February, 2015 @ 19:39:20 »
So Greece got an A for its homework.  We'll have to see how they do in the exams in the summer!

I don't think we know yet what was in the Greek "proposals" for "reforms" so we can't really say at the moment how far the compromise has gone although there has clearly been some.  But a 4 month extension gives time for the Greek people to see what has really happened and to indicate whether the Greek government and the Troika can really work together.  All in all not a bad result for Greece, so far and nothing like the extremes of outcomes that we imagined. 

Tony

Offline Mary

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Re: Germany blocks extension
« Reply #30 on: Wednesday, 25 February, 2015 @ 01:51:36 »
Quote
Greece debt crisis: Eurozone backs reform plans

Eurozone finance ministers have approved reform proposals submitted by Greece in order to obtain a four-month extension of its bailout.

The Eurogroup said it had agreed to begin national procedures - parliamentary votes in several states to give the deal final approval.

The measures offered by Greece include combating tax evasion and reforming the public sector.

But the head of the IMF said they lacked "clear assurances" in key areas.
http://www.bbc.com/news/world-europe-31606986

Offline Mary

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Re: Germany blocks extension
« Reply #31 on: Wednesday, 25 February, 2015 @ 14:52:12 »
Read an article (biased?) about Finance Minister Varoufakis and his lack of diplomacy. Someone at the EU described it as playing chess with a pigeon - he knocks the pieces over, shits on the board and struts around pretending he's won.


Quote
Varoufakis also played down suggestions he had difficult relations with German Finance Minister Wolfgang Schaeuble. "I continue to say that of all my colleagues at the Eurogroup, I have the greatest respect for Wolfgang Schaeuble," he said. "When he speaks, I enjoy listening to him and disagreeing with him."
http://ekathimerini.com/4dcgi/_w_articles_wsite1_1_25/02/2015_547628

Offline Mary

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Re: Germany blocks extension
« Reply #32 on: Friday, 27 February, 2015 @ 13:57:04 »
Quote
The German parliament has voted to extend financial aid to Greece by another four months.

The extension - approved by creditors last week in exchange for a series of Greek government reforms - needs to be ratified by eurozone members.

Some MPs had expressed doubts about the deal and there is substantial public scepticism but the vote passed easily.

German Finance Minister Wolfgang Schaeuble spoke in favour of the deal, telling parliament: "We Germans should do everything possible to keep Europe together as much as we can."

"We're not talking about new billions for Greece... rather it's about providing or granting extra time to successfully end this programme," he insisted.

There has been a chorus of scepticism about the deal inside Germany - with Thursday's edition of the largest tabloid, Bild, emblazoned with the word "No!", adding "No more billions for the greedy Greeks!''

But German legislators felt they had no choice but to pass the vote, as a eurozone breakup could prove even more expensive than the bailouts and potentially undermine the credibility of the euro, reports the BBC's Berlin correspondent Damien McGuinness.
http://www.bbc.com/news/world-europe-31654898


Key points: Greece economic pledges to Europe