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© 2015 AFPGreece submits new bailout plan to avoid euro exit
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© 2015 AFP
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Ramzee
Greece, just ignore this odious debt, no reason why the Greek people should pay it. The Euro is coming to an end anyway, just get out.
papigiulio
107 billion??????? How in the F, do they still get so many chances.
itsonlyrocknroll
Olivier Jean Blanchard is the chief economist at the International Monetary Fund, his blog yesterday - Greece: Past Critiques and the Path Forward overviews the issue clearly defines why any future bailouts/deals in their current form are ludicrously unsustainable, and confirms OECD analysis quote:
The 2010 program only served to raise debt and demanded excessive fiscal adjustment
The financing to Greece was used to repay foreign banks
Growth-killing structural reforms, together with fiscal austerity, have led to an economic depression
Creditors have learned nothing and keep repeating the same mistakes
http://blog-imfdirect.imf.org/2015/07/09/greece-past-critiques-and-the-path-forward/?hootPostID=8299b6670cea64b9daad8b21e9a85fe7
Wakarimasen
As predicted. disaster for Greece and for Eurozone. Debt forgiveness is the only thing that will work and that is not on the table. so they have (sigh!) kicked the can down the road.
CrazyJoe
Time to Grexit.
itsonlyrocknroll
The continued stream of IMF 'paperwork' released into the public domain uncovers the extent of the deceit and deliberate omissions the European Commission has been party too.
Kicking the can will only ricochet back of the immovable object in the shape of the Debt to GDP ratio:UK and the Eurozone, an impermeable sea of national sovereign debts.
However EU members Debt to GDP ratio singularly is small potatoes when factoring in the systemic failure to strictly adhere to ERM/EMU Maastricht treaty convergence criteria, specifically/significantly in regard core monetary and fiscal policies. All exasperating deficit to GDP ratios that on launch of the Euro single currency lit a slow fuse to economic and fiscal combustion.
In essence monetary union is the tip of the iceberg, Greece is Titanic's initial collision, debt relief/bailouts is preverbal rearrangement of the deck chairs, and to cap it all the political elite of the European Commission not only miscalculated the life boats but forget to supply the oars.
Frederic Bastiat
"The financing to Greece was used to repay foreign banks."
Oops! Somebody let some truth slip!
nath
Why is it so difficult for liberal Europe to hold a deadbeat like Greece accountable? Let the country crash and burn and send a strong message to other EU countries to get their finances in order. I hope the U.S. government is also forced to pay down its debt ==> $20 trillion by the time Obama the clown leaves office.
itsonlyrocknroll
Hi american_bengoshi, Well in varying degrees the majority of member states are guilty of the same hypocrisy.
some14some
I get the impression from 'recent' tv coverage (from various sources) that people in Greece look happier than people in advanced countries.
Elizabeth Heath
So, Greece voted against austerity and that is exactly what Tspras is accepting from creditors. The bluff didn't work, Tsipras couldn't run a whelk stall. Saying that, forcing severe austerity on the Greeks will only make the problems worse. How on earth does it make sense to lend money to someone who is already so deeply in debt they have no hope of paying back?
Serrano
"Greece, just ignore this odious debt, no reason why the Greek people should pay it."
I know this guy who racked up a huge credit card debt, and he declared bankrupcy and never had to pay it, lol.
presto345
Did he now? Another vow? What is the meaning of another solemn pledge to this man?
itsonlyrocknroll
Greek proposal documents: 10 July 2015.........Remarkable, Greek Prime Minister Alexis Tsipras proposals are even more austere and severe than the Greek people supposedly rejected in last Sundays referendum. The OECD will provide all the technical support.
http://www.bbc.com/news/business-33474605
WilliB
That is ridiculous. No amount of administrative regulations can turn Greece into Germany. What Greece needs is its own currency, which suits its own economy.
Any "solution" that does not include a Grexit is not a solution but only a way of kicking the bucket down the road, where the next bailout will be even more expensive.
Remember Argentinas disastrous experiment with "dollarization"? That led exactly to the same situatin in 2000 as in Greece now, and the only solution was a haircut and return to the Peso. And of course, the politicians, there as now, ignored the realitiy as long as possible.
Ramzee
The difference here is that it is not the Greeks who racked up this massive debt, it was imposed on them by a bunch of crooks. That's why the Greeks should just say "#$%&-it we ain't paying" and move on. Anything else will just amplify the theft of Greece.
maglev101
You mean like they do with taxes? http://www.dailymail.co.uk/news/article-3148451/A-island-pretending-blind-benefits-8-500-pensioners-faked-aged-100-lawyers-claim-earn-just-12-000-New-book-reveals-Greeks-cheated-ruin.html
Ramzee
maglev, OK, so some Greek citizens have cheated, but that is peanuts compared to the cheating done by the previous leaders together with the bankers, that is where most of the money went. If the author really wanted to discuss what ruined Greece, she would have focused more (or at least mentioned) the cheating done by Goldman Sachs and Papawhateverhisnameis.