GREECE: Voters Reject Bailout

Via the New York Times:

Greeks delivered a shocking rebuff to Europe’s leaders on Sunday, decisively rejecting a deal offered by the country’s creditors in a historic vote that could redefine Greece’s place in Europe and shake the Continent’s financial stability. As people gathered to celebrate in Syntagma Square in central Athens, the Interior Ministry reported that with more than 90 percent of the vote tallied, 61 percent of the voters had said no to a deal that would have imposed greater austerity measures. The no votes carried virtually every district in the country, handing a sweeping victory to Prime Minister Alexis Tsipras, a leftist who came to power in January vowing to reject new austerity measures, which he called an injustice and economically self-defeating. Last month he walked away from negotiations in frustration at the creditors’ demands, called the referendum and urged Greeks to vote no as a way to give him more bargaining power.

From the BBC:

European Commission President Jean-Claude Juncker said he was consulting the leaders of eurozone member states, and would have a conference call with key EU officials and the ECB on Monday morning. French President Francois Hollande and German Chancellor Angela Merkel are scheduled to meet in Paris on Monday. A summit of eurozone heads of state has been called for Tuesday. The European Commission – one of the “troika” of creditors along with the IMF and the ECB – wanted Athens to raise taxes and slash welfare spending to meet its debt obligations. Greece’s Syriza-led government, which was elected in January on an anti-austerity platform, said creditors had presented it with an “ultimatum”, using fear to put pressure on Greeks. The Greek government’s opponents and some Greek voters had complained that the question in Sunday’s referendum was unclear. EU officials said it applied to the terms of an offer that was no longer on the table.

Via Reuters:

Shares fell, the euro stumbled and yields on weaker euro zone economies’ bonds rose after Greece overwhelmingly voted against conditions for a rescue package, but there was no rout and contagion was limited. Investors sought low-risk assets including Bunds, but the yield premium of Italian 10-year debt over Germany remained below the eight-month highs it hit a week ago. The euro lost half a percent to $1.1053 and 0.6 percent against the safe-haven Japanese yen. It fell as low as $1.0967 in Asia before rebounding, garnering some support from the resignation of Greece’s outspoken finance minister, Yanis Varoufakis. Analysts attributed the relatively muted market reaction to expectations the European Central Bank would act to limit any damage. The ECB’s governing council was holding a conference call on Monday to decide how long to keep Greek banks afloat.

  • Gene

    the worst disasters are the ones of ones own making.
    Well…at least Varoufakis is out.

    • Bill_Perdue

      What a surprise. You’re wrong again.

  • TommyTune

    I’ve tried to wrap my brain around all the various arguments surrounding this vote and I must admit to being stymied. Paul Krugman today seemed to think the no vote was a good thing, but I seem to recall that last week he was singing a different tune…or maybe I’ve just read so many conflicting opinions by supposedly reputable people that I’ve lost track of who said what. I suppose we’ll all find out soon enough what it means for own economy, which by the way, is looking rather pretty under Obama these days, something every single Republican is loathe to admit, even though they would be trumpeting it from the mountain peaks if a Republican president were presiding over such economic success (which as we all know would never have happened in the first place if a President McCain or a President Rmoney had been in charge.)

    • Mark

      I share your confusion. I can’t tell if the Eurozone is trying to ‘own’ Greece or save them, or is Greece looking for a handout or just ignoring their creditors?

      And I keep hearing “the rich man lords it over the poor”…and if that be the case then I side with Greece. Burn down the mission.

      • TomF.

        Austerity measures in a depressed economy are a sure-fire recipe for disaster. By cutting out the ground of purchasing power by those suffering the most, the GDP is obviously going to tank, leading to a downward death spiral. This is what has happened. And the Eurozone wants yet MORE austerity!? Fuck that!

        • David Kerlick

          As John Maynard Keynes pointed out already in that other depression in the 1930s. The New Deal spending and later the buildup to WW II got the US out of it. The German “ordinalists” are full of crap, and only double down when their policies of austerity keep failing.

          • Bill

            Actually as I believe “IT WAS THE BANKS” that actually caused WW2.
            Germany had a rather high inflation due to the retributions “they had to pay because of WW1”. Germany could not afford the high interests being paid, and the BANKS, insisted on being paid.
            Hence the Countries Inflation continue to rise along with ( I forget his name, OH HILTER. )

          • Bill

            Yes….there were certainly other reasons, worldwide Anti-Semitism, American’s wanting be to Isolationists, but I believe what I stated above was the “Foundation”

          • pch1013

            However, what arguably started Greece on its death spiral was the expense of hosting the 2004 Olympics – an allegedly Keynesian stimulus project whose only by-product was massive debt.

        • Bill_Perdue

          The same thing applies to the US where the wages and standard of living for workers are steadily worsening under Obama’s pro-business regime and a right wing Congress.

        • cleos_mom

          Judging from the consequences of austerity earlier, it would be like putting hot bacon grease on a second- or third-degree burn.

    • Rocco Gibraltar

      TT, I share your confusion. My gut reaction is that this was an unwise vote by the Greek people. I know conditions in their country are difficult, but fear leaving the E.U. and returning to the drachma could be much worse. In the short term, the Euro may suffer, but an exit by Greece may be beneficial in the long run.

      And I distrust the power that Germany has in determining the decisions of the E.U.

    • JustSayin’

      The short version is that Greece squandered its revenue until it was broke, borrowed money agreeing to payment terms and reforms. They did not implement the reforms as agreed and did not make the payments.

      Now they are demanding debt relief, essentially insisting other countries forgive their debts AND they want to borrow more money; all this without changing their financial spending habits.

      They are in default on their debt and the Euro is for now, not a viable currency for Greece to pay their bills with. No country accepts rubles for payment and few accept the Yen.

      Any supposed bailout from Russia or China will have to be in dollars. Since Greece has nothing either country wants except possible portage for war ships and land for air bases their will be a problem because Greece is part of NATO and allowing Russian or Chinese military holdings will conflict with that and with the US agreements on military bases. Also notice that neither is involved in the fight to stop ISIS or stem the flood of Muslim refugees.

      In short Greece, with this vote, may have shot itself in the foot in terms of any financial assistance from anywhere.

      • GarySFBCN
      • Randy Left Brooklyn

        The smart thing for everyone would be for
        Greece to leave the euro, and soon. They never should have been in the euro in the first place.

        There will have to be some writedown of the debt, but as you point out indirectly, there should be some attempt by the government to collect taxes and pay some fraction of its debt. A good faith effort on the part of the Greeks to pay what they can would go a long way to get the ECB, IMF, etc. to deal with the reality of the debt is unpayable.

    • Bill_Perdue

      The american economy is a failure for workers and a big success for the rich, which is what Obama and the Democrats want.

      As for Greece, to ensure the continued development of the revolutionary impulses of the Greek workers the Greek left should push for Syriza to:

      • Get out of NATO,

      • Develop close working relations with the Turkish Left and with the anti-Obama, anti-Putin socialist groups and local governments in Ukraine,

      • Disarm and disband the old regimes military, police and security services and replace them with armed workers militias,

      • Default on all debts to predator nations and confiscate their assets if they try to undermine Greek Democracy,

      • Confiscate the wealth of the rich without compensations,

      • Close down nunneries and monasteries and confiscate their land and other assets without compensation,

      • Bill the IMF, the European Central Bank and the Deutsche Bundesbank for all monies collected as a result of their predatory loan policies and charge them high interest rates.

      • Declare an end to austerity and pass laws mandating high wages and good benefits as well as good housing and free medical care and education for the Greek working class.

      • gewaite

        Good luck with taking away the property of the Orthodox church; most Greeks aren’t churchgoers, but it’s basically a national fetish/nationalist mascot. Never happen-which is a real shame. It’s an organization for which the word “Byzantine” when used to describe its policies and procedures is literally true.

        • Bill_Perdue

          The same could have been said for the political role of the roman cult in Ireland but a few weeks ago they were kicked to the ground in the referendum on marriage equality.

          The orthodox cult is identified with the far right and the police state of the 1960’s and 70’s and it’s power to sway people is greatly diminished by that.

          • gewaite

            IT’S =/= ITS.
            “Roman cult”? The worship of Jupiter?

  • Sam_Handwich
    • LonelyLiberal

      I have to admit, that’s a Yanis I’d suck.

    • Eebadee-eebadee-thatsallfolks

      He is CRAZY hot. One other European politician described him as a being like a “comic book character”.

    • KCMC

      this guy?

  • Johnny Wyeknot

    Hooray hooray! Economic science wins the day!

  • JT

    Merkel and the banksters are trying to regroup to see if they can drain anything more out of Greece.

  • Edmund Allin

    Damned if they do, damned if they don’t.

    • Versailles

      But somebody should really damn the bankers for letting it get so far and profiting from the Greeks’ inability to reform. It’s obscene what the banks did. Were it a barman and an alcoholic, a prosecution would be considered. The wrong people are suffering here.

  • DaddyRay

    I think Greece needs to get out of the Euro to manage the valuation of their own currency but it will be an issue that they will not be able to get credit by saying no to this bailout and countries like Russia and China may exploit that void

    • GarySFBCN

      And the US will step in to prevent that.

      • DaddyRay

        That will be very difficult with the current Congress

        • GarySFBCN

          Maybe. But I think by using the word ‘communist’, we can scare the Republicans into doing anything, including sucking dicks.

          • DaddyRay

            True – that an the threat of losing our military base in Greece

    • JustSayin’

      Two things there, one is that they will still owe the debt and if they refuse payment the central bank and the eurozone can legally snatch any money in or out of Greece that touches one of the eurobanks or transits their electronic banking networks. This would effectively take any money being transferred in from Russia or China to pay the debts. It would also snatch air fares and other tourist dollars that transit the eurozone.

      The second thing is that Greece has a tourist economy and the majority of people have to transit a eurozone country to get there. The possible vat and other taxes they might face will cut off a huge chunk of tourist money.

      Both may seem draconian but if Greece refuses to pay their debt this is the only way for the eurozone countries to recoup their massive financial assistance they have provided to Greece.

      • fkevin

        This is pure fantasy bullshit. The ECB cannot collect on debts. The EZ cannot legislate VAT onto EU countries without conscent. And I cannot see the legislatures of each EU member raising specific tax on say flights to Greece for the citizenry of said country to pay for debts of Greece. Flights from Dublin or London to Athens is to be taxed higher to pay for Greek debt?! It will never happen.

  • JustSayin’

    So the country that did not tax the wealthy or influential businesses, had a pension system that let people to retire in their forties, continually borrowed money to operate their government, and did not control who did what in their banking system has now voted to not submit to the demands of their creditors….

    Their collapse should be, but won’t, a good lesson for US republican governors and legislatures on what not to do. When you borrow money you must pay it back or eventually no on will ever loan you another dime.

    It may sound harsh but the voters in Greece have for decades allowed this to build up, and we in the US NEED to take notes. Puerto Rico is just weeks behind Greece in collapse. Kansas and Louisiana are so deep in red ink they are selling the government staplers and office supplies to keep the lights on…a dozen other red states are heading the same way…who will baill them out? And on what terms?

    • cleos_mom

      Don’t know about Greece or Louisiana, but Kansas voters chose the leadership that charged full-bore into a revival of Reagan’s economic snake oil and when they got a chance to replace Brownback the majority of voters said I’ll take a pass. Let that state count on Ronnie’s ghost for the bailout.

  • Puckfair52

    Greece wants more money I’ll leave unless you give me more money I really will I swear I will watch me leave. A sad tale by Imendides Euripides brother!
    China is the one to watch 150% market boom over 2 years 30% drop in the last couple of months .
    Give Greece another nickle that they’ll have to pay back 8 cents on it they’ll only ask for 12 cents

  • DaddyRay

    Impressive that they have raised almost 1.9 million with their go-fund me site https://www.indiegogo.com/greek-bailout-fund.html#/story
    but that is just a drop in the bucket for the 1.6 Billion they owe

  • Mike in Texas

    Interesting article here.

    Thomas Piketty: “My book recounts the history of income and wealth, including that of nations. What struck me while I was writing is that Germany is really the single best example of a country that, throughout its history, has never repaid its external debt. Neither after the First nor the Second World War. However, it has frequently made other nations pay up, such as after the Franco-Prussian War of 1870, when it demanded massive reparations from France and indeed received them. The French state suffered for decades under this debt. The history of public debt is full of irony. It rarely follows our ideas of order and justice.”

    https://medium.com/@gavinschalliol/thomas-piketty-germany-has-never-repaid-7b5e7add6fff

    • JustSayin’

      The problem with all of Thomas Piketty’s work is that it is grounded in ways to forcibly redistribute the wealth of people richer than him but not his own wealth.

      He is a life long Socialist whose primary claim is that inherited wealth is the primary cause of all social inequality and the solution is to take money from everyone wealthiest than he is and give it to people like him.

      BTW with his European book sales he is now a millionaire who works for the French socialist party….

      • David Kerlick

        The forcible redistribution is done by the billionaires and corporations rigging the system, or haven’t you been watching?

      • Eebadee-eebadee-thatsallfolks

        All that Piketty has been saying, and saying VERY CLEARLY despite your willful intent to misconstrue him and misunderstand him (which I have to presume is because it interferes with your Reagan-Thatcher mythology) is that the German conservatives’ austerity policies that they are forcing on everybody else in Europe is in fact destroying Europe, the Eurozone and the EU and are demonstrable economic failures. By the way, Nobel-prize economists Krugman and Stiglitz and 2/3 of all economists that one British paper interviewed ALL agree with Piketty on this point.

        But please, by all means, consult your Ayn Rand novels and then be a typical conservative and tell us how you know so much more about economics than Nobel-prize-winning economists.

  • Brendan Denehy
  • Jean-Marc in Canada

    As unfortunate as the situation is in Greece, I can’t really shed tears or feel entirely empathetic. They did this to themselves, this was a self-inflicted wound that was allowed to fester to the point of infection and, by the looks of it now, atrophy. The Greeks had unreasonable and unrealistic expectations based on very flawed economic policy. You can’t run a country on zero revenue while simultaneously paying out monies for pensions, etc. It’s the ultimate zero sum game and it doesn’t work.

    That all said, the question is: what to do now? Greeks have made it clear they’re not willing to hunker down so, what? Leave the Euro? Fine, good luck with getting credit or control of your own currency. It’s a mess that could have been avoided long before this but for the continued illusion that they could have money for nothing.

    What a wonderfully bleak and twister mess……wither the cradle of civilization……a sign of things to come.

    • Bill_Perdue

      Your steady right wing compass is as reactionary as ever.

      The problems in Greece were produced by predatory lenders just as the problem of low wages in the US are produced by the right wing Obama regime and a Congress with two right wing parties.

      • Jean-Marc in Canada

        Oh look, it’s back, and still as irrelevant as ever. No Bill, this time you’re full of Bovine Feces…..not that that’s any different from any other time. But you go ahead, tilt at those imaginary windmills of socialist utopias.

        • Bill_Perdue

          Pathetic personal attacks from a reactionary too stupid to defend it’s reactionary politics.

          Nothing new here.

          • Jean-Marc in Canada

            “Nothing new here.”……says the one trick pony LOL

          • Bill_Perdue

            Exactly. Nothing new here. Same sluggish thinking from a rightwing slug.

          • Jean-Marc in Canada

            You know Bill, I can play this game with you all you want. You’re desperate for attention, your cutting and pasting of questionable “facts”, your tirades against anyone who isn’t goosestepping to your drumbeat, your singular devotion to all things imaginary. Keep going, make another snide remark, do what you do best, troll…..troll like the Bunkerstadt Troll you are. I just love watching you twitch and snarl like the chihuahua you are. All bark, absolutely no bite…..very Bill O’Reilly of you…..in fact, I’d be surprised if you weren’t secretly a fan of his. Come on now, give us another little taste of the stupid that is you…..come on, you know you want to 😛

          • Bill_Perdue

            It’s not a game. You’re a pro-bankster and pro-war slug whose politics are as as right wing as it gets.

            Your attempts to divert things with inane and insipid personal attacks is a measure of your incompetence and bankruptcy.

          • Jean-Marc in Canada

            Personal attacks?? This from the man-child who constantly and consistently calls anyone who even veers a millimeter from his fascist dictate Pigs, Obots, etc…..really?

            What I am is a pragmatic realist who doesn’t kid himself about how the world is. That’s not to say I wish, and hope, it will one day become a better place but I don’t kid myself with delusional ideological fictions like you do.

            By the way, I notice that you can’t help yourself in responding, which is why I so love this game with you…..and it is a game. You’re just not very good at it, are you?

            Hugs and Kisses

          • Bill_Perdue

            Personal attacks and far right politics are all you’ve got.

            Boring.

          • Jean-Marc in Canada

            ….and all you have are cut paste articles, most of which you probably can’t read.

            Equally boring.

          • Bill_Perdue

            More personal attacks and far right politics from a know nothing.

            Boring.

          • Jean-Marc in Canada

            I’m supposedly boring…..and yet…..you still stalk me…..interesting.

            Tell you what, since I know you want to the last word, go ahead, have at it.

            Toodles.

          • Bill_Perdue

            You are boring and you’re doing the stalking.

            And yes, run away. It’s all you can do.

  • AJ

    Unless a more lenient compromise is found, Greece isn’t paying the money back. You can blame whoever you want for the current catastrophe, but the fact stands that the country currently has a 25% unemployment rate, which doubles to 50% when just the youth are looked at, and some 40% of the country’s children are living below the poverty line. Even the IMF is realizing that the situation there is unsustainable, which is why various countries tried to block the release of its most recent report on Greece.

    The people are essentially damned if they do and damned if they don’t at this point.

    • Paladin SF

      I agree with you but they sort of did this to themselves. Tax evasion is a national sport, the high taxes have kept an advanced industry from developing, and the benefits were ridiculous for the longest time.

      P.S. I believe the current government promised to raise pensions beyond what was inflation adjusted rates.

      • AJ

        Who is they? The youth that came of age when they were only 50% likely to get a job of any kind, let alone a good one, the children in poverty, or the elderly who paid into the pension system expecting to be provided for who are about to be hungout to dry? I do not buy this “they did it to themselves” angle because most of the Greeks did not do it to themselves, and it is the neediest of them all who are getting screwed, not the wealthy elites who’ve had their money in Swiss accounts for decades and who actually did do it.

        Greece should not have been allowed into the Eurozone, that much is obvious, but there are bigger members with similar problems as well. Germany is going to have to decide if they want to help Greece, or continue to take the hardline approach. They may have difficulty taking the hardline though because France is growing more lenient, and it’s becoming obvious that Greece will go the way of Argentina before anyone gets their money back.

        • Paladin SF

          “Who is they?”

          The Greeks that practice tax evasion.

          Those that voted for higher taxes on businesses that discouraged a diversified economy.

          “elderly who paid into the pension system expecting to be provided for who are about to be hungout to dry?”

          You meant those that choose a full retirement at age 57?

          ” “they did it to themselves””

          It’s all of capitalism fault. Sure, having the largest social welfare spending to GDP had nothing to do with it.

          Nor is employing 30% of the workforce in the government.

          • GarySFBCN

            Is the Greek retirement age generous?

            Average age of retirement for men in 2012

            United States: 65

            United Kingdom: 63.7

            Germany: 62.1

            Greece: 61.9

            France: 59.7

            Belgium: 59.6

            Source: OECD

          • Paladin SF

            Why not the retirement average for 2009?

            Oh… that’s right. A retirement age of 57.

          • GarySFBCN

            So they changed it in response to a crisis and that’s bad?

          • Bill_Perdue

            The rich practice tax evasion and get away with it.

            Businesses that cannot stay afloat and pay decent wages and taxes should be nationalized, without compensation and handed over to working people to run on a democratic basis.

    • Bill_Perdue

      If the Greek workers move left they can pull the Spanish and Portuguese with them and begin the political and financial dismantling of the predators who run the EU.

  • Robert W. Pierce

    The Euro zone is all well and good but there are too many national divisions to make it effective and thoroughly workable. I’m thankful we in the UK did not join it. It’s a bit rich Merkel dictating to Greece among other countries when Germany after WW2 did not repay more than half of its load owed to the US, UK incuding Greece ironically among 20 other countries in 1953. No reason why the same couldn’t have been done for Greece or any other member state in the EU. It has shaken the Eurozone to its core. Good I say. More reform is definitely needed.

    • Kissmagrits

      Two economic terms that have gained currency this last five years: “Debt Slavery” and “Fiat Currency”.

      Debt slavery is similar to the 1890s American coal miner’s experience: Company provided housing and buying everything from the company store. And the running tab is never paid, so you lose the house and then you die.

      Fiat money is based on “derivatives” and “hedge fund operations” and banks selling debt portfolios – in other words – our money is just a promissory note.

    • billbear1961

      Reform, yes; but I don’t want to see the EU come unglued, Robert.

      A euro meltdown would cause chaos!

      It must be avoided!

      This is a very dangerous game BOTH sides are playing.

      EDIT: I do not like games of brinkmanship–they’re irresponsible and inexcusable.

      They place too much at risk.

      I don’t think it’s unreasonable to expect adults to put ego aside and behave like adults.

      • Bill_Perdue

        Always the friend of banksters.

        • billbear1961

          You are?

          Shame on you!

  • Jakers

    On a purely selfish note, if the dollar is really strong in the next 10 years, I can retire there with a sexy Greek butler.

  • Clungeflaps

    I support Greece’s ‘no’ vote 100%. The Germans and Merkel have shown themselves to be cruel, sadistic Obersturmdickheads intent on ruining all of Southern Europe for their own benefit. I say, well done to Greece, for telling Reichshexe Merkel and the Germans ‘verpiss dich’. Hopefully Portugal Spain and Italy will be following suit.

    And as an American, I am deeply enjoying watching the EU fall apart in spectacular fashion. After taking all the pot shots and jabs from Europeans about how oh so superior they are to Americans over the past 15 years, I am loving this immensely.

    Germany will probably come begging for billions in handouts from the US, just like their hypocritical asses did after WWII with Marshall Plan aid. I hope we tell them to suck a nut.

    • Ramona Love

      Spain will be the one to watch because of PODEMOS.

      the EU is definitely breaking up very rapidly. let’s hope it’s not a return to the first half of the 20th century for them.

  • Kissmagrits

    Are Spain, Portugal and Italy going to be next? – – – I’m beginning to appreciate the caution of Brits and Scandinavians rejecting the Euro.

    • billbear1961

      There’s no way I’d abandon the pound sterling for the euro, Kiss!

  • robirob

    The problem I see is what kind of measures Greek can take to actually create a better economy now that it basically said “suck it” to its main creditor the EU? Apparently Greece lied and fabricated reports in order to join the EU, it squandered all the money it got from the EU, when the money rain stopped and it was asked to at least pretend to pay some of the debts back it said “hell no! You want your money back? Give me more money and I pay you back, pinky swear!” and went on wasting the money or it vanished in shady people’s pockets.

    The new government is in a very difficult position, because yeah, the measures “suggested” by the EU were not exactly benefitial to stimutlate the economy, but at least they would have showed that Greece, as a nation, takes some responsiblity for the situation it is in and it tries to make it work and get out of the debt hole instead Greece painted itself as being a deadbeat and, even worse, proud of it by celebrating the “no” vote.

    • Clungeflaps

      Germans are a bunch of low down hypocrites. Germany has been bankrupt numerous times, and Greece has actually lent them money and forgiven the debt.

      People in Greece are now starving and dying in the streets, all in the name of austerity. That is sick.

      • Paladin SF

        “People in Greece are now starving and dying in the streets, all in the name of austerity.”

        Like African starving? As in children with swollen bellies? Where is this being reported? The Daily Worker?

        • Clungeflaps

          Yes, actually. There are plenty of reports that austerity has been a public health disaster in Greece, and malnutrition, AIDS and hepatitis infections and suicides have skyrocketed in Greece.

          But that’s OK, because austerity.

        • Bill_Perdue

          RIF. You should try it sometime. http://www.theguardian.com/world/2015/jan/21/-sp-greek-elections-five-years-like-patient-slowly-bleeding

          Only the rich and their toadies, and you’re probably a bit of both, think that the starvation of children so that banksters and get richer is a good thing.

          That opinion is despicable.

    • GarySFBCN

      “Apparently Greece lied and fabricated reports in order to join the EU. . .”

      Anyone who believed those reports was an idiot. For decades, it was so well known that 70% of the Greek economy was ‘off the books’ that it was taught in every Econ 1 class.

  • grobi

    My partner and I have voted on it and decided not to pay back the loan for the car . Oh and we’ll keep the car.

    • Clungeflaps

      Germany never paid back Marshall Plan aid in full. Why aren’t you pouting about them being workshy dole scroungers?

      Greeks actually log more work hours then the Germans, and the Germans use all that money they are extracting out of Greece for mandated 6 weeks of paid time off per year, to go binge drink and roll around in pools of their own vomit in Magaluf and Barcelona.

      • billbear1961

        Wie sagt man DEADBEAT auf Deutsch?

  • billbear1961

    The negotiations minuet continues . . .

    https://www.youtube.com/watch?v=H4KTpHW0ZP4

    Very strong nerves are called for.

    • Claude Jacques Bonhomme

      May this serenity and calm be the atmosphere of the next round of negotiations.

  • JCF

    Per always, pitting nation against nation (in this case, Greece vs Germany) is a DISTRACTION from the way the multinational RICH are screwing over EVERY nation’s Poor (and the Middle-Class which are now becoming Poor).

    Austerity.Does.Not.Work!!!! F#ck the IMF/Eurozone’s mandated austerity! Greek working class, STAY STRONG!!!

  • J Ascher

    Greece should consider forming a regional market like Mercosur in South America. An economic bloc of economically and socially similar countries should work – provided it’s structured and governed well.