[civil] "Greece moves closer to eurozone exit after delaying €300m repayment to IMF "

[PLATO]

Now we will soon know. Tsipras is either a genius or a fool. There can be no middle ground for him.

[grumbler]

According to The Telegraph, Greek finance officials are thinking about forging Euros:

Syriza sources say the Greek ministry of finance is examining options to take direct control of the banking system if need be rather than accept a draconian seizure of depositor savings - reportedly a 'bail-in' above a threshhold of €8,000 - and to prevent any banks being shut down on the orders of the ECB.

Government officials recognize that this would lead to an unprecedented rift with the EU authorities. But Syriza's attitude at this stage is that their only defence against a hegemonic power is to fight guerrilla warfare.

Hardliners within the party - though not Mr Varoufakis - are demanding the head of governor Stournaras, a holdover appointee from the past conservative government.

They want a new team installed, one that is willing to draw on the central bank's secret reserves, and to take the provocative step in extremis of creating euros.

"The first thing we must do is take away the keys to his office. We have to restore stability to the system, with or without the help of the ECB. We have the capacity to print €20 notes," said one.

Such action would require invoking national emergency powers - by decree - and "requisitioning" the Bank of Greece for several months. Officials say these steps would have to be accompanied by an appeal to the European Court: both to assert legality under crisis provisions of the Lisbon Treaty, and to sue the ECB for alleged "dereliction" of its treaty duty to maintain financial stability.

http://www.telegraph.co.uk/finance/e...-currency.html

I don't understand why everyone is pretending it would be a bad think for Greece to leave the Euro. The people have democratically decided that they don't want to take the steps necessary to stay in the Euro, and they are right to decide that. The Greek economy simply cannot compete on a level playing field with the major European economies. Greece needs to devalue drastically to regain competitiveness.

[Proteus_MST]

...
I don't understand why everyone is pretending it would be a bad think for Greece to leave the Euro. ...

IMHO this would end in a situation similar to the situation the yugoslavian had with their Denars vs. the german DM, at the end of the 80s.
Where the Dinar had a large inflation and yugoslavian merchants preferring to receive DMs as payment, due to iits stability, instead of their own currency.

With the only difference that now the greek Drachme would take the part of the Denar and the Euro the part of the DM

[Alexander's Horse]

If Greece leaves the EU that might not be a bad thing. It will quickly find that life outside is no bed of roses.

[C0ckney]

Cockney, it is a fact that the EU has urged a very specific program of economic liberalization and privitization, designed to get the economy moving and pay down debt, that the Greeks have completely ignored and/failed to do.

ah, so they just implemented the part of the programme designed to destroy the economy and increase social hardship, but failed to implement the part that would make everything come up roses. how silly of them!

[C0ckney]

2009 would be a bit brazen. Bail at the first sign?

it was clear to me (of course i wasn't alone) in 2009 that greece was insolvent and that there were no measures that could restore the situation except a default.

[C0ckney]

Bread and circuses with a no vote.

as you're so fond of saying: the people have spoken, the bastards.

[DinoDoc]

as you're so fond of saying: the people have spoken, the bastards.

I prefer this quote: Democracy is the theory that the common people know what they want, and deserve to get it good and hard. - H. L. Mencken

[Dinner]

They have certainly spoken. Spoken a stupid irrational fantasy but now they get to suffer the consequences.

[Egbert]

If Greece leaves the EU that might not be a bad thing. It will quickly find that life outside is no bed of roses.

It looks like Greece is in for some serious pain, whatever they do. As is usual for any group or person who is in serious financial distress.

Yes = awful times ahead

No = awful times ahead

I am very thankful that my country is not in a position that requires such difficult choices.

[grumbler]

If Greece leaves the EU that might not be a bad thing. It will quickly find that life outside is no bed of roses.

There's no reason Greece should leave the EU. Just the Eurozone.

[grumbler]

ah, so they just implemented the part of the programme designed to destroy the economy and increase social hardship, but failed to implement the part that would make everything come up roses. how silly of them!

They implemented the part that didn't especially hit their special-interest constituency (I'm talking the old government here; Syriza wasn't going to implement anything) and did implement those things that wouldn't. Not silly of them; that's how they stayed in power for so long.

[C0ckney]

could you be a little more specific with what you're referring to?

[pchang]

ah, so they just implemented the part of the programme designed to destroy the economy and increase social hardship, but failed to implement the part that would make everything come up roses. how silly of them!

I had faith you would finally get it.

[C0ckney]

well i'm glad one of us does.