ECB keep Greece on the rack | Bitcointalksearch.org

pereira4

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Quote from: Kprawn on April 13, 2015, 03:31:12 AM

So being able to make the 450 million euro ($485 million) loan payment as they did, does not guarantee their road to solvency?

They would have to make drastic changes to satisfy skeptical creditors to lend them more money in future. Sad

...... Minister Yanis Varoufakis is dead set on selling state assets to cover their current debt.

The tax payer, will have to suffer for the mistakes made by a corrupt government. Angry

Lets see... Greece faces two crucial bond repayments to the ECB in july and aug which total 6.7bn euro

They do not have this money. How will they make this payment. I assume with another loan. How will that loan be serviced. I assume with more loans. The Greeks will be IN to the trokia for a century or more. Since no economic recovery is happening, and there is no evidence that a plausable economic recovery can occur, we can assume that all the EU is doing is Extend and Pretend, buy the EU project and it's banks more time. More time to asset strip, set up toll booths on public services, manipulate markets, and install a Shadow Government that rules instead of the Greek democracy.

Wasnt it all too good to be true? Greece voting to end the EU bailout game? To say no to the Troika? To go their own way? Really folks, we have all been played for dupes. The new Greeks government put on a nice show for their voters, then caved in to 90% of the Troika dictators.

No hope, no change, debt servitude for a century. The voters were played, made fools of, turned into chumps. When the Germans played hard ball, the Greeks bent over and took it.

Drachmae

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Love it when a plans starts to come together

Drachmae Project Regarding its Greek Project 2015 https://bitcointalksearch.org/topic/dt-token-re-branded-relaunched-as-dtmi-digital-technology-moldova-innovation-1435072

leopard2

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Quote from: NUFCrichard on April 13, 2015, 09:23:28 AM

Quote from: bigtimespaghetti on April 13, 2015, 02:37:25 AM

So if I understand this correctly, this is another dog and pony show before the ECB starts outright buying Greek bonds?

The bond price isn't really the issue, they are running a deficit still and have over 100% dept:GDP ratio.
They aren't growing and have essentially destroyed their own economy by cutting as they were told too.

Greece needs to start afresh, but they seem intent to continue kicking the can down the road and screwing over their population.

hehe, nice picture Cheesy

isn't that what all politicians do?

Greece has no business model, so they have to be supported permanently or sell some of their larger islands, cover their debt and start afresh with drachmae and a bit of restructuring. Guess which option they prefer :-)

they have screwed others over for centuries btw.

http://www.reuters.com/article/2011/10/18/us-germany-greece-otto-idUSTRE79H1DD20111018

http://www.investopedia.com/financial-edge/0911/the-history-of-greek-sovereign-debt-defaults.aspx

Ancient Default
The first recorded default in Greek history occurred in the fourth century B.C., when 13 Greek city states borrowed funds from the Temple of Delos. Most of the borrowers never made good on the loans and the temple took an 80% loss on its principal.

Five Times
Greece has defaulted on its external sovereign debt obligations at least five previous times in the modern era (1826, 1843, 1860, 1894 and 1932).

it is absolutey fucking hilarious how many IDIOTS have lent them money and let them into the EUR

ashour

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Quote from: NUFCrichard on April 13, 2015, 09:23:28 AM

Quote from: bigtimespaghetti on April 13, 2015, 02:37:25 AM

So if I understand this correctly, this is another dog and pony show before the ECB starts outright buying Greek bonds?

The bond price isn't really the issue, they are running a deficit still and have over 100% dept:GDP ratio.
They aren't growing and have essentially destroyed their own economy by cutting as they were told too.

Greece needs to start afresh, but they seem intent to continue kicking the can down the road and screwing over their population.

Greece should had invested in building a better economic infrastructure to grow their economy and start repaying their debts. They should had encouraged more programmes for small business and startups this would have lowered the unemployment rate and made their economy grow faster. Now it's probably to late for that.

ashour

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Quote from: qiwoman2 on April 13, 2015, 06:53:42 AM

Tsipras should have gone bankrupt from day one and left the Euro, that would be a guaranteed way to stick to the pledge they SYRIZA made to the Greek Voters. No Trokia and no Bailout..Let the EUROZONE sit on it and let Greece breathe a sigh of fresh air, weed out all its corrupt politicians and Rich tax evader/criminals, then decide what to do next. China has been buying up Greek Govt Bonds, that's how Greece was able to pay Lagard and the IMF.

Maybe they should go bankrupt but if would be catastrophic for Greece. They would print an inflationary currency which none would buy, import of goods from euro countries would be a problem etc. Overall it would be a bad decision to declare bankrupt. Greece doesn't export anything important, doesn't have natural resources(oil,gas) etc. They just need more strict tax collection rules with huge penalties to fix what is able to be fixed.

NUFCrichard

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Quote from: bigtimespaghetti on April 13, 2015, 02:37:25 AM

So if I understand this correctly, this is another dog and pony show before the ECB starts outright buying Greek bonds?

The bond price isn't really the issue, they are running a deficit still and have over 100% dept:GDP ratio.
They aren't growing and have essentially destroyed their own economy by cutting as they were told too.

Greece needs to start afresh, but they seem intent to continue kicking the can down the road and screwing over their population.

Q7

sr. member

Activity: 448

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Can you imagine the amount of funds provided just for a single country? That is €130bn and with a big "B". I wonder how they are going to pay back the sum. In this situation, ECB actually has no choice. Greece is actually not a big contributor to the whole Eurozone economy. Their exit might not even mean anything but because of the fear that one exit might cause a chain of reaction affecting other countries, things have to be done cautious. Currency speculators are waiting for this type of news just to dump the currency.

qiwoman2

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Oikos.cash | Decentralized Finance on Tron

Tsipras should have gone bankrupt from day one and left the Euro, that would be a guaranteed way to stick to the pledge they SYRIZA made to the Greek Voters. No Trokia and no Bailout..Let the EUROZONE sit on it and let Greece breathe a sigh of fresh air, weed out all its corrupt politicians and Rich tax evader/criminals, then decide what to do next. China has been buying up Greek Govt Bonds, that's how Greece was able to pay Lagard and the IMF.

Kprawn

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So being able to make the 450 million euro ($485 million) loan payment as they did, does not guarantee their road to solvency?

They would have to make drastic changes to satisfy skeptical creditors to lend them more money in future. Sad

...... Minister Yanis Varoufakis is dead set on selling state assets to cover their current debt.

The tax payer, will have to suffer for the mistakes made by a corrupt government. Angry

bigtimespaghetti

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bigtimespaghetti.com

So if I understand this correctly, this is another dog and pony show before the ECB starts outright buying Greek bonds?

yellowpage09

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Regarding Greece, the ECB will stick to its stance presented in March. Greece will need to continue to resort to ELA financing of its banks (€65.6bn in February, expected to increase to €73bn mid-April), until further clarity is reached at the political level.

In March, the ECB clarified that countries under a programme would need to have a successful review before the ECB could buy bonds in these countries.

On the issue of reinstating the waiver on Greek government bonds for ECB collateral, Draghi clarified that there needs to be a "likelihood of a successful completion of a review", implying that the reforms outlined by the Greek government are not sufficient or sufficiently credible in the eyes of the ECB.

"Draghi might also reiterate that the ECB has provided more than €130bn already to Greece (€104bn to banks, €27bn to the government), representing some 73% of Greek GDP) and that rising T-bill purchases by Greek banks would be tantamount to indirect monetary financing, which is prohibited by the Treaty", says Societe Generale.

(Source: http://fxwire.pro/ECB-keep-Greece-on-the-rack-23992)

Topic: ECB keep Greece on the rack (Read 968 times)