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Greece Vote
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<blockquote data-quote="GTNavyNuke" data-source="post: 159010" data-attributes="member: 322"><p>Looks like it's going to be a slight no outcome. Maybe now the EU, IMF and ECB will have to renegotiate a reduction in principal amount and stretch out the terms. One thing I read was that in 2011, the private creditors took 75% to get paid and get out but the EU, IMF and ECB didn't agree to any reduction.</p><p></p><p>Here was a good article about why a Bloomberg writer would have held his nose and voted yes. Where he and I differ is that he thinks there is a reasonable chance that Greece could become viable in the EU. I liked these thoughts (my bolding): <a href="http://www.bloombergview.com/articles/2015-07-05/greece-should-vote-yes-and-europe-should-be-ashamed" target="_blank">http://www.bloombergview.com/articles/2015-07-05/greece-should-vote-yes-and-europe-should-be-ashamed</a> " .....</p><p>Talks about debt relief now rather than later have been his (Tspiras) only hope of telling Greeks he'd won them something. The concession would have cost the creditors nothing -- less than nothing, measured against the costs they now face. <a href="http://www.bloombergview.com/articles/2015-06-16/europe-asks-the-impossible-of-greece" target="_blank">Yet they refused it</a>.</p><p></p><p>In the beginning, I think, this was out of ordinary bureaucratic mulishness. Rules are rules. By degrees, and under great provocation, <strong>this characteristic EU trait became a determination to show Tsipras who was boss.</strong></p><p></p><p><strong>The right thing was to help Tsipras lose with dignity</strong> -- to show a little respect to the Greeks who'd voted him into office out of despair. <strong>Any instinct of that kind gave way to the view that Tsipras and his supporters had to kneel.</strong> <strong>That would encourage future backsliders to get in line,</strong> and Greece had it coming anyway. That mindset, in turn, formed itself into the idea that the euro system, and maybe t<strong>he EU itself, might be better off without Greece."</strong></p><p></p><p>This is a real Greek drama.</p></blockquote><p></p>
[QUOTE="GTNavyNuke, post: 159010, member: 322"] Looks like it's going to be a slight no outcome. Maybe now the EU, IMF and ECB will have to renegotiate a reduction in principal amount and stretch out the terms. One thing I read was that in 2011, the private creditors took 75% to get paid and get out but the EU, IMF and ECB didn't agree to any reduction. Here was a good article about why a Bloomberg writer would have held his nose and voted yes. Where he and I differ is that he thinks there is a reasonable chance that Greece could become viable in the EU. I liked these thoughts (my bolding): [URL]http://www.bloombergview.com/articles/2015-07-05/greece-should-vote-yes-and-europe-should-be-ashamed[/URL] " ..... Talks about debt relief now rather than later have been his (Tspiras) only hope of telling Greeks he'd won them something. The concession would have cost the creditors nothing -- less than nothing, measured against the costs they now face. [URL='http://www.bloombergview.com/articles/2015-06-16/europe-asks-the-impossible-of-greece']Yet they refused it[/URL]. In the beginning, I think, this was out of ordinary bureaucratic mulishness. Rules are rules. By degrees, and under great provocation, [B]this characteristic EU trait became a determination to show Tsipras who was boss.[/B] [B]The right thing was to help Tsipras lose with dignity[/B] -- to show a little respect to the Greeks who'd voted him into office out of despair. [B]Any instinct of that kind gave way to the view that Tsipras and his supporters had to kneel.[/B] [B]That would encourage future backsliders to get in line,[/B] and Greece had it coming anyway. That mindset, in turn, formed itself into the idea that the euro system, and maybe t[B]he EU itself, might be better off without Greece."[/B] This is a real Greek drama. [/QUOTE]
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