Greece: Out Of Cash, Out Of Time, Out Of Options
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Aptrgangr
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Greece: Out Of Cash, Out Of Time, Out Of Options
Greece: Out Of Cash, Out Of Time, Out Of Options

Authored by Andrew Lilico - Chairman of Europe Economics (@Andrew_Lilico), excerpted from CapX.xom,

On Friday Greece is due to pay at least a quarter of the €1.5bn due to the IMF in June.

The creditors say they will only disburse the money if the Greek government enacts various key economic reforms and does not roll back reforms the last government agreed with the lenders and if the Greek government undertakes to run large enough budget surpluses every year in the future that Greece might have a chance of paying back the money the creditors have lent it.

The Greek government says there is no possibility of it ever paying back all the money it has been lent and the creditors need to accept that, write off some of the debt, and not insist that Greece runs large surpluses (predicated on the fantasy of paying back the debt) or cuts back on pensions or enacts other similar measures that run contrary to the Greek voters’ will (as expressed in the last election).
Most commentary still appears predicated on the idea that there will be some last-minute deal - either because the creditors will back down and give Greece some more money without requiring it to be paid back or because the Greek government will back down if it understands that not doing so would ultimately mean leaving the euro. (...)

http://www.zerohedge.com/news/2015-06-04...ut-options

http://www.telegraph.co.uk/finance/econo...nears.html

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2015 Jun 04 13:56
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Aemma
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RE: Greece: Out Of Cash, Out Of Time, Out Of Options
I wonder what Greece herself actually wants to do: stay in the Eurozone or leave, if the latter is even remotely possible. Could Greece even survive outside the Eurozone?

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2015 Jun 04 14:46
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Phlegethon
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RE: Greece: Out Of Cash, Out Of Time, Out Of Options
Greece has always been dependent on massive subsidies from abroad.


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Nay, in oaks on woody hill
Lives and moves the German God.

2015 Jun 04 22:51
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RE: Greece: Out Of Cash, Out Of Time, Out Of Options
(2015 Jun 04 14:46)Aemma Wrote:  I wonder what Greece herself actually wants to do: stay in the Eurozone or leave, if the latter is even remotely possible. Could Greece even survive outside the Eurozone?
They definitely want to be in the Eurozone. It's part of Greek psychology. They want to be seen as European, not Levantine.

66.5% of Greeks Prefer the Euro Over Drachma

2015 Jun 05 08:39
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W. R.
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RE: Greece: Out Of Cash, Out Of Time, Out Of Options
(2015 Jun 04 22:51)Phlegethon Wrote:  Greece has always been dependent on massive subsidies from abroad.

I read somewhere that many years ago, under the Regime of the Colonels, Greece had a balanced budget.

A Pinochet is all the Greeks need. ^__^

[...] just as it is not left unto us to choose our ancestors, so we may not choose our nation; we can only fulfil, or not fulfil, the obligations that come from being a member of our people’.
© Dr. Jan Stankievič ‘From the History of Belarus’

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2015 Jun 05 10:54
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Phlegethon
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RE: Greece: Out Of Cash, Out Of Time, Out Of Options
That was in 1974 when the colonels were overthrown. But a balanced budget once in almost 200 years does not do anything about a systematic mentality-caused structural deficit.


Not in haunts of marble chill,
Temples drear where ancients trod,—
Nay, in oaks on woody hill
Lives and moves the German God.

(This post was last modified: 2015 Jun 10 12:44 by Phlegethon.)
2015 Jun 05 14:00
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Aptrgangr
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RE: Greece: Out Of Cash, Out Of Time, Out Of Options
from min 34 on



"The secret to happiness is freedom... And the secret to freedom is courage."
Thucydides

“My country, right or wrong; if right, to be kept right; and if wrong, to be set right.” Carl Schurz

"Both oligarch and tyrant mistrust the people, and therefore deprive them of their arms."
Aristotle

"Right, as the world goes, is only in question between equals in power, while the strong do what they can and the weak suffer what they must." Thucydides
2015 Jun 10 03:17
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Phlegethon
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RE: Greece: Out Of Cash, Out Of Time, Out Of Options
Greece suffers from the same delusion the Poles have historically suffered, namely that they somehow matter in the European concert. Mentally Greece is more Turkish than European anyway.


Not in haunts of marble chill,
Temples drear where ancients trod,—
Nay, in oaks on woody hill
Lives and moves the German God.

2015 Jun 10 12:48
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RE: Greece: Out Of Cash, Out Of Time, Out Of Options
Vulture Funds Circle Greece Targeting Europe’s Best Trading Bet

by Katia Porzecanski Julia Verlaine

June 10, 2015 — 4:52 PM CEST Updated on June 11, 2015 — 1:36 AM CEST

The vultures are circling over Athens.
Even with Greece running out of cash, talks deadlocked over releasing more aid and the government’s securities sliding in value, a handful of distressed-debt funds -- sometimes known as vulture investors -- see the chance for a big payday.

Investors including New York-based Perry Capital, Knighthead Capital Management and Monarch Alternative Capital LP are betting that the worst will be averted, according to three people familiar with the trades.
A resolution to the contentious negotiations between Greece and the creditor group that has lent it 240 billion euros ($271 billion) in the past five years could see Greek debt double in value, said the people, who asked not to be identified because the matter is private. Greece’s desire to remain a member of the European Union as well as EU leaders’ goal of keeping the bloc intact will yield an accord, they said. (...)

http://www.bloomberg.com/news/articles/2...rading-bet

"The secret to happiness is freedom... And the secret to freedom is courage."
Thucydides

“My country, right or wrong; if right, to be kept right; and if wrong, to be set right.” Carl Schurz

"Both oligarch and tyrant mistrust the people, and therefore deprive them of their arms."
Aristotle

"Right, as the world goes, is only in question between equals in power, while the strong do what they can and the weak suffer what they must." Thucydides
2015 Jun 11 14:12
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Aptrgangr
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RE: Greece: Out Of Cash, Out Of Time, Out Of Options
'No deal' with Greece as talks in Brussels fail

The latest round of talks between Greek and EU officials in Brussels has failed to reach an agreement.
A European Commission spokesman said while that progress was made on Sunday, "significant gaps" remained.
Europe wants Greece to make spending cuts worth €2bn (£1.44bn), to secure a deal that will unlock bailout funds.
Greek deputy prime minister Yannis Dragasakis said that Athens was still ready to negotiate with its lenders.
He said Greek government proposals submitted on Sunday had fully covered the fiscal deficit as demanded. (...)

http://www.bbc.com/news/business-33125801

"The secret to happiness is freedom... And the secret to freedom is courage."
Thucydides

“My country, right or wrong; if right, to be kept right; and if wrong, to be set right.” Carl Schurz

"Both oligarch and tyrant mistrust the people, and therefore deprive them of their arms."
Aristotle

"Right, as the world goes, is only in question between equals in power, while the strong do what they can and the weak suffer what they must." Thucydides
2015 Jun 14 20:58
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