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Personally, I think that Greece‘s Prime Minister, Tsipras, is playing a very dangerous game. He’s effectively holding a gun to the head of Greece’s creditors – the reality is that Greece does not hold any wild cards in this dangerous game of ‘chicken’.
The last minute turn to Russia reminds me of Cyprus a couple of years ago. By turning to Russia and delaying negotiations with the troika, Cyprus did not win any concessions in the end.
In my mind, probably for the first time, I can see, quite vividly, Greece defaulting, precipitating a whole series of catastrophic events – this will be extremely painful for the people of Greece, and much, much worse than the austerity measures to date. The citizens of Greece should look to Argentina‘s default and turn away from the danger before it is too late – after all, Greece will benefit most from structural reform.
Vladimir Putin’s Russia has enough problems of its own but will demand a warm weather port from Greece and will want a stake in Greek banks and other assets before giving the Greeks a penny.
If Greece defaulted on a Russian loan there would be no second chances and Russia would simply sequestrate the entire country until the entire debt was paid.
Dr Alf is right to suggest that Greece is playing a dangerous game but as things stand the EU should not pay “Danegeld” to this country of ingrates and should allow it to financially implode as an example to other recalcitrant debtor nations who might be tempted to play a similar game.
The EU should throw Greece out of the Euro now and out of the EU because keeping it as an EU member is going to involve throwing good money after bad.
Last time the Greeks defaulted the Germans helped Greece as did China in exchange for a Greek island which they will no doubt turn into a warm weather port for themselves and their blue water fleet.
Providing Russia with such facilities is not a smart move strategically for Greece or for the West so we should be prepared to replace the Greek regime with something more to our liking and with the capability of sorting out the Greek economy without more bailouts,idle threats and blackmail.