Ahead of Berlin meeting with Chancellor Merkel, EC president warns on Grexit | News | DW.DE | 01.06.2015

This is a good article from leading German, news agency DW. Check it out!

via Ahead of Berlin meeting with Chancellor Merkel, EC president warns on Grexit | News | DW.DE | 01.06.2015.

As both Greece and creditors go to the wire, I fear that it’s the Greek Prime Minister who is taking the largest risk, viz. Greece defaulting and out of the Eurozone this month, and destined for ten years of Argentina-like hardship.

Clearly, both sides are being intransigent. Creditors are right to demand economic reforms and confidence that Greece can repay additional loans. Meanwhile, Greece has a point that previous deals were too draconian. However, I fear that the Greek Prime Minister is not helping his position with his rhetoric.

If you look at the foreign exchange markets, a Grexit in June seems increasingly likely.


One response

  1. The Greeks have brought this situation on themselves.
    So far they have had £300 billion gbp in bailout money with no prospect whatsoever of the creditors ever getting repayment.
    The hard pressed European taxpayer is now being asked to take the Greeks on trust and stump up more money again without any prospect of repayment–So far the Greeks have not reformed their economy,have not made consistent repayments of the monies given to them so far but still expect people to trust them.
    We are warned about the possibility of Greek exit on the basis that other PIIG countries will try the same thing when past experience with Eire,Italy,Portugal and Spain indicates otherwise.
    Greece is unique in that it entered the Euro under false pretences using bogus data which the “Masters of the Universe” at Goldman Sachs then fashioned into a compelling case for entry into the Euro when in reality it bore as much resemblance to the truth as Alice in Wonderland.
    Throwing good money after bad has never been a sensible policy which is why giving overseas aid to corrupt African dictators never made any sense and why bailing out this mendacious and frankly dishonest Greek Government is wrong and if proceeded with will result in yet another outstretched hand demanding even more money in 6 months time.

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