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Greece is broke
Rank: Chief Joined: 8/4/2010 Posts: 8,977
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kfw yet again we go back to lehman brothers. So the saying goes "The more things change..." The banksters have become so sloppy since GFC. It's very easy to spot their paws everywhere. They've become predictable and so boring! $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Pesa Nane plans to be shilingi when he grows up.
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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What a pity. In September things will get funky!$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Veteran Joined: 7/5/2010 Posts: 2,061 Location: Nairobi
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hisah wrote:What a pity. In September things will get funky! 90 billion dollars. Woow. With harsher conditions than the ones which presently have all but killed off the Greek economy. These Europeans are idiots. Greece should have a party with this money then 3 years down the line tell the Eurozone to go f**k itself and either i) default ii) see if another several tens of billions of dollars will be coming. Pure comedy. Eye popping stuff this.
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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BBC wrote:Greek Prime Minister Alexis Tsipras said that after a "tough battle", Greece had secured debt restructuring and a "growth package".
1. The Greek parliament must immediately adopt laws to reform key parts of its economy - by Wednesday. The reforms include: streamlining the pension system, boosting tax revenue - especially from VAT
2. A commitment to liberalise the labour market, privatize the electricity network and extend shop opening hours
3. The eurozone agrees in principle to start negotiations on a loan package for Greece worth €82bn-86bn (£59bn-£62bn; $91bn-$96bn)
4. A new trust fund will be set up, managed by Greece, with €50bn of Greek assets. It is a mechanism for paying off part of the total ESM loan. Half of the €50bn will be used to fund recapitalisation of Greek banks, the other half will go towards reducing Greece's debt mountain - by privatising assets - and investing in Greece. (Is this to mean that the countries assets will be sold off to capitalize banks?)
5. Greece will get short-term bridge financing to avoid bankruptcy - separate from the ESM. The amount is estimated to be €7bn by next Monday and another €5bn by mid-August.
6. Out of the total ESM loan about €10bn will be used immediately to recapitalise Greek banks - but the banks may need €25bn in total.
7. The European Central Bank, eurozone finance ministers and the IMF will tightly monitor Greek compliance with the bailout conditions.
8. Negotiations on the ESM bailout will begin only after the plan is approved by the parliaments of Finland, Germany and Greece.
9. The eurozone is ready if necessary to extend the repayment period of Greek debt (by debt rescheduling), but debt will not be written off (so no "haircut").
10. The European Commission will try to mobilise €35bn - outside the ESM loan - to help Greece with growth and job creation. "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Elder Joined: 12/7/2012 Posts: 11,937
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murchr wrote:BBC wrote:Greek Prime Minister Alexis Tsipras said that after a "tough battle", Greece had secured debt restructuring and a "growth package".
1. The Greek parliament must immediately adopt laws to reform key parts of its economy - by Wednesday. The reforms include: streamlining the pension system, boosting tax revenue - especially from VAT
2. A commitment to liberalise the labour market, privatize the electricity network and extend shop opening hours
3. The eurozone agrees in principle to start negotiations on a loan package for Greece worth €82bn-86bn (£59bn-£62bn; $91bn-$96bn)
4. A new trust fund will be set up, managed by Greece, with €50bn of Greek assets. It is a mechanism for paying off part of the total ESM loan. Half of the €50bn will be used to fund recapitalisation of Greek banks, the other half will go towards reducing Greece's debt mountain - by privatising assets - and investing in Greece. (Is this to mean that the countries assets will be sold off to capitalize banks?)
5. Greece will get short-term bridge financing to avoid bankruptcy - separate from the ESM. The amount is estimated to be €7bn by next Monday and another €5bn by mid-August.
6. Out of the total ESM loan about €10bn will be used immediately to recapitalise Greek banks - but the banks may need €25bn in total.
7. The European Central Bank, eurozone finance ministers and the IMF will tightly monitor Greek compliance with the bailout conditions.
8. Negotiations on the ESM bailout will begin only after the plan is approved by the parliaments of Finland, Germany and Greece.
9. The eurozone is ready if necessary to extend the repayment period of Greek debt (by debt rescheduling), but debt will not be written off (so no "haircut").
10. The European Commission will try to mobilise €35bn - outside the ESM loan - to help Greece with growth and job creation. Worse than shylock conditions!!! In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Angelica _ann wrote:murchr wrote:BBC wrote:Greek Prime Minister Alexis Tsipras said that after a "tough battle", Greece had secured debt restructuring and a "growth package".
1. The Greek parliament must immediately adopt laws to reform key parts of its economy - by Wednesday. The reforms include: streamlining the pension system, boosting tax revenue - especially from VAT
2. A commitment to liberalise the labour market, privatize the electricity network and extend shop opening hours
3. The eurozone agrees in principle to start negotiations on a loan package for Greece worth €82bn-86bn (£59bn-£62bn; $91bn-$96bn)
4. A new trust fund will be set up, managed by Greece, with €50bn of Greek assets. It is a mechanism for paying off part of the total ESM loan. Half of the €50bn will be used to fund recapitalisation of Greek banks, the other half will go towards reducing Greece's debt mountain - by privatising assets - and investing in Greece. (Is this to mean that the countries assets will be sold off to capitalize banks?)
5. Greece will get short-term bridge financing to avoid bankruptcy - separate from the ESM. The amount is estimated to be €7bn by next Monday and another €5bn by mid-August.
6. Out of the total ESM loan about €10bn will be used immediately to recapitalise Greek banks - but the banks may need €25bn in total.
7. The European Central Bank, eurozone finance ministers and the IMF will tightly monitor Greek compliance with the bailout conditions.
8. Negotiations on the ESM bailout will begin only after the plan is approved by the parliaments of Finland, Germany and Greece.
9. The eurozone is ready if necessary to extend the repayment period of Greek debt (by debt rescheduling), but debt will not be written off (so no "haircut").
10. The European Commission will try to mobilise €35bn - outside the ESM loan - to help Greece with growth and job creation. Worse than shylock conditions!!! That's an agreekment for you. Pesa Nane plans to be shilingi when he grows up.
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Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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Clearly overestimated the greeks, absolutely kuku brained. You tell EU to f-off, go to your people and ask for vote rejecting deal on the table, then you go back to EU with your balls in your hand and get a worse deal. I see can't see further than a greek default in the next 6 months or next year Sehemu ndio nyumba
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Rank: Member Joined: 1/21/2013 Posts: 427
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Mainat wrote:Clearly overestimated the greeks, absolutely kuku brained. You tell EU to f-off, go to your people and ask for vote rejecting deal on the table, then you go back to EU with your balls in your hand and get a worse deal.
I see can't see further than a greek default in the next 6 months or next year But there is a question of, what would they have done instead, did they have an alternative option?
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Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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Since 2010, the greeks have had 3 options, do an Ireland/Spain et al and sell your furniture, impress the banker with your attitude and get a sensible payoff rate and period OR figure the required pain is nigh on possible on your people and default which would make you a pariah for a few yrs, but at least give you a chance to get your house in order OR pretend you know what you are doing until the banker realizes you don't and tells you to touch your toes. The greeks have time and again chosen the last option. timuka wrote:Mainat wrote:Clearly overestimated the greeks, absolutely kuku brained. You tell EU to f-off, go to your people and ask for vote rejecting deal on the table, then you go back to EU with your balls in your hand and get a worse deal.
I see can't see further than a greek default in the next 6 months or next year But there is a question of, what would they have done instead, did they have an alternative option? Sehemu ndio nyumba
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