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Greece

This tag is associated with 18 posts

The Bomb

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The Bomb The European Union in 2017 has the appearance of a sickly old man with so many ailments that it is hard to know whether he’ll be carried off by pneumonia, blood poisoning or stroke. The continent lurches from crisis to crisis while Brussels struggles to find policy responses that go beyond “kick the […]

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Grexodus Again In Time for Brexit

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Another spring and another Greek crisis looms. Not that it was unexpected by anyone; Common Sense certainly called it last year when the EU Imposed another round of “extend and pretend” over the objection of Greeks and even the IMF. The timing is terrible though: with Brexit looming, the British are being gratuitously treated to […]

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2016: The Year of Ungovernability (Part 1)

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As if last year was not rowdy enough, 2016 has already opened on a new note of ungovernability that promises to surpass what we’ve seen before. No new themes have been exposed, though they will surely come up; but the deep fractures that governments and institutions are desperately attempting to paper over continue to wreak […]

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Grexodus: Diktat, Capitulation and More Trouble to Come

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The outline of a deal has been reached after a marathon 22-hour session between Greece and the European Union. To call it a negotiation would be deceptive; it was Alexis Tsipras subjected to a browbeating until he acceded to even more stringent conditions than those that were previously offered to him in June. Such was […]

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Grexodus: Óxi, Óxi, Óxi

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With slightly more than half the ballots counted, “óxi” is set to win a decisive victory. Since the first estimates were released, “No” has maintained a 20 point lead over “Yes”. With a 65% turnout, Mr. Tsipras has every justification to declare a tremendous electoral victory for Syriza and his leadership. He can thank the […]

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Grexodus: Last Act

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Polls have opened all over Greece and will close at 1900 Eastern European Time (EST+7). Prime Minister Alexis Tsipras cast his ballot early in the morning undoubtedly checking “óxi” – no – in rejection of the creditors’ demands. For the leader of Syriza and for his Finance Minister, Yanis Varoufakis, the question is clear: accept […]

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Grexodus: The Death Spiral

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Greece seems to have finally entered the death spiral. After a final session on Saturday – they cannot be called negotiations – Alexis Tsipras’ government refused to accept the Trouka’s diktat. With that, Mr. Tsipras has done two things: 1. Declared a plebiscite to have the Greek people decide whether they will accept the terms […]

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Grexodus: Worse By The Hour

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It looks like endgame has arrived for the EU-Greek negotiations. Alex Tsipras and Co. had avoided defaulting last week on a large IMF payment they didn’t have the money to make by utilizing a perfectly legal, but rarely used protocol that allows debtors to roll-up multiple payments in the same month into one large payment […]

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Grexodus: A Complex Morality Tale

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  The dance between Greece and her creditors has been extended for a few more weeks. The IMF has already confirmed that the Fund’s rules allowing debtor countries to regroup “multiple principal payments falling due in a calendar month.” Those rules were last invoked in the 1970’s by Zambia. Thus the June 5th payment has been delayed until […]

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Grexodus: Die Gans ist gekocht (Greece’s Goose is Cooked)

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Soap, rinse, repeat. That has been the monotonous cycle of the Greek negotiations with “the Creditors” (a.k.a. the Institutions, a.k.a. the Troika…) for weeks. In fact, since the Greek elections that brought Syriza to power. How does it work? 0900 Talks between Greece and Creditors have resumed 1100 Anonymous Greek source states that there has […]

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“Our obligations to our country never cease but with our lives.“

John Adams

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