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Greece Defaults; Still Wants Bailout

posted by cmn32480 on Thursday July 02 2015, @01:48AM   
from the we'll-pay-you-back-this-time-we-swear dept.

BK writes:

Greece missed a payment to the IMF on Tuesday and defaulted, but now they are willing to do the deal, or most of the deal, that would have prevented it. According to CNN:

Whoa! The Greek government is now ready to sign on to a bailout package it threw out just days ago, but the about-face won't fix the country's crisis any time soon.

Additional coverage of the Greek Referendum and the political backlash in the Eurozone can be found from the BBC.

It looks like they want to add amendments, so this is not a done deal. Maybe it's not too late for Greece? Or is the Euro better off without Greece? Or Greece without the Euro?

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Original Submission

• Re:Yes, and Yes. Re:Yes, and Yes. (Score: 3, Interesting) by Non Sequor on Thursday July 02 2015, @04:00AM

  by Non Sequor (1005) on Thursday July 02 2015, @04:00AM (#204080) Journal

  There's historical precedent in terms of past economic crises:
  https://en.wikipedia.org/wiki/Great_Famine_(Ireland)#Irish_food_exports_during_Famine [wikipedia.org]

  I wouldn't call it profit motive per se. The folks that would do the exporting would be desperately trying not to lose money. Mass rioting or an export ban or outright nationalization of agricultural output might preempt that possibility. Those responses may have varying degrees of effectiveness in preventing starvation. They also have the side effect of making it much more difficult for Greece to return to the international economy.

  There isn't a safety valve here to release the pent up fuckedness.

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• Re:Yes, and Yes. Re:Yes, and Yes. (Score: 3, Interesting) by TheRaven on Thursday July 02 2015, @07:47AM

  by TheRaven (270) on Thursday July 02 2015, @07:47AM (#204130) Journal

  There are more recent examples. Look at a lot of the places where Fairtrade has caught on. It becomes more profitable to grow export crops (with a minimum sale price guaranteed by Fairtrade) than to grow crops for export. The result? People who own farms become richer, people who work on farms remain on subsistence income (though as the farm owners become richer, fewer are needed as the farms become more efficient by becoming more mechanised) and everyone else finds the price of food shoots up and a lot starve. The Economist had a good piece on this about 10 years ago, yet still people buy Fairtrade goods.

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  • Re:Yes, and Yes. (Score: 2) by tibman on Thursday July 02 2015, @01:48PM

    by tibman (134) on Thursday July 02 2015, @01:48PM (#204230)

    It looks like a lot has changed in the last ten years: http://www.fairtrade.net/workers-rights.html [fairtrade.net]

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