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posted by
cmn32480
on Thursday July 02 2015, @01:48AM
from the we'll-pay-you-back-this-time-we-swear dept.
from the we'll-pay-you-back-this-time-we-swear dept.
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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Greece Defaults; Still Wants Bailout
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It's not reality that's important, but how you perceive things.
(Score: 0) by Anonymous Coward on Thursday July 02 2015, @08:29AM
There are always two sides to a loan. If you don't take out a loan, then you are under no obligation to the lender. Even if you subscribe to the notion that Greece's previous administrations have illegally entered into the debt for their own benefit and left the population with the bill, understand that Greece could just default on those old loans now and vote for an administration which does not depend on loans but only spends what is collected through taxes. Greece does not want to do that. The people themselves, not their administration, want the Euro, but they also don't want to pay taxes, and they also don't want lower pensions and an efficient administration which does not employ people just to do them a favor.
(Score: 0) by Anonymous Coward on Thursday July 02 2015, @12:35PM
You seem to ignore that Greece is currently spending less than what it gets from taxes *before debt payments*. If they completely stop paying their lenders, they don't have a budget problem.
(Score: 2) by tibman on Thursday July 02 2015, @02:07PM
If that was true then they never would have needed a loan in the first place. But if you are saying they have resolved their original budget issue since the loan then that is great. However their new budget failed to include the cost of repaying that loan, which means the budget is still not correct. Which is exactly the original issue. The government is failing to create a budget that spends less than it takes in.
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(Score: 1) by dboz87 on Thursday July 02 2015, @03:40PM
Which is why he used the word "currently". He is not talking about how they got into trouble, he is talking about what is keeping them there.
(Score: 2) by tibman on Thursday July 02 2015, @04:00PM
I addressed that. Even if the government is spending less than what it takes in as taxes it hasn't budgeted for paying its debt. If the debt is forgiven then they won't have a budget problem but not because they solved it themselves but because someone else solved it for them. Of course nobody would have a budget problem if they didn't have to pay for anything. That isn't a solution.
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(Score: 0) by Anonymous Coward on Thursday July 02 2015, @03:27PM
That was the case right before they basically backed out of the reforms by voting Syriza into power. Since then, Greece couldn't achieve a primary surplus if they wanted to, and almost half the population doesn't even want to, which is my point.