Greeks defy Europe with overwhelming referendum 'No'

[Dalit]

The problem are, in any financial system, there are a "Time to Live" for all debt to be write off, because the resource to keep recovering from debt would be greater by date and by the time the cost of recovery with interest are actually larger than the debt itself, that is the cut off time for the loan to be write off, simply because it is going to take more money to recover the money that debtor owe.

Look at the chart. on Post 7.

The debt Greece Government owe this month is 8.03 bln Euro, but only 6 bln or so are the actual debt, the other are cost associate with the debt, which generate after the debt itself.

Problem now is when the time has come to a critical point, with everyday past, the debt is going to roll higher, and to a point when the debt itself is out range by the associate cost, then the creditor would default the loan and bankrupt the Greece Banking system.

The question should not be How Greece NEGOTIATE for a better deal, but rather How Greece actually PAYS OFF the debt to avoid it to be write off and get into default, and that have nothing to do with negotiate a better deal. The better deal for Greece is not to repay the loan...

You think the Greeks are stupid? They know the game they are playing. They fully know the consequences. They can afford it for the time being and that is why they are resorting to such tactics. Not only that, the Greeks also know that the creditors are eventually going to soften up. Have you read the damning IMF report?

Financing needs add up to over €50 billion over the three-year period from October 2015 to end–2018.

Not only that, the report also calls for major concessions.

As for this IMF report:

Europeans tried to block IMF debt report on Greece: sources

http://www.reuters.com/article/2015/...0PD20120150703

European Countries Tried To Block Release Of IMF Analysis On Greece: Report

"Publication of the draft Debt Sustainability Analysis laid bare a dispute between Brussels and the Washington-based global lender that has been simmering behind closed doors for months."

http://www.huffingtonpost.com/2015/0...n_7723144.html

From the same link:

The IMF argues that Greece's debt burden of nearly 185 percent of gross domestic product can only be made sustainable if the euro zone provides considerable extra financing through a mixture of new loans and a debt restructuring.

You do realize that all of this goes in favor of Greece? IMF is Uncle Sam! There is a reason why Greece has become so defiant. They know they got their backs covered.

Greece has enough resources for the time being to repay the periodic debt. They'll only bite once a favorable deal has been reached. By the looks of things they want to reach a deal ASAP. Tsipras has made that quite clear today during his speech.

The referendum has given the Greek government something to work with. They have the support of the majority of their people. It has vindicated their stance. That should tell us something.

Europe and particularly the creditors would do anything in their power to keep Greece within the eurozone. The creditors want to see their money back and the crisis resolved for the sake of European unity. Mark my words. This is a litmus test for Europe and the world is watching... Don't take it too lightly because there's quite a lot at stake. Not only for Greece, but Europe too.

 

[Jlaw]

Athens (AFP) - Cheering and chanting, thousands of Greeks who voted to say 'No' to bailout austerity measures crowded into central Athens on Sunday to celebrate a landslide referendum victory. Photo: AP
Scenes of joy as Greece's 'No' voters celebrate victory


Greeks defy Europe with overwhelming referendum No - Yahoo7

I love this picture.

 

[Dalit]

I love this picture.

Don't show it to an Indian... This woman won't survive.

 

[jhungary]

You think the Greeks are stupid? They know the game they are playing. They fully know the consequences. They can afford it for the time being and that is why they are resorting to such tactics. Not only that, the Greeks also know that the creditors are eventually going to soften up. Have you read the damning IMF report?

Financing needs add up to over €50 billion over the three-year period from October 2015 to end–2018.

Not only that, the report also calls for major concessions.

As for this IMF report:

Europeans tried to block IMF debt report on Greece: sources

http://www.reuters.com/article/2015/...0PD20120150703

European Countries Tried To Block Release Of IMF Analysis On Greece: Report

"Publication of the draft Debt Sustainability Analysis laid bare a dispute between Brussels and the Washington-based global lender that has been simmering behind closed doors for months."

http://www.huffingtonpost.com/2015/0...n_7723144.html

From the same link:

The IMF argues that Greece's debt burden of nearly 185 percent of gross domestic product can only be made sustainable if the euro zone provides considerable extra financing through a mixture of new loans and a debt restructuring.

You do realize that all of this goes in favor of Greece?

Greece has enough resources for the time being to repay the periodic debt. They'll only bite once the eal has been reached and they want to reach it ASAP.

And you think the rest of EU are stupid??

Dude, what good does it do or show if the EU show weakness and negotiate another round of package only for them to yet AGAIN fail to repay even the interest.

The core problem for Greece is, they did not have a sustainable system to save up and repay the loan, any kind of "Repayment package" had fail and would continue to fail and will only be turning into EU subsidising the Greece debt. There are no current plan nor any contingence plan to pay off the debt, and the only thing, the only one thing they can do is to accept audacity package to have faint hope to EU that the Greek are going to stick to the repayment plan, and this only solution is now rejected by the Greece Government.

The IMF article mention the term "ON GREECE PRESPECTIVE" of course the only way greek can get out of this debt burden is to stick with Euro and have Euro pumping money into it and hope to save Greece, but EU is much larger than Greece and EU can survive without Greece, it is NOT THE OTHER WAY AROUND.

Germany, the majority debt holder for Greece already warn Greece to accept the package in return of another aid, they are not too happy to keep pumping money in at the first place.

Greece: Germany warns over debt commitments - BBC News

The latest on Greece: German central banker gives warning - Yahoo Finance

 

[Jlaw]

Don't show it to an Indian... This woman won't survive.

Why? is it against Hindu religion to look at a pretty woman unless she is an auntie?

 

[IndoUS]

I love this picture.

Sharam karo holy month hai

 

[Dalit]

Why? is it against Hindu religion to look at a pretty woman unless she is an auntie?

Ask those female tourists that end up raped...

 

[jhungary]

@jhungary. Even if they get the deal and the loan, they will just be kicking the can further down the road. Greek will never be able to repay the loan begin with.

Yes, indeed, however, that does not eliminate the fact that the audacity package is the only hope that Greece can get out of the debt burden, albeit slowly and require the EU to pump more money in it.

At the current system, Greece have no way to mass up these much amount to repay even the interest owing (Which is somewhere 2 bil euro a month) and if they have to reform the system, they would first need to keep the financial system alive, and yes, that would mean one way or another the debt need to be pay either via another loan or another package

 

[KAL-EL]

I love this picture.

 

[Dalit]

And you think the rest of EU are stupid??

Dude, what good does it do or show if the EU show weakness and negotiate another round of package only for them to yet AGAIN fail to repay even the interest.

The core problem for Greece is, they did not have a sustainable system to save up and repay the loan, any kind of "Repayment package" had fail and would continue to fail and will only be turning into EU subsidising the Greece debt. There are no current plan nor any contingence plan to pay off the debt, and the only thing, the only one thing they can do is to accept audacity package to have faint hope to EU that the Greek are going to stick to the repayment plan, and this only solution is now rejected by the Greece Government.

The IMF article mention the term "ON GREECE PRESPECTIVE" of course the only way greek can get out of this debt burden is to stick with Euro and have Euro pumping money into it and hope to save Greece, but EU is much larger than Greece and EU can survive without Greece, it is NOT THE OTHER WAY AROUND.

Germany, the majority debt holder for Greece already warn Greece to accept the package in return of another aid, they are not too happy to keep pumping money in at the first place.

Greece: Germany warns over debt commitments - BBC News

The latest on Greece: German central banker gives warning - Yahoo Finance

Well, you are entitled to your opinion, but I think that Greece and Europe are eventually going to sort it out. Both just cannot afford to worsen this crisis. Greece and the creditors will reach a consensus. That is my prediction. We'll have to wait for re-negotiations to start. Despite all the rhetoric the creditors have shown a lot of goodwill and reconciliation. That means that there is a lot of room for talks.

 

[jhungary]

I love this picture.

I like this Greek girl better

 

[Vincent valentine]

Don't show it to an Indian... This woman won't survive.

Actually don't show it to a Pakistani otherwise god knows in how many pieces she will get blown

 

[jhungary]

Well, you are entitled to your opinion, but I think that Greece and Europe are eventually going to sort it out. Both just cannot afford to worsen this crisis. Greece and the creditors will reach a consensus. That is my prediction.

we shall see.......EU are going to have a meeting soon, that will be actually deciding the future of Greece.

No re-negotiation yet, they have to decide if they want to negotiate first.

 

[Dalit]

Actually don't show it to a Pakistani otherwise god knows in how many pieces she will get blown

LMAO coming from an Indian who shoves steel rods inside the genitals of Indian women. Rapes anything that crawls on the streets. Proud Indian men. Disgusting creatures. No wonder many females around the world boycott this nasty country.

we shall see.......EU are going to have a meeting soon, that will be actually deciding the future of Greece.

No re-negotiation yet, they have to decide if they want to negotiate first.

Time will tell indeed.

 

[Vincent valentine]

LMAO coming from an Indian who shoves steel rods inside the genitals of Indian women. Rapes anything that crawls on the streets. Proud Indian men. Disgusting creatures. No wonder many females around the world boycott this nasty country.

Who told you this is this your mental masterbation actually thanks to pakistan the tourists in our country rose 500 % in one year so good luck with that . Yes it can be considerable coming from a Pakistani But in your country no one even want to enter. So much for the land of pure