European Central Bank

Will Greece be the last gasp of Marxist delusion?

The left wing are all enamoured that the dodgy Greek socialists flipped the bird at the EU.

They think this is cool and even Chris Trotter rolled out the “death of neo-liberalism” epithets.

It’s hogwash of course…neo-liberalism didn’t sink Greece, dodgy socialists drunk on other people’s money and lazy to boot sunk Greece.

Janet Daly explains in words even simple-minded socialists can understand.

Which of these do you find more repugnant: an autocratic European Union which is no longer bothering to conceal its intention to displace an elected government, or a shambolic clique of Left-wing fantasists who are propelling a country – and its hapless population – into economic ruin and political chaos?

It’s a tough call, isn’t it? Whatever happens in the Greek referendum on Sunday, it will not be the end of this pantomime. In fact, it is intended not to be the end, in spite of the Greek prime minister’s bizarre assertion last week that he could guarantee a deal would be made with the country’s creditors within 48 hours of a “no” vote – when, in fact, a “no” vote would effectively guarantee the impossibility of making such a deal since the answer “no” is a rejection of meaningful concessions to the creditors.

There is no point any longer in trying to make sense of this. It has gone beyond sense. It is now incomprehensible in the strict technical meaning of the word. The “options” available are all catastrophic and delusional in varying degrees and combinations, and nobody is actually going to get to choose between them anyway – at least, nobody in Greece. To the extent that they have had any involvement – or culpability – in this matter, the Greek people must come to terms with the consequences of electing Russell Brand to head their government. Voters do have some responsibility for the choices that they make. That is what distinguishes mature democracy from the students’ union. But given the price that they are paying for that moment of mad frivolity, it seems harsh to condemn, especially as the prospect of fiscal rationality had already been ruined by the fecklessness of previous governments and external forces beyond their control.

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Wogs vote No, they’re screwed now

The dumb Greeks have voted No.

They want to continue on bludging off the rest of Europe while they spend other people’s money.

Greeks have voted overwhelmingly “No” in a historic bailout referendum, partial results show, defying warnings from across Europe that rejecting new austerity terms for fresh financial aid would set their country on a path out of the euro.

With more than half the votes counted, official figures showed 61 per cent of Greeks on course to reject a bailout offer from creditors that was the official issue of the ballot.

The figures showed the Yes vote drew 40.1 per cent. An official projection of the final result is expected this morning (NZT).

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The square heads are getting sick of dodgy Greek ratbags

Time is up for Greece, and the Krauts are utterly sick of them.

Berlin has delivered a blistering attack on Greece’s beleaguered radical prime minister, Alexis Tsipras, accusing him of lying to his own people and seeking scapegoats for the country’s misery everywhere but in his own ranks.

The German government dismissed desperate attempts by Athens to salvage some form of bailout, prompting Tsipras to hit back, accusing the country’s creditors of trying to “blackmail” Greek voters with dire warnings that a vote against austerity in this weekend’s referendum would be a vote to leave the euro.

Tsipras referred to leaders of other eurozone nations as “extremist conservative forces” and blamed them for the capital controls that have forced the banks to shut down and ration cash.   Read more »

Squareheads are screwing over the dodgy greek ratbags

The Germans are marching on the Greeks and their intransigence over repaying their loans stretches on.

The German government has raised the prospect of an in-out referendum to decide Greece’s fate in a sign that Europe’s largest creditor has begun to make contingency plans for a Greek exit from the euro.

Speaking ahead of a meeting of eurozone finance ministers inBrussels, Germany’s Wolfgang Schaeuble said a plebiscite on Greece’s euro membership could prove to be “helpful” for the debt-stricken country and its creditors.

“If the Greek government thinks it must hold a referendum, then let it hold a referendum,” said Mr Schaeuble.

“That might even be a helpful measure for the Greek people to decide whether it is ready to accept what is necessary, or whether it wants something different.”

His comments represent something of a volte-face from Berlin, who famously quashed plans by then prime minister George Papandreou to hold a referendum in 2011. Both Germany and France threatened to withdraw financial aid for Greece if a referendum was held at the height of its debt crisis four years ago.

The president of the European parliament, German Martin Schulz chimed in with the tacit endorsement, saying a referendum was a “possibility” but ultimately it would be up to the Greek government to decide.

Popular votes have not been the preferred course of action for European officials.

The people of the Netherlands and France voted to reject the EU Constitution in 2005, while Ireland also failed to initially ratify the Treaty of Lisbon in 2008.

Greek Prime Minister Alexis Tsipras campaigned to stay in the euro when his Leftist Syriza party stormed to power in late January. But after three months of fractious talks which have yielded little agreement, Greece stands on the brink of defaulting to its own people at the end of the month.

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Tell him he’s dreamin’

The Telegraph

The euro is rooted. Hard working Germans won’t want to fund dodgy, lazy Frenchmen to sit around doing nothing while getting paid by their government.

Forget the problems at the fringes, it is the bludging frogs who are the real problem.

One of the founding fathers of the euro admits that some states may be forced to abandon the single currency, but insists Germany would be better off staying in.

Otmar Issing, a former European Central Bank chief economist, warned that the eurozone could be heading towards fracture in a book calledHow we save the euro and strengthen Europe published this week .

“Everything speaks in favour of saving the euro area. How many countries will be able to be part of it in the long term remains to be seen,” said Mr Issing in the book, which is written as a conversation between an economist and a journalist.

At no point did he explicitly refer to Greece, but the debt-stricken country has been hovering perilously close to default and an exit from the eurozone as it makes harsh spending cuts and tax hikes to appease the EU and ECB after receiving billions in bail-out payments.

“We are still a long way off saying ‘that’s it, now we are sure to make progress’. Substantial reforms in almost all countries are still pending,” he added.