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Greece 'may go elsewhere for new deal on debt'

Jetboogieman

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The Greek defence minister has said Greece could turn to the US, Russia or China if it fails to reach a new debt agreement with the eurozone.

Panos Kammenos, who heads the junior coalition partner Independent Greeks, said Greece had an obligation to go to "plan B" if proposals are rejected.
Greece is preparing to plead its case for a new deal at a meeting of eurozone finance ministers on Wednesday.

It says the terms of its €240bn (£182bn) bailout are too severe.

Last month's election of an anti-austerity government led by left-wing Prime Minister Alexis Tsipras has raised fears that Greece could leave the euro.

EU officials have so far rejected his efforts to renegotiate bailout terms, although German Chancellor Angela Merkel has said she will wait to see if Greece puts forward "a sustainable proposal" on Wednesday.


http://www.bbc.com/news/world-europe-31350547


I'm going to paint you a crazy picture... there's probably no chance this will happen but you never know, crazier things have happened.

Russia (or China) comes to Greece and says hey... I'll tell you what.

We'll give you an extremely favorable deal on your debt, we'll alleviate all this crap for you but we ask one thing in return, a Naval/air base on your territory...

Now there are huge roadblocks ahead, being the fact that Greece is a part of NATO.

But if this Greek Government is desperate enough... there's no telling how far they'll go.
 
Allow Greece to return to its own currency and leave the economic aspect of the EU.

The issue with Greece is that they can't lower the value of their currency (which would start the recovery mechanism) so they're screwed so long as they stay in the EU outside of having money continuously pumped into it.
 


http://www.bbc.com/news/world-europe-31350547


I'm going to paint you a crazy picture... there's probably no chance this will happen but you never know, crazier things have happened.

Russia (or China) comes to Greece and says hey... I'll tell you what.

We'll give you an extremely favorable deal on your debt, we'll alleviate all this crap for you but we ask one thing in return, a Naval/air base on your territory...

Now there are huge roadblocks ahead, being the fact that Greece is a part of NATO.

But if this Greek Government is desperate enough... there's no telling how far they'll go.
Could be. No one is going to loan Greece a penny without some sort of collateral. But the Russians might be too broke themselves to do it and the Chinese might not see the worth of a base there.
 
Could be. No one is going to loan Greece a penny without some sort of collateral. But the Russians might be too broke themselves to do it and the Chinese might not see the worth of a base there.

The Chinese themselves are beginning to plunge into debt while their economy's growth continues to slow.
 
Not even Pay Day loans would trust Greece with a few bucks.

If Russia or China could, let alone would, buy up Greece's paper, I'm sure Germany and the EU would rush to the window to sell. And if Greece wants to sell their souls to Russia, maybe they might want to have a chat with their neighbours in Crimea who are finding out just how wonderful life is now under Russian "protection".
 


http://www.bbc.com/news/world-europe-31350547


I'm going to paint you a crazy picture... there's probably no chance this will happen but you never know, crazier things have happened.

Russia (or China) comes to Greece and says hey... I'll tell you what.

We'll give you an extremely favorable deal on your debt, we'll alleviate all this crap for you but we ask one thing in return, a Naval/air base on your territory...

Now there are huge roadblocks ahead, being the fact that Greece is a part of NATO.

But if this Greek Government is desperate enough... there's no telling how far they'll go.

Wait, wait, wait, surely you're not suggesting that there is a major international player who as a geopolitical mandate has always been willing to go to extremes to secure warm water ports in the western hemisphere?!?




(actually, this is a good point. I am kicking myself for not thinking of it first.)
 
Not even Pay Day loans would trust Greece with a few bucks.

If Russia or China could, let alone would, buy up Greece's paper, I'm sure Germany and the EU would rush to the window to sell. And if Greece wants to sell their souls to Russia, maybe they might want to have a chat with their neighbours in Crimea who are finding out just how wonderful life is now under Russian "protection".

The new ruling coalition is already pretty pro-Russia. I don't think they would mind that terribly.
 
Wait, wait, wait, surely you're not suggesting that there is a major international player who as a geopolitical mandate has always been willing to go to extremes to secure warm water ports in the western hemisphere?!?

(actually, this is a good point. I am kicking myself for not thinking of it first.)

But being a member of NATO and the EU surely it wouldn't be easy for them to do this?
 
The new ruling coalition is already pretty pro-Russia. I don't think they would mind that terribly.

Maybe so, but I'd like to see where Russia comes up with the $hundreds of billions that Greece owes considering their currency has tanked, their foreign assets are frozen, and their economy is teetering on depression since their follies in Crimea/Ukraine and the bottom falling out of the oil market.
 
But being a member of NATO and the EU surely it wouldn't be easy for them to do this?

NATO is... :shrug: effectively I think, dead. Given the option between forced restructuring / partial economic collapse and pissing on the rules of NATO, Greece would probably choose the latter.

CanadaJohn said:
Maybe so, but I'd like to see where Russia comes up with the $hundreds of billions that Greece owes considering their currency has tanked, their foreign assets are frozen, and their economy is teetering on depression since their follies in Crimea/Ukraine and the bottom falling out of the oil market.

That is the 10% of GDP question.
 
Allow Greece to return to its own currency and leave the economic aspect of the EU.

The issue with Greece is that they can't lower the value of their currency (which would start the recovery mechanism) so they're screwed so long as they stay in the EU outside of having money continuously pumped into it.

Venzuela has their own currency and so does Argentina.

Where's their " recovery " ?

It's not there because a sovereign currency and the ability to devalue it doesn't make up for years and years of corruption and Socialist policies and it doesn't make up for massive debt.

MMT is just a goofy theory, and no Nation devalues and spends their way into prosperity
 
NATO is... :shrug: effectively I think, dead. Given the option between forced restructuring / partial economic collapse and pissing on the rules of NATO, Greece would probably choose the latter.



That is the 10% of GDP question.

Many countries in NATO, including Canada, don't reach the 10% of GDP requirement of membership. But it seems NATO is intent on expanding its influence rather than contracting. I still don't see Russia having any available cash to bail out anyone, including themselves.
 
The new ruling coalition is already pretty pro-Russia. I don't think they would mind that terribly.

LOL Like Russia has the money to bail them out. That is too funny. Putin will have his hands full for he next few years at least.
 
LOL Like Russia has the money to bail them out. That is too funny. Putin will have his hands full for he next few years at least.

Yeah, I'm running down the list of states that have the money to throw away on a country that has threatened to default on all of its current loans and the list is... hey, where'd my list go?
 
Yeah, I'm running down the list of states that have the money to throw away on a country that has threatened to default on all of its current loans and the list is... hey, where'd my list go?


Russia : " Hey, lets help out our Comrades in Greece and loan them some money "

Greece : " Yaaay, thank you thank you, Comrade Putin ! We are eternally at your service "

Russia : " We'll even make the interest rate 2 points below prime "

Greece : " Sure, sounds great ! Thank you thank you thank you !! "

A year later....

Russia : " Uhm Greece, we haven't recieved your'e first payment yet. Just checking in to see if everything is ok "

Greece : " We are currently investigating possible Soviet War crimes towards our Greek citizens that happened in WWI and WWII and are demanding that you pay us reparations in the amount of 500 Billion American dollars ( because the Ruble and the new Greek currency is worthless )

Russia : ..... ○_○
 
Russia : " Hey, lets help out our Comrades in Greece and loan them some money "

Greece : " Yaaay, thank you thank you, Comrade Putin ! We are eternally at your service "

Russia : " We'll even make the interest rate 2 points below prime "

Greece : " Sure, sounds great ! Thank you thank you thank you !! "

A year later....

Russia : " Uhm Greece, we haven't recieved your'e first payment yet. Just checking in to see if everything is ok "

Greece : " We are currently investigating possible Soviet War crimes towards our Greek citizens that happened in WWI and WWII and are demanding that you pay us reparations in the amount of 500 Billion American dollars ( because the Ruble and the new Greek currency is worthless )

Russia : ..... ○_○


Russia : Hold please, we are mobilizing our mechanized debt collection division.
 
Russia : " Hey, lets help out our Comrades in Greece and loan them some money "

Greece : " Yaaay, thank you thank you, Comrade Putin ! We are eternally at your service "

Russia : " We'll even make the interest rate 2 points below prime "

Greece : " Sure, sounds great ! Thank you thank you thank you !! "

A year later....

Russia : " Uhm Greece, we haven't recieved your'e first payment yet. Just checking in to see if everything is ok "

Greece : " We are currently investigating possible Soviet War crimes towards our Greek citizens that happened in WWI and WWII and are demanding that you pay us reparations in the amount of 500 Billion American dollars ( because the Ruble and the new Greek currency is worthless )

Russia : ..... ○_○

Excuse me, Mr. Castro....do you have any spare change?
 
The new ruling coalition is already pretty pro-Russia. I don't think they would mind that terribly.

Good point. As a side note, Greece (right wing at the time?) also openly sided with Serbia during the brief NATO - Serb war citing religous ties as both nations are eastern Orthodox. Greece has also been a willing buyer of large quantities of Russian military hardware.
 
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