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Thread: Greece's Tsipras calls referendum to break bailout deadlock

  1. #101
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    Re: Greece's Tsipras calls referendum to break bailout deadlock

    Quote Originally Posted by mmi View Post
    I predict a "yes" vote. I believe the government will go through the motions of calling for a "no" vote, hoping the referendum will pass. That way, they can maintain support from opponents of austerity while at the same time the door would remain open to a compromise that would avoid a Grexit. I see this as a very risky strategy, but I don't see an alternative.
    We shall see.
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    Re: Greece's Tsipras calls referendum to break bailout deadlock

    Quote Originally Posted by Jack Hays View Post
    We shall see.
    And I will hope and pray.

    Bank holiday Monday; may be closed all week. Overseas transfers limited. Athens stock exchange to remain closed. Tsipras to address the nation.
    "I loved him. You loved him. What good have we done him? Love. Look at yourself. They have a name for faces like that." Anna Schmidt, in The Third Man Anna walks away

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    Re: Greece's Tsipras calls referendum to break bailout deadlock

    Quote Originally Posted by mmi View Post
    And I will hope and pray.

    Bank holiday Monday; may be closed all week. Overseas transfers limited. Athens stock exchange to remain closed. Tsipras to address the nation.
    I have many friends there.
    "It's always reassuring to find you've made the right enemies." -- William J. Donovan

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    Re: Greece's Tsipras calls referendum to break bailout deadlock

    Quote Originally Posted by Jack Hays View Post
    I have many friends there.
    Greece is a beautiful country. One of my best friends has been living there with her crazy but brilliant lawyer husband for about twenty years after she spent her youth travelling all over Europe as a translator. Wonderful culture and history. The Greeks don't deserve to be left to suffer.
    "I loved him. You loved him. What good have we done him? Love. Look at yourself. They have a name for faces like that." Anna Schmidt, in The Third Man Anna walks away

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    Re: Greece's Tsipras calls referendum to break bailout deadlock

    Quote Originally Posted by mmi View Post
    Greece is a beautiful country. One of my best friends has been living there with her crazy but brilliant lawyer husband for about twenty years after she spent her youth travelling all over Europe as a translator. Wonderful culture and history. The Greeks don't deserve to be left to suffer.
    The problem has always been that no one pays their taxes.
    "It's always reassuring to find you've made the right enemies." -- William J. Donovan

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    Re: Greece's Tsipras calls referendum to break bailout deadlock

    Quote Originally Posted by Jack Hays View Post
    I have many friends there.
    Is Greece even minimally able to go back to using the drachma and exist on its exports for awhile, if it comes to that? I feel so sorry for the Greek people who have had to live under the austere conditions that have been forced upon them for years, and to think it might become even worse for them is sad. I will look at how our stock market reacts tomorrow - it's been a roller coaster ride the past several weeks, depending upon perception on how the daily talks have been going. The referendum is a "day late and a dollar short," IMO, since the loan payment is due in a few days!

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    Re: Greece's Tsipras calls referendum to break bailout deadlock

    Quote Originally Posted by polgara View Post
    Is Greece even minimally able to go back to using the drachma and exist on its exports for awhile, if it comes to that? I feel so sorry for the Greek people who have had to live under the austere conditions that have been forced upon them for years, and to think it might become even worse for them is sad. I will look at how our stock market reacts tomorrow - it's been a roller coaster ride the past several weeks, depending upon perception on how the daily talks have been going. The referendum is a "day late and a dollar short," IMO, since the loan payment is due in a few days!
    I've heard Greeks talk about going back to the drachma but I have no idea how that would work.
    "It's always reassuring to find you've made the right enemies." -- William J. Donovan

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    Re: Greece's Tsipras calls referendum to break bailout deadlock

    Quote Originally Posted by Jack Hays View Post
    I've heard Greeks talk about going back to the drachma but I have no idea how that would work.
    Whichever way it ends up, it looks like rough sledding ahead for the average citizen, and that's not right, IMO!

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    Re: Greece's Tsipras calls referendum to break bailout deadlock

    Quote Originally Posted by polgara View Post
    Whichever way it ends up, it looks like rough sledding ahead for the average citizen, and that's not right, IMO!
    They voted for Tsipras.
    "It's always reassuring to find you've made the right enemies." -- William J. Donovan

  10. #110
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    Re: Greece's Tsipras calls referendum to break bailout deadlock

    Quote Originally Posted by polgara View Post
    Is Greece even minimally able to go back to using the drachma and exist on its exports for awhile, if it comes to that?
    I'd say not under present conditions.

    Greece exports 1/3 less than what regular international trade patterns would predict on basis of Greek GDP, the size of its trading partners and geographical distance. This ranks Greece at the 31st position out of 39 export countries in the competitiveness ranking we construct based on our regressions. The most affected sectors include electrical equipment and machinery. [W]eak institutional quality accounts for a large part of this shortfall.

    We estimate that structural reforms improving the Greek institutional framework to the EU/OECD average level would close between and of the Greek export gap. These findings suggest that, while Greece has already achieved major improvements in cost competitiveness since the start of the Greek adjustment programme, structural reforms must also address non-cost competitiveness factors, such as the underlying institutional deficits, to unlock Greece's export growth potential. — "The Puzzle of the Missing Greek Exports" European Commission, Economic Papers 518, June 2014

    Greece had an average 22.3% exports to GDP ratio in 1995-2012 compared with Ireland at 90% and Bulgaria at 58% while Denmark, Sweden and Austria were at about 50%. — "Europe's Worst Exporter: Poor export performance of Greece," Finfacts, Jan 29, 2015

    Quote Originally Posted by Jack Hays View Post
    They voted for Tsipras.
    And may end up being glad they did.
    "I loved him. You loved him. What good have we done him? Love. Look at yourself. They have a name for faces like that." Anna Schmidt, in The Third Man Anna walks away

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