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Thread: Greece referendum: Early results show 'No' vote ahead

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    Re: Greece referendum: Early results show 'No' vote ahead

    Quote Originally Posted by Andalublue View Post
    And yet the Troika rejected it, or rather said that it would only consider it if the referendum was called off. Well, like the offer on which the referendum was based, I'd say that today's result means that the letter is no longer on the table.
    you're darn right in that everything is off the table. From both sides.

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    Re: Greece referendum: Early results show 'No' vote ahead

    Quote Originally Posted by pragmatic View Post
    The situation/disaster in Greece concludes a failed classical experiment in Socialism.
    Your partisanship overhwelms your logic. The disaster was of the making of centrist and right-wing capitalist oligarchs. Fortunately Greeks had the good sense to elect people not in the pockets of bankers and corporations, and even better sense to provide him with an unequivocal mandate to negotiate.

    No doubt, there's an economic disaster going on there and there's no rosy future in sight, but there's no doubt that Grexit would damage the creditor nations enormously too, Germany stand to lose up to €100 billion ($120 billion) alone.
    "The crisis will end when fear changes sides" - Pablo Iglesias Turrión

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    Re: Greece referendum: Early results show 'No' vote ahead

    Quote Originally Posted by chromium View Post
    greek politicians announced they would not repay their debt until germany paid for war damages, which seems quite fair to me
    It seems like a ploy to me, and most others.
    "Every time something really bad happens, people cry out for safety, and the government answers by taking rights away from good people." - Penn Jillette.

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    Re: Greece referendum: Early results show 'No' vote ahead

    Quote Originally Posted by Chagos View Post
    you're darn right in that everything is off the table. From both sides.
    Yes, we're back to Square One. Let's start again, because the consequences of Grexit will be hideously more expensive for everyone than a restructured debt agreement.
    "The crisis will end when fear changes sides" - Pablo Iglesias Turrión

    "Austerity is used as a cover to reconfigure society and increase inequality and injustice." - Jeremy Corbyn

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    Re: Greece referendum: Early results show 'No' vote ahead

    Quote Originally Posted by donsutherland1 View Post
    The ECB has the first move so to speak. We'll learn soon whether or not it has increased its ELA financing to Greece's banks. I don't think it will withdraw its support unless Greece misses its payment to the central bank later this month. It could maintain the current level of support, meaning the Greek banking holiday and capital controls persist. Greece may then issue some kind of scrip currency or IOUs.
    No, it hasn't increased ELA and it doesn't sound (even on a Sunday) like it's going to in the immediate future.

    For it to act now when any negotiations in Brussels will find a pre-conference not earlier than Tuesday, it would have to go against its own statutes. Not to mention EU law.

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    Re: Greece referendum: Early results show 'No' vote ahead

    Quote Originally Posted by fmw View Post
    I didn't say anybody was wealthy. The person to whom I responded said that the Greeks want neither to abandon the Euro nor to reduce government spending. That isn't an option just like being wealthy without doing anything about it. If Germans live high on the hog then I salute them. Greece is in serious trouble. Let it be a lesson to us.
    Germans don't live high on the hog on Greek troubles. If they'd managed to achieve that an economy which constitutes barely 2pct of the overall EU input had such an impact, I'd chuck my degree and go consult whoever runs their finances.

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    Re: Greece referendum: Early results show 'No' vote ahead

    Quote Originally Posted by Andalublue View Post
    Well, I think it's much more likely that the first move will be to reschedule discussions and for the Troika to signal that it is prepared to countenance some form of restructuring. I suppose that a refusal of the ECB to increase its ELA would give the opposite message loudly enough, but I have a feeling the Troika side might be feeling a little more flexible tomorrow.
    You keep on referring the Troika as though it was already cut'n dried that the IMF is going to participate again.

    Better wait for it.

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    Re: Greece referendum: Early results show 'No' vote ahead

    Quote Originally Posted by Chagos View Post
    Germans don't live high on the hog on Greek troubles. If they'd managed to achieve that an economy which constitutes barely 2pct of the overall EU input had such an impact, I'd chuck my degree and go consult whoever runs their finances.
    Well, it has had such an impact. So off you go.
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    Re: Greece referendum: Early results show 'No' vote ahead

    Quote Originally Posted by pragmatic View Post
    The situation/disaster in Greece concludes a failed classical experiment in Socialism.

    The concept sounded swell. Kumbaya. But it doesn't translate well to reality.


    The vote today of "no" just simplifies things for the EU. Greece can work things out on it's own....
    Actually it has absolutely nothing to do with socialism, no matter what Syriza's leaning.

    Cognitive dissonance, inflicted or self-induced, can strike anyone, given the right circumstances. Most of those that voted "Xoi" today never voted Syriza.

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    Re: Greece referendum: Early results show 'No' vote ahead

    Quote Originally Posted by Chagos View Post
    You keep on referring the Troika as though it was already cut'n dried that the IMF is going to participate again.

    Better wait for it.
    Unless the IMF are resigned to writing off their debt, with Greece in permanent default for the foreseeable future, they'd be best advised to come back to the negotiating table.
    "The crisis will end when fear changes sides" - Pablo Iglesias Turrión

    "Austerity is used as a cover to reconfigure society and increase inequality and injustice." - Jeremy Corbyn

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