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Thread: Greece Accepts Terms of EU-Led Bailout, ‘Savage’ Budget Cuts

  1. #41
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    Re: Greece Accepts Terms of EU-Led Bailout, ‘Savage’ Budget Cuts

    Quote Originally Posted by PeteEU View Post
    If it is partisan to point out the truth among the misinformation then sure call me partisan. Not my fault you cant admit your hero was a big spender.. the facts speak for themselves.
    Reagan was the big spender? Try the Democratic Congress that was the big spenders...
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    Re: Greece Accepts Terms of EU-Led Bailout, ‘Savage’ Budget Cuts

    Look, look, Russians are telling the world who is guilty and what to do with Greeks!
    As always.

  3. #43
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    Re: Greece Accepts Terms of EU-Led Bailout, ‘Savage’ Budget Cuts

    Quote Originally Posted by donsutherland1 View Post
    IMO, Greece's failure to convene its parliament in a special session immediately after the EU/IMF deal was reached was a tactical blunder.
    it's a lot more than mere tactics

    Rapid parliamentary ratification of the program would have sent a powerful signal to the markets that Greece is serious about moving to address its structural fiscal difficulties.
    a "powerful signal?"

    not to realists

    Instead, the very deliberate pace at which Greece has proceeded has signaled hesitation that has only served to increase doubts about Greece's willingness and ability to implement the terms of the agreement.
    "willingness and ability," very well put

    yes, very much in question

    At the same time, it has also allowed opponents of fiscal consolidation to organize crippling strikes aimed at pressuring members of parliament to oppose the program or seek an alternative package (one that avoids the sacrifices necessary to put Greece on a sustainable fiscal path).
    now you're getting it

    politics trumps economics

    it's all about people

  4. #44
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    Re: Greece Accepts Terms of EU-Led Bailout, ‘Savage’ Budget Cuts

    Quote Originally Posted by Djoop View Post
    Who represents the people on strike?
    in the streets, of course, it's kinda chaotic

    according to ye olde times of london, it's "communists, civil servants and private-sector workers"

    at a more organized level, it's (according to the times) ilias iliapoulos, "head of the powerful civil servants' union"

    and ap puts some of the onus on spyros papaspyros, head of adedy, greek "public sector union"

    good question, thanks

    cliff

  5. #45
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    Re: Greece Accepts Terms of EU-Led Bailout, ‘Savage’ Budget Cuts

    Quote Originally Posted by The Prof View Post
    a "powerful signal?"

    not to realists
    The powerful signal would have been that the Greek government viewed the situation with a sense of urgency and that the government was serious about pushing ahead with its fiscal consolidation program. That does not mean that all concerns about the Greek government's willingness and ability to meet its obligations would be addressed. It only means that some needless uncertainty could have been avoided. Unfortunately, the deliberate pace at which the Greek government has proceeded suggests a lack of urgency and that can only amplify concerns about its overall willingness and ability to meet the terms to which the Prime Minister has committed it.

    Ultimately, Greece's policy credibility would depend on the government's performance in implementing the ratified budget measures and the outcomes of such implementation. Failure to carry through with the budget measures, even after they were ratified by parliament, would undermine credibility. Carrying out the tasks and meeting the desired budgetary outcomes would strengthen credibility.

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    Re: Greece Accepts Terms of EU-Led Bailout, ‘Savage’ Budget Cuts

    Quote Originally Posted by donsutherland1 View Post
    Carrying out the tasks and meeting the desired budgetary outcomes would strengthen credibility.
    not very much, i'm afraid

    too much stuff going on

    sorry

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    Re: Greece Accepts Terms of EU-Led Bailout, ‘Savage’ Budget Cuts


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    Re: Greece Accepts Terms of EU-Led Bailout, ‘Savage’ Budget Cuts

    CNBC Breaking News Headline: "Crucial Greek Austerity Bill Wins Enough Votes for Passage (Story developing)"

    Whether Greece's days of dithering will sap the move of the boost in reassurance it could have provided to financial markets remains to be seen.
    Ultimately, Greece's performance in implementing the terms of the EU/IMF agreement and its success in meeting its deficit reduction objectives will determine whether it can rebuild fiscal credibility. For now, just one area of uncertainty has been resolved.

    Additional risks persist. For example, as has been commonplace in numerous past austerity programs, Greece's economy could experience a worse-than-projected short-term macroeconomic performance, which could undermine Greece's ability to meet its deficit reduction objectives.

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    Re: Greece Accepts Terms of EU-Led Bailout, ‘Savage’ Budget Cuts

    congrats to the areopagites!

    greece is in complete chaos, it's all over tv

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    Re: Greece Accepts Terms of EU-Led Bailout, ‘Savage’ Budget Cuts


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