Greece Offers ‘Definitive’ Plan to EU Leaders, Tsipras Says

From Bloomberg.com:

Greek Prime Minister Alexis Tsipras has made an offer to European Union leaders he described as a “definitive” solution ahead of Monday’s emergency summit...

The proposal was for “for a mutually beneficial agreement, which will give a definitive solution, and not defer the problem,” the statement said. Following an ongoing cabinet meeting today in Athens, Tsipras will fly to Brussels for talks with EU leaders.

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Greece Offers

This concept almost certainly includes a degree of debt forgiveness given the reference to a "definitive solution." The IMF has been open to negotiations toward that end. The big questions concern whether private and public sector creditors would both participate and the amount involved. Some private creditors, as well as Germany, might be very reluctant to agree to any debt restructuring. Ultimately, such restructuring would need to be agreed through negotiations.

If the Greek Plan seeks an immediate agreement on forgiveness, it likely won't get very far, unless the Greeks agree to accept negotiations toward that end in place of an immediate agreement. If the plan seeks a commitment to future negotiations on debt forgiveness, that position might not be a deal-breaker.

Other big issues to be resolved include structural reforms, including tax and pension reforms. Nothing was mentioned about that angle in the early news story.

So, at least for now, it's premature to know whether this new proposal offers a starting point for a possible breakthrough in the deadlock. As the day goes on, more details will almost certainly be reported.

Mornin DS. :2wave: Did Putin just throw in a monkey wrench? Any ripples from his announcement?




Russia appears to extend aid hand to Greece.....




Russia said Friday it would consider giving financial aid to Greece as the cash-strapped nation runs out of time to resolve its long-running debt crisis and avert an exit from the eurozone.

Russian President Vladimir Putin's office also said Friday that Russia would consider giving loans to Greece, adding such aid should be considered par for the course for countries that are partners. Putin's office stressed Greece has not yet formally asked for any financial assistance from Moscow.

Speaking earlier at the St. Petersburg International Economic Forum, Tsipras said that Russia's role in the world was expanding and that Europe was misguided to think of itself as being at the center of the world. "The world is different from what it used to be in the past," Tsipras said. "We, in Europe, have for long had an illusion that we are the hub of the universe in the literal sense; we considered ourselves to be the world center and continued to see and count exclusively on our nearest immediate entourage.".....snip~

http://www.usatoday.com/story/money/business/2015/06/19/greek-debt-crisis/28973733/

Best I can find from the usual sources (MarketWatch, CNBC, TheStreet, TheGuardian, BBC, etc.) the deal comes down to the following.

Greece gets...

• €18bn in immediate rescue funds, pledge for more later
• Six month extension on bailout plans

Greece has to give...

• Concessions on fiscal targets established by the EU/ECB.
• Pension cuts
• Tax increases

I do not see it happening, Alexis Tsipras ran and was elected on doing none of the "wants" from the EU/ECB (and Germany.) And Russia is a wildcard entry in this mess.

OrphanSlug said:

Best I can find from the usual sources (MarketWatch, CNBC, TheStreet, TheGuardian, BBC, etc.) the deal comes down to the following.

Greece gets...

• €18bn in immediate rescue funds, pledge for more later
• Six month extension on bailout plans

Greece has to give...

• Concessions on fiscal targets established by the EU/ECB.
• Pension cuts
• Tax increases

I do not see it happening, Alexis Tsipras ran and was elected on doing none of the "wants" from the EU/ECB (and Germany.) And Russia is a wildcard entry in this mess.

Click to expand...

Tsipras did, kind of tell it like it is to the Europeans, huh?


Speaking earlier at the St. Petersburg International Economic Forum, Tsipras said that Russia's role in the world was expanding and that Europe was misguided to think of itself as being at the center of the world. "The world is different from what it used to be in the past," Tsipras said. "We, in Europe, have for long had an illusion that we are the hub of the universe in the literal sense; we considered ourselves to be the world center and continued to see and count exclusively on our nearest immediate entourage.".....snip~ same link

MMC said:

Tsipras did, kind of tell it like it is to the Europeans, huh?


Speaking earlier at the St. Petersburg International Economic Forum, Tsipras said that Russia's role in the world was expanding and that Europe was misguided to think of itself as being at the center of the world. "The world is different from what it used to be in the past," Tsipras said. "We, in Europe, have for long had an illusion that we are the hub of the universe in the literal sense; we considered ourselves to be the world center and continued to see and count exclusively on our nearest immediate entourage.".....snip~ same link

Click to expand...

2-26-15

Russian President Vladimir Putin agreed the deal after talks with Cypriot President Nicos Anastasiades.

The deal comes as tensions between Russia and Western countries over the Ukrainian conflict continue.

President Putin said that other countries should not be concerned and that the port's main use would be for counter-terrorism and anti-piracy.

The island already hosts British military bases. Britain announced on Tuesday that it would be deploying troops to Ukraine as trainers.

Tensions remain high between Russia and other European countries but the Russian leader was not concerned that the deal could be misconstrued.


Cyprus signs deal to allow Russian navy to use ports - BBC News





"Earlier this month, we reported that Greece is prepared to sign an MOU of political support for Gazprom’s Turkish Stream Pipeline, when Alexis Tsipras visits St. Petersburg for the International Economic Forum this week.

The deal is a blow to Washington, which attempted to persuade Athens to support an alternative pipeline. In April, US State Department envoy Amos Hochstein met with Greek foreign minister Nikos Kotzia to pitch The Southern Gas Corridor, a project which, when complete, will allow the EU to tap into Caspian gas via a series of connecting pipelines running from Azerbaijan to Italy. The corridor is aimed at breaking Gazprom’s stranglehold in Europe."




"Since then, the situation between Greece and its creditors has deteriorated meaningfully. Athens is now reportedly set to delay a June 30 IMF payment for six months and faces the imposition of capital controls over what could end up being a “Lehman Weekend.” With his back against the wall, and with Syriza party hardliners apparently no closer to backing concessions, Tsipras looks set to once again play the ‘Russian pivot” card because as Kathimerini reports, a “working meeting” between the Greek PM and Russian President Vladimir Putin is now scheduled for Friday in St. Petersburg:"

Russian Pivot: Greek PM Schedules Putin Meeting Ahead Of "Lehman Weekend" | Zero Hedge

Was WWII about oil?

Is Greece playing the super powers against each other?


//

Gladiator said:

2-26-15

Russian President Vladimir Putin agreed the deal after talks with Cypriot President Nicos Anastasiades.

The deal comes as tensions between Russia and Western countries over the Ukrainian conflict continue.

President Putin said that other countries should not be concerned and that the port's main use would be for counter-terrorism and anti-piracy.

The island already hosts British military bases. Britain announced on Tuesday that it would be deploying troops to Ukraine as trainers.

Tensions remain high between Russia and other European countries but the Russian leader was not concerned that the deal could be misconstrued.


Cyprus signs deal to allow Russian navy to use ports - BBC News





"Earlier this month, we reported that Greece is prepared to sign an MOU of political support for Gazprom’s Turkish Stream Pipeline, when Alexis Tsipras visits St. Petersburg for the International Economic Forum this week.

The deal is a blow to Washington, which attempted to persuade Athens to support an alternative pipeline. In April, US State Department envoy Amos Hochstein met with Greek foreign minister Nikos Kotzia to pitch The Southern Gas Corridor, a project which, when complete, will allow the EU to tap into Caspian gas via a series of connecting pipelines running from Azerbaijan to Italy. The corridor is aimed at breaking Gazprom’s stranglehold in Europe."




"Since then, the situation between Greece and its creditors has deteriorated meaningfully. Athens is now reportedly set to delay a June 30 IMF payment for six months and faces the imposition of capital controls over what could end up being a “Lehman Weekend.” With his back against the wall, and with Syriza party hardliners apparently no closer to backing concessions, Tsipras looks set to once again play the ‘Russian pivot” card because as Kathimerini reports, a “working meeting” between the Greek PM and Russian President Vladimir Putin is now scheduled for Friday in St. Petersburg:"

Russian Pivot: Greek PM Schedules Putin Meeting Ahead Of "Lehman Weekend" | Zero Hedge

Was WWII about oil?

Is Greece playing the super powers against each other?


//

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Heya Gladiator. :2wave: Well, they haven't been able to reopen the TAP line. You don' think they can count on the Turks, do you? The Greeks are definitely playing both sides.

MMC said:

Tsipras did, kind of tell it like it is to the Europeans, huh?


Speaking earlier at the St. Petersburg International Economic Forum, Tsipras said that Russia's role in the world was expanding and that Europe was misguided to think of itself as being at the center of the world. "The world is different from what it used to be in the past," Tsipras said. "We, in Europe, have for long had an illusion that we are the hub of the universe in the literal sense; we considered ourselves to be the world center and continued to see and count exclusively on our nearest immediate entourage.".....snip~ same link

Click to expand...

So basically Greece has ended up with what they asked for originally, which the EU/ECB said NO to at the time; then Greece said they couldn't do what was demanded because they didn't have the money so they would have to default; so *voila* they get their rescue funds so they can make a payment on what they borrowed before, using money provided by the same people they already owe; plus the original stipulations from the EU/ECB are still in place - cut pensions and raise taxes - which they weren't willing to do in the first place, and I don't see them changing their mind now, but they do get another six-month extension. Am I up to speed on this, or am I missing some step along the way that got them to the here-and-now reality?

Was all this necessary just to keep them from leaving the EU, or do the EU and the ECB fear that if Greece defaults, other indebted countries might also try the same thing? I'm inclined to go with the latter, since it's screwy enough to be an accurate guess. It's only money, right? Meanwhile, no one in Greece loses at the moment, so that's good for the people of Greece and their politicians, I guess. :shock:

polgara said:

So basically Greece has ended up with what they asked for originally, which the EU/ECB said NO to at the time; then Greece said they couldn't do what was demanded because they didn't have the money so they would have to default; so *voila* they get their rescue funds so they can make a payment on what they borrowed before, using money provided by the same people they already owe; plus the original stipulations from the EU/ECB are still in place - cut pensions and raise taxes - which they weren't willing to do in the first place, and I don't see them changing their mind now, but they do get another six-month extension. Am I up to speed on this, or am I missing some step along the way that got them to the here-and-now reality?

Was all this necessary just to keep them from leaving the EU, or do the EU and the ECB fear that if Greece defaults, other indebted countries might also try the same thing? I'm inclined to go with the latter, since it's screwy enough to be an accurate guess. It's only money, right? Meanwhile, no one in Greece loses at the moment, so that's good for the people of Greece and their politicians, I guess. :shock:

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I think this affected everyone in Greece. From top to bottom. Should we care if the EU falls apart?



Greek Crisis

The 19-nation euro area has been under siege during more than five years of sovereign debt and financial crisis. Juncker’s report, long scheduled for release this month, comes as the bloc tries to prove that the crisis is history even though Greece’s struggles continue.

Euro-area nations need to strengthen the banking union project that grew out of 2012 pledges to safeguard the common currency, the report says. It calls for “swift agreement” on bridge financing for the Single Resolution Fund, so it will be fully functional by its Jan. 1, 2016, start date even before there are enough contributions to bring it to full strength.

In the longer term, the banking union will need “a credible common backstop,” perhaps through a credit line from the European Stability Mechanism firewall fund, the report says. It also calls for a European Union-wide deposit insurance system, and for countries to adopt a standard definition of bank capital and reduce national discretion.....snip~

Juncker Urges Euro Area to Weigh Common Treasury by 2025 - Bloomberg Business

"From a theoretical point of view, a country experiencing severe demand deficient unemployment, should seek to pursue policies to increase aggregate demand.
•Expansionary fiscal policy – higher government spending and / or lower taxes
•Expansionary monetary policy – lower interest rates, quantitative easing, printing money.
•Devaluation of exchange rate. – Make Greek exports relatively cheaper, boosting domestic demand

However, the difficulty is that in the real world, these three policies are all curtailed by membership of the Euro.

Greece is actually pursuing a very tight fiscal policy – cutting government spending in an attempt to reduce the budget deficit. These spending cuts are making the recession worse and increasing unemployment. But, in the Euro, they feel they have no choice because the have no other way of funding their deficits. One policy option would require the EU to give even bigger bailouts or wipe out Greek debt to enable them to stop austerity. However, this would require a degree of political willingness we are unlikely to see."

Policies to reduce unemployment in Greece | Economics Help

OrphanSlug said:

Best I can find from the usual sources (MarketWatch, CNBC, TheStreet, TheGuardian, BBC, etc.) the deal comes down to the following.

Greece gets...

• €18bn in immediate rescue funds, pledge for more later
• Six month extension on bailout plans

Greece has to give...

• Concessions on fiscal targets established by the EU/ECB.
• Pension cuts
• Tax increases

Click to expand...

You're described the creditors' proposal which is a later development than the Greek one. Also, it should be noted that the creditors are proposing debt relief. The Guardian reported, "The negotiators representing Greece’s lenders are also proposing to pledge debt relief for the austerity-battered country – but officials stressed that a breakthrough hinged on a positive response from the Greek prime minister, Alexis Tsipras."

Creditors offer Greece six-month bailout reprieve as Tsipras weighs response | World news | The Guardian

donsutherland1 said:

You're described the creditors' proposal which is a later development than the Greek one. Also, it should be noted that the creditors are proposing debt relief. The Guardian reported, "The negotiators representing Greece’s lenders are also proposing to pledge debt relief for the austerity-battered country – but officials stressed that a breakthrough hinged on a positive response from the Greek prime minister, Alexis Tsipras."

Creditors offer Greece six-month bailout reprieve as Tsipras weighs response | World news | The Guardian

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Are we trying to discount the "creditor's proposal?" No matter what, we are stuck until Tsipras either agrees to things the EU wants or stands for what got him elected and a probable exit from the EU.

OrphanSlug said:

Are we trying to discount the "creditor's proposal?" No matter what, we are stuck until Tsipras either agrees to things the EU wants or stands for what got him elected and a probable exit from the EU.

Click to expand...

No. I just wanted to make sure that people knew that what the Greeks offered and the creditors offered are separate proposals. IMO, the creditors are offering an eminently fair and reasonable approach.

I say give Greece to Russia.

donsutherland1 said:

You're described the creditors' proposal which is a later development than the Greek one. Also, it should be noted that the creditors are proposing debt relief. The Guardian reported, "The negotiators representing Greece’s lenders are also proposing to pledge debt relief for the austerity-battered country – but officials stressed that a breakthrough hinged on a positive response from the Greek prime minister, Alexis Tsipras."

Creditors offer Greece six-month bailout reprieve as Tsipras weighs response | World news | The Guardian

Click to expand...

Here is what Summers had to say. Noting what all needed to do.



The consequences of Greece’s impending breakdown.....


When, as now appears likely, Greece financially separates from Europe, it will at one level be no one’s fault. The Greek leaders will rightly explain that having imposed more austerity on themselves than any industrial country has suffered since the Depression, they could not do more without light at the end of tunnel in the form of a clear commitment to debt relief. European leaders will rightly explain that they adjusted their positions repeatedly to accommodate the Greeks. They will stress that their publics would not permit Greece to play by different rules than the rest of Europe. And the International Monetary Fund will rightly explain that it would have blessed any plan agreed to by Greece and Europe that added up.

The trouble is that all the parties will get much more of what they fear from a breakdown than they would from something they regard as an unacceptable compromise. Historians understand how World War I was allowed to start but still, a century later, are incredulous that it happened. So, too, financial historians may look back at the next week and wonder how Europe’s financial unraveling was permitted.....snip~

The consequences of Greece

If Russia wants to pay for Greek pensions, let them.

MMC said:

Here is what Summers had to say. Noting what all needed to do.



The consequences of Greece’s impending breakdown.....


When, as now appears likely, Greece financially separates from Europe, it will at one level be no one’s fault. The Greek leaders will rightly explain that having imposed more austerity on themselves than any industrial country has suffered since the Depression, they could not do more without light at the end of tunnel in the form of a clear commitment to debt relief. European leaders will rightly explain that they adjusted their positions repeatedly to accommodate the Greeks. They will stress that their publics would not permit Greece to play by different rules than the rest of Europe. And the International Monetary Fund will rightly explain that it would have blessed any plan agreed to by Greece and Europe that added up.

The trouble is that all the parties will get much more of what they fear from a breakdown than they would from something they regard as an unacceptable compromise. Historians understand how World War I was allowed to start but still, a century later, are incredulous that it happened. So, too, financial historians may look back at the next week and wonder how Europe’s financial unraveling was permitted.....snip~

The consequences of Greece

Click to expand...

I don't disagree with Summers' arguments. Indeed, I think that the parties are grappling with finding a solution to avoid Greece's exist from the Euro (even if Greece remains part of the European Union). Russia, obviously, is trying to complicate matters for its own geopolitical interests. Should the Greek government adopt a pragmatic stance, I think an agreement is possible before June 30 and, if necessary, the Greek government would borrow from the Greek banks (via ECB funding) to assure there is no default to the IMF should an agreement be reached.

donsutherland1 said:

I don't disagree with Summers' arguments. Indeed, I think that the parties are grappling with finding a solution to avoid Greece's exist from the Euro (even if Greece remains part of the European Union). Russia, obviously, is trying to complicate matters for its own geopolitical interests. Should the Greek government adopt a pragmatic stance, I think an agreement is possible before June 30 and, if necessary, the Greek government would borrow from the Greek banks (via ECB funding) to assure there is no default to the IMF should an agreement be reached.

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Tsipras did said they would move the age of retirement back. It appears he would rather work with those in Europe.

MMC said:

Tsipras did said they would move the age of retirement back. It appears he would rather work with those in Europe.

Click to expand...

The actual details remain to be seen. There may still be gaps between the IMF/ECB/EU position and Greece's that need to be resolved. I suspect that the Greek government is beginning to gain awareness that a choice of structural reform/continued ECB support for Greece's banking system/financial support for the Greek government is more attractive than one in which Greece defaults, loses ECB support for its banking system, and experiences another dramatic and painful economic contraction. There is no pain-free solution, but the former almost certainly would entail a lot less pain and a lot less risk than the latter.

The solution to the problem with Greece is similar to that of Detroit, and various other US cities in that, unlike Detroit, Greece is a sovereign nation, and cannot have some EU (overseer) come in and take total control of their reorganization. Detroit on the other hand is actually starting to do much better. If Greece would allow an EU overseer to come in and literally take control, it would relieve the political ruling class of all fiscally relevant powers, and would institute the painful measures that really need to happen. Would the political party survive? Probably not, but isn't the goal of anyone, political or otherwise, ultimately to save their nation? (Rhetorical question I know)

Truth is, that this is what is needed. If Tsipras agreed (not likely) what it would do is instill confidence, and nations in the EU and or anywhere would find that Greece, with a new controlled reorganization plan out of the hands of the political elite would be possibly viable. It would stave off default, and total collapse, and at the same time still leave the governing part of Greece (fiscal matters notwithstanding) to the controlling party. Greeks have no way out. The time of feeding from the government teet are over. 10 year plan, lower taxes, interest rates, invite new business, raise pension retirement ages significantly, offer early retirements in the form of lump sums, albeit at much reduced payouts, and begin rebuilding. Offer new start up business a special incentive, and lower the burden and regulatory meaures on existing business.

There's no other way out of this. Even with the OP, if it were ever come to pass, would not solve then problem, it would only push it down the road a bit. My plan actually solves the problem, not necessarily for this generation, but certainly for the next. This generation (the ones that caused the problem) will have to suck it up.


Tim-

It increasingly appears that the Greek Prime Minister, confronted by the dangers of default, yielded. Earlier, it was reported that terms included changes in the retirement age and some modest tax hikes. That the Greek Prime Minister yielded seems to be suggested by the angry reaction from some of Greece's politicians.

Reuters reported:

Greek lawmakers reacted angrily on Tuesday to concessions Athens offered in debt talks and parliament's deputy speaker warned the proposals might be rejected, puncturing optimism that a deal to pull Greece back from the abyss might be sealed quickly.

Euro zone leaders welcomed new budget proposals from Athens on Monday as a basis for further negotiations to unlock billions of euros in frozen aid and avert a default that could trigger a Greek exit from the single currency area.

Click to expand...

Greek offer to creditors stirs angry backlash at home | Reuters

Should a deal be reached, the big question concerns whether pragmatic Greek political leaders will have the votes necessary to approve the agreement. The radical wing very likely will resist, even if it means default. The radical group likely places hard-core ideology ahead of structural reform, even if the consequences of their embrace of ideology would lead to severe economic and financial turmoil within Greece. For them, such a catastrophic price would perhaps be well worth it, if it meant the status quo were smashed. That the Greek people, especially lower- and middle-class sectors would bear the brunt of the suffering would matter little to the radicals.

It is highly unlikely that Greece's people would support such an outcome. Therefore, I believe the kind of reasonable agreement that now seems within reach would be approved, though the vote might be fairly close as the radicals may comprise about a third of Greece's Parliament and they will loudly advocate a narrative that ignores or distorts the benefits of the agreement.

MMC said:

Mornin DS. :2wave: Did Putin just throw in a monkey wrench? Any ripples from his announcement?




Russia appears to extend aid hand to Greece.....

Russia said Friday it would consider giving financial aid to Greece as the cash-strapped nation runs out of time to resolve its long-running debt crisis and avert an exit from the eurozone.

Russian President Vladimir Putin's office also said Friday that Russia would consider giving loans to Greece, adding such aid should be considered par for the course for countries that are partners. Putin's office stressed Greece has not yet formally asked for any financial assistance from Moscow.

Speaking earlier at the St. Petersburg International Economic Forum, Tsipras said that Russia's role in the world was expanding and that Europe was misguided to think of itself as being at the center of the world. "The world is different from what it used to be in the past," Tsipras said. "We, in Europe, have for long had an illusion that we are the hub of the universe in the literal sense; we considered ourselves to be the world center and continued to see and count exclusively on our nearest immediate entourage.".....snip~

Russia appears to extend aid hand to Greece

Click to expand...

The blind leading the blind. It would be a short term solution for Greece and they are all about a short term solution. They have been dancing around this debt problem for years. It would be a bad long term solution for them. Greece, as a country, has no self discipline. Of course, they are socialist and think they deserve something just because they exist.

NonoBadDog said:

The blind leading the blind. It would be a short term solution for Greece and they are all about a short term solution. They have been dancing around this debt problem for years. It would be a bad long term solution for them. Greece, as a country, has no self discipline. Of course, they are socialist and think they deserve something just because they exist.

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Well it was a start with Tsipras pushing the retirement age back. He was getting flak over that.

MMC said:

Well it was a start with Tsipras pushing the retirement age back. He was getting flak over that.

Click to expand...

He had to make some concessions, for heavens sake! He's getting flak because he has been promising his people for quite a while that he wouldn't go that route, but what choice did he have? The government will get their bailout, even though this put Merkel on the spot with her voters since they're weary of having to pay most of the bills! Hey, if you're dealing with a big mess, make it all-inclusive, right? :shock:

polgara said:

He had to make some concessions, for heavens sake! He's getting flak because he has been promising his people for quite a while that he wouldn't go that route, but what choice did he have? The government will get their bailout, even though this put Merkel on the spot with her voters since they're weary of having to pay most of the bills! Hey, if you're dealing with a big mess, make it all-inclusive, right? :shock:

Click to expand...

Greece had little leverage. The EU, ECB, and IMF understood that the costs Greece faced from default were substantially higher than those associated with austerity and structural reform. They understood that default was not rational. As a result, they were in a position to call Greece's "bluff" and they did. That doesn't mean that irrational actors in Greece's Parliament cannot still plunge Greece into default, but it does mean that the Prime Minister wouldn't deliberately do so.

Ironically, Greece might have had more favorable terms if it moved aggressively to negotiate an agreement early on. Then, in an atmosphere of good will, the EU, ECB, and IMF could have been more accommodating in reciprocating Greek efforts to deal seriously with the issue. Unfortunately, Greece's government did not take that approach. Its negotiating posture assumed that the EU, ECB, and IMF were unaware of the real consequences should Greece default, hence they would believe Greece had leverage and capitulate to Greece's maximum demands. However, with the ECB providing emergency liquidity to Greek banks on at a quickening pace, there is no possibility whatsoever that Greece's interlocutors could not have a good understanding that default would be catastrophic for Greece. Hence, to put it in terms of some of the more radical elements in Greece's government, the "negotiation failed."

In the end, power matters. When a party lacks leverage and its position is relatively well-understood by its interlocutors, it cannot bluff its way into terms more favorable than the actual state of its leverage. With the Greek Finance Minister having an academic background in game theory, one would have expected the Greeks to have understood the limitations of their position and pursued a course that would have led to a more favorable outcome. Instead, political ideology and emotion crowded out reasoned calculation among the Greek government's negotiating team.

An interesting opinion piece concerning the high costs of the Greek negotiating approach can be found at: Greece's Punishing Deal - Bloomberg View

polgara said:

He had to make some concessions, for heavens sake! He's getting flak because he has been promising his people for quite a while that he wouldn't go that route, but what choice did he have? The government will get their bailout, even though this put Merkel on the spot with her voters since they're weary of having to pay most of the bills! Hey, if you're dealing with a big mess, make it all-inclusive, right? :shock:

Click to expand...

At least Russia isn't moving in with the assistance. That would have been a mistake should have the Greeks went that way.