Greece Has No Plan To To Tackle Its Debt And Economic Crisis

Greek Finance Minister Yanis Varoufakis arrives on a motorbike at Maximos Mansion to attend a governmental meeting with Prime Minister Alexis Tsipras in Athens May 10 2015. REUTERS/Kostas Tsironis

Hugo Dixon, Reuters: Greece seemingly has no Plan A or Plan B on debt

Strategy is a word with Greek roots. But, sadly the current government led by Alexis Tsipras doesn’t seem to have a strategy for extricating the country from its parlous state.

Its government lacks a credible plan for reaching agreement with its euro zone creditors and the International Monetary Fund. It doesn’t seem to have a thought-out fallback plan of how to default while containing the damage either.

Greek financial markets have perked up in the past few weeks, largely because Yanis Varoufakis, the combative finance minister, has been sidelined from discussions with the country’s creditors.

WNU editor: When I read yesterday's story that Greece used their IMF reserves to pay-off their IMF debt .... like using one credit card to pay-off another .... I said to myself that they are really "up the creek". The problem is that the Greeks do not want to reform their system .... and they do not want to off pay their debts. As I have been saying for the past year .... this is not going to end well.

More News On Greece's Debt/Economic Crisis

Greece Falls Back Into Recession -- WSJ
Greece Back in Recession as Bailout Impasse Drains Economy -- Bloomberg
Facing Vicious Debt Cycle, Greece Sprints to Apply Fixes -- NYT
Greece taps IMF reserves to pay IMF debt: sources -- Reuters
Depositors Flee Greece as Recession Rolls In -- Bloomberg
Global markets rattled over Greece debts as Osborne talks tough on EU in Brussels -- The Guardian