Ian Wishart,Nikos Chrysoloras, and Andrew Mayeda, Bloomberg: If You Think Greece’s Crisis Will End Soon, Think Again
Frustrated by Greece’s cat and mouse game with its creditors? Get used to it.
Even if Prime Minister Alexis Tsipras clinches as much as 7.2 billion euros ($8 billion) from a bailout tranche creditors are withholding, he’s going to need another cash infusion shortly thereafter.
What will ensue is a renewed battle after almost five months of trench warfare. The beleaguered country requires a third bailout of about 30 billion euros, according to Nomura International Plc analysts Lefteris Farmakis and Dimitris Drakopoulos. The final bill will depend on whether fellow euro member states grant Greece any debt relief, and what form that relief would take, they said.
Tsipras says any aid must be on his terms rather than those of governments whose taxpayers have forked out billions in the past five years to keep Greece in the euro. The standoff has triggered an unprecedented liquidity squeeze, pushing the country’s economy back into recession, and thus raising the total sum of additional loans Greece may need after its current euro-area-backed bailout expires this month.
WNU Editor: Ian Birrell from the Telegraph is correct .... who is going to put Greece out of its misery?
Update: I have trouble believing this .... Greece talks of compromise as Merkel warns time is short (Reuters).
1 comment:
Of all the subjects you post on, I contend that this, ex soviet republics in Central Asia, the North African/Sub Saharan expansion of hard core Islam, and China's moves in the South China Sea are the most pressing danger areas out there in that order. Add to this the extraordinary inter locking of at least the first three and you'll get the world's biggest game of whack a mole, which the US is doing a poor job playing at the moment.
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