8 years ago
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Greece debt crisis: Athens accepts harsh austerity as bailout deal nears
Greek cabinet backs a 13-page package of reforms and spending cuts worth €13bn to secure third bailout and modest debt writeoff
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http://www.theguardian.com
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Greece debt crisis: Eurogroup says new plan 'thorough'
The Eurogroup has described new Greek proposals on securing a vital third bailout as "thorough"... -
Europe’s Greek Failure
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If Syriza Blinks. By Ian Welsh
So, the EU wants Greece to sign an even worse deal than the “no” referendum already rejected. If Syriza accepts such a deal, Greece will stay in depression and, likely, that depression will get worse... -
The Financial Attack on Greece: Where Do We Go From Here? By Michael Hudson
The major financial problem tearing economies apart over the past century has stemmed more from official inter-governmental debt than with private-sector debt. That is why the global economy today faces a similar breakdown to the Depression years of 1929-31... -
Jamie Galbraith: The Greek Revolt Threatens European Elites
James K. Galbraith, author of The End of Normal and professor at the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin, has an inside view of the crisis leading to the recent referendum in Greece...
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+2Submitted 8 years ago by AdelleChattre
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+1Submitted 8 years ago by AdelleChattre
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+1Submitted 8 years ago by AdelleChattre
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+1Submitted 8 years ago by AdelleChattre
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Skimming through it, it seems a "good" balance between what Greece wanted and what the creditors wanted. But I don't think it's a good agreement by itself, the Greek economy will still suffer under the austerity, but if the "humanitarian package" rumours are true maybe it's enough to take Greece outside this vicious circle.
The end result will be, they chug along just barely as they have till now. In 6 months time, or a year, we'll be right back where we are now, only it'll be worse.
This is provided the people don't outright revolt.
"Let's have a referendum to see what our people think about this.....and we'll do the opposite." Don't get people's hopes up for change, and then kick them down again.
Greece is in for trouble no matter what route they go down, but it's just kicking the can down the road at this point...