What The Pundits Missed (Grexit)

[Malcolm Robinson]

So its about people shaping things for their own ideals ends.........or politics as we have come to see it!  

 

In my opinion finance has its own master and that doesn't include political shananigans.   

[pilgrim]

politics and finance should be a different line -- it all started with the Knights Templar (who managed the exchange rates and ensured pilgrims could get to the Holy Land with their cash --less management fees of course) ooooo do I see a Dan Brown style conspiracy?? lol

I have the feeling that Greece is the new Iceland - and I don't mean the frozen food place. OH dear I do hope NCC didn't incest in Greece...................

[pilgrim]

er -- I meant invest... ahem - apologies

[Malcolm Robinson]

Is that what they call a Freudian slip?  

 

I think Iceland is doing quite nicely these days pilgrim?  They took the bust and started again.   

 

http://www.nationmultimedia.com/opinion/In-tackling-the-banks-ICELAND-set-an-example-for-t-30263246.html?

[pilgrim]

I think they are - I know someone who lives there and they are doing ok - (interesting thing was that they had no television on Thursdays to promote family etc.) so it can be done!!!

although they do have free hot water lol

[threegee]

Well, seems I was right: there certainly was an undisclosed 'Plan B', but Tsipras ducked out.  Hence the strange (at the time) resignation of Varoufakis.

 

http://www.telegraph.co.uk/finance/economics/11764018/Varoufakis-reveals-cloak-and-dagger-Plan-B-for-Greece-awaits-treason-charges.html

 

What's currently more relevant is what Varoufakis is now saying.

 

"Schauble believes that the eurozone is not sustainable as it is. He believes there has to be some fiscal transfers, some degree of political union. He believes that for that political union to work without federation, without the legitimacy that a properly elected federal parliament can render, can bestow upon an executive, it will have to be done in a very disciplinary way,"

 

"And he said explicitly to me that a Grexit is going to equip him with sufficient terrorising power in order to impose upon the French, that which Paris has been resisting: a degree of transfer of budget making powers from Paris to Brussels."

 

Mr Varoufakis told the Telegraph that the Mr Schauble has made up his mind that Greece must be ejected from the euro, and is merely biding his time, knowing that the latest bail-out plan is doomed to failure.

 

"Everybody knows the International Monetary Fund does not want to take part in a new programme but Schauble is insisting that it does as a condition for new loans. I have a strong suspicion that there will be no deal on August 20," he said.

 

He said the EU authorities my have to dip further into the European Commission's stabilisation fund (EFSM), drawing Britain deeper into the controversy since it is a contributor. By the end of the year it will be clear that tax revenues are falling badly short of targets - he said - and the Greek public ratio will be shooting up towards 210pc of GDP.

 

"Schauble will then say it is yet another failure. He is just stringing us along. he has not given up his plan to push Greece out of the euro," he said.

 

That's entirely believable, and I wonder how Duplicitous Dave is going to spin the even larger "surprise" cash call on the UK taxpayer this next time around.

 

This statement is not going to go unnoticed by the French right - who will have a field day!  It's worth millions of extra votes to them.