Posted on 07/11/2015 1:47:41 PM PDT by BenLurkin
A document prepared by Germany’s finance ministry and seen by The Wall Street Journal floats a “timeout” for Greece from the eurozone for “at least the next five years” as one of two options for dealing with the debt-ridden country.
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In the document, dated July 10, Germany takes a tough line on spending cuts and policy overhauls Greece submitted to its international creditors, the other eurozone countries and the International Monetary Fund late Thursday.
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Under the first scenario, Greece and its creditors would start negotiating a third rescue package, but only once the government has made improved proposals, the paper says. Crucially, new loans would have to be secured by Greece depositing some €50 billion in assets in an external fund in Luxembourg. That option would also require Greece to accept extensive technical assistance and automatic spending cuts in case it misses budget targets, the paper says.
The second scenario is more bleak for Greece. “In case debt sustainability and a credible implementation perspective cannot be ensured up front, Greece should be offered swift negotiations on a timeout from the eurozone…with possible debt restructuring,” the paper says.
“The timeout solution would be accompanied by support [for] Greece as an EU member and the Greek people with growth-enhancing, humanitarian and technical assistance over the [coming] years,” the document adds. It would also be accompanied by strengthening the governance of the currency union, the document says.
(Excerpt) Read more at wsj.com ...
The rest of Europe should send in troops to take what they are owed. Let the Greeks enjoy their 3 month vacations without pay
That would be the end of the EU. Wish they would do that.
Thats the opinion i don’t understand and i hear it voiced often. Greece lied initially about what they owed. They never qualified to begin with. I don’t agree the EU ends there. It would be like the US losing Rhode Island or Vermont.
“Greece lied initially about what they owed. They never qualified to begin with. “
Yes, those poor naïve well-meaning Frankfort bankers were completely taken in by the clever Greeks. Those Greeks are simply so sophisticated that the EU central bankers were utterly -blindsided-.
When they applied, the Germans like everyone else believed Greece to be an industrious productive society, very tightly managed./
The Greeks tricked them on the application. Is that what you really think happened? lol
har har No. Most of their issues were well known. I specifically said the debt.
The girlfriend who couldn’t be dumped.
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