Europe gives Greece 5 days to avoid bankruptcy

The Washington Post ^ | July 7 at 7:10 PM | By Griff Witte and Michael Birnbaum

[Mariner]

ATHENS — An emergency summit of European leaders called to salvage Greece’s financial rescue broke up acrimoniously late Tuesday night, with officials saying the country now has just five days to avoid bankruptcy.

Following a day’s worth of talks aimed at finding a way out of months of bitter deadlock, European leaders were scathing in their assessments of Greece’s proposals, calling them inadequate and demanding the Greek government return with a detailed plan by Thursday.

The leaders of all 28 European Union members will then meet Sunday in what officials said will be the final chance to save Greece from economic oblivion — or the moment the country is ejected from the euro zone.

“The stark reality is that we only have five days to find the ultimate agreement,” said a visibly irritated Donald Tusk, the European Council president. “Until now I have avoided talking about deadlines. But tonight I have to say it loud and clear — the final deadline ends this week.”

[entropy12]

Do not forget Portugal. They are part of the PIIGS gang.

[Snickering Hound]

"We're giving you another 5 days, but this time we're really, really serious! Honest!"

[luvbach1]

I don’t think it’s going to be 25 years.

We'd be belly-up in a month if the printing presses went down.

[SaveFerris]

Yep, about a month.

Soon, the presses will only be able to pay the interest. Can’t remember when we reach that point but I’ve heard we’re not too far from it.

1 year? 3 years?

[VRW Conspirator]

So that is what a nation looks like committing financial suicide.

[Mariner]

"So that is what a nation looks like committing financial suicide."

Yes, they have chosen to do it their way.

[samtheman]

Socialism will definitely work next time. Promise.

[PAR35]

Thursday is the final deadline for Greece.

Saturday is the next final deadline for Greece.

Next week’s schedule of final deadlines hasn’t been set yet.

[PapaBear3625]

First, there can be no bankruptcy for a sovereign state. Bankruptcy involves your assets and spending being put under the control of a supervisor, who will devise a plan to pay off creditors to the extent possible. This would involve replacing the whole Greek government with an IMF-assigned dictator.

Second, there is no point in getting more "loans" if the Greek government's expenditures continue to exceed revenue. The first step would HAVE TO be massive layoffs of government employees, cutting pension benefits so they do not start until age 65 at the earliest, cutting the welfare state, and expelling all non-working immigrants. Preferably OUT of the EU entirely.

[PLMerite]

“Gotta list the full set of PIIGS.”

If Greece drops out it’ll just be PIIS. Pronounced as one sees fit, of course.

[PapaBear3625]

Czech, Slovak, Netherlands, Denmark, Germany and other ELECTORATES will not issue another dime until they see real, proven efforts to end the largesse and fraud.

No. No more loans. The EU needs to tell all EU banks that they may not, EVER, loan a dime to any Greek entity, ever again. Not to the Government, not to Greek corporations, not to any individual residing in Greece.

[SaveFerris]

Pies!

[hal ogen]

Start printing the 100 trillion quinzillion drachma notes any time now.

[RKBA Democrat]

The Greeks have the ability to print Euros. And sometimes desperate people do desperate things.

The EU can shake it’s fist all it wants. Absent a military occupation, it has little control if the Greeks decide to play Mutually Assured Economic Destruction.

[PGR88]

The Greek people are not ruled by an alien invader. They themselves are corrupt, lazy and socialist. The Government is by and of the people

people ask how Obama could have been elected in the USA. I say - just look at the majority of Americans

[Jim Noble]

Why? All in the name of keeping the EU together.

Greece will be forgiven, but that's not why.

The world, led by the US, is using debt as money. More exactly, for the service of creating money, banks are allowed to book obviously unpayable debts as assets, and to convert fictional positive balance sheets into real estate in New Zealand, precious metals, and all the women and drugs they can handle.

Just as real money compounds positively, debt compounds negatively.

I suspect we are past the tipping point, globally, and if Greece is allowed to go down, it will set off a chain reaction that will detonate the international debt-as-money system, causing the bankers and their political friends to point their G650s to New Zealand and various other islands while the rest of us fight it out.

This is why "Obama", of all people, is sticking his nose into an internal EU affair.

Pay no attention to that man behind the curtain.

[Jim Noble]

This would involve replacing the whole Greek government with an IMF-assigned dictator

General Student to the brown courtesy phone...General Kurt Student, please pick up...

[Mariner]

The very instant the first bogus Euro hits the street the EU and Euro explode into dust.

All Northern countries exit immediately and print their own currency. Mark, Krona etc.

Southern Europe would burn to the ground, and maybe France, Spain and Italy would be consumed.

[Rocky]

Uh-oh. At the end of the week, they’re going on double secret probation.

[rbg81]

Very possible.

The only driving growth force in the West is the growth of the Entitlement State. I don’t think it can be allowed to die even one place. Hence, Greece will be bailed out.