Across spectrum, German leaders condemn Greece's rejection of EU deal

reuters.com ^ | Jun 29, 2015 | reuters

[Berlin_Freeper]

German leaders right and left unleashed a barrage of criticism at Greece Prime Minister Alexis Tsipras on Sunday for rejecting an offer that could have unlocked rescue funds to resolve the debt crisis.

Chancellor Angela Merkel's allies and the leaders of her centre-left coalition partners condemned Greece's leftist government, reflecting pent-up public frustration.

Germany is the biggest European contributor to the bailout programmes that have kept Greece afloat for the past five years. Opinion polls now show a majority of Germans want Greece to leave the euro zone.

[jjotto]

Hey, Bulgarian stock scammers need money too.

[Mariner]

"No, we’re talking about credit default swaps, not accumulated debt".

As pointed out in the other thread, those CDS would balance out, excepting the original loss, in the medium term of 6-12 months.

However, could/would the ECB come up with the 6-8 trillion in liquidity to avoid a bloodletting?

Assuming they could, how would they soak it back up once the dust settles?

[Mariner]

"discontinuity in the collateral chain"

Oh my, I like how descriptive that term is.

That's what happened in 2007/2008 and that's why the Fed "opened the window" for free money.

Liquidity.

$75 trillion in derivatives, spread across all continents, and DB thinks they'll get away with that?

Nobody gets away with that.

[faithhopecharity]

perhaps our Retiring-in-Youth Greek friends are just (selectively) reading their great legacy to us, the classics.... such as, " But at present we are studying the best constitution, and this is the constitution under which the state would be most happy, and it has been stated before that happiness cannot be forthcoming without virtue; [I]t is therefore clear from these considerations that in the most nobly constituted state, and the one that possesses men that are absolutely just, not merely just relatively to the principle that is the basis of the constitution, the citizens must not live a mechanic or a mercantile life (for such a life is ignoble and inimical to virtue), nor yet must those who are to be citizens in the best state be tillers of the soil（for leisure is needed both for the development of virtue and for active participation in politics.)" Aristotle, Politics 1328b-1329a

[snoringbear]

“WWII reparations would pay the bill just fine!”

Yes it would. Then Greeks would just piss it away. Then what?

[The_Reader_David]

Germany is the biggest European contributor to the bailout programmes that have kept Greece afloat papered over the malfeasance of the IMF in violating its remit to fix national economies in 2010 with actions that helped French and German banks, rather than Greece for the past five years.

There, fixed that.

Yes, I know almost everyone in Europe is saying that Tsipras is a "madman". I agree with The Telegraph's editorialist on this: the madmen are the people who designed the euro and who think it's still a workable idea.

[Kolokotronis]

Berlin officials are lying.