12 Jul 2015

Greece crisis: eurozone demands action, not words

If you think someone is dodgy and you don’t trust them up front then you want action not sweet words.

However they wrap it – that’s what it’s all about in Brussels today. And frankly they are not even bothering to wrap it up very much at all.

The likely movement of events will be to force Athens to pass austerity measures through parliament this week, before any serious talk about Bailout Three begins at all.

“The most important currency has been lost,” remarked a rueful Angela Merkel on her way into the Eurozone talks today, “and that is trust.”

No wonder – she is under real pressure back in Germany from voters loathe to bail Athens yet again.

In sum? The Eurozone will likely tell the Greeks tonight or tomorrow: pass laws reducing pensions; increasing privatisation; cutting trade union powers and imposing VAT at 23 per cent right now, this week and we may, may, may then talk about bailing you out.

Apart from all else, Brussels is exasperated by a Greek leader who called a referendum for a resounding ‘No’ to austerity, then came trotting up to Brussels proposing even more austerity than even the EU talked of just days ago.

Tsipras is doing the exact opposite of his mandate on the face of it. Funny kind of democracy, but there it is.

But in Brussels they are simply fed up with trying to penetrate the thinking of a man perceived here as setting demands and limits only to bust them at will.

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4 reader comments

  1. Dave Hansell says:

    The key question here is whether the proposals and conditionality, listed above, which the euro zone are wanting, will provide the conditions for the Greek economy to grow and flourish and enable them to pay their bills and debts.

    23 % vat on a country dependent upon tourism, taking over vast parts of the country’s industry, services, utilities etc (a policy which has been proven time and time again to be impractical nonsense), and effectively attacking the basic human rights of workers to defend their labour rights is economic illiteracy at its worst. In economic terms it is the mindset of 12 year olds who do not know their arses from their elbows. It quite simply will not provide the conditions needed for an economy to function.

    The only logical conclusion is that the objective is not economic but simply legalised theft, a mafia style heist designed to destroy a democratic country through economic terrorism to grab all the resources and means of production in order to effectively enslave and pauperise an entire population.

    Given that The Republic of Ireland, Spain and Italy each owe far more than Greece and that the UK debt is not helped by the kind of corporate tax avoidance and evasion which Greece suffered one thing is for sure, the euro sceptics in the UK will be odds on favourites with the bookies to win an out vote in the UK in any out referendum whether it takes place next year or 2017.

  2. Philip Edwards says:


    Here’s a thought:

    Why doesn’t Greece just hand everything over to the bankers and tell THEM to run the country – which is basically what they’re trying to do anyway, but without attribution.

    I mean, by now everybody knows what a bang-up job the bankers have done with the West economy……..Well, have they or have they not?

  3. Ian f firth says:

    you can not have your cake & eat it . You must eat some dirt.

  4. mikem1 says:

    European Union and Democracy – isn’t that an oxymoron?

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