5 ms·

Not sure this will work when countries do not pay back credits or bonds. Most countries today need to raise money to finance their spending. If everyone does th

by holoto 12y ago

Not sure this will work when countries do not pay back credits or bonds. Most countries today need to raise money to finance their spending. If everyone does this, the lending market will break down. Not sure that this helps those countries that depended on credits most (like Greece). I'm also not sure if it is the best strategy for Greece to bite the hand (EU as the IWF is just the beginning) who transfered billions of $ to Greece over the last decades. If the Greece government has a plan to not depend on credit and EU subsidies in the future, hurray to them. Perhaps with the new Russian conflict they could trade in EU subsidies and wealth transfer to renting bases to Russia. But they will find out it's much harder to break a 100 year contract for a Russian base in Greece than a contract with the IWF. If not, this looks like a bad move.

nspattak 12y ago
"I'm also not sure if it is the best strategy for Greece to bite the hand (EU as the IWF is just the beginning) who transfered billions of $ to Greece over the last decades." No one gives away any amount of mouney, let alone billions of them. I think you should inform yourself better before forming an opinion.
- ptaipale 12y ago
  > No one gives away any amount of mouney, let alone billions of them. Much of modern government is about giving away other people's money.
trhway 12y ago
>Perhaps with the new Russian conflict they could trade in EU subsidies and wealth transfer to renting bases to Russia. But they will find out it's much harder to break a 100 year contract for a Russian base in Greece than a contract with the IWF. It isn't a base currently, it is natural gas pipeline ("New Blue Stream"). Bolgaria - under pressure from US/EU - has recently refused "South Stream" and thus Russia's acute need for new way into Europe met Greece's souring relationship with EU. And yes, gas pipeline is a contract which is pretty hard to break.
youngtaff 12y ago
Problem is the Greek bailout was actually a bailout of the German and French banks who lent Greece money. The EU sacrificed Greece to save their own skins https://www.opendemocracy.net/can-europe-make-it/thomas-fazi/troika-saved-banks-and-creditors-%E2%80%93-not-greece https://www.opendemocracy.net/can-europe-make-it/thomas-fazi...
- taliesinb 12y ago
  Very few people seem to understand this perverse dimension to it. I even saw one mainstream newspaper use the phrase "economic aid" when referring to the loans given to Greece to service their existing debt! much the same perversion as the 2008 bailouts going to predatory lenders instead of bankrupt US homeowners

by holoto 12y ago

nspattak 12y ago

"I'm also not sure if it is the best strategy for Greece to bite the hand (EU as the IWF is just the beginning) who transfered billions of $ to Greece over the last decades." No one gives away any amount of mouney, let alone billions of them. I think you should inform yourself better before forming an opinion.

ptaipale 12y ago
> No one gives away any amount of mouney, let alone billions of them. Much of modern government is about giving away other people's money.

trhway 12y ago

>Perhaps with the new Russian conflict they could trade in EU subsidies and wealth transfer to renting bases to Russia. But they will find out it's much harder to break a 100 year contract for a Russian base in Greece than a contract with the IWF. It isn't a base currently, it is natural gas pipeline ("New Blue Stream"). Bolgaria - under pressure from US/EU - has recently refused "South Stream" and thus Russia's acute need for new way into Europe met Greece's souring relationship with EU. And yes, gas pipeline is a contract which is pretty hard to break.

youngtaff 12y ago

Problem is the Greek bailout was actually a bailout of the German and French banks who lent Greece money. The EU sacrificed Greece to save their own skins https://www.opendemocracy.net/can-europe-make-it/thomas-fazi/troika-saved-banks-and-creditors-%E2%80%93-not-greece https://www.opendemocracy.net/can-europe-make-it/thomas-fazi...

taliesinb 12y ago
Very few people seem to understand this perverse dimension to it. I even saw one mainstream newspaper use the phrase "economic aid" when referring to the loans given to Greece to service their existing debt! much the same perversion as the 2008 bailouts going to predatory lenders instead of bankrupt US homeowners