Greek leaders to form group to renegotiate bailout austerity, reports Bberg. More to follow. (via)

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JasonC Comments (2012)
 

Yes well, guess what cards they hold.

Oh right, none. Beggars. Choosers. All that.
19 Jun 2012, 04:58 AM Reply Like

SanDiegoNonSurfer Comments (2030)
 
JasonC, the vast majority of that "bailout" money is going straight to various European banks, not to Greece. As Tsipras has been pointing out, that's actually a pretty good negotiating position.
19 Jun 2012, 09:20 AM Reply Like

JasonC Comments (2012)
 
Nobody in Europe needs Greece in the loop, touching the money and lying about everything and stealing half of it, just to hand money to creditors stiffed by Greece. They can cut out the middleman any time they like. Greece has *no* cards.
23 Jun 2012, 11:23 PM Reply Like

winningtrader Comments (2268)
 
What is there to negotiate or renegotiate? Greece will never pay a penny back. It is totally bankrupt. They can negotiate whatever they want, just don't give them any new money as that would go down the drain like it always does. Greece will not be in the EUR for long. both sides will pretend and talk and then Greece will not have enough money to pay salaries/pensions and they will have to pay with IOU's, just like California. This can be their new currency and the IOU's can start trading at say 70% discount to face value. That way you get devaluation. This is a beautiful solution as they will stay in the EUR that way. I haven't seen a better one and am planning to apply for a Nobel prize for it. If this idiot Krugman can get it, it should be easy for me.
19 Jun 2012, 08:31 AM Reply Like

JasonC Comments (2012)
 

Um, Greece is trying to "renegotiate" an agreement where they *do* get more new money, from European official institutions. Which is stark raving mad, but that is where we are. The EU is trying to give them things, and they are saying "no, no, we would have to be given much more than that to accept this dictat". Looney tunes - around the bend - full of themselves mad.
23 Jun 2012, 11:25 PM Reply Like

JasonC Comments (2012)
 
Also, nobody would take an IOU from Greece at this point even at 30 cents. And Greece has an epic import bill, because its people produce nothing and consume everything they can order with a stamp.

The standard of living of the Greek people is going to plummet, and it couldn't happen to a nicer bunch of folks...
23 Jun 2012, 11:28 PM Reply Like