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Greece Hopes For Another Massive Bailout After Violent Street Protests

TheDemSocialist

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Tens of thousands of protesters clashed with police in the streets of Greece this weekend as the country's government agreed the toughest roster of austerity measures yet, ahead of a fresh round of bailout talks with eurozone finance ministers on Monday.
Around 18,000 people demonstrated in Athens against the measures and another 8,000 in Thessaloniki, according to the Greek police. In both cities violence broke out after a small number of anarchist protesters hurled rocks and Molotov cocktails at security forces, who responded by firing tear gas to disperse the crowds. The clashes came amid a three-day general strike led by Greece's largest union that brought much of the country to a halt, as government offices shut down, schools closed, and public transport didn't run.

The eleventh-hour legislation package, ultimately pushed through parliament with the backing of 153 out of 300 MPs in the early hours of Monday morning, will see the Greek pension system and tax system overhauled as well as a hike in VAT. Among the reforms is an increase in income tax for high earners, reduction of the national monthly pension to €384, and the phasing out of a benefit received by poor pensioners.
The measures are aimed collectively at making savings of €5.4 billion ($6.2 billion) — money intended to be used to meet debt repayments of €3.6 billion ($4.1 billion) due in July — as well as convincing creditors to release another desperately needed €86 billion ($98 billion) bailout promised last summer in exchange for the government implementing more austerity measures.

Read more @: Greece Hopes For Another Massive Bailout After Violent Street Protests

Greece has made even more austerity measures demanded by the EU and the IMF. While Tsipras has backed himself in a corner and accepted more and more of the harsh austerity demanded by the EU and the IMF it is now their turn to step up to the plate and release more of the money they have promised to them. If these funds aren not release Greece might exit the Eurozone, something I believe they should of done in 2015.
 

Carjosse

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Read more @: Greece Hopes For Another Massive Bailout After Violent Street Protests

Greece has made even more austerity measures demanded by the EU and the IMF. While Tsipras has backed himself in a corner and accepted more and more of the harsh austerity demanded by the EU and the IMF it is now their turn to step up to the plate and release more of the money they have promised to them. If these funds aren not release Greece might exit the Eurozone, something I believe they should of done in 2015.

Greece should not exit, it should be kicked out.
 

TheDemSocialist

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More from Greece, unrealistic demands from the Eurogroup they are trying to take advantage of the situation Greece is in, and never ending cycle of debt where Greece gets screwed and the IMF and the European Central Bank gets bigger and bigger:

It’s that time of year again. Greece is running out of money. There are violent protests in Athens. Eurozone finance ministers are gathering in Brussels in an “emergency” conclave to decide what to do next.

The International Monetary Fund has already made it clear what it thinks should happen. It says Europe should cut Greece some slack by easing the terms of its bailout agreement and offering a solid dose of debt relief.

Christine Lagarde, the IMF’s managing director, has said that if Germany and its allies in the Eurogroup of finance ministers insist on making unrealistic demands of Greece she will not risk any more of the fund’s money.

This makes sense because it appears clear to all but the hardliners that the situation in Greece has become a mixture of the tragic and the absurd. Tragic, because the economy has shrunk by a quarter in the past eight years – equivalent to the contraction that the US suffered in the Great Depression – and the unemployment rate is 24.4%. Absurd because most of the €86bn (£68bn) that has been earmarked for Greece – provided it pushes through a raft of demand-destroying measures – will go straight out again to pay the country’s main creditors: the European Central Bank and the IMF. And with each bailout (this is the third since 2010), Greece’s debt mountain gets bigger.
https://www.theguardian.com/busines...ncial-emergency-tragic-absurd-imf-debt-relief
 

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Read more @: Greece Hopes For Another Massive Bailout After Violent Street Protests

Greece has made even more austerity measures demanded by the EU and the IMF. While Tsipras has backed himself in a corner and accepted more and more of the harsh austerity demanded by the EU and the IMF it is now their turn to step up to the plate and release more of the money they have promised to them. If these funds aren not release Greece might exit the Eurozone, something I believe they should of done in 2015.

This is a highly biased and frankly bull**** article... like most coming out on this subject.

Greek debt in 2011 was 355 billion. Greek debt this year will be about 315 billion. Greek debt has gone down. Not many countries can claim this...

This next so called bail out is basically taking a loan to repay a loan, which wont increase the Greek debt. In fact it most likely will help it, as the money will go to pay back the IMF and get the IMF out of the picture faster. It is the IMF who has demanded the worst cuts..
 

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Why in the world is anyone lending them more money? At a certain point, you just have to cut your losses, as you're just throwing good money after bad.
 

TheDemSocialist

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This is a highly biased and frankly bull**** article... like most coming out on this subject.

Greek debt in 2011 was 355 billion. Greek debt this year will be about 315 billion. Greek debt has gone down. Not many countries can claim this...

This next so called bail out is basically taking a loan to repay a loan, which wont increase the Greek debt. In fact it most likely will help it, as the money will go to pay back the IMF and get the IMF out of the picture faster. It is the IMF who has demanded the worst cuts..

Ummm I think the article addresses all of this and how is it "biased"?
 

PeteEU

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Ummm I think the article addresses all of this and how is it "biased"?

The title.. "new bailout".. it is not, the money is from the old bailout and this whole process is part of that agreement.
 

TheDemSocialist

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The title.. "new bailout".. it is not, the money is from the old bailout and this whole process is part of that agreement.

It says, "Another Bailout". And Greece is not guaranteed this bailout. They are only given the bailout if they satisfy the preconditions by the IMF and Eurogroup..
 

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It says, "Another Bailout". And Greece is not guaranteed this bailout. They are only given the bailout if they satisfy the preconditions by the IMF and Eurogroup..

It is part of the same bailout they got a few years ago. They have to meet certain conditions to get the next payment.. it is not new as the article tries to paint. Hence it is biased and highly inaccurate.
 

TheDemSocialist

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It is part of the same bailout they got a few years ago. They have to meet certain conditions to get the next payment.. it is not new as the article tries to paint. Hence it is biased and highly inaccurate.
New round of payment AKA new bailout. You're really getting caught up in simple semantics to try to paint the article biased.
Look, you can essentially replace words in the article and get literally the same meaning:

Original articles wordings: "The measures are aimed collectively at making savings of €5.4 billion ($6.2 billion) — money intended to be used to meet debt repayments of €3.6 billion ($4.1 billion) due in July — as well as convincing creditors to release another desperately needed €86 billion ($98 billion) bailout promised last summer in exchange for the government implementing more austerity measures."

Replace bailout with payment: "The measures are aimed collectively at making savings of €5.4 billion ($6.2 billion) — money intended to be used to meet debt repayments of €3.6 billion ($4.1 billion) due in July — as well as convincing creditors to release another desperately needed €86 billion ($98 billion) payment promised last summer in exchange for the government implementing more austerity measures."
 

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Greece, you would be better off lending a crack addict money.

An nation of welchers and scammers.

They entered into the EU under false pretenses KNOWING their new status as a EU member would give them access to cheap credit.

They then deficit spent beyond the limits set out in a Treaty THEY SIGNED for nearly 10 years and had no intention of paying these loans back as they loaded up European banks with toxic bonds.

Theyre not even accountable, they still dont think they did anything wrong. Look who they elected
 

PeteEU

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New round of payment AKA new bailout. You're really getting caught up in simple semantics to try to paint the article biased.
Look, you can essentially replace words in the article and get literally the same meaning:

No it is not semantics..it is making sure that people are not conned. Yes it is a new round of payments, another round of an already agreed bailout. Hence it is not a new bailout, but part of the one agreed years ago.
 

PeteEU

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Greece, you would be better off lending a crack addict money.

An nation of welchers and scammers.

I see.... one could say that of many countries.

They entered into the EU under false pretenses KNOWING their new status as a EU member would give them access to cheap credit.

And already there you put your foot in your own mouth. Greece entered the EEC/EU in 1981. It still had the Drachma then and continue to have it until the Euro was implemented. Greece did not get "cheap credit" in 1981 and in fact it was in exactly the same problems then as it is now. The difference was that back then, all they had to do was print more Drachma to cover up the hole. They cant do that now, and are forced to deal with the situation.

They then deficit spent beyond the limits set out in a Treaty THEY SIGNED for nearly 10 years and had no intention of paying these loans back as they loaded up European banks with toxic bonds.

Again your lack of knowledge is showing. They are not limits, but guidelines. Also they hid the truth about their deficit from everyone... by they, I mean their political elite. Cant blame the Greek people for that can you now. And who helped them lie? Goldman Sachs and JP. Morgan. Where is their accountability? No where...

And you say "with no intention of paying back".. prove it. That is one hell of an accusation to say the least. Fact is the Greek debt is being paid back.. it has fallen.

Theyre not even accountable, they still dont think they did anything wrong. Look who they elected

Yes they elected politicians that were not around when the lying and stealing was going on and want to clean up Greek politics. Sadly it is hard to do, when the people involved in the lying and stealing are still around and being backed by the freaking IMF!

I fully agree there should have been a day of reckoning for those who were behind the lying, but considering only one banker has gone to jail over the sub-prime scandal and the banks involved in the whole mess are bigger than ever.. then chances are small that it will ever happen.
 

TheDemSocialist

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No it is not semantics..it is making sure that people are not conned. Yes it is a new round of payments, another round of an already agreed bailout. Hence it is not a new bailout, but part of the one agreed years ago.

You see, the thing is, it is semantics.
A bailout is simply an act of giving financial assistance. The payment does not have to be made by the Eurogroup and the IMF. The payment that might be made is financial assistance to Greece....
 

PeteEU

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You see, the thing is, it is semantics.
A bailout is simply an act of giving financial assistance. The payment does not have to be made by the Eurogroup and the IMF. The payment that might be made is financial assistance to Greece....

Sorry but it is not semantics.

Ever built a house? Well on some builds you go to the bank to get a loan to build. This loan can be based for the most part on phased payouts depending on how far you have gotten. So lets put this into perspective....

You want to build a home for 1 million. The bank agrees to loan you the money but on certain conditions. These conditions can be almost anything but usually are something like this

Condition 1. Permits acquired. Enough money to put down the foundation
Condition 2. Foundation finished and approved. More money to build the house it self.
Condition 3. House is water tight. Money is released to do the internals.
Condition 4. House is approved according to local rules. Final amount is released to finish the house.

Condition 3 and 4 can easily switch places or be the same.

Point is, according to you this would not be one loan, but 3 to 4. That is of course not true, it is still just one loan with conditions set in the contract to get more funding when said conditions are reached.
 

TheDemSocialist

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Sorry but it is not semantics.

Ever built a house? Well on some builds you go to the bank to get a loan to build. This loan can be based for the most part on phased payouts depending on how far you have gotten. So lets put this into perspective....

You want to build a home for 1 million. The bank agrees to loan you the money but on certain conditions. These conditions can be almost anything but usually are something like this

Condition 1. Permits acquired. Enough money to put down the foundation
Condition 2. Foundation finished and approved. More money to build the house it self.
Condition 3. House is water tight. Money is released to do the internals.
Condition 4. House is approved according to local rules. Final amount is released to finish the house.

Condition 3 and 4 can easily switch places or be the same.

Point is, according to you this would not be one loan, but 3 to 4. That is of course not true, it is still just one loan with conditions set in the contract to get more funding when said conditions are reached.

Your missing the fact that bailout is simply the act of giving financial assistance. Thats the definition of "bailout".
 

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Read more @: Greece Hopes For Another Massive Bailout After Violent Street Protests

Greece has made even more austerity measures demanded by the EU and the IMF. While Tsipras has backed himself in a corner and accepted more and more of the harsh austerity demanded by the EU and the IMF it is now their turn to step up to the plate and release more of the money they have promised to them. If these funds aren not release Greece might exit the Eurozone, something I believe they should of done in 2015.

Greece's version of OWS....
 

TheDemSocialist

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No... it is not. It is part of the bailout agreed long ago.

Its a new round of payments, the payment being financial assistance. Financial assistance=bailout.
 
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