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Greece threatens top court action to block Grexit

Ben K.

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Greece has threatened to seek a court injunction against the EU institutions, both to block the country's expulsion from the euro and to halt asphyxiation of the banking system.
“The Greek government will make use of all our legal rights,” said the finance minister, Yanis Varoufakis.

“We are taking advice and will certainly consider an injunction at the European Court of Justice. The EU treaties make no provision for euro exit and we refuse to accept it. Our membership is not negotiable,“ he told the Telegraph.
Greece threatens top court action to block Grexit - Telegraph

I'm starting to find this morbidly fascinating. I'm genuinely interested to see what legal house of cards the European institutions are based on.
 

joG

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Greece threatens top court action to block Grexit - Telegraph

I'm starting to find this morbidly fascinating. I'm genuinely interested to see what legal house of cards the European institutions are based on.


I am actually surprised that nobody has taken the finance ministers to task for creating a situation where living conditions collapsed to those of a third world country. This is rather against the demands of the European Human Rights Charter with which all sorts of legislation is justified and a number of laws have been wacked.
 

Fenton

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Lol !!

It would seem the last thing this Government is prepared to do is to accept responsibility for their actions.

Nothings changed in Greece apparently.
 

jmotivator

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I really am fascinated by the extent of the state of denial in Greece. They can't avoid austerity and seem willing to let Greece die than except that their welfare state is done. They have to know that this path only makes the eventual outcome worse for them. They can't print their own money, they have no credit to back it.
 

jamesrage

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Greece threatens top court action to block Grexit - Telegraph

I'm starting to find this morbidly fascinating. I'm genuinely interested to see what legal house of cards the European institutions are based on.



I can't help but laugh at this. This is why countries should not ever loan money to other countries. Because most likely that money is not going to paid back. If a bank loans someone money for a car or house then they can take the car or home back should the person who got the loan stopped paying in order to get back their money. I do not see Germany or anyone else going to into Greece and forcefully taking their money back.
 

Chagos

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The Telegraph is as daft in falling for it as Varoufakis is devious in bringing up this straw man.

The EU cannot throw Greece out, neither out of the Union nor out of the common currency, there being no such provision.

What it can do is stop footing the Greek bill.

Seeing how a Greece within the Euro is not sovereign in printing the currency, the only solution it could seek is to leave both Union and common currency (the latter not possible without the first).

Then to print its own.

If it doesn't there'll be no money at all.

So the question of being pushed out (by any EU vote) does not even ever arise, it's a question of ensuing economical pressures forcing Greece to Grexit if it wants to survive at all.

They can appeal to any court til they're blue in the face, the EU holds not a single provision for keeping any member state afloat by paying its bills.
 

Fenton

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I really am fascinated by the extent of the state of denial in Greece. They can't avoid austerity and seem willing to let Greece die than except that their welfare state is done. They have to know that this path only makes the eventual outcome worse for them. They can't print their own money, they have no credit to back it.
Leftist are loyal to their ideology above all.

Its why they're so dangerous when given positions of power and influence.

Honestly, there were Greeks flying Che Guevara flags during the recent protest.

Unbelievable. We're witnessing cognitive dissonance on a National scale.
 

Chagos

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I really am fascinated by the extent of the state of denial in Greece. They can't avoid austerity and seem willing to let Greece die than except that their welfare state is done. They have to know that this path only makes the eventual outcome worse for them. They can't print their own money, they have no credit to back it.
I can't present any quotes from Greeks I know that might be representative. But according to the people I speak to, denial is at an all time low by now.

Disgust with the idjits now in the driver seat going in the opposite direction fast.
 

ludin

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The Telegraph is as daft in falling for it as Varoufakis is devious in bringing up this straw man.

The EU cannot throw Greece out, neither out of the Union nor out of the common currency, there being no such provision.

What it can do is stop footing the Greek bill.

Seeing how a Greece within the Euro is not sovereign in printing the currency, the only solution it could seek is to leave both Union and common currency (the latter not possible without the first).

Then to print its own.

If it doesn't there'll be no money at all.

So the question of being pushed out (by any EU vote) does not even ever arise, it's a question of ensuing economical pressures forcing Greece to Grexit if it wants to survive at all.

They can appeal to any court til they're blue in the face, the EU holds not a single provision for keeping any member state afloat by paying its bills.
they will simply force Greece out. without a way to issue currency and the EU not loaning them any more money to not fix their problems. Greece will have to exit.
they won't have a choice. I am sure there is some contractual language that can be used to get rid of them even if their is actually no provision.

the simple fact that they fail to abide by their own obligations and cannot be self-sustaining without major influx of cash from other countries.
the rest of Europe is not going to put them on the hook for Greece's mismanagement.

if Greece was voted in they can be voted out.
 

Chagos

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they will simply force Greece out. without a way to issue currency and the EU not loaning them any more money to not fix their problems. Greece will have to exit.
they won't have a choice. I am sure there is some contractual language that can be used to get rid of them even if their is actually no provision.

the simple fact that they fail to abide by their own obligations and cannot be self-sustaining without major influx of cash from other countries.
the rest of Europe is not going to put them on the hook for Greece's mismanagement.

if Greece was voted in they can be voted out.
Well, technically it'll amount to the same outcome.

Yet "voted out" they cannot be. But the financial scenario described wouldn't leave them any option but to leave. Not just the Euro but the EU. They can't leave the currency without first abandoning Union membership.
 

jmotivator

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I can't present any quotes from Greeks I know that might be representative. But according to the people I speak to, denial is at an all time low by now.

Disgust with the idjits now in the driver seat going in the opposite direction fast.
If the people support austerity then they shouldn't have elected the idjits they elected.
 

jmotivator

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Leftist are loyal to their ideology above all.

Its why they're so dangerous when given positions of power and influence.

Honestly, there were Greeks flying Che Guevara flags during the recent protest.

Unbelievable. We're witnessing cognitive dissonance on a National scale.

Yeah, I have said for a long time that the problem with Utopian ideologues is that they can't adjust their end goals, Utopia is always the goal, they just blame the people for being too weak to reach Utopia.
 

fmw

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I am actually surprised that nobody has taken the finance ministers to task for creating a situation where living conditions collapsed to those of a third world country. This is rather against the demands of the European Human Rights Charter with which all sorts of legislation is justified and a number of laws have been wacked.
Which third world country would that be?
 

iguanaman

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they will simply force Greece out. without a way to issue currency and the EU not loaning them any more money to not fix their problems. Greece will have to exit.
they won't have a choice. I am sure there is some contractual language that can be used to get rid of them even if their is actually no provision.

the simple fact that they fail to abide by their own obligations and cannot be self-sustaining without major influx of cash from other countries.
the rest of Europe is not going to put them on the hook for Greece's mismanagement.

if Greece was voted in they can be voted out.
And they need to get out of the failing Euro. There is no way the Euro can sustain itself. It was doomed from it's inception. Watch how other countries follow Greece.

To understand why I say this, you need to realize that most — not all, but most — of what you’ve heard about Greek profligacy and irresponsibility is false. Yes, the Greek government was spending beyond its means in the late 2000s. But since then it has repeatedly slashed spending and raised taxes. Government employment has fallen more than 25 percent, and pensions (which were indeed much too generous) have been cut sharply. If you add up all the austerity measures, they have been more than enough to eliminate the original deficit and turn it into a large surplus.

So why didn’t this happen? Because the Greek economy collapsed, largely as a result of those very austerity measures, dragging revenues down with it.

And this collapse, in turn, had a lot to do with the euro, which trapped Greece in an economic straitjacket. Cases of successful austerity, in which countries rein in deficits without bringing on a depression, typically involve large currency devaluations that make their exports more competitive. This is what happened, for example, in Canada in the 1990s, and to an important extent it’s what happened in Iceland more recently. But Greece, without its own currency, didn’t have that option.
http://www.nytimes.com/2015/06/29/opinion/paul-krugman-greece-over-the-brink.html?_r=0
 
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