Saturday, July 11, 2015

Greece: It Ain't Over Till the Fat Lady Sings

The fat lady has not sung yet in negotiations between Greece and its creditors.  The most recent development:  Greece, after voting to reject the creditor's demand, has offered to agree to even tougher ones.  The creditors are saying to little, too late.  So what do they want, bodies of starving children?  German finance minister Wolfgang Schauble, known as the creditors' ultra-hard liner, has made an extreme proposal. Either allow the EU to take over Greece's public administration and run any money lent for its own benefit, or leave the euro for five years.  This sounds like the sort of ultimatum people offer when they are trying to provoke a war Grexit but don't want to look too much like the aggressor, one meant to be met with an outraged Ohi!  It also remains very much the minority view among creditors, who are increasingly split over where to go from here.  Stay tuned.

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