Monday, 13 July 2015

Greek Free for All

Greece is now to be given 90 billion euros of which 16 billion will come from the IMF. (Tass at 8.15 this morning)  As Greece is defaulting on payments to the IMF in a matter of days - it's already 'in arrears' for billions - the 'how can this be?' sensation grows by the passing hour.  No country can be permitted to default on IMF repayments and gain access to further loans,  yet accepting IMF further involvement in the management of 'Greek' debt is now a major part of the undertakings to which Greece is required to submit in return for the release of its banks from being taken hostage.

Whatever reality these negotiations  are taking place in, it is not the reality of laws and practice, treaty and rule that we are led to believe govern our world.

The question put in the New York Times seems central now.

"Can Greece pull off a successful exit? Will Germany try to block a recovery?" 


Cuffleyburgers said...

What a sickening episode.

But necessary I think to start the long decline and collapse of the EU.

hatfield girl said...

'...the long decline and collapse of the EU.'

We'll never have the satisfaction of seeing an EU collapse, Cuffley. We'll see incoherent (with current statuses and requirements) changes - we're seeing those already; we'll see 'readjustments', 'extra- Treaty agreements' (we've got those already) we'll see 'political agreements are inferior to 'legal' arrangements' (we've got that too right now with attempts to use eurostate bailout arrangements that lapsed in 2013).

We'll get nation states traduced, deformed, suffering white colpo di stato (cf Italy since 2013) and, in the end we'll have war. Some would make a case for being at war with Germany and its usual nasties already. What we will never have is the willing abandonment of power on the grounds on incompetence and failure in Europe by the currently named 'European union' elites.

Cuffleyburgers said...

Hopefully we or rather they, will manage to avoid a general war, but I agree that some violence is virtually certain. I agree with some of what you say, but a collapse of influence will likely happen sooner than we all imagine possible, while the formal thing limps on looking more and more ridiculous.

Ultimately, power rests on consent, which may be more or less acquired out of the barrel of a gun, and is greatly influenced also by the contents of wallets.

the only question is will it be Germany to walk away first or will it crumble from the edges? My guess is the former.

The EU has no divisions (as in tanks), and no ability to generate wealth only to squander it. These facts are becoming alarmingly clear to everybody.