It’s the same old song.
After the latest round of Greek pre-negotiation negotiations with the Troika, in which the Greek representative was said to behave like bob Geldof at a Live Aid fund raiser, and demanded “just give us the fecking money” because his country would soon be bankrupt and the Eurozone members expressed shock and dismay at Athens’ lack of movement in its plans, probably because it finally dawned on them that Athens hasn’t any plans other than to say “This single currency thing, it wasn’t our idea OK.”
A major problem is the reluctance of Greek government representatives to talk about cutting civil servants’ pensions” which indicates the next Greek step is to fall back again to square zero: threats of an imminent default if the EU does not cough up.
Which is precisely what, according to the FT, has happened only it has not been officially announced yet.
Now that the Eurozone, foolishly, thinks it is insulated from the consequences of a Grexit due to the ECB’s QE, it does not take to ultimatums or blackmail very well. In fact, it takes these very badly.
As Reuters reported during the weekend news lull, “even if it survives the next three months teetering on the brink of bankruptcy, Greece may have blown its best chance of a long-term debt deal by alienating its euro zone partners when it most needed their support.”
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