Greece on the brink of financial collapse with IMF deadline hours away

[brooklynite]

Source: The Guardian

Greece is on the brink of default and insolvency as €240bn of bailout funding comes to an end, with the country either unable or refusing to make a €1.6bn payment to the International Monetary Fund. The failure to resolve the crisis by Tuesday night’s deadline could be a devastating psychological blow to the European project.

Marking the lowest of lows in the eurozone’s five-year sovereign debt saga, Greece faced financial collapse as a deadline of midnight (Brussels time) approached without any hope of its radical leftist government, led by prime minister, Alexis Tsipras, striking a deal with the country’s creditors.

...snip...

After stunning fellow EU leaders by calling the referendum on Friday night, Tsipras on Tuesday delivered a last-minute bombshell by writing to eurozone leaders demanding a new, separate two-year bailout, hours before the current arrangements lapsed.

Eurozone finance ministers talked by teleconference last night to consider the sudden Greek demand. But they appeared to be going through the motions. They are unlikely to pre-empt the result of Sunday’s referendum by committing either way. In Berlin, chancellor Angela Merkel signalled there could be no talk of a new bailout for Greece until after Sunday’s vote.

Read more: http://www.theguardian.com/world/2015/jun/30/greece-brink-financial-collapse-imf-deadline-hours-away

[GeorgeGist]

2. wrong country

[Javaman]

3. when was the last time you looked at a map? nt

[snooper2]

4. I guess It's been a long time...don't smoke and post

LOL

damn THC

[geek tragedy]

5. Query whether either Merkel or Tsipras wanted to really resolve this or whether

they just wanted to avoid getting blamed for the negotiations collapsing.

Tsipras leads an anti-European, anti-NATO, pro-Moscow party. He promised an end to austerity, and the only way that's happening is the Grexit.

And Merkel has probably concluded that a Grexit would be the only way to remedy the error in admitting Greece to the Eurozone. Greece figures to be a chronic, destabilizing headache, so why not just get rid of the headache.

[JDPriestly]

6. Have you ever been to Greece? Do you understand its strategic importance?

Germany is making a big, big mistake on this one.

The history of the world has changed due to smaller mistakes than this one.

I can hardly believe that the European leaders are this stupid. Just unbelievable.

[geek tragedy]

7. Greece has an economy the size of Dallas-Fort Worth's.

Neither the Ottomans nor the Seljuks are coming across the Bosporus. Neither are Darius or Xerxes.

The rest of Europe does not need to bow and scrape before Greece.

[JDPriestly]

9. I disagree. Greece is small but strategically located. It neighbors on one of the future

hot areas of the world. Greek young people will leave Greece, work in other countries and Greece will suffer even more than it is suffering now. In time, immigration into Greece will change some of the demographics of the country and it will no longer be as close to Northern Europe as it is now (and it isn't all that close to countries like Sweden or Germany as it is). Greece remains a strategically important country to Northern Europe. Just as Mexico is strategically important to the US.

[geek tragedy]

10. Greece is very far removed from northern Europe

It's further from northern Europe than are Macedonia, Albania, Kosovo, Croatia, Serbia, Hungary, Bosnia Herzegovina, Montenegro, Slovakia, and Slovenia.

It's closer to Lebanon than it is to Germany.

[JDPriestly]

12. And have you ever driven through Serbia, Croatia, Bosnia, Montenegro

from Greece to Austria? It's not as far as you might think, as I recall.

[geek tragedy]

13. The entire length of Italy.

Does Brindisi seem terribly close to Munich?

[JDPriestly]

16. Here is the historical background about how Greece got into this situation,

who and what raped it and why.

This could happen to just about any country, even the US.

Please listen to the video. Not much to watch. It's very interesting and informative.

[cstanleytech]

14. I am not sure if they are really strategically important now.

Before the 1940s sure but now both aircraft and ships have far greater range and can travel faster so if need be they can probably bypass Greece altogether and don't have to use their ports or airfields as often.
Now Bulgaria and Turkey are of greater importance imo not to mention Italy.

[JDPriestly]

17. They form a strategic barrier to immigration from the South and East into Europe.

That's just one thing.

Watch this video. Very interesting explanation.

http://www.democraticunderground.com/1017275598#post1

The Greek Islands are coveted by many. They are amazing. And between Europe and North Africa. Very strategic in spite of air cover, etc.

I've been there. The location of Greece in the Mediterranean has played a role in many historic encounters across the millenia between the Middle East and Africa and Europe.

[cstanleytech]

20. Ya they were a barrier I agree but I am just not sure if it applies now nearly as much.

[JDPriestly]

21. Watch the video on the topic. I think I posted it.

http://www.democraticunderground.com/1017275598#post1

It's just fascinating to learn who is involved in wanting to finish off the Greek people. Really disgusting!

[closeupready]

18. Strongly disagree.

[Cryptoad]

8. Game Over,,,,

Oligarchs Win!

[cstanleytech]

15. I fail to see how it's a win if they lose the money they lended.

[Cryptoad]

19. Your right,,,,,

those banksters always come out on the losing end!,,,,,,,,, geeez

[cstanleytech]

22. You forgot the varies governments that foolishly loaned them money.

[Bosonic]

11. I think Greece's last hope is the leap second monkeying with the world financial infrastructure

or Zeus.