Source: Deutsche Bank Research, “The House View – Greece: Take it or break it”
The Unfolding Greek Crisis
July 10, 2015 10:00am by Barry Ritholtz
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“likely approaching the conclusion…”
This would be downright hilarious if it were not so pathetically tragic. Yes, it has been multi-year, and this agreement will just guarantee that it is still more years. Do they really think that an agreement that broke Greece’s spine and sent the economy further into the ditch is going to magically improve it now by being even more severe? Truly insane. The most likely outcome is a complete disintegration of the country and its economy as it explodes into social unrest. (that is, assuming everyone just doesnt leave or die.)
With Putin waiting to pick up the pieces and get Russia’s long desired Mediterranean naval bases. He’s already offered loans in rubles. I’m sure he’d pick up the whole debt to get a firm toehold on Greece. At the least he has established Russia as a friendly power in Greek minds as the chaos rises.
And he can always print more rubles. And tell Europe to go scratch for re-payment. Who is going to force a nuclear power to pay?
Yes if the government of Greece propose and accept an even more destructive deal than the one rejected by voters – that would be a Greek tragedy.
I agree – why is Greece effectively capitulating: they clearly assessed that Grexit would be more costly to the Germans and promptly proposed to saddle themselves with X more years of pain.
Best soap-series of our time! Drama, tears, victorious fist shakes, demagogues, protests, love, care, attack & flight! Costs a bit, but so does every other drama series. It gets great reviews and everyone talks about it! How a small-time bunch of actors could achieve this level of popularity. There was a moment of hesitation that (incredulously-) the series would be terminated, but now, with new funding of some Euro 53bln, the series can continue and we can all sit back and wait for the never-ending drama to unfold in many, many more various forms and shapes. Assured entertainment for at least 3 more years – when the next cliff-hanger is playing out! Another “battle for the empire!” Yippeeee!
When I see the words Greek or Greece I hear the song by The Clash – Should I Stay or Should I Go .
Tragic as it is, we’re all collectively debtors .