Hang on, mate, I am not saying that Tsipras is right or that Stiglitz and Krugman are either. Personally, my bias would be against Tsipras, as his brinksmanship is forcing me to make unpleasant decisions about my investments which might just turn out to be loss-making.
But I am just trying to be fair to Tsip and Varou. I do believe that they personally do not believe that continued austerity is in the interest of the Greek people, and I only added those links to show that this is not an outlandish point of view (not realising that you are an economist yourself).
My only point is, lets do Tsip and Varou the favour of assuming that they are acting with decent motives.
BCS is down a little in the States, as are FTSE futures so the SP will most likely open slightly down in the morning and I'm not sure Greece will have too big an impact tomorrow (for once!) as I'm not expecting too much will happen before Sunday's referendum...but the Greeks are unpredictable so who knows. PS. Nice bit of rounding up there Shauny, I like it :-) Good point on the SP -v- FTSE highs comparison. ATB.
Without wishing to criticise anyone for their choice of newspaper I would be surprised if the Guardian came out with anything against the Greek leadership and would expect them to support their comrades on the left. I have just watched C4 news however and I do believe the Euro group stance (and I think it scandalous, in a way, that Germany seems to pull all the strings; is it truly a European stance?) is now at risk of causing great hardship. True Batman and Robin (or is it Laurel and Hardy) have been amateurs at the negotiating table but more talking should take place now Tspiras has yielded, and the referendum should have been cancelled. These people are scared and need certainty now. I see a no looming. Maybe Merkel wants that but what gives her that right? It would be terrible for Greece.
As you point out Tspras says pensions are safe?!?! So safe indeed that if your surname begins in the first part of the alphabet you could have taken part of it out in cash today...wow! Tough if it begins with S! Let's face it, they will never be able to repay all of the debt and, more to the point, they should never have been lent so much in the first place so step 1 agree to austerity and step 2 has to be to reschedule at 0%. That way everyone gets a whack.....to pay, the ECB will print more money....inflation..increased dividends...Barclays £4 ...but a lot of s..t to pass before this happens. Bring on 2017. GLAIs.
(BBC News) Greece's Prime Minister Alexis Tsipras has made a defiant speech as cash withdrawal limits begin to bite for Greek bank customers. Mr Tsipras promised Greeks their pensions and wages would be safe...that's a relief Alexis, I was a little worried but can you just explain to me quite how before I do vote "no"!?! Errmm...
My reading of today is Tsipras 'blinked' following the IMF debacle yesterday - offering to backdown on most issues and the EU told him to 'do one!' As such the only card he had left (albeit a flimsy one) is to come out with a defiant speech that now is the time to stand up to austerity, etc...the vote will probably be closer than it ought to be (if the question was fair and not misrepresented) but I believe common sense will just about prevail. The plot thickens...
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