Creditors' proposal 'cannot be accepted': Athens
Source: AFP
Athens (AFP) - Athens rejected Friday a proposal from its creditors for a five-month 12-billion-euro ($13.4-billion) bailout extension, saying it "cannot be accepted" as the reforms demanded alongside it would be recessionary and the money insufficient.
"The creditors' proposal to the Greek government would require introducing deeply recessionary reforms as a condition for the funding, which is totally inadequate, over the five months period," said a government statement in response to the offer of a cash lifeline.
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Rod Beauvex
(564 posts)Creditors refusing Greece's plan because it involves taxing the rich and banks and such, instead of austerity.
That is some serious arrogance on the part of Greece's creditors. Sickening. Absolutely sickening.
forest444
(5,902 posts)Herbert Hoover in a pantsuit.
That's exactly what the Kochsuckers of the world are trying to impose and even normalize.
Warren Stupidity
(48,181 posts)Cuts to pensioners already below the poverty level and tax increases on key sectors of the economy that are already struggling. It is a disaster capitalism remedy designed to bring down the current government.
cstanleytech
(26,319 posts)balance if Athens would make the reforms needed over that 10 year period in order to gets its spending under control and the creditors had better do it because otherwise they are going to lose not just the interest on the money they are owed but they are going lose the balance of they are owed as well which imo would be far worse.
7962
(11,841 posts)But I doubt Greece would even accept THAT.
7962
(11,841 posts)They're economy is about equal to the value of that company. The markets shouldnt get too upset about it.
Simply "taxing the rich" wont be near enough to repair the damage thats been done. There arent enough of them. Not to mention they'd likely just move their money elsewhere, like what happened in France. They're tax on the super rich didnt bring in squat, and they dumped it.
candelista
(1,986 posts)Next comes Spain, Portugal, Italy, Ireland.
Dont call me Shirley
(10,998 posts)AnnieBW
(10,457 posts)Our tour group has been warned to take lots of Euros with us, because they're anticipating a run on the banks. Great - my dream trip, and I'm walking into an economic crisis!