Merkel Warns Greece Time Is Running Out to Save Place in Euro

[Purveyor]

Source: Bloomberg

by Mark DeenPatrick DonahueRebecca Christie
July 6, 2015 — 5:07 PM EDT
Updated on July 6, 2015 — 7:14 PM EDT

Greek Prime Minister Alexis Tsipras was given hours to come up with a plan to keep his country in the euro as citizens endure a second week of capital controls.

German Chancellor Angela Merkel said “time is running out,” as she and French President Francois Hollande, leaders of the two biggest countries in the euro bloc, responded for the first time to Sunday’s referendum. The European Central Bank piled on the pressure by making it tougher for Greek banks to access emergency loans. Finance ministers and leaders from the 19-member region gather on Tuesday for an emergency meeting.

After promising voters a “no” against austerity would strengthen his negotiating hand, the onus is on Tsipras to prove he can get a deal with creditors insistent on tax hikes and spending cuts as the price for a new bailout of Europe’s most indebted nation.

“The last offer that we made was a very generous one,” Merkel said Monday at the Elysee Palace in Paris. “On the other hand, Europe can only stand together, if each nation takes on its own responsibility.”

Read more: http://www.bloomberg.com/news/articles/2015-07-06/greece-warned

[Pharaoh]

1. Fuck Merkel!

Germany defaulted on their debt several times in the last century..........

[dixiegrrrrl]

3. She knows how much Germany will be on the hook if Greece defaults.

About 13 billion of Greek debt
plus the domino impact on bond funds.

[dixiegrrrrl]

4. LOL..Piketty: "Germany Has Never Repaid Its Debts; It Has No Standing To Lecture Other Nations"

in an interview with Germany's Zeit magazine. he said:

When I hear the Germans say that they maintain a very moral stance about debt and strongly believe that debts must be repaid, then I think: what a huge joke! Germany is the country that has never repaid its debts. It has no standing to lecture other nations.
... Germany is really the single best example of a country that, throughout its history, has never repaid its external debt. Neither after the First nor the Second World War. However, it has frequently made other nations pay up, such as after the Franco-Prussian War of 1870, when it demanded massive reparations from France and indeed received them. The French state suffered for decades under this debt. The history of public debt is full of irony. It rarely follows our ideas of order and justice.

As reported in
http://www.zerohedge.com/news/2015-07-06/piketty-germany-has-never-repaid-its-debts-it-has-no-standing-lecture-other-nations

[Beauregard]

9. Interesting post!

The Germans continually whined about having to pay reparations after WWI, even though they themselves did it to the French 50 years earlier.

I guess a perpetrator can be a victim, but he loses the moral standing to complain.

[timdog44]

11. not even with a stick

but I get your point.
Tell old Merkel, to let the money go.

[Nye Bevan]

12. Folks can scream that until they are blue in the face.

I doubt that is the best approach to make her reach for her checkbook, however.

[geek tragedy]

2. Needless to say, it will be interesting to see

what he proposes, assuming he does propose something.

[roamer65]

5. 60 percent of German debt was written off in 1953.

It's time for the Germans to pony up and return the favor. If they don't they are cheapskate hypocrites.

[davidpdx]

8. Sounds fair

[truebluegreen]

6. Fuck Merkel...and UnFuck Greece!

[Nye Bevan]

14. If my brother-in-law, who already owes me lots of money, wants to borrow more,

and I am reluctant, him telling me to fuck myself is probably not going to make me more willing to hand over more money.

[MrMickeysMom]

7. "The last offer that we made was a very generous one…"

[Sunlei]

10. give it a few months, tell the creditors to go suck an egg

[Nye Bevan]

13. They can certainly do this, but it will mean leaving the Euro,

which 75% of Greeks do not want to do.

[Sunlei]

15. Today I read they didn't get pushed into any deal, negotiations continue.

Someone said something about a '30% off'? whatever it is they owe the creditors.