Eurozone ministers deny Greece bailout cash as reforms lag

[MowCowWhoHow III]

Source: AFP

Brussels (AFP) - Eurozone finance ministers told Greece on Monday to deliver overdue reforms in order to unlock two billion euros from its bailout as tensions resurfaced just months after Athens narrowly avoided a euro exit.

German Finance Minister Wolfgang Schaeuble said Athens had failed to meet "a great number" of commitments agreed to in July as part of its rescue, and urged the leftist government of Prime Minister Alexis Tsipras to deliver.

"My news at the end of last week did not show that we can get to a decision (on Monday). I do not think that this has changed in the meantime," a stern Schaeuble said as he arrived for the talks in Brussels.

"It is exclusively for Greece to implement what we agreed upon last July."

Read more: http://news.yahoo.com/eurozone-ministers-deny-greece-bailout-cash-reforms-lag-172026823.html;_ylt=A0LEViXS5EBW4AMAXtFjmolQ

[geek tragedy]

1. Ugh. That whole situation is radioactive. nt

[bemildred]

5. I think they all must be nuts. nt

[NobodyHere]

2. Wow

I mean who could've seen this coming?

/sarcasm

[lark]

3. This one needs a dislike button.

IMF to Greece, sock it to the poor and end any responsibility for the rich or you're toast.

[cstanleytech]

4. Problem is though that increasing the taxes on the wealthy might not be enough to fix their problems

if they keep spending more than they are taking in.

[GliderGuider]

6. Can Europe afford to have a failed state on its southern flank?

Failed states are extremely dangerous.

On edit: I think Schauble has lost his mind. His ideology is preventing him from seeing the reality that's unfolding on front of his eyes.

[bemildred]

7. Stupid shits like Schauble who think only of money are the problem. nt

[branford]

8. Shauble's job is to look after and represent the interests of Germans

as their democratically elected finance minister.

Germany has provided Greece with billions of euros, despite Greece's contemporary history replete with corruption, waste, mismanagement, clientelism, fraud, broken agreements, etc., to say nothing of the previous bailouts where Greece did not uphold their promises.

It's hardly surprising that he, and most Germans, would believe Greece must reform, or that the country is "bad investment" and waste of further German largess. The German position is also shared with most, if not all, other Euro countries besides Greece.

If Greece wants to forgo the bailout money with mandatory conditions, they may do so at any time. However, such a choice will amount to a decision to leave the Euro, and their standard of living will be even worse than if they implemented the reforms.

There are simply no "good" choices for Greece.

[bemildred]

9. He is doing a crappy job. nt

[branford]

11. Not according to Germans,

and with respect to him, they are the only people who matter.

His position is also representative of the entire Eurozone outside of Greece.

I'm also curious what you suggest should happen with Greece? Should Germany, and the other Euro countries, just subsidize Greece in perpetuity? Is reform not essential for the long-term health of a Greek economy?

Subsidizing Greece is contrary to the treaties that formed the Euro, against the wishes of the majority of the individual populations in the Euro countries, and somewhat presumptuous considering that Greece has a standard of living higher than some of the poorer countries now providing money to them, primarily from eastern Europe, and Greece's financial problems are largely of their own making over generations of mismanagement and criminality. As before, Greece also explicitly agreed to the reforms as part of their bailout package. They can also leave the Euro, and take their chances.

All of Greece choices stink, some are just worse than others.

[geek tragedy]

10. When does Germany repay Greece (and Portugal etc) for the benefit it reaps

from an artificially devalued Euro?

[branford]

12. When Greece returns the many billions in development funds,

repudiates the wasted preferential credit terms they received as part of a financial union with richer northern European countries, and gives back the billions more in bailout money.

If Greece had invested and properly managed a fraction of money and credit generated by the boom times after the Euro, we wouldn't be having this discussion. Do we even need to discuss the outright fraud that permitted Greece to join the Euro? Other countries suffered after the credit bubble burst, but why is Greece so unique other than its own negligence and malfeasance.

Simply, if Greece no longer believes the Euro is suitable for their economy, they can leave.

Edit: As I inquired of the other poster, what do you suggest should now occur? Germany and the other Euro countries will not perpetually subsidize and bailout Greece. The Euro rules have already been shot to hell, and the populations in the other democratic Euro countries have completely lost patience with Greece, and their generosity ended long ago.