It's OVER, It's OVER, It's All OVER...

[SAYIT]

... For now.
Today Greece timidly accepted conditions far more severe than those they rejected just a week ago and could have had long before the virtual collapse of their banking and economic systems. They have ceded much of the control over their economy to the international creditors who have saved their butts repeatedly over the past decade. Unable or unwilling to voluntarily honor past agreements, the Greeks will now suffer the ignominy of having the terms and solutions imposed by the very foreign bankers they have treated so rudely and with such disdain the past few months.
Karma, it seems is real and is quite rightly a real bitch. OXI!!!

Greece debt crisis Bailout deal at a glance - BBC News

 

[Jackson]

... For now. Today Greece timidly accepted conditions far more severe than those they rejected just a week ago and could have had long before the virtual collapse of their banking and economic systems. They have ceded much of the control over their economy to the international creditors who have saved their butts repeatedly over the past decade. Unable or unwilling to voluntarily honor past agreements, the Greeks will now suffer the ignominy of having the terms and solutions imposed by the very foreign bankers they have treated so rudely and with such disdain the past few months.
Karma, it seems is real and is quite rightly a real bitch. OXI!!!

I read a quick review of the terms and did not get that impression. Do you have a link?

 

[Mac1958]

Tsipras thought that referendum was gonna save his ass.

Turns out the deal is tougher than the referendum.

Oops.

.

 

[SAYIT]

Tsipras thought that referendum was gonna save his ass. Turns out the deal is tougher than the referendum.
Oops...

Painfully indicative of the utter incompetence of Tsipras and his gov't is the fact that the bailout deal that Greeks overwhelmingly rejected just last week had EXPIRED with the default of the IMF payment and was no longer even on the table. The whole execise was just a show and was as useless as it was senseless and resulted in very real damage to Greece's economy and to Tsipras's reputation (not to mention what little trust remained).

 

[HenryBHough]

You think you've seen ugly?

Keep watching Greece.

 

[CrusaderFrank]

Looks like Greece crashed the country while pleasuring themselevs

 

[martybegan]

Tsipras thought that referendum was gonna save his ass.

Turns out the deal is tougher than the referendum.

Oops.

.

The current government will find some way to weasel out of the terms, because they know if they implement them, then a new election is the BEST case scenario, revolution being the worst case.

 

[SAYIT]

The current government will find some way to weasel out of the terms, because they know if they implement them, then a new election is the BEST case scenario, revolution being the worst case.

That has been Greece's game (and game plan) for years but all they received from the Troika (yeah ... they're baaack) in exchange for this capitulation is the promise of negotiations once the new austerity requirements are in place and operational.
In effect, Greece must put-up before the Troika will even discuss the future. I suspect Troika oversight of strict adherence to all terms will allow Greek gov'ts to blame "them" for the changes to come.

 

[Mac1958]

Yikes, looking at what Greece has to do as part of this agreement, no wonder Reich and Krugman hate it:

Here s what Greece agreed to do to secure bailout funds - MarketWatch

.

 

[theHawk]

I'm surprised Germany didn't fold to the screams of the rabid socialists.

Already the left is ramping up the anti-German hate speech, making statements that Germany is now destroying Europe through banking instead of tanks now.

Greeks see humiliation in harsh terms of eurozone bailout - Yahoo News

 

[bendog]

I think Merkel did cave in terms of taking some kind of haircut down the line. Although it may be framed in terms of very favorable repayment.

But, I'm still really leery that Greece can make the kind of internal reforms that are really needed.

 

[SAYIT]

I'm surprised Germany didn't fold to the screams of the rabid socialists.

Already the left is ramping up the anti-German hate speech, making statements that Germany is now destroying Europe through banking instead of tanks now.

Greeks see humiliation in harsh terms of eurozone bailout - Yahoo News

Yeah ... I get that and most rational peeps can see right thru their rhetoric. That whole Twitter thing was just loony leftist butthurt. They celebrated last week thinking they were poking their thumb in eye of "the evil bankers" yet the easily predictable result was significant damage to what remained of Greece's economy and
trustworthiness. They added years to Greece's austerity and they really don't give a flying camel chip. Phukin' Piigs.

 

[SAYIT]

I think Merkel did cave in terms of taking some kind of haircut down the line. Although it may be framed in terms of very favorable repayment.

But, I'm still really leery that Greece can make the kind of internal reforms that are really needed.

I too doubt Greece's sincerity but not only has the Troika not taken another haircut for Greece, they won't even discuss a 3rd bailout or debt relief until Greece establishes a concrete commitment to economic reform. Today's deal was a total Greek capitulation. Considering that complete default and Grexit was the alternative, Greece's creditors managed to keep Greece on the hook for the entire debt and in the EZ while maybe offering some future help. You seem to have the same butthurt so many socialists are now suffering. I feel your pain.
Wait ... no I don't.

 

[montelatici]

The only "butthurt" are European taxpayers, they are going to pay the creditors who again won't lose a cent. Greece will go into another austerity recession and all of the painful restructuring, even if implemented, won't change a thing. It is just kicking the can down the road. The only thing that will resolve the issue is debt forgiveness by the ECB et al, or a Greek exit from the Euro and a default with a zeroing out of their debt.

 

[Manonthestreet]

All this means is they need to postpone collapse a little longer. It fixes nothing and more money was wasted.

 

[hipeter924]

Even with this deal, they are going to default later, as this only delays the inevitable default for a year or two.

Also since they will sell off their government assets, they will be tied even more to their creditors in the Eurozone and elsewhere, and lose a substantial revenue stream. Also higher taxes might scare off foreign investors, if the volatility in Greece hasn't already.

I think if the current government accepts the deal it will lose the next election, as it will be unable to deliver on promises or refinance until it defaults on the current debt.

Would suck to be Greek right now, as you are screwed whether you accept the bailout or not.

 

[indiajo]

The only "butthurt" are European taxpayers, they are going to pay the creditors who again won't lose a cent. Greece will go into another austerity recession and all of the painful restructuring, even if implemented, won't change a thing. It is just kicking the can down the road. The only thing that will resolve the issue is debt forgiveness by the ECB et al, or a Greek exit from the Euro and a default with a zeroing out of their debt.

Correct.
But this won't happen.
Because it would shatter the personal careers of legions of Brussels parasites, plus it would threaten US interests against Russia in the region.
Greece will be kept in the rotten EU and EURO basket, whatever the cost.

Of course the Greek are responsible that they fell for the "buy now-pay later" whispers of the bank and Euro seducers, but this are the true culprits.
They caused it, they knew what would happen (a lot of forcefully silenced critics told us so), but still they pushed it through.