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So the long-haired German bankers do not want a haircut. Jaime Galbraith was about the visit the Greek President. He asked me what advice he might give. I replied with the aprocrphal story about Keynes saying that when you own someone $10,000 you have a problem. When you own $10,000,000 your creditor has a problem. On Mon, Apr 26, 2010 at 09:59:50PM -0400, S. Artesian wrote: > ====================================================================== > Rule #1: YOU MUST clip all extraneous text when replying to a message. > ====================================================================== > > > >From today's Financial Times: > > Greece has been told to produce detailed proposals... to meet its budget > deficit reduction plans in 2011 and 2012, in addition to the current year, > before it can qualify for a combined rescue package from the International > Monetary Fund and fellow eurozone members. > > ...Germany made it clear that a three-year programme must be agreed with the > IMF, the European Central Bank, and the Euroopean Commission before the eu45 > billion loans can be approved... Wolfgang Schauble, German finance minister, > said that no decision had yet been taken on whether to go ahead with the eu30 > billion eurozone loan package: "It depends on whether Greece carries on with > its strict savings measures in the years ahead." > > The Commission endorses Berlin's view that Greece must come up with a > detailed programme for cutting the budget next year by a further 3 to 4 > percentage points of gross domestic product. > _________ > > Got to hand it to Germany, brilliant fucking strategy, since Greece owes more > to German banks than to any other country's banks...except France. > > This strategy is a big plus for the US Treasury and the interest it will have > to pay on its 7 and 10 year notes. > > I would guess that a minimal demand in Greece might just be something like > "Cancel the Debt. Fuck the European Commission." > ________________________________________________ > Send list submissions to: Marxism@lists.econ.utah.edu > Set your options at: > http://lists.econ.utah.edu/mailman/options/marxism/michael%40ecst.csuchico.edu -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com ________________________________________________ Send list submissions to: Marxism@lists.econ.utah.edu Set your options at: http://lists.econ.utah.edu/mailman/options/marxism/archive%40mail-archive.com
