Greece eyes 'mutual acceptable solution' to debt through dialogue

[webfact]

Greece eyes "mutual acceptable solution" to debt through dialogue
English.news.cn

ATHENS, Jan. 30 (Xinhua) -- Greece's new government eyes a mutual acceptable solution to the Greek sovereign debt through consultations with international lenders, newly elected Prime Minister Alexis Tsipras said on Thursday.

Tsipras made the remarks following talks with visiting European Parliament President Martin Schulz in Athens in his first meeting with a European official after taking office.

"We are launching a dialogue to achieve a mutually acceptable and beneficial solution to all sides," Tsipras said during joints statements to the press, noting that such talks will take time.

Welcoming Schulz as "a good friend of Greece" he stressed that his government enters the dialogue "with seriousness" and "guarantees stability."

Radical Left SYRIZA leader, who formed a ruling coalition with the Right-wing Independent Greeks on an anti-bailout agenda after winning Sunday's national polls, has caused nervousness among Greece's international creditors, markets and investors with his alternative policy mix regarding the resolution of the debt crisis.

Full story: http://news.xinhuanet.com/english/europe/europe/2015-01/30/c_127437775.htm

-- Xinhua 2015-01-30

[mrtoad]

Which means they are going to try and repay as little as possible.

Look forward to the reintroduction of The Drachma and bargain holidays

[boomerangutang]

"borrow as much as possible, pay back as little (or as late) as possible." That's the mantra of big businesses, rich people, and governments. I assume Greek chickens come home to roost, as do chickens from other countries.

[manarak]

"borrow as much as possible, pay back as little (or as late) as possible." That's the mantra of big businesses, rich people, and governments. I assume Greek chickens come home to roost, as do chickens from other countries.

yes...

but only socialist governments get away with it !!

[Costas2008]

Which means they are going to try and repay as little as possible.

Look forward to the reintroduction of The Drachma and bargain holidays

Wishful thinking, mrtoad.

Unfortunately nothing will change.

They will try and may be offered some better terms of repayment, just to keep everybody happy, but nothing significant will take place.

Greece does not want to come out of the EU

EU does not want Greece to come out.

I only feel sorry for the desperate state Greece is in at the moment and I can't see that easing for very long in the future.

Yes, it is Greece's fault for the wrongdoings, but my thoughts and sorrow is for the people suffering because of the stupidity and incompetence of the polititians.

Not that the new one is any better than the others and I don't expect him to do much.

[manarak]

Which means they are going to try and repay as little as possible.

Look forward to the reintroduction of The Drachma and bargain holidays

Wishful thinking, mrtoad.

Unfortunately nothing will change.

They will try and may be offered some better terms of repayment, just to keep everybody happy, but nothing significant will take place.

Greece does not want to come out of the EU

EU does not want Greece to come out.

I only feel sorry for the desperate state Greece is in at the moment and I can't see that easing for very long in the future.

Yes, it is Greece's fault for the wrongdoings, but my thoughts and sorrow is for the people suffering because of the stupidity and incompetence of the polititians.

Not that the new one is any better than the others and I don't expect him to do much.

And what can he do?

The problem of making too little money will always come back to bite Greece in the ass.

For a country to prosper, it needs a positive balance of payments.

Greek trade balance has NEVER been positive in the last 20 years, maybe more. What does Greece export?

Have a look at that paper:

http://ec.europa.eu/economy_finance/publications/economic_paper/2014/pdf/ecp518_en.pdf

"The puzzle of the missing Greek exports"

which diagnoses that Greece doesn't export enough.

But Greece doesn't have much to export - there's only so much olive oil that can be produced and demand for doric columns has died !

Fortunately, they discovered petroleum and Greece started in 2011 a programme to extract oil and export it, which was expected to yield about 15 Billion EUR a year - but now with these oil prices...

Greece doesn't have much resources and doesn't produce much that can be exported, but the people there still want to have a high standard of living and healthcare, pensions.

For today let's just borrow the money for that and let's worry about paying back later !!

555

crooks

The oil will only last for so long, maybe it will add 15 billion to the budget for the next 20 years or maybe for 30 years if they discover new deposits.

But oil won't last forever and it won't pay for everything.

Greece needs to accept the country can't sustain the same standard of living as in countries which produce more, and at the same time they got to develop their exports.

[PepperMe]

Greece has never had the intention of pulling out of the EU. But it probably WILL pull out of the Euro.

The Euro only works for the larger economies, that has been proven and is completely unsuitable for the smaller ones such as Greece. The Euro has been a disaster for many countries and has led to mass unemployment and the bailout of several countries. Greece, Portugal, Ireland, Spain and Cyprus with Ireland rightly exiting the bailout.

The only way Greece can get back on track is to reinstate the Drachma and default. Even if this happens, the EU probably would not kick them out of the union, because it would start a topple. However, pulling out of the Euro, if even a slight recovery shows in the Greek economy, I would think the southern countries are likely to follow including Italy.

How the EU would respond then is anyone's guess.

[Ulic]

Greece has beautiful beaches and history. Great for tourism and many have gone. Unfortunately tourists were treated so badly for so long

many no longer return. The service industry may not be the best paying but jobs are jobs. Money coming into the country from outside whether

from exports or tourism is worth double when compared to the domestic consumer driven economy. Greece has to get its civil service numbers

and costs down to the levels of other European countries after years of a bloated bureaucracy. There will be lots of negotiation over the next

six -ten months in Greece with the troika but only face saving changes if Greece wants to stay in the EU.

Lots of uncertainty in the world, many currencies in free-fall, Ukraine-Russia etc, etc.....

[Sophon]

I guess there is no Greek equivalent to the saying "beggars can't be choosers".

Sophon

[Lukecan]

Its very sad to see the founders of modern medicine in this mess. The ancient greeks invented many things but the modern ones cant produce anything significant today.

[Bruzzzz]

It is not the Greek governments, of any persuasion, to blame because the Greek people refuse to elect any politician who intends imposing fiscal responsibility. They won't reduce their standard of living so they will just keep borrowing until they are broke.

How does a country go broke?

Who is loaning them all this money?