Time running out for Greece, says eurozone's top official

[webfact]

Time running out for Greece, says eurozone's top official
By PAN PYLAS

RIGA, Latvia (AP) — Time is running out for Greece to reach a deal with bailout creditors and prevent the government going bankrupt, the eurozone's top official said Friday as he headed into discussions with his colleagues from the 19-country single currency zone.

Jeroen Dijsselbloem says there's a "great sense of urgency" from all sides to get a deal done. However, he dashed any expectations that one would be secured at the meeting in the Latvian capital of Riga.

He said it's particularly important for Athens that a deal is secured soon so the country can get the financial support it needs "to make sure there's enough money available to keep the government running."

Greece had an end-of-April date to agree to more reforms in exchange for rescue money its creditors had set aside. Without the money, Greece faces potential bankruptcy.

Though Dijsselbloem noted that "April isn't over yet," he said the deadline was far more important for Athens than the eurogroup.

For weeks, the meeting in Riga was expected to be the one where Greece's immediate financial future would be sorted out. Greece's left-wing government, elected in January on a mandate to bring crippling austerity to an end, would present its reform plans to its creditors in the eurozone. If all worked out as planned, Greece would be handed the remaining money available in its bailout program — 7.2 billion euros ($7.7 billion) — to pay off upcoming debts to its creditors in the eurozone and the International Monetary Fund.

After weeks of tortuous discussions that have yielded little besides distrust, Greek Finance Minister Yanis Varoufakis is not expected to present any reform plans at the meeting.

Creditors have demanded reforms that include sweeping changes to pensions and labor rules. But the Greek government has ruled out many key demands, arguing it was elected to end the kind of stifling budget austerity that contributed to a 25 percent contraction in the economy. Its focus is geared far more on fighting corruption and increasing its tax take than more cuts.

Though fears of a potential Greek debt default and a subsequent exit from the euro have ratcheted up in recent weeks, the prevailing view in markets is a deal will be reached after much soul-searching and bickering — as in the past.

Many in the markets think Greece has until May 11, when eurozone finance ministers are scheduled to meet next, to secure a deal.

"While the prospects of possible Greek default haven't receded, it would appear that the timing has been delayed once again as both sides try and come to a deal that they can somehow sell as a solution that will satisfy everybody," said Michael Hewson, chief market analyst at CMC Markets.


-- (c) Associated Press 2015-04-24

[Costas2008]

Let them reap what they sow.

They voted for a communist government that gave false promises.

Now they regret it and they can sense the hardship it's coming to them.

Although, I'm Greek, I can't feel sorry for the gullible people that voted them in.

To understand the stupidity of this government, they are talking of taking Greece out of the EU and let the country go bunkrupt.

I hope Greek people have still some sense left in their heads and kick them out before it's too late.

[sandyf]

Time to say enough is enough. They should never have been allowed in to the EU in the first place, conned their way in with falsified accounts. Unfortunately now, whatever the outcome someone is going to suffer.

This is one potential scenario.

A strategy inspired by Budapest would have the Greeks print drachmas and announce (not offer) that the debt would be repaid in that currency. The euro could still circulate in Greece and be legal tender, but the government would pay its debts in drachmas.

Edit. - from 2004

Greece admitted yesterday that the budget figures it used to gain entry to the euro three years ago were fudged. The Finance Minister, George Alogoskoufis, said the true scale of Greece's budget deficit was massively understated enabling Athens to dip below the qualification bar and into the EU's single currency.

http://www.independent.co.uk/news/world/europe/greece-admits-deficit-figures-were-fudged-to-secure-euro-entry-6157967.html

Edited April 24, 2015 by sandyf

[Costas2008]

"Greece admitted yesterday that the budget figures it used to gain entry to the euro three years ago were fudged."

The Indipendent, better check their facts.

Greece joint the EU in 1981 followed by Spain and Portugal and adopted the Euro in 2001, not 3 years ago.

[jvs]

Read before you comment Costas.

[MobileContent]

Let them reap what they sow.

They voted for a communist government that gave false promises.

Now they regret it and they can sense the hardship it's coming to them.

Although, I'm Greek, I can't feel sorry for the gullible people that voted them in.

To understand the stupidity of this government, they are talking of taking Greece out of the EU and let the country go bunkrupt.

I hope Greek people have still some sense left in their heads and kick them out before it's too late.

Nope, they are talking of leaving the Euro but not the EU. Leaving the Euro is the best way to get back on your feet. I think Greece will not be the only country leaving the Euro over the next 5 years if the Euro is still around.

[wabothai]

What will happen when Greece is declared bankrupt.

[slipperylobster]

What will happen when Greece is declared bankrupt.

Probably start looking for Greek Expats in Thailand....so they can squeeze some taxes out of them. Same like the USA does to me.

[tingtongfarang]

What will happen when Greece is declared bankrupt.

Probably start looking for Greek Expats in Thailand....so they can squeeze some taxes out of them. Same like the USA does to me.

Till now they had little success squeezing taxes out the greeks they still have there, cant imagine the expat greeks coughing up,

Reading news reports i get the impression athens is slowly filling up with africans looking for a way into other european countrys and at the moment greece has a brain drain problem.

[Asiantravel]

Troika said they are "turning hostile" in Greece today

Edited April 24, 2015 by Asiantravel

[Anthony5]

Let them reap what they sow.

They voted for a communist government that gave false promises.

Now they regret it and they can sense the hardship it's coming to them.

Although, I'm Greek, I can't feel sorry for the gullible people that voted them in.

To understand the stupidity of this government, they are talking of taking Greece out of the EU and let the country go bunkrupt.

I hope Greek people have still some sense left in their heads and kick them out before it's too late.

Nope, they are talking of leaving the Euro but not the EU. Leaving the Euro is the best way to get back on your feet. I think Greece will not be the only country leaving the Euro over the next 5 years if the Euro is still around.

They are talking about leaving the EU but not the Euro.

http://finance.yahoo.com/news/greece-offers-concessions-tired-creditors-100334687.html;_ylt=AwrXgSMISjpV9AkAus2TmYlQ;_ylu=X3oDMTByYzcwcmt2BGNvbG8DZ3ExBHBvcwM0BHZ0aWQDBHNlYwNzYw--

Asked about the danger of a "Grexit", Schelling told reporters: "There is no exit from the euro, only from the European Union."

[godden]

My only hope is if Greece abandons ship the rest of the rotten EU sinks with it.

[siam2007]

My only hope is if Greece abandons ship the rest of the rotten EU sinks with it.

it is obvious the only rotten thing here is your brain

[ggold]

The EU have fudged the issue again. Instead of having this sorted at Riga as planned. they will now wait till May before making any decisions. Greece have the upper hand and the creditors know it.

It's down to who blinks first and Greece don't care. It's just a question of how and when Greece will exit the Euro and maybe the EU!

[geriatrickid]

Let them reap what they sow.

They voted for a communist government that gave false promises.

Now they regret it and they can sense the hardship it's coming to them.

Although, I'm Greek, I can't feel sorry for the gullible people that voted them in.

To understand the stupidity of this government, they are talking of taking Greece out of the EU and let the country go bunkrupt.

I hope Greek people have still some sense left in their heads and kick them out before it's too late.

Nope, they are talking of leaving the Euro but not the EU. Leaving the Euro is the best way to get back on your feet. I think Greece will not be the only country leaving the Euro over the next 5 years if the Euro is still around.

They are talking about leaving the EU but not the Euro.

http://finance.yahoo.com/news/greece-offers-concessions-tired-creditors-100334687.html;_ylt=AwrXgSMISjpV9AkAus2TmYlQ;_ylu=X3oDMTByYzcwcmt2BGNvbG8DZ3ExBHBvcwM0BHZ0aWQDBHNlYwNzYw--

Asked about the danger of a "Grexit", Schelling told reporters: "There is no exit from the euro, only from the European Union."

They cannot expect to reap the benefits of EU membership if they default. If Greece leaves the Euro and defaults, it should resign from the EU altogether. The EU would be better off without Greece.

[geriatrickid]

My only hope is if Greece abandons ship the rest of the rotten EU sinks with it.

Let me guess, UK national right?

[Anthony5]

Let them reap what they sow.

They voted for a communist government that gave false promises.

Now they regret it and they can sense the hardship it's coming to them.

Although, I'm Greek, I can't feel sorry for the gullible people that voted them in.

To understand the stupidity of this government, they are talking of taking Greece out of the EU and let the country go bunkrupt.

I hope Greek people have still some sense left in their heads and kick them out before it's too late.

Nope, they are talking of leaving the Euro but not the EU. Leaving the Euro is the best way to get back on your feet. I think Greece will not be the only country leaving the Euro over the next 5 years if the Euro is still around.

They are talking about leaving the EU but not the Euro.

http://finance.yahoo.com/news/greece-offers-concessions-tired-creditors-100334687.html;_ylt=AwrXgSMISjpV9AkAus2TmYlQ;_ylu=X3oDMTByYzcwcmt2BGNvbG8DZ3ExBHBvcwM0BHZ0aWQDBHNlYwNzYw--

Asked about the danger of a "Grexit", Schelling told reporters: "There is no exit from the euro, only from the European Union."

They cannot expect to reap the benefits of EU membership if they default. If Greece leaves the Euro and defaults, it should resign from the EU altogether. The EU would be better off without Greece.

Read the link I posted again. They are suggesting Greece leaves the EU but keeps the Euro as it's currency.

[ggold]

Nope, they are talking of leaving the Euro but not the EU. Leaving the Euro is the best way to get back on your feet. I think Greece will not be the only country leaving the Euro over the next 5 years if the Euro is still around.

They are talking about leaving the EU but not the Euro.

http://finance.yahoo.com/news/greece-offers-concessions-tired-creditors-100334687.html;_ylt=AwrXgSMISjpV9AkAus2TmYlQ;_ylu=X3oDMTByYzcwcmt2BGNvbG8DZ3ExBHBvcwM0BHZ0aWQDBHNlYwNzYw--

Asked about the danger of a "Grexit", Schelling told reporters: "There is no exit from the euro, only from the European Union."

They cannot expect to reap the benefits of EU membership if they default. If Greece leaves the Euro and defaults, it should resign from the EU altogether. The EU would be better off without Greece.

Read the link I posted again. They are suggesting Greece leaves the EU but keeps the Euro as it's currency.

May I suggest you re-read the link you posted. Greece could not remain using the Euro currency if it was not in the EU. Greece wants to stay in the EU but exit the Euro currency.

I think the reality is if Greece leaves the Euro it will be by default, The worry for the EU is if Greece leaves will Spain Portugal and Italy follow suit. It is the Euro that is looking very dodgy unless the EU bail out Greece.

[thaibeachlovers]

Read before you comment Costas.

You beat me to it. Unfortunately, lots of posters answer without reading post properly.

IMO it just shows up how badly designed the Euro was- the whole project is a disaster.

Whatever, it's time to cut Greece off from the Euro and let them sink under the weight of their own policies. No more good money after bad.

Edited April 25, 2015 by thaibeachlovers

[sandyf]

Read before you comment Costas.

You beat me to it. Unfortunately, lots of posters answer without reading post properly.

IMO it just shows up how badly designed the Euro was- the whole project is a disaster.

Whatever, it's time to cut Greece off from the Euro and let them sink under the weight of their own policies. No more good money after bad.

Thank for your initial comment and also to jvs.

I was stationed in Germany in the early seventies and anyone who remembers those days and the problems crossing borders would not want to back to it.

If you look back at the original concept of the common market it was only to do with about half a dozen of the central European countries. The whole thing just got corrupted by delusions of grandeur, the peripheral countries should never have been sucked in.

[Grouse]

My only hope is if Greece abandons ship the rest of the rotten EU sinks with it.

it is obvious the only rotten thing here is your brain

Time for cool heads, I think!

[watcharacters]

Read before you comment Costas.

It's just fun for him.

He doesn't care...

[Si Thea01]

Let them reap what they sow.

They voted for a communist government that gave false promises.

Now they regret it and they can sense the hardship it's coming to them.

Although, I'm Greek, I can't feel sorry for the gullible people that voted them in.

To understand the stupidity of this government, they are talking of taking Greece out of the EU and let the country go bunkrupt.

I hope Greek people have still some sense left in their heads and kick them out before it's too late.

Gullible and greedy wouldn't you say Costas. The same happened back in Oz, the population were given a lot of government handouts, and then they realised the country was doing a Greece, so they voted out the government but then voted in a number of loonies and now, those, together with the opposition and the greens, although not in government, are still controlling the purse strings, running scare campaigns and preventing the current government from taking austerity measures.

The people, despite knowing the growing debt crisis, paying back a billion dollars a month in interest alone, want to retain all their freebies and then whined and moaned about everything that was trying to be put in place to assist in alleviating the debt. They even have that clown of an opposition leader as preferred PM and the opposition in front as the preferred government. So if it goes back the old way, the fools of Oz will too reap what they sow. And I, like you, will feel no pity for them.

[thaibeachlovers]

Let them reap what they sow.

They voted for a communist government that gave false promises.

Now they regret it and they can sense the hardship it's coming to them.

Although, I'm Greek, I can't feel sorry for the gullible people that voted them in.

To understand the stupidity of this government, they are talking of taking Greece out of the EU and let the country go bunkrupt.

I hope Greek people have still some sense left in their heads and kick them out before it's too late.

Gullible and greedy wouldn't you say Costas. The same happened back in Oz, the population were given a lot of government handouts, and then they realised the country was doing a Greece, so they voted out the government but then voted in a number of loonies and now, those, together with the opposition and the greens, although not in government, are still controlling the purse strings, running scare campaigns and preventing the current government from taking austerity measures.

The people, despite knowing the growing debt crisis, paying back a billion dollars a month in interest alone, want to retain all their freebies and then whined and moaned about everything that was trying to be put in place to assist in alleviating the debt. They even have that clown of an opposition leader as preferred PM and the opposition in front as the preferred government. So if it goes back the old way, the fools of Oz will too reap what they sow. And I, like you, will feel no pity for them.

Bill Shorten is such a nonentity that I had forgotten he was the op. leader and had to look it up.

[IMA_FARANG]

Only one real solution for Greece.

That is default and nationalize.

Yes it will hurt, but the Eurozone bank gangster scum, German and French Eurocapitalist Mafia banking scum must be thrown out of Greece.

No more talks, do it now.

Default on Eurozone bank gangster scum loans and nationalize all their assets in Greece.

[JockPieandBeans]

Prime Minister Alexis Tsipras has said Greece is in the final, critical stretch of talks with its international creditors and that he believes an interim deal will be in place by 9 May.

Think it had better be.

Greece is facing a €200m debt interest payment to the International Monetary Fund on 1 May and has appealed to various public bodies to provide money from their cash reserves.

But the big debt interest payment to the IMF is due on 12 May, when the government will have to find another €750m.

http://www.bbc.com/news/world-europe-32493005

If the next 7 Billion Euro loan is not handed over, then it really will be all over.

[sandyf]

Prime Minister Alexis Tsipras has said Greece is in the final, critical stretch of talks with its international creditors and that he believes an interim deal will be in place by 9 May.

Think it had better be.

Greece is facing a €200m debt interest payment to the International Monetary Fund on 1 May and has appealed to various public bodies to provide money from their cash reserves.

But the big debt interest payment to the IMF is due on 12 May, when the government will have to find another €750m.

http://www.bbc.com/news/world-europe-32493005

If the next 7 Billion Euro loan is not handed over, then it really will be all over.

Like your handle, I was brought up on "Jock Pies". Used to come back on the late bus from Nairn about one in the morning and straight into the bakery. They would just be coming out of the oven, absolutely delicious.

Excuse the digression.

[JockPieandBeans]

Prime Minister Alexis Tsipras has said Greece is in the final, critical stretch of talks with its international creditors and that he believes an interim deal will be in place by 9 May.

Think it had better be.

Greece is facing a €200m debt interest payment to the International Monetary Fund on 1 May and has appealed to various public bodies to provide money from their cash reserves.

But the big debt interest payment to the IMF is due on 12 May, when the government will have to find another €750m.

http://www.bbc.com/news/world-europe-32493005

If the next 7 Billion Euro loan is not handed over, then it really will be all over.

Like your handle, I was brought up on "Jock Pies". Used to come back on the late bus from Nairn about one in the morning and straight into the bakery. They would just be coming out of the oven, absolutely delicious.

Excuse the digression.

A digression is always excusable for a steaming, hot, freshly baked Jock Pie.

Were you heading back to Kinloss Sandy ?

[sandyf]

Like your handle, I was brought up on "Jock Pies". Used to come back on the late bus from Nairn about one in the morning and straight into the bakery. They would just be coming out of the oven, absolutely delicious.

Excuse the digression.

A digression is always excusable for a steaming, hot, freshly baked Jock Pie.

Were you heading back to Kinloss Sandy ?

No, I come from Forres. Although I was in the RAF I was never at Kinloss, did a couple of detachments to Lossie with the Buccs from Honington.

[JockPieandBeans]

Sent you a PM Sandy.