And So It Goes…#645

There is always good news…Sometimes you’re waiting for ages for some and it all comes along all at once. From Commentator non-pareil ,Ambrose Evans-Pritchard ,gleaned from THE Daily Telegraph, 20 May ,an exccerpt

” Europe’s creditor powers have started to wobble. Berlin, Paris and Brussels are coming to the grim conclusion that Greece may not capitulate as expected, and time is running out fast.

Athens is now warning openly that the “moment of truth” will come on June 5, when the country faces default on a €300m payment to the International Monetary Fund, unless the EU authorities hand over the next tranche of bail-out cash.

It would be hazardous to bet the integrity of monetary union on the assumption that this is just a bluff.

For the past four months the creditor bloc has been dictating terms, mechanically repeating the same demand that Alexis Tsipras and his Syriza rebels deliver on an austerity contract that they vowed to repudiate and which the previous conservative government was unable to implement.

EMU leaders have never at any moment acknowledged that the extra loans imposed on a bankrupt Greek state in 2010 were chiefly designed to save the Euro and stem a European-wide banking crisis at a time when the eurozone had no defences against contagion.

They have yielded slightly on Greece’s primary budget surplus but are still insisting on fiscal targets that can only trap Greece in a vicious circle of low growth and under-investment. Such a regime would leave the country just as bankrupt in the early 2020’s as it was when the traumatic ordeal began, with nothing to show for so many cuts and a decade of depression.  ”

Get ready for all the party balloons to start bursting all over Europe. Soon and Loud !!


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