The Phaserl


Even If Current Talks Are Successful, Grave Greek Problems Remain

from The Daily Bell:

Greece readies list of reforms to dodge bankruptcy … Yanis Varoufakis says a bail-out extension will be “dead and buried” if international creditors do not ratify Athens’ proposals … The Greek government will put forward plans to root out tax evasion and overhaul the country’s labour laws in a bid to convince creditors it should be granted a vital extension of its bail-out programme on Monday. – UK Telegraph

Dominant Social Theme: Rogue Greece is a kind of existential threat.

Free-Market Analysis: As expected, Greece’s strong words have not been matched by action. The top men of Greece spoke boldly, but when we examined their pedigrees, they matched up with those on the other side of the table. The negotiations were thus never those of Greeks versus Germans; they were discussions among a European elite. One side has used the mechanism of popular anger to get elected. The other side, the Germans, needed to adopt a “tough” stance to ensure that the German citizenry didn’t see through the argumentation.

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