The Phaserl


Eric Dubin – Greece: Evidence Of “Plunge Protection Team” Response + What Happens Next

from The News Doctors:

A majority of Greek voters turned in a “no” vote on further austerity in exchange for ongoing “vendor financing” from the European Central Bank (ECB) and the International Monetary Fund (IMF). On Monday, German Chancellor Angela Merkel was reported as saying, “time is running out” to reach a last minute agreement. She will be meeting with French President Francois Hollande along with other Euro-region finance ministers on Tuesday. Holland said their position “will depend on Greek proposals.”

How many times must we slog through reports like this? Last minute? We’ve only heard that 10 times this year. Here’s the deal. The respective positions of each side has been consistent and this basic fact goes a long way towards explaining why the talks failed – and will continue to fail. A portion of Greece’s debt must be forgiven. There’s no other solution and recently leaked IMF documents prove that the IMF has been well aware of this fact. Even if Greece were to agree to all tax and spending reforms demanded by the troika, Greece would still have a debt to GDP ratio of 118% by 2030 according to the IMF.

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