{"id":10123,"date":"2015-07-16T07:28:54","date_gmt":"2015-07-16T12:28:54","guid":{"rendered":"http:\/\/olduvai.ca\/?p=10123"},"modified":"2015-07-16T07:28:54","modified_gmt":"2015-07-16T12:28:54","slug":"greece-may-not-get-bailout-grexit-the-better-way-schaeuble-says","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=10123","title":{"rendered":"Greece May Not Get Bailout, Grexit “The Better Way”, Schaeuble Says"},"content":{"rendered":"

Greece May Not Get Bailout, Grexit “The Better Way”, Schaeuble Says<\/a><\/h3>\n

Last Saturday, the EU finance ministers who gathered in Brussels in a last ditch effort to keep Greece in the eurozone were forced to confront a rather inconvenient truth. A bailout for Athens would likely cost nearly \u20ac80 billion, far more than the \u20ac53 billion figure mentioned in the draft proposal submitted by Alexis Tsipras two days earlier. The revised figure included a \u20ac25 billion provision for the recapitalization of Greece\u2019s ailing banking sector. A day earlier, we warned that the banks would need at least \u20ac10 billion and likely more – \u201cdon\u2019t tell Merkel\u201d, we warned.<\/p>\n

Judging by the date on a document that began to circulate once the finance ministers began to voice their consternation at the larger figure, Germany had already assessed the possibility that the cost of a potential third program for the Greeks was likely to climb prompting the finance ministry to prepare a document outlining two alternative options for Athens. One of these options was a 5-year Greek \u201ctime-out\u201d from the eurozone. Initially (and by \u201cinitially\u201d we mean for perhaps a few hours after the document was first distributed) the \u201ctime-out\u201d idea was written off as simply another manifestation of Wolfgang Schaeuble\u2019s frustration, but by Sunday it was clear that the idea was no laughing matter – indeed, had the bloc\u2019s sleep deprived leaders not inked a ludicrous agreement at 6am in the morning, the “soft” Grexit scenario might already be well underway.<\/p>\n

Now that reports from both the IMF and the European Commission on Greece\u2019s debt sustainability are public, the world is well aware that no one, anywhere, truly believes the Greeks will ever be able to return to economic prosperity if they are forced to labor under their current debt load. In short: a “re-profiling” is necessary.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

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Greece May Not Get Bailout, Grexit “The Better Way”, Schaeuble Says Last Saturday, the EU finance ministers who gathered in Brussels in a last ditch effort to keep Greece in the eurozone were forced to confront a rather inconvenient truth. A bailout for Athens would likely cost nearly \u20ac80 billion, far more than the \u20ac53 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[2015,195,200,279,2535,285,359,1167,2598,418,7331,4318],"class_list":["post-10123","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-bailout","tag-debt","tag-default","tag-eu","tag-european-commission","tag-eurozone","tag-germany","tag-greece","tag-grexit","tag-imf","tag-schaeuble","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10123"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10123\/revisions"}],"predecessor-version":[{"id":10124,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10123\/revisions\/10124"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}