{"id":35418,"date":"2018-06-23T14:36:59","date_gmt":"2018-06-23T19:36:59","guid":{"rendered":"http:\/\/olduvai.ca\/?p=35418"},"modified":"2018-06-23T14:36:59","modified_gmt":"2018-06-23T19:36:59","slug":"greece-economic-crisis-declared-over-it-isnt","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=35418","title":{"rendered":"Greece Economic Crisis Declared Over: It Isn&#8217;t"},"content":{"rendered":"<header>\n<div class=\"story-header-area\">\n<div class=\"clearfix\">\n<div class=\"story-header\">\n<h3><a href=\"https:\/\/www.themaven.net\/mishtalk\/economics\/greece-economic-crisis-declared-over-it-isn-t-cis4gb-RYUq9FN3teyxomw\/\">Greece Economic Crisis Declared Over: It Isn&#8217;t<\/a><\/h3>\n<\/div>\n<div class=\"photo\">\n<div class=\"renderable jss432 Center Large show\">\n<figure class=\"image\">\n<div class=\"jss217 picture loaded\">\n<div class=\"observable\"><img decoding=\"async\" class=\"\" title=\"\" src=\"https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fmaven-user-photos%2Fmishtalk%2Feconomics%2FzmfATcSa4EegwR7v_znq6Q%2FWdjJ4gy7gkC4ooacLsDpqA\" srcset=\"https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fmaven-user-photos%2Fmishtalk%2Feconomics%2FzmfATcSa4EegwR7v_znq6Q%2FWdjJ4gy7gkC4ooacLsDpqA?w=684&amp;q=75&amp;h=458.04484304932737&amp;auto=format&amp;fit=crop 1x, https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fmaven-user-photos%2Fmishtalk%2Feconomics%2FzmfATcSa4EegwR7v_znq6Q%2FWdjJ4gy7gkC4ooacLsDpqA?w=1026&amp;q=75&amp;h=687&amp;auto=format&amp;fit=crop 1.5x, https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fmaven-user-photos%2Fmishtalk%2Feconomics%2FzmfATcSa4EegwR7v_znq6Q%2FWdjJ4gy7gkC4ooacLsDpqA?w=1368&amp;q=75&amp;h=916&amp;auto=format&amp;fit=crop 2x, https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fmaven-user-photos%2Fmishtalk%2Feconomics%2FzmfATcSa4EegwR7v_znq6Q%2FWdjJ4gy7gkC4ooacLsDpqA?w=2052&amp;q=75&amp;h=1374&amp;auto=format&amp;fit=crop 3x\" alt=\"\" width=\"684\" height=\"458.04484304932737\" \/><\/div>\n<\/div>\n<\/figure>\n<\/div>\n<\/div>\n<\/div>\n<section class=\"deck\">Mainstream media is all aglow over the alleged end of the Greek economic crisis. Mainstream media is wrong.<\/p>\n<\/section>\n<\/div>\n<\/header>\n<article class=\"story-body clearfix\">\n<div>\n<div class=\"body\">\n<div class=\"markdown\">\n<div>\n<div>\n<p>RTE says <a href=\"https:\/\/www.rte.ie\/news\/europe\/2018\/0622\/972329-greek-debt\/\" target=\"_blank\" rel=\"noopener\">Greece Crisis Declared &#8216;Over&#8217; as Eurozone Agrees on Debt Relief<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"markdown\">\n<div>\n<div>\n<p>The BBC says <a href=\"https:\/\/www.bbc.com\/news\/business-44573548\" target=\"_blank\" rel=\"noopener\">Greece Hails &#8216;Historic&#8217; Debt Relief Deal<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"markdown\">\n<div>\n<div>\n<p>The Financial Times says <a href=\"https:\/\/www.ft.com\/video\/cc885784-beac-4da4-ae6d-5976a4fcd40f\" target=\"_blank\" rel=\"noopener\">EU Commissioner Calls End to Greek Crisis<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"markdown\">\n<div>\n<div>\n<p><strong>Can-Kicking Deal<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"markdown\">\n<div>\n<div>\n<p>This was another can-kicking announcement according to Eurointelligence.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"markdown\">\n<div>\n<div>\n<p>Here it is. Finally, a deal on debt relief for Greece. It is a fudge of sorts, but a deal that ends the eight-year-long Greek debt crisis &#8211; for now. These are the main components of the deal:<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"markdown\">\n<div>\n<div>\n<ul>\n<li>A \u20ac15bn loan disbursement at the end of the programme, of which \u20ac3.3bn can be used to buy back IMF loans;<\/li>\n<li>A 10-year extension of the EFSF loans, and a ten-year deferral of interest payments and amortization starting from 2033; and<\/li>\n<li>A return of profits from Greek bonds (SMP and ANFA) held by Eurozone central banks, a total of \u20ac4bn, with semi-annual payments and subject to reform targets.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"markdown\">\n<div>\n<div>\n<p>There is no growth clause, no interest-rate cuts, no major buyback programme. This is not debt relief in the way the IMF defines it, but debt relief of the kicking-the-can-the-road variety.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"markdown\">\n<div>\n<div>\n<p>It also leaves Greece with a significant exposure to IMF loans. Even if Greece were to use the \u20ac3.3bn to buy back IMF loans, that still leaves \u20ac7.1bn to be repaid by 2024.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"markdown\">\n<div>\n<div>\n<p>The IMF abstained almost entirely from the debate as it is now officially leaving the programme and will only participate in the post-memorandum oversight, writes <a title=\"Opens external link in new window\" href=\"http:\/\/www.kathimerini.gr\/970857\/gallery\/oikonomia\/ellhnikh-oikonomia\/eurogroup-periodos-xaritos-kai-epimhkynsh-10-etwn\">Kathimerini<\/a>. Christine Lagarde refused to make any statements about Greece. What this means for the IMF role after the programme ends is yet to be seen.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"markdown\">\n<div>\n<div>\n<p>So this is it, after eight years, three bailout programmes and endless eurogroup meetings. And with debt nearly at 180% of GDP, there is still the potential for things to turn wrong. But for now, everyone seems happy.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n","protected":false},"excerpt":{"rendered":"<p>Greece Economic Crisis Declared Over: It Isn&#8217;t Mainstream media is all aglow over the alleged end of the Greek economic crisis. Mainstream media is wrong. RTE says Greece Crisis Declared &#8216;Over&#8217; as Eurozone Agrees on Debt Relief The BBC says Greece Hails &#8216;Historic&#8217; Debt Relief Deal The Financial Times says EU Commissioner Calls End to [&hellip;]<\/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],"tags":[195,239,285,1167,418,434,14648,13390],"class_list":["post-35418","post","type-post","status-publish","format-standard","hentry","category-economics","tag-debt","tag-economic-crisis","tag-eurozone","tag-greece","tag-imf","tag-international-monetary-fund","tag-michael-shedlock","tag-mishtalk"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35418","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=35418"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35418\/revisions"}],"predecessor-version":[{"id":35419,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35418\/revisions\/35419"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=35418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=35418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=35418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}