{"id":7981,"date":"2015-05-10T07:21:10","date_gmt":"2015-05-10T12:21:10","guid":{"rendered":"http:\/\/olduvai.ca\/?p=7981"},"modified":"2015-05-10T07:21:10","modified_gmt":"2015-05-10T12:21:10","slug":"schauble-warns-of-sudden-greek-default","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=7981","title":{"rendered":"Sch\u00e4uble Warns of \u201cSudden\u201d Greek Default"},"content":{"rendered":"

Sch\u00e4uble Warns of \u201cSudden\u201d Greek Default<\/a><\/h3>\n

The governments of Greece \u2013 new and old \u2013 screwed up. Other debt-sinner countries are able to borrow at near-zero or negative interest rates, simply taking money from investors with a promise to return it on a given day in the future if investors give it new money to do so. These investors, it must be said, had their brains washed by the ECB and other central banks in order to allow this to happen. But the governments of Greece somehow missed that gravy train.<\/p>\n

Now, no one wants to lend Greece money at negative interest rates, least of all the Greeks themselves, who know their governments better than anyone else on the planet and have less trust in it than anyone else on the planet: they\u2019re yanking their euros out of their banks even as the ECB is propping them up with fresh euros that ultimately belong to taxpayers elsewhere.<\/p>\n

This weekend, representatives of the \u201cinstitutions\u201d \u2013 the unmentionable \u201cTroika\u201d \u2013 are trying the hash out a reform package with the new team from Greece that does not include Finance Minister Yanis Varoufakis, who\u2019d been shoved aside. On Monday, the finance ministers of the Eurogroup will meet in Brussels.<\/p>\n

Without an agreement on the implementation of the reforms, Greece won\u2019t get the outstanding relief funds of \u20ac7.2 billion. And then what? The government has practically no funds left. Time is running out. Monday is it. The Big Day. Again.<\/p>\n

\u201cI don\u2019t see that everything will be solved by then,\u201d German Finance Minister Wolfgang Sch\u00e4uble said in an interview in the Sunday edition of the\u00a0Frankfurter Allgemeine Zeitung<\/u><\/a>, one of Germany\u2019s largest papers, throwing cold water on any hopes.\u00a0He doubted that the Greek government even knew what exactly was going on in its finances.<\/p>\n

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

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Sch\u00e4uble Warns of \u201cSudden\u201d Greek Default The governments of Greece \u2013 new and old \u2013 screwed up. Other debt-sinner countries are able to borrow at near-zero or negative interest rates, simply taking money from investors with a promise to return it on a given day in the future if investors give it new money to […]<\/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":[195,200,233,282,359,1167,3886,4128],"class_list":["post-7981","post","type-post","status-publish","format-standard","hentry","category-economics","tag-debt","tag-default","tag-ecb","tag-european-central-bank","tag-germany","tag-greece","tag-greek-default","tag-wolfgang-schaeuble"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7981","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=7981"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7981\/revisions"}],"predecessor-version":[{"id":7982,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7981\/revisions\/7982"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}