{"id":8625,"date":"2015-05-30T07:37:32","date_gmt":"2015-05-30T12:37:32","guid":{"rendered":"http:\/\/olduvai.ca\/?p=8625"},"modified":"2015-05-30T07:37:32","modified_gmt":"2015-05-30T12:37:32","slug":"greece-stumbling-toward-default","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=8625","title":{"rendered":"Greece \u2013 Stumbling Toward Default"},"content":{"rendered":"

Greece \u2013 Stumbling Toward Default<\/a><\/h3>\n

Good Cop Under Fire<\/strong><\/h3>\n

On June 5, Greece has to pay \u20ac240 million to the IMF. A week later another \u20ac270 million are coming due. All in all, Greece has to pay back \u20ac1.5 billion in IMF loans over the month of June. All indications are that the Greek government doesn\u2019t even have the \u20ac240 m. that are coming due next week. In light of this, its intransigence in the negotiations with the euro-group may be slightly bewildering, but as we have pointed out already when it became clear that Syriza would likely win the Greek parliamentary elections, the situation always was akin to\u00a0a Mexican standoff<\/a>.<\/p>\n

 <\/p>\n

\"modern<\/p>\n

Image credit: Ant\u00f3nio Jorge Gon\u00e7alves<\/p>\n

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Some in the group leading the negotiations are now accusing the EU Commission and its president Juncker of giving the Greeks \u201cfalse hope\u201d by making it appear as though they will be bailed out no matter what:<\/p>\n

\u201cSome euro zone countries are accusing the European Commission of giving Greece false hope of new loans for less reform effort, but they still want Brussels to find a way to keep a defiant Athens in the euro.<\/em><\/strong><\/p>\n

After four months of talks with scant progress, hawkish governments privately blame Commission President Jean-Claude Juncker and Economics Commissioner Pierre Moscovici for muddying their message by playing \u201cgood cop\u201d.<\/em><\/strong><\/p>\n

Greece is now close to default and still resisting unpopular labor and pension reforms that are conditions for more aid. Some governments believe the creditors would get faster results if the institutions representing them \u2014 the Commission, the European Central Bank and the International Monetary Fund \u2014 presented a more united tough front.<\/p>\n

 <\/p><\/blockquote>\n

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

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Greece \u2013 Stumbling Toward Default Good Cop Under Fire On June 5, Greece has to pay \u20ac240 million to the IMF. A week later another \u20ac270 million are coming due. All in all, Greece has to pay back \u20ac1.5 billion in IMF loans over the month of June. All indications are that the Greek government […]<\/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":[195,200,279,284,285,1167,418,434,2236],"class_list":["post-8625","post","type-post","status-publish","format-standard","hentry","category-economics","tag-debt","tag-default","tag-eu","tag-european-union","tag-eurozone","tag-greece","tag-imf","tag-international-monetary-fund","tag-syriza"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8625","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=8625"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8625\/revisions"}],"predecessor-version":[{"id":8626,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8625\/revisions\/8626"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}