{"id":9185,"date":"2015-06-18T04:42:08","date_gmt":"2015-06-18T09:42:08","guid":{"rendered":"http:\/\/olduvai.ca\/?p=9185"},"modified":"2015-06-18T04:42:08","modified_gmt":"2015-06-18T09:42:08","slug":"the-economic-depression-in-greece-deepens-as-tsipras-prepares-to-deliver-the-great-no","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=9185","title":{"rendered":"The Economic Depression In Greece Deepens As Tsipras Prepares To Deliver \u2018The Great No\u2019"},"content":{"rendered":"

The Economic Depression In Greece Deepens As Tsipras Prepares To Deliver \u2018The Great No\u2019<\/a><\/h3>\n

\"No<\/a>As Greece plunges even deeper into economic chaos, Greek Prime Minister Alexis Tsipras says that his government is prepared to respond to the demands of the EU and the IMF with \u201cthe great no\u201d and that his party will accept responsibility for whatever consequences follow.\u00a0 Despite years of intervention from the rest of Europe, Greece is a bigger economic mess today than ever.\u00a0 Greek GDP has shrunk by 26 percent since 2008, the national debt to GDP ratio in Greece is up to a staggering 175 percent, and the unemployment rate is up above 25 percent.\u00a0 Greek stocks\u00a0are crashing<\/a>\u00a0and Greek bond yields are shooting\u00a0into the stratosphere<\/a>.\u00a0 Meanwhile, the banking system is essentially on life support at this point.\u00a0 400 million euros were pulled out of Greek banks on Monday alone.\u00a0 No matter what happens in the coming days, many believe that it is now only a matter of time before capital controls like we saw in Cyprus are imposed.<\/p>\n

Over the past several months, there have been endless high level meetings over in Europe regarding this Greek crisis, but none of them have fixed anything.\u00a0 And even Jeroen Dijsselbloem admits that the odds of anything being accomplished during the meeting of eurozone finance ministers on Thursday is\u00a0\u201cvery small\u201d<\/a>\u2026<\/p>\n

Some officials believe Thursday\u2019s meeting of\u00a0eurozone<\/a>\u00a0finance ministers will be perhaps the last chance to stop Greece sliding into default and towards leaving the euro.<\/p>\n

However the president of the so-called Eurogroup, Jeroen Dijsselbloem, said the chance of an accord was \u201cvery small\u201d.<\/p><\/blockquote>\n

And it is certainly not just Dijsselbloem that feels this way.\u00a0 At this point pretty much everyone is resigned to the fact that there is not going to be a deal any time soon.\u00a0 The following comes from\u00a0Reuters<\/a>\u2026<\/p>\n

 <\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

The Economic Depression In Greece Deepens As Tsipras Prepares To Deliver \u2018The Great No\u2019 As Greece plunges even deeper into economic chaos, Greek Prime Minister Alexis Tsipras says that his government is prepared to respond to the demands of the EU and the IMF with \u201cthe great no\u201d and that his party will accept responsibility […]<\/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":[2872,61,2229,3186,88,110,6430,195,3725,2310,6431,6432,1883,6433,1167,6434,6435,753,6436,6437,6438,2858],"class_list":["post-9185","post","type-post","status-publish","format-standard","hentry","category-economics","tag-alexis-tsipras","tag-banking","tag-banking-system","tag-bond-yields","tag-bonds","tag-capital-controls","tag-consequences","tag-debt","tag-debt-to-gdp","tag-depression","tag-economic","tag-economic-chaos","tag-economic-depression","tag-economic-mess","tag-greece","tag-greek","tag-greek-banks","tag-stocks","tag-the-eu","tag-the-great-no","tag-the-imf","tag-tsipras"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9185","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=9185"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9185\/revisions"}],"predecessor-version":[{"id":9186,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9185\/revisions\/9186"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}