Tuesday, February 3, 2015

Greece Insists It Will Repay, Unfortunately Too Many Still Believe That

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The vacillation between "Screw You" and "I am absolutely confident that we will soon manage to reach a mutually beneficial agreement for Greece and Europe as a whole" negotiation tactics suggests nobody want to be the face that triggers the next panic, or worse, nobody has a clue how to fix the problem. Default is inevitable, but like most true believers they believe the invisible hand can be managed into submission. Good luck with that! This is why system - currencies, economies, institutions, etc. must collapse before real change is possible.

EU leaders are negotiation as if they have leverage. They don't unless prepared to back their words by force. If Greece defaults on its debt and leaves the Euro, a necessary step to economic recovery laid out by history, higher profile names will follow.

Headline:  Greece insists it will pay back creditors as it hires debt advisers Lazard

Greece's new prime minister has insisted his country will fulfil all of its loan obligations as it appointed investment bank Lazard ahead of crunch talks with the Troika.

In a statement designed to calm tensions between Greece and its creditors, Alexis Tsipras said: "I am absolutely confident that we will soon manage to reach a mutually beneficial agreement, both for Greece and for Europe as a whole." "No side is seeking conflict and it has never been our intention to act unilaterally on Greek debt" he added.


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