Wednesday, July 1, 2015

Greek Leaders Appear to Have Blinked In The War Against Austerity

The Syriza Administration in a letter to the EU accepting many of the terms to the bailout package appears to have blinked in the crisis. The Greek people, desperate to extricate themselves from the nightmare of austerity, will find no relief from this move. The German financial minister comment that the Greeks will stay in the Euro regardless of the vote has intimated Greek leadership. While a Greek compromise buys the EU a little time, it will only worsen the economic implosion when the business cycle transitions from prosperity to liquidity.

Headline: Tsipras Budges on Greece’s Debt, but Meets a Cool Response

ATHENS — An unexpected new effort by Greece to compromise with its creditors on a bailout package prompted a cool response from most of the rest of Europe on Wednesday as efforts to find a way out of the financial crisis confronting Athens remained chaotic.

On another day of twists and turns, Prime Minister Alexis Tsipras’s government said it would be willing to accept many of the terms of a bailout package that it had previously rejected, if they are part of a broader deal to address the country’s funding needs for the next two years.



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