Greece’s National Defense Minister and leader of junior coalition partner Independent Greeks Panos Kammenos warned the country’s creditors that the debt-ridden country might seek alternative sources of funds.
Speaking at the Economist conference, Panos Kammenos said:
“If the lenders decide to economically smother Greece in order to overthrow a government that especially Germany does not like, Greece has no other way than to seek other sources of funds.”
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He did not elaborate about these “other sources” but he stressed that Greece has been paying its obligations and internal needs with the Greek taxpayers’ money and recalled that Greece has not received any bailout tranche “not even one euro” since August 2014. He added that Greece does not plan “to leave the Eurozone because this is not the mandate the government received by the Greek people” and added “neither can they throw us out from the eurozone because it is not foreseen in the regulations.”
Beginning of the week Russia invited Greece to join the BRICS Development Bank, Athens said that it would evaluate the proposal. The bank is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa) as an alternative to the existing US-dominated World Bank and International Monetary Fund.
I don’t know how serious this … threat is but much of the “success” of the alternative sources of funds will depend on low interest rates, the usual terms & conditions, and the small letters.
This guy is a ridiculous liar.
Greece is on the ECB’s ELA lifeline since months and this money is used by Greek banks to directly buy Greek T-Bills, as nearly no foreign investor is interested in them any longer.
Direct state financing by the ECB. Against the ECB’s mandate and against the law.
Btw: the entry fee for the BRICS development bank is € 10 Billion. – Where does the Kammenos genius intend to get this?
“Other sources of funding…” bruhahahahhahahaha.
hahaha! Kammenos’ purpose was to anger people like you 🙂
And Kammenos achieved it, O Joy of nations! Look at this “Chris” foam up!! hee hee:))
cheers to you :)))
Kammenos is dead right! Greece does have to find other sources of funding. For instance, Russia already said it would be open to lend money to Greece. The last meetings between Putin and Tsipras did not produce much in the short term, I am not sure exactly why, but the Russians did say that Greece had not asked for any loan from Russia and I tend to believe that. It seems that the Greek government does not want to “anger” its “partners” in the EU which is a colossal mistake. Greece negotiating position would be much stronger if they had an alternative to the EU and Eurozone.
It is about time the Greek government stops playing the “nice guy” and starts to play hardball, tats the only way to go forward out of this crisis and even to get some respect and put some fear into its “loving EU partners”.
You should read some German newspapers to see whether the Greek government is portrayed as “nice guys”…
There will be no fear – what should the Eurozone be afraid of?
Banks all over the world are open for business to anyone & everyone who cares to do business with them.
AND:
In todays world – but for a long time now, even the local corner store could do their banking with banks anywhere in the worls & have done exactly that.
QUESTION :-
Who in their right mind would do business with a crooked bank ?
I WONDER WHO IN GREECE IS DOING BUSINESS WITH THE BANKS OF GREECE ?
THE BANKS OF EUROPE ?
tHE WESTERN BANKS ?
Not many I bet.
I WONDER WHY …………………… ?
When a bank can call in the loan & steal, even the shirt off your back – hey dude !
google – & watch the video to know how bad it is even today
Happy Banking? – Four Corners – ABC
no, greece shouldn’t borrow more money…
time to stop being a beggar!
here is an interesting read from today’s guardian on the possibility that a drachma economy might be no worse than todays debt/death spiral…
http://www.theguardian.com/business/economics-blog/2015/may/17/-real-question-greece-staying-euro-catastrophe-iceland