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Greece at Crossroads or Deadlock?

Pressure is mounting against the Greek government, pressure is coming from inland and abroad. In Greece opposition parties refuse to bless the ‘midterm IMF/EU/ECB plan for 2011-2015’. Ordinary people occupy the major squares of 38 cities and chant “Thieves! Thieves!”.  A governing party EU official drops a bombshell and threatens – some call it ‘blackmailing’ – “More Austerity or Return to Drachma“. Later the woman tries to soften her statement,  speaking of a ‘figure of speech’. Nevertheless ‘Austerity or Drachma” draws the strong reaction of  Greek opposition and of EU EU officials, while the speculators rubbing their hands with joy.

Our European partners are blackmailing as well the Greek government and thus with the release of the fifth loan-tranche of 12 billion euros. Should the tranche not arrive, the country will be forced to hold payments by July 15 –  Greek FinMin: We have money until July 15 -.

Eurogroup President Juncker spoke also about a possible IMF tranche denial and warned that then most likely the EU won’t take over the total financing of Greece.

A plain blackmail and direct involvement in Greece’s internal affairs came from Dutch Finance Minister who warned that Greece’s conservative opposition party needed to agree to proposed reform measures “or else there won’t be any money (aid) from the Netherlands”.

Even former French President Valerie Giscard d’Estaing meant he must say something on the issue and said in an interview to Les Echos that “Greece should default”.

A crusial meeting with political leaders is to take place on Friday under the chairmanship of the President of the Greek Republic. Rumors are circulating in a frenzy.

These developments show that Greece hit its nose at the wall of an economic and political  deadlock. Will Greek politicians will be able to use this historic opportunity and proceed with democratic reforms to please at least the people? Or they will stick with their old nepotism-favoritism mentality out of fear of political cost and will try to find a pure economic solution?

 While the government desperately seeks a way out, the average Greek is desperately counting the last euros in his pocket.

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