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Merkel’s Greek Blackmail: No 8th Aid Tranche Before PSI and Second Bailout Package Agreement

While the Greek PM Lucas Papademos blackmails the coalition government partners and terrorizes trade unions to accept the Troika demands, with the dilemma “Support anti-social measures or Greece will default” German Chancellor Angela Merkel blackmails Papademos to accept the Troika conditions with the dilemma “PSI and 2nd bailout package now or No next tranche.” According to first bailout 110-Billion-EUR agreement of May 2010, eighty billion euro should be given to Greece in February so that the country will meet its obligations. The second bailout is estimated to be approximately 130 billion euro.  The vicious circle of austerity-recession-debt and blackmailing takes no end.

“The next aid tranche for Greece depends on the conclusion of the second bailout package” German Chancellor Angela Merkel said during a joint press conference with French President Nicolas Sarkozy after a meeting in Berlin.  “The PSI is the precondition that will bring Greece on its senses, but the PSI alone it is not enough,” said Merkel adding that “new measures are needed. Referring to a telephone conversation with Greek PM Lucas Papademos last week, Merkel said that Papademos assured her that Greece will stick to its commitments.

Merkel said that “we must see progress on the voluntary restructuring of Greek debt. From our point of view, the second Greek aid package including this restructuring, must be in place quickly. Otherwise it won΄t be possible to pay out the next tranche for Greece.”

 “Our goal is that no country has to leave the euro zone. … We have said time and again that Greece is a special case and if you look at the Greek data you see that the contribution of the private sector is a necessary precondition but not a sufficient one to get Greece back onto an acceptable path. We have agreed a voluntary debt restructuring with the banks… Greece should get a chance but Greece remains a special case” (

Merkel said also that she will have a meeting with IMF chief Christine Lagarde in Berlin on Tuesday. for one more time, she described the Greek debt crisis as a “special case”.

Merkel and Sarkozy met on Monday in Berlin to discuss how to boost growth in euro zone states struggling to tackle the sovereign debt crisis and rising unemployment, and to finalize a deal on closer budgetary ties within the currency union.

According to Reuters, they may also broach a financial transaction levy, the “Tobin tax”, being promoted by France but resisted by Britain unless adopted on a global scale, which could split the European Union at a summit at the end of the month.

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  1. I liked your article, but just wanted to ask one question, is it really blackmail? If I loan you money, don’t I have the right to set the terms? Like in a bank, if you don’t like the terms, no one forces anyone to take the loan or tranche.

    But, now with that said, I will also say that we don’t legally allow loan sharks either in society.

    Is this what Merkel is doing? Becoming a loan shark (or toko glifos).

    Maybe your article could have said “Merkel the Loan Shark” as opposed to blackmail.

    Oh well, time for my medication.

    • keeptalkinggreece

      blackmail = threat ; merkel and EU were eager to give loan to Greece. They could have been honest and do not give in May 2010. But they couldn’t do it because the euro zone would have collapsed. So it’s one hand washing the other.