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Schaeuble pleasurably chews his bitter-sweet Grexit candy

In fact, German Finance Minister Wolfgang Schaeuble agrees with the International Monetary Fund in one thing: they both doubt about the success of the 3. bailout program. However, as Schaeuble can never agree on the Greek debt relief proposed by the IMF, he chews again on this little bitter-sweet candy called Grexit. In his usual subtle way. He doesn’t say it explicitly he only says that it is difficlut for a country to recover within the euro zone since “it lacks the option of currency devaluation.”

According to Bloomberg, Schaeuble cast doubt on whether Greece’s bailout will succeed while citing progress on the more immediate task of concluding a review of Greek compliance with the aid program that’s needed to unlock more funds.

“We can make it, I’m not that pessimistic, we’ve made progress,” Schaeuble said during a panel discussion in Berlin late Wednesday. The Greek government’s willingness to accept European Union help in coping with an influx of refugees is reason for optimism that the country will take more advice in other areas as well, he said.

Asked whether the bailout, Greece’s third since 2010, will succeed, Schaeuble said: “I’m not sure it will work.” He reiterated his argument that it’s difficult for the country to recover economically since, as a member of the euro area, it lacks the option of currency devaluation.

Grexit’ Speculation

Greece’s chances of leaving the euro area are about 60 percent, the Economist Intelligence Unit said in a report published Thursday.

“It is questionable whether any Greek government, of any political complexion, could implement the measures required under the third bail-out program,” according to the report, which said a Greek exit “would represent a huge political failure for the bloc, with potentially destabilizing consequences.” (full story)


Schaeuble to Greeks: No, No, it ain’t me, babe

Go ‘way from my window
Leave at your own chosen speed
I’m not the one you want, babe
I’m not the one you need
No, no, no, it ain’t me, babe
It ain’t me you’re lookin’ for, babe.

PS As the end of the Greek story, we will have paid all we have and do not have to lenders and will leave the euro zone too, I’m afraid.

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  1. Giaourti Giaourtaki

    Other advices? How about EU-guarantees for the outer-borders against any violations?

  2. The problem with arrogant Germans like Schaueble is that they understand very little, and have a very high opinion of their own abilities. When they are given political power, they proceed to fuck up Europe and millions of people’s lives. There is in fact only one solution — something similar to what the Nazis used to call the Final Solution. However, in this case it involves only one person.

    • Wolfgang Schäuble is a very bitter man – understandably so mind you, I would be too if I got shot. But I wouldn’t get the chance to act out my bitterness and rancor by taking it out on an entire nation as he does. I think retiring him to a monastery – preferably one that observes the vow of silence – should be explored as a viable option.

      • I agree totally. The matter of celibacy, as well as silence, would also be important. We need to care about future generations.

  3. “As the end of the Greek story, we will have paid all we have and do not have to lenders and will leave the euro zone too, I’m afraid.”

    This has been the plan all along. The only remaining bricks in that wall is the utter sell-off of the public property and the raiding of whatever little funds are left in “social” pockets (health, pensions, education, etc.). After that, the institutions will throw their hands in the air, declare that Greece cannot be reformed, and they will kick Greece out of the Euro while leaving behind the ruins as proof of their many efforts to “help.” We will then be left with the Mitsotakides of the world who will argue that had they been in power everything would have turned up roses and who will then ascend to governing the wreckage that was Greece and picking at the remains like a scavenger.

    Parenthetically this will also allow the EU to officially bottle up the refugees in Greece by formally quarantining the country. After all, can you trust people who cannot implement reforms to stay in the Euro with policing your borders? Of course not…

    • I am reluctant to agree with you. On the other hand, confidential Greek sources in the European Commission are allegedly saying that the plan is to remove Greece from the EU. (This information from Greek friends.
      Several comments to make apropos the overall issue:
      (1)The agreement with Turkey — made by the EU and pushed by Germany — is clearly in violation of international law, the European Convention on Human Rights, and the EU Treaties. This agreement was made by the EU. The EU is responsible for its behaviour, and cannot blame it on Greece (as they have tried to do with nonsense about the Schengen Borders Code).
      (2) The behaviour of the European Commission in acting illegally, in contravention of the Treaties, is a first. They should be shitting themselves at this point, about their future careers and the survivability of the EU.
      (3) In this context, Greece is irrelevant. Tsipras has done far too much to accommodate the Krauts and the EU. If I had been in his position, I would have gone to the UN General Assembly and asked for global help with the refugee crisis. The EU is full of rightwing shitheads, who care only about themselves. At this time, it is doubtful that it has a future.

      • “I would have gone to the UN General Assembly and asked for global help with the refugee crisis…”

        IF…you had been ALLOWED to do so.

        The one thing we have all learned is that the EU/NATO is/are incredibly sinister operations…

      • I could be wrong (I often am!) but I don’t think there is any legal mechanism that allows Greece to be ‘removed from the EU’. There isn’t even a legal mechanism that allows Greece to be ‘removed’ from the Euro.

        It is possible for a country to voluntarily ask to leave the EU (and thus also the Euro) but as far as I am aware no country can be forced out.

        • keeptalkinggreece

          correct. no legal mechanism, and for a country to leave the eurozone voluntarily some treaty changes are needed I think.

          • I’m not worried. The EU has an army of lawyers who will come up with a perfectly valid interpretation of the treaties that will prove conclusively that whatever it was that the rest of us thought the treaties said they in fact said the complete opposite. And all the lemmings in the EU Parliament and all the cheap seat cheerleaders of Germany (the Slovaks, Slovenians, Latvians, Finns, etc.) will clap with both hands and the deal will be sealed.

            Let’s not be naive here shall we? If we’ve learned anything since 2010 it’s clearly the fact that EU regulation are not worth the paper they’re printed on. It’s clearly become a world in which the powerful do what they will and the poor endure as best they can.