#10 repost:
All governments are.
But what is happening in Greece is completely disgusting - they're fucking up a country purely on an ideological basis. Greece has voted OXI, or no, and now what?
Germany is exceptionally annoyed, as is most of the eurozone. There are some conciliatory noises from France. But if Greece's main creditors do now give Tsipras a more favourable deal, what will stop Ireland, Spain and Portugal from using the exact same tactics to also get a better deal, and then Malta, Cyprus, etc? In addition, there is a rising sentiment within the eurozone of disgust towards the Greek government - and perhaps now also the Greek people - for voting this way and leaving Europe in the lurch.
The IMF and ECB are both very frustrated with Greece. The IMF's future is now potentially at risk, and following the default will not risk lending more money to Greece without significant restructuring of the Greek economy. Similarly, analysts suggest that the ECB will refuse to give Greek banks more liquidity on Monday - only maintaining enough emergency cash to cover essential services such as hospitals and education.
What this government has managed to do is completely destroy a country, and any goodwill. This will not give them a better deal. European countries cannot give a better deal without a domino effect and frustration within their electorates occurring. The ECB and IMF are now looking at losing an awful lot of money, and their bottom line cannot allow that - therefore they will not risk it with a Greek government which is adverse to any significant restructuring.
I feel exceptionally sorry for the Greek people who have so much to endure through, and have already suffered through a contraction to 25% of their GDP.
#11 is the tl;dr
All governments are.
But what is happening in Greece is completely disgusting - they're fucking up a country purely on an ideological basis. Greece has voted OXI, or no, and now what?
Germany is exceptionally annoyed, as is most of the eurozone. There are some conciliatory noises from France. But if Greece's main creditors do now give Tsipras a more favourable deal, what will stop Ireland, Spain and Portugal from using the exact same tactics to also get a better deal, and then Malta, Cyprus, etc? In addition, there is a rising sentiment within the eurozone of disgust towards the Greek government - and perhaps now also the Greek people - for voting this way and leaving Europe in the lurch.
The IMF and ECB are both very frustrated with Greece. The IMF's future is now potentially at risk, and following the default will not risk lending more money to Greece without significant restructuring of the Greek economy. Similarly, analysts suggest that the ECB will refuse to give Greek banks more liquidity on Monday - only maintaining enough emergency cash to cover essential services such as hospitals and education.
What this government has managed to do is completely destroy a country, and any goodwill. This will not give them a better deal. European countries cannot give a better deal without a domino effect and frustration within their electorates occurring. The ECB and IMF are now looking at losing an awful lot of money, and their bottom line cannot allow that - therefore they will not risk it with a Greek government which is adverse to any significant restructuring.
I feel exceptionally sorry for the Greek people who have so much to endure through, and have already suffered through a contraction to 25% of their GDP.
#11 is the tl;dr