Greece’s Prime Minister has attacked the “delusions” of Europe and hinted his country could find a “safe port” in Russia if it crashes out of the eurozone at the end of the month.
Mr Tsipras described Russia as one of “Greece’s most important partners” while lamenting the EU sanctions imposed on his host last year. ..........................................................................
But a bailout from Moscow was never going to be possible, according to Fyodor Lukyanov, the editor of the magazine Russia in Global Affairs
"The amount of money Greece would need to get free from the current dependency is enormous so no-one can provide it," he said.
"Russia certainly not because Russia is not in the best economic shape." ..........................................................................
"If EU wants Greece to pay its debts it should be interested in growing the Greek economy ... helping it pay its debts," he said. "The EU should be applauding us. What's wrong with creating jobs in Greece?"
Without the bailout, Greece could be headed for bankruptcy or an exit from the 19-nation eurozone.
Tsipras' visit gave rise to speculation that the Greeks may be seeking Russian
Russia and Greece signed a deal Friday to build an extension of a prospective gas pipeline that would carry Russian gas to Europe through Turkey. Russia promised Greece hundreds of millions of dollars in transit payments yearly if it agreed to build the pipeline. Construction of the pipeline is expected to start next year and be completed in 2019.
Only a small fraction of the €240bn (£170bn) total bailout money Greece received in 2010 and 2012 found its way into the government’s coffers to soften the blow of the 2008 financial crash and fund reform programmes.
Most of the money went to the banks that lent Greece funds before the crash.
and
Two years later, the International Monetary Fund (IMF), European commission and European Central Bank (ECB) came up with a second bailout that centred on a €100bn debt write-off by private sector lenders.
Private bondholders saw the value of their bonds drop by 53% and took a further loss by exchanging the debt for securities with a lower interest rate.
This eliminated about €100bn of debt, but €34bn was used to pay for various “sweeteners” to get the the deal accepted. That €34bn was added to the Greek debt. Greek pension funds, which were major private lenders, also suffered terrible losses.
Then €48.2bn was used to bail out Greek banks which had been forced to take losses, weakening their ability to protect themselves and depositors.
Lastly, €140bn has been spent on paying the original debts and interest.
Secret documents show creditors’ baseline estimate puts debt at 118% of GDP in 2030, even if it signs up to all tax and spending reforms demanded by troika Greece would face an unsustainable level of debt by 2030 even if it signs up to the full package of tax and spending reforms demanded of it, according to unpublished documents compiled by its three main creditors.
load of crap, clearly written by an american; both nz and au managed welfare state really well, free hospital for everyone, working transport systems, right up until that American clown Regan demanded the greedy flog off all the peoples assets too there wealthy mates, which screwed small business, manufacturing, housing, family farms and replaced with a lunatic american dog eat dog system that is about to drive america into a state something akin to mexico or similar. While England shat on its traditional suppliers of, cheese, butter, wool and mutton, as the UK sucked up to the EU.
Conrad your country wasn't that stupid pal, the Swiss still subsidizes its well known healthy food supply, fresh air, still protects its dairy producers, meat and vegetables, wine and lifestyles
almost all the politicians in this country have constantly been supporting the ongoing mass murder numbering in the millions driven by greed, exploitation in name of god, quite crazy
The EU had a written undertaking guaranteeing member states loans to assist Greece and Cyprus then loaned money to Greece, then whippy: On 25 March 2013, a €10 billion international bailout by the Eurogroup, European Commission (EC), European Central Bank (ECB) and International Monetary Fund (IMF) was announced, in return for Cyprus agreeing to close the country's second-largest bank, the Cyprus Popular Bank (also known as Laiki Bank)....
Funding needs and repayment schedules for Greek sovereign debt Summary:
Greece owes EUR 315bn. There are three large blocks of officially held debt still outstanding: (1) the Greek loan facility (EUR 53bn, at EURIBOR+50bp, which matures from 2027 onwards); (2) EFSF / ESM loans (EUR 142bn disbursed, EUR 2bn committed; at EFSF funding plus small administrative fee, maturing in 30 years or after); and (3) IMF loans (EUR 20bn, maturing currently). There is also EUR 66bn of marketable debt outstanding, of which EUR 27bn is held by the ECB as a result of purchases under the Securities Markets Programme (SMP). There are EUR 15bn of outstanding Treasury bills. The remaining obligations are government and government-backed loans. Between 2016 and 2022, total debt servicing costs (both redemptions and interest payments) are small – between EUR 6 and EUR 10 bn. In 2015 financing requirements are more substantial. Core funding needs are about EUR 19bn. We have little information on available cash reserves. Key upcoming maturities are: (a) bonds held by the ECB in July and August (Table 2); (b) IMF loans in February and March of around EUR 3.5bn (Table 3); and (c) Treasury bills (most of which will be rolled by domestic banks, but a small portion of which are held by foreigners with a likely failure to roll resulting in a drain on government cash reserves).
If Greece’s debt were restructured in a way that did not trigger a Credit Event, would this call into question the utility of CDS as a hedging tool? No. It has always been understood that the Restructuring definition cannot catch all possible events. Restructuring was, in fact, dropped as a Credit Event for North American investment grade names because it was felt to be unnecessary. It was, however, maintained in Europe because European companies tend to restructure their debt where North American companies would reorganise under Chapter 11 (which would trigger the Bankruptcy Credit Event). If a creditor is hedging using CDS, and declines to participate in a voluntary restructuring, then the creditor would still hold its original debt claim and its CDS hedge, which would continue to protect against future non-payment or a mandatory restructuring for the remaining term of the CDS.
Deutsche have been engaged in money laundering, tax evasion, derivative and manipulation scandals - Deutsche is world’s largest holder of financial weapons of mass destruction (FWMD) - Deutsche Bank’s derivatives position almost 15 times as large as Germany’s GDP
I don't profess to understand the nature of derivatives while however it sounds to me like contracts were exchanged for "X" amount of highly hedged US$ loan, while the associated risk of the funds borrowed was also on-sold and nobody actually knows who actually holds the risk associated to the borrowings, or the borrowings and world bankers probably don't want others to know the extent of there exposure and the EU have there nose out of joint cause the extent of the borrowing exceeded the declared value of the sum borrowed. So let a cat among the pigeons so we can all see who owns the contractual obligations for the funds sort
Take a holiday in Queensland, southern states have four seasons however you might try this site as it offers climate statistics for Australian locations e.g. monthly climate statistics
The Greeks should borrow a page from the Iceland book, as mainstream Greek population had no idea of the extent of borrowings hidden within the American constructed derivative contracts. probably lot less than the EU government knew or anyone other than those at the time of the borrowings must have had some insight into the nature of the derivatives and should now be held account for there activities. The people of Iceland certainly didn't have any idea what the most English Banks had loaded them up with, any more idea than Greek people could have had.
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