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Wednesday, April 22, 2015

Martin Wolf's Summary Of Myths Surrounding The Greek Debt Drama

Below is what I consider a rather good summary by Martin Wolf of the FT about myths surrounding the Greek debt drama:

Mythology that blocks progress in Greece, Martin Wolf, FT

14 comments:

  1. As before when the link leads to Financial Times, it is invisible for those who are not a paying subscriber.

    I found the article here (I hope it is complete, because after some paragraphs there is the word: more, and that leads to FT also):
    Website: The Greek Crisis
    Article: "Mythology that blocks progress in Greece"
    By: Martin Wolf
    Published: April 21, 2015
    In: Financial Times
    URL:
    http://www.greekcrisis.net/2015/04/mythology-that-blocks-progress-in-greece.html

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  2. Sorry, only for subscribers. Any synopsis?

    ReplyDelete
    Replies
    1. Direct Google search with the title may help you. ;-)

      Delete
  3. If you like myths, here is an interesting mythbusting article, about the troika's priorities, reforms, austerity, by someone who worked in important position in the IMF and usually they don't hire the keynsians there.

    http://www.bloombergview.com/articles/2015-04-21/imf-needs-to-correct-its-big-greek-bailout-mistake

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    Replies
    1. AnonymousApril 22, 2015 at 1:49 PM

      It is easy for a professor to suggest that IMF should donate that money to Greece. His motives look rather unclear.

      H.Trickler

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    2. @Trickler. Your lack of respect for independent voices and expertise is very evident. What is less clear, at least to me, is what you do have respect for. It looks as if it is only yourself, but perhaps I am being unkind.

      Delete
  4. Mr. Wulf labels the following items as myths:

    1) A Greek exit would help the eurozone.
    2) A Greek exit would help Greece.
    3) It is Greece’s fault.
    4) Greece has done nothing.
    5) The Greeks will repay.
    6) Default entails a Greek exit.

    I am afraid of wulfs and do not believe in such mythical stories.

    Imho items 1+2 are unpopular facts, but not for the arguments that he brings up in order to deny them.

    Items 3+4 are almost true and therefore only journalists with a hidden agenda hurry for such arguments.

    Item 5 is in far future and therefore unforeseeable even for wulfs.

    Item 6 can not reliably been decided now. Imho probability for Grexit after default is 90%.

    H.Trickler

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  5. I found the following list:

    1) A Greek exit would help the eurozone.

    2) A Greek exit would help Greece.

    3) It is Greece’s fault.

    4) Greece has done nothing.

    5) The Greeks will repay.

    6) Default entails a Greek exit.

    It seems Wolf is not busting the myths of the Greeks themselves at all. Very onesided.

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  6. My Comments on the Myths:

    1) A Greek exit would help the eurozone.
    ......Of course it will and is why there is negotiation.....

    2) A Greek exit would help Greece.
    .....Of course it will and is why there is negotiation.....

    3) It is Greece’s fault.
    .....Ofcourse it is.......

    4) Greece has done nothing.
    .....Ofcourse we haven't we are lazy money sucking degenerates.......

    5) The Greeks will repay.
    ......Ofcourse we will ever since 1821 we are the best payers in the world......

    6) Default entails a Greek exit.
    ......yes but an exit from what.......

    V

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  7. Forget about these myths, and rejoice instead. Greece has money until the end of June! And Juncker and Dijsselbloem say there will be no Grexit! Merkel will tell Tsipras the same tomorrow.

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  8. The latest buzz word in Greeklish is "political solution". It means that the Brussel Group of "bolts and Nuts" people and the Greek negotiators, who don't know s--t from Channel, will be decoupled from the negotiations. Frau Merkel will suddenly fall in love with Tsipras this afternoon and, unconditionally, promise him all the money he can possibly spend.

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    Replies
    1. No, no ... she will adopt him. He is still very young and obviously needs the strong hand of "mother Angela".

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  9. One of the best articles i have read as of late....

    The 'Grexit' Issue and the Problem of Free Trade
    https://www.stratfor.com/weekly/grexit-issue-and-problem-free-trade

    Sincerely,
    V

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  10. Mr. Kastner,

    Late last week greek Central governement requested the centralization of municipality and governemtn entity company's to transfer funds to National Bank of Greece. Meanwhile today Pireaus bank announced that all consumption loans will be forgiven meanwhile all "red" mortgages loans will be frozen. Furthermore it is expected that all private banks will follow the same line.

    Should we expect capital controls by next week? What about a alla Cyprus scenario that recapitalization of the banks will come from the large depositors.

    What do you Think?

    Sincerely,

    V

    ReplyDelete