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Economy
In reply to the discussion: Weekend Economists Waiting for FDR July 13-15, 2012 [View all]xchrom
(108,903 posts)45. Troika Report On The 'Awful' Situation In Greece Leaks Early
http://www.businessinsider.com/greece-flails-about-troika-inspectors-paint-awful-picture-merkel-draws-a-line-german-industry-and-voters-back-her-its-almost-over-for-greece-2012-7
The new Greek finance minister, Yannis Stournaras, until recently a professor of economics at the University of Athens, hasnt learned yet the art of extortion that is required to accomplish anything at all during negotiations with the Eurozone.
So, when he went to the meeting of Eurozone finance ministers earlier this week at the Eurogroupwhich serves as political control over the common currencyhe accomplished absolutely nothing. He wasnt even able, unlike his predecessors, to get himself into the media with some wild threat about a disorderly default or destroying the entire Eurozone if he didnt get what he wanted.
He had two big jobs to do: one, promote Greeces efforts to renegotiate (water down is the technical term) the structural reforms that the prior government had agreed to in writing by signing the bailout memorandum; and two, push for a two-year delay of these watered-down conditions. At the same time, hed have to make sure Greece would continue to receive the flow of bailout billions from taxpayers elsewhere.
But roundly ignored at the Eurogroup meeting, he returned empty handed to Greece. A fiasco for him. In a meeting with leaders of the three-party coalition governmentthe conservative New Democracy, the socialist PASOK, and the Democratic Left Evangelos Venizelos, PASOK leader, former finance minister, and extortionist par excellence, was apparently furious with him and hollowed out his power. The infighting begins.
Read more: http://www.testosteronepit.com/home/2012/7/13/greece-flails-about-troika-inspectors-paint-awful-picture-me.html#ixzz20bLjzL1v
The new Greek finance minister, Yannis Stournaras, until recently a professor of economics at the University of Athens, hasnt learned yet the art of extortion that is required to accomplish anything at all during negotiations with the Eurozone.
So, when he went to the meeting of Eurozone finance ministers earlier this week at the Eurogroupwhich serves as political control over the common currencyhe accomplished absolutely nothing. He wasnt even able, unlike his predecessors, to get himself into the media with some wild threat about a disorderly default or destroying the entire Eurozone if he didnt get what he wanted.
He had two big jobs to do: one, promote Greeces efforts to renegotiate (water down is the technical term) the structural reforms that the prior government had agreed to in writing by signing the bailout memorandum; and two, push for a two-year delay of these watered-down conditions. At the same time, hed have to make sure Greece would continue to receive the flow of bailout billions from taxpayers elsewhere.
But roundly ignored at the Eurogroup meeting, he returned empty handed to Greece. A fiasco for him. In a meeting with leaders of the three-party coalition governmentthe conservative New Democracy, the socialist PASOK, and the Democratic Left Evangelos Venizelos, PASOK leader, former finance minister, and extortionist par excellence, was apparently furious with him and hollowed out his power. The infighting begins.
Read more: http://www.testosteronepit.com/home/2012/7/13/greece-flails-about-troika-inspectors-paint-awful-picture-me.html#ixzz20bLjzL1v
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