"How can I know what I think until I read what I write?" – Henry James


There are a few lone voices willing to utter heresy. I am an avid follower of Ilusion Monetaria, a blog by ex-Bank of Spain economist (and monetarist) Miguel Navascues here.
Dr Navascues calls a spade a spade. He exhorts Spain to break free of EMU oppression immediately. (Ambrose Evans-Pritchard)

jueves, 9 de abril de 2015

Grecia paga

Grecia ha conseguido pagar la deuda con el FMI que están punto de vencer, de 450 millones de euros. Atar era condición sine qua non de no salir por los aires el rescate. El dinero lo ha conseguido apropiándose de las reservas de agencias y empresas públicas.
The anti-austerity government was able to repay the IMF after it raided the cash reserves of public agencies and utilities. It should also be able pay back €420m to international investors when a six-month treasury bill expires on April 14. But its scope for similar financial engineering is dwindling fast as further debt repayment deadlines loom.
A senior Greek official earlier this week said Athens would exhaust its cash reserves by the end of this month, putting it on course for a sovereign default in May unless its agrees a new economic reform package with the eurozone to unlock bailout aid.
"Next month is a different matter. We are going to run out of money unless reforms are legislated to make some bailout funds available," the official said on Tuesday.
Athens faces a €950m repayment to the IMF in May as well as €2.4bn in outlays for pensions and salaries.
Economists are split on how and when, or even if Greece will be able to come to an accord with its lenders who have baulked at some of the concessions Athens has put forward.
Otra historia es la demanda que ha puesto Grecia a Alemania por reparaciones de guerra de unos mm €. Q


This week Greece finally put a figure on its demand for war reparations from Germany– €278.7bn as compensation for the death and destruction visited by the Nazis during the war. Opinion polls suggest that this gambit is widely popular in Greece. But by bringing this issue up now, the Greek government may have made a serious miscalculation that could contribute to the country’s disorderly exit from the euro.

Algo que ciertamente ayuda a "descrispar" el mal ambiente entre los "boches" y los "finos" griegos. Un tiro en el pie, cuando todo el paquete que se supone recibiría Grecia de nueva ayuda debe ser aprobado por el Bundestag. Si señorías deben estar encantadas.


All of this may provide some emotional satisfaction to Greece, a country that did indeed suffer terribly during the war – and that is now under enormous economic strain. But it is not an intelligent negotiating strategy. Any further package of loans to Greece will have to go through the German Bundestag. German politicians would have been highly reluctant to vote the money through under ordinary circumstances. Mixing up the debt issue with German war-guilt, and raising the possibility that it might never be re-paid – because it could be written off as "reparations" – sounds like a potential death-knell for the prospects of Berlin approving a new package of loans to Greece. And yet, without new loans, Greece could easily run out of money in the coming months.

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