Greece EMERGENCY UPDATE 4:Bloomberg telling that GREEKS COULD VOTE FOR BEING POORER NEXT WEEKEND. and ARGENTINA 2001 COLLAPSE DOCUMENTARY vid!

FT

Tsipras has earned his punishment

The Greek people are enduring the consequences of their prime minister’s childish misbehaviour

European and international officials have required thick skins this year. In Anglo-Saxon countries, they are daily lampooned as economic illiterates who caused the Greek economic crisis and have asphyxiated the economy during the past five months of negotiations. Now they are harangued by Alexis Tsipras as “extremist conservative forces” who are supposedly “blackmailing” the Greek prime minister’s downtrodden people. Stop. Little could be further from the truth.

The cause of Greece’s misery was many years of homegrown economic mismanagement and fiscal profligacy masked with lies over its accounts. When the global crisis exposed its economic misdemeanours, it lost the ability to borrow from financial markets and sought support from the international community. This was granted, largely by its European partners, ensuring much less austerity in Greece than any plausible alternative. Sure, the motives of creditors were not purely altruistic, but the money was lent with the aim of helping the country secure a better present and future.

Greece has achieved much since receiving the bailout loans, reducing budget deficit from 15 per cent of national income in 2009 to 3 per cent in 2014. It has implemented many necessary economic reforms; and the programme began to work, with Greek output growth topping the eurozone league table in the third quarter 2014. This progress was made despite Greece persistently failing to implement fully the reforms to which it had agreed.

-50%
read much much more here:

[link to www.ft.com]




Hold on tight!