Friday, May 22, 2015

Greece To Be Granted A Bailout Extension; Eurozone Lacks Credibility

by Stephen Pope


May 21, 2015

Since the general election of January 25th when the Syriza led coalition government was elected it has has failed on six occasions to present to its international creditors a meaningful set of reforms that would have paved the way for the next tranche of bailout money to be advanced and so avoid a default.

The far left of centre government has known the timetable and yet has been totally shambolic in the propositions its has offered to the European Union. It has argued against austerity whilst expecting international sources of finance to simply let the struggling nation off the hook.

Syriza won the election by playing a populist card without any regard for the reality of life which is that he who pays the piper is allowed to call the tune. However, perhaps Greece has been the smarter party as right now, just when the debt and default clock is ticking ever louder it appears that the European parties Greece has to satisfy have themselves rolled over to have their tummies tickled.


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