Bloomberg: EU Prepares for Worst as Greece Drives Finances to Brink
European officials are preparing for the worst as Prime Minister Alexis Tsipras’s brinkmanship pushes Greece’s finances to the limit.
Chancellor Angela Merkel urged Tsipras to accept the framework for financial aid as the German public turns against supporting Greece and euro-area officials demanded a proposal for stabilizing the country’s debt by the end of Friday. The International Monetary Fund team left Brussels earlier this week, despairing of Tsipras’s tactics.
Bank stocks plunged as Greece ruled out pension cuts and demanded a debt restructuring. Later, Tsipras’s government said it was ready to submit another counter-proposal and send a delegation to Brussels on Saturday to bridge differences on its primary surplus target.
“People are really fed up with this,” UniCredit SpA Chief Global Economist Erik Nielsen said in a television interview. “They’ve never seen anything so completely ridiculous, frankly speaking, from a debtor country.”
WNU Editor: I have been following this story for years .... and from my vantage point there is no reason for anyone to believe (right now) that Greece is even interested in paying back its loans. They want a write-off .... followed by even more loans .... but no plan to implement so that this crisis does not return a few months later. This is not going to end well .... and everyone appears to know that with the exception of the Greek government.
More News On The Greek Debt Crisis
Exclusive: Euro zone formally discusses Greek default for first time -- Reuters
Eurozone discussed possible Greek default -- Deutsche Welle
Greece defies creditors’ demands for decisions on reform -- Financial Times
Greece running out of time to avoid default, leaders concede -- The Guardian
Germany wants Greece out of the euro and is done with concessions -- Business Insider
Greece is now literally 5,000 miles from a deal — the IMF has walked out and Europe is bracing for default -- Business Insider
Greece, a Financial Zombie State -- New York Times editorial
Salvation to Catastrophe: What Might Happen to Greece -- Nikos Chrysoloras and James Hertling, Bloomberg