Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
So, you think it's reasonable for the troika to show up in Greece 1 1/2 weeks ago and demand austerity measures, which the Greeks duly pass despite huge demonstrations and a general strike.

The next morning the Eurogroup demands 325 million in additional cuts.

Commentators everywhere say they have moved the goalposts. Some even predict the Eurogroup will come up with lame additional demands after Greece approves the bill.

Roesler and the Dutch FM talk of Greece not meeting deadlines immediately about an hour after the new demands.

Huge demonstrations occur as the Greek Parliament votes on the new demands and passes them.

The very next morning, Schauble and others mention new increased requirements. Signed affidavits. On Sunday the day before, Samaras said of course he would sign such a document. He assured that everything would be ready for Wednesdays meeting.

Monday the Eurogroup rejects Greece's plans to cut 300 million from the procurement of military weaponry (gee, I wonder why!!???). They say Greece has not done it homework. They will not proceed with the bailout if Greece cuts its military.

On Tuesday morning as Greece assures it will come up with a different mix for the 325 million (all within less than the span of 24 hours) the Wed. meeting is canceled. Why? Because they don't trust Samaras to sign the document. Meanwhile, in Athens, Samaras is wondering what all the fuss is about. He assured two days earlier he would sign the document by the Wed. deadline he had been given. He signs it and sends it, and not only that, he takes a .pdf of it on Tuesday morning and plasters it on the ND website.

Wed. comes and the meeting has been canceled. The Greeks have long met all the additional requirements. Schauble makes his black hole comment and says Greece has not met the requirements of the debt sustainability prerequisite (a study which shows Greece's austerity program is not working -- NO SHIT, SHERLOCK!!!). A Dutch Deputy FM weighs in that the bailout program will be split and Greece will not receive its answer until AFTER new elections.

Wed. night the Greeks receive word that a new permanent viceroy will be appointed for Greece, that there will be a new escrow account. The Greeks meekly accept.

Surprised by the level of scorn and humiliation the Greeks have accepted, Schauble adds one more heaping spoonful: the elections will be canceled, no Democratic elections for Greece, the two party leaders in the unity gov't have to step down for technocrats.

Apparently, the Dutch flunkie doesn't get the memo because he's still bleating about giving the Greeks an answer after the next election.

Friday morning coms and we hear of yet another new demand: all minor parties even outside of gov't, even splinter parties and tiny parties, must sign the document avowing fealty.

People like Hans Werder Sinn come out discussing how Greece must leave the euro, the CEO of Bosch comes out and says the same thing, several others in and out of German gov't...

...and here we are on EuroTrib discussing whether deliberate and very silly demands were made on Greece in order to get them to leave the eurozone!!!!

by Upstate NY on Sat Feb 18th, 2012 at 10:25:38 AM EST
[ Parent ]

Others have rated this comment as follows:


Occasional Series