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EU Makes Greece ‘An Offer They Can’t Refuse': Agree To A Deal By Sunday Or Go Bankrupt - mobster-like intimidationSubmitted by Quest-News-Serv... on Wed, 07/08/2015 - 18:22.
It looks like we aren’t going to have to wait much longer to see if Greece remains part of the eurozone or not. Instead of softening their demands in the wake of the Greek referendum, European leaders have given the Greek government an ultimatum. On Tuesday night, EU officials gave Greece a deadline of Thursday to submit a new proposal and a deadline of Sunday for agreeing to a deal. If a deal is not reached on Sunday, all aid to Greece will be cut off and the nation will be faced with financial oblivion and a forced exit from the common currency. But Angela Merkel has already made it abundantly clear that any new deal will not include a debt haircut – one of the key things that the Greek government wanted. If a deal is actually made, it is almost certainly going to look very much like what Greece’s creditors have been offering all along. Needless to say, this is precisely what the Greek people just voted against, but the pressure on Greek leadership is immense at this point. In essence, they are being given “an offer they can’t refuse”. So will the Greek government buckle under this mobster-like intimidation? First, let’s watch what happens on Wednesday and Thursday. The Greeks are being told that they better submit a “workable proposal” by the end of the day on Thursday or else. The following comes from a BBC report…
If a proposal that is “workable” is submitted by the end of the day on Thursday, then it will be submitted for consideration to a special summit of all 28 members of the EU on Sunday. If an agreement is not reached by the end of the day on Sunday, then EU officials have said that they are ready to move on to Plan B. It had been expected that the Greek government would submit something new on Tuesday, but apparently that did not happen. The following comes from the Daily Mail…
At this point, the two sides cannot even agree on whether a “new plan” was proposed or not. What hope is there that a comprehensive agreement can be reached within the next couple of days? German Chancellor Angela Merkel certainly does not sound optimistic…
For years, European officials have been kicking the can down the road. But now it sounds like they are determined to end things one way or another. In fact, European Union President Donald Tusk told reporters that “the final deadline ends this week”…
That sounds quite ominous. But even more chilling is something else that he said…
Wow. And Tusk is right. If there is no deal, the Greek government will go bankrupt and the Greek banking system will totally collapse. But it will also mean financial disaster for the rest of Europe as well. In just the past few days, we have gotten to see a small preview of what might be coming as turmoil has erupted in European financial markets. If there is a “Grexit”, European stocks will crash, European bond yields will go crazy, major banks all over Europe will be shaken, and the euro will drop like a rock. And there are some that even believe that a “Grexit” could actually be “the beginning of the end” for the common currency. For example, just consider what French economist Thomas Piketty recently told CNBC…
Without a doubt, this is going to be a very interesting week. So what do you think will happen? Please feel free to share what you think by posting a comment below… http://endoftheamericandream.com/archives/eu-makes-greece-an-offer-they-...
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