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In reply to the discussion: Eurozone 'agreement' on Greece debt [View all]Ghost Dog
(16,881 posts)Todays bailout deal comes just eight days after the Greek people comprehensively rejected its creditors original demands.
Analyst Marc Ostwald of ADM Investors services reckons the measures in this bailout package are infinitesimally worse than the ones turned down in last Sundays referendum:
Indeed what is on the table as a deal highlights that:
a) there is no long-term future for the Eurozone;
b) the desire on the part of Eurozone creditor nations to completely destroy the Greek economy - it can certainly be asserted that this is indeed a worse deal than the 1919 Treaty of Versailles.
In terms of a near-term timeline, he says:
a) Tsipras will have to form a new government of national unity as soon as he gets back to Athens
b) By Wednesday 15th, Greece will have to pass laws including simplifying VAT rates, and applying VAT on a wider basis, cutbacks on pensions, and making its statistics agency independent.
c) Once these have been passed, ESM bail-out parliamentary process can commence, and this will require parliaments in Finland, Germany, Austria, Netherlands, Slovakia and Estonia to approve starting ESM talks
d) The Greek parliament will then have to rush through further laws to attain brige financing to pay the ECB on July 20th.
/... http://www.theguardian.com/business/live/2015/jul/12/greek-debt-crisis-eu-leaders-meeting-cancelled-no-deal-live