GREECE LATEST: How one man’s tired old proposals are another man’s age-old principles


“There’s nothing new in this latest Greek proposal,” a Brussels source told me just before lunch today, “It’s just the same tired old stuff”.

Everything today can be seen as facing the music or the wall depending on how officials describe it. My own take on the seemingly endless (and pointless) exchange of papers between Troika2 and the Greeks goes like this:

1. Syriza insists there electoral-promise red lines it won’t cross.

2. Troika2 listens to this, and responds by making new proposals more extreme in their heartless neoliberalism than the previous batch.

3. The MSM then comments that Athens is being inflexible.

4. Various Finnish, German, French, Spanish, IMF and Belgian officials patronisingly warn Tsipras that he is “running out of time”.

5. Return to Point 1 and start again.

Meanwhile, as more German sanctimony spews forth from the twisted brain of Wolfgang Schauble, news comes in that S&P has downgraded Deutsche Bank to BBB+. Could the ‘negotiations’ between ‘the creditors’ and ‘the Left-wing naïve Syriza government’ and this downgrade be in any way connected. I couldn’t possibly comment….other than to say, “Yes”.

I will lay odds right now that, when the poo starts hitting the hair-driers in Northern Europe, it will be all Greece’s fault.

Any takers?

PS – Somebody really does need to take the Zero Hedge chaps to one side and educate them just a teensy bit about the European Left.

Earlier at The Slog: The inevitability of hyperinflation