Greece does not acknowledge rumors on possible Default
Greece denied on Monday – 04/13/2015 –  Financial Times’s report that it was preparing for a default if it does not reach an agreement with its creditors by the end of the month.

The Financial Times writes that Athens will defer 2.5 billion euros in refunds to the IMF in May and June 2015 if no agreement is signed with its creditors on reforms.

“Greece is preparing not to  to default and it is the same for its creditors. The negotiations are progressing rapidly towards a solution satisfactory to all,” explain the services of the Prime Minister Alexis Tsipras in a statement.

“What seems to cause some irritation is that the Greek government is committed to ending the policy of austerity.”

Follows The Telegraph‘s 04/14/2015 article: “Greeks quash snap election rumors as eurozone deadline looms”, which I will quote and comment.

My Comments

Greece’s new left radical populist Government has been  shamelessly trying to trick Eurozone’s government since it got elected with promises which it could not keep. In its usual non decisive manner Eurozone’s (non) Governance has allowed for sterile discussions with this irresponsible government.

ECB has published estimates of the direct cost to Eurozone countries of bolstering the financial sector from 2008 to 2013.

Ireland’s bank bailouts cost the equivalent of close to 40% of its annual economic output, a huge cost for taxpayers as most of the money was spent on bank recapitalisations and toxic assets, with GDP falling 25%.

Greece came second also spending the equivalent of 25% of its GDP on bailouts.

Across the Eurozone as a whole the rescue packages cost some 500 billion euros.

Time has finally come, after years of corrupt governments in Greece which have succeeded themselves and years of misguided Eurozone Commission (EC) and European Union ( EU) and their  “troika”(EC/ECB/IMF) arm misguided directives and timing which resulted in a 25% fall of Greece’s GDP over 4-5 years to end all this and exit Greece, which will be a wise decision both for the Greek population and the Eurozone.

Greece can get back on its feet by itself with an again renewed government, like Iceland did and does, with a devalued drachma and developing its number one  activity: tourism.

It cannot “afford” to continue being part of an area like the Eurozone where its erratic political and economic behavior and being tied to a common single currency like the euro is a too heavy burden.


This shameless Greek government keeps accusing Eurozone’s Governance without referring to all the mismanagement and blatant corruption of Greek governments over time, its own totally erratic proposals which they have already abandoned after some weeks, and now seeing that their “game playing” is close to being over gives lessons of “management” to the Eurozone and to Germany (sic).

This is the time to exit Greece from the Eurozone,since even if Greece” lists” all the EC desired reforms this populist government will not abide by them, following their predecessors.

Quotes – The Telegraph’s 04/14/2015 article

Athens denies reports it will hold an early election if creditors fail to rubber stamp bail-out extension.

Greece has been told it has until April 20 to satisfy creditor demands for cash.

Greece’s Leftist government has assuaged concerns it will hold a snap general election if the country’s latest reforms plans are rebuffed by eurozone creditors.

Denying reports that Prime Minister Alexis Tsipras was ready to spook creditors with a surprise vote, an Athens official said: “We continue to seek a mutually beneficial solution (with our lenders), respecting the people’s mandate.”

Germany’s Bild reported a Greek minister on Monday saying: “We have nothing to lose. If the EU remains hard, we must show that we stand firm. The Greek population is behind us.”

Anti-austerity Syriza were elected in a landslide victory in January (2015.

Mr Tsipras, who chose to go into coalition with the Right-wing Independent Greeks, has faced pressures from both wings in his ruling coalition over submitting to creditor demands.

Syriza’s Left Platform has protested against the planned spending cuts and tax rises being demanded by Greece’s lenders, as Athens has continued to fall short of demands to revamp its economy.

But Prime Minister Tsipras continues to enjoy healthy support among the Greek electorate. A poll carried out by Avgi found Mr Tsipras commanded a 78pc confidence score for his handling of the country’s debt crisis, compared to 63pc for Syriza as a whole.

A snap general election could well boost Syriza’s majority and act as a de factoreferendum on Greece’s continued membership of the eurozone.