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Re: <nettime> The Hard Line on Greece
Patrice Riemens on Fri, 3 Jul 2015 00:52:57 +0200 (CEST)


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Re: <nettime> The Hard Line on Greece


> The Hard Line on Greece
>
> June 29, 2015
> Andrew Ross Sorkin
>
> http://www.nytimes.com/2015/06/30/business/dealbook/the-hard-line-on-greece.html

In the meanwhile, the situation on the Hellenic ground appears to
deteriorate even faster than the arrival of the fateful day of the
referendum. Rumor is that the banks have now run out of E20 notes, so ATMs
have reduced the E60 limit of daily withdrawals to E50 by default. But the
business situation is far & far worse: cut of practically all normal
banking services, especially with regard to foreign transactions, small
and medium sized firms are shutting down in droves, and many likely for
good:

http://www.telegraph.co.uk/finance/economics/11714655/Greek-banks-down-to-500m-in-cash-reserves-as-economy-crashes.html

Conspirationists are prone to believe that all this was already factored
in in the Institutions' and (some) EU governments' deliberate policies to
achieve 'regime change' in Athenes. They might even be right, in which
case the success of that scheme will doubtlessly result in the same actors
'being hoisted by their own petard'. With other words, irrespective of the
outcome of the referendum (I bet on a small, yet clear margin in favor of
'yes'), by Monday, the Greek mess will have become totally irretrievable.

One analyst suggested that 'Europe' might as well have spend money on
humanitarian aid instead of on botched bailouts. It was intended as a
(albeit somewhat desperate) quip. It's now going to be bloody serious.


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