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23 Jun 2015
Last call for Greece? – BBH
FXStreet (Edinburgh) - The research team at BBH reviewed the recent development on the Greek front.
Key Quotes
“European officials have given Greece 48 hours to reach an agreement. Over the last several months there have been so many deadlines and last offers”.
“But the pending payment due to the IMF and next month's chunkier ECB payments, as well as the run on Greek deposits and concerns that the Greek banks are running out of acceptable collateral, warns that the end game is at hand”.
“Even at this late date, many observers continue to blame Greece and the "radical" Syriza government for threatening eurozone (and especially German) taxpayers”.
“How can this be? Athens did not borrow a single euro from European taxpayers. Berlin and Paris put their taxpayers’ money on the line when they agreed to lend Greece money so it could service its private sector creditors”.
“This was a politically expedient way to support European banks. It is as if now that the horses have bolted, that they want to double lock the barn door”.
Key Quotes
“European officials have given Greece 48 hours to reach an agreement. Over the last several months there have been so many deadlines and last offers”.
“But the pending payment due to the IMF and next month's chunkier ECB payments, as well as the run on Greek deposits and concerns that the Greek banks are running out of acceptable collateral, warns that the end game is at hand”.
“Even at this late date, many observers continue to blame Greece and the "radical" Syriza government for threatening eurozone (and especially German) taxpayers”.
“How can this be? Athens did not borrow a single euro from European taxpayers. Berlin and Paris put their taxpayers’ money on the line when they agreed to lend Greece money so it could service its private sector creditors”.
“This was a politically expedient way to support European banks. It is as if now that the horses have bolted, that they want to double lock the barn door”.