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Friday, September 14, 2012

Greek Brinkmanship

As the game of brinkmanship between Greece and the Eurozone continues, it s not surprising to see Greece play its "we need a third bailout" card.

Thanos Catsambas, who represent Greece at meetings with the Troika, told the Troika that Greece will require additional financing, which may take the form either of official-sector involvement or of additional loans, hopefully on more favourable terms.

To try to add some "credibility" to his request for more money, he noted that the previous coalition government estimated that "only 22% of the commitments under the troika-supported program were implemented" in 2011.

That admission, from the Troika's perspective, hardly adds credibility to Greece's commitment to implement change.

Brinkmanship aside, the Greek economy is collapsing as yesterday's figures for unemployment show; they rose to 23.6% (they were at 16.3% this time last year).

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