Syriza Wins......

[mushroom25]

http://www.bbc.co.uk/news/world-europe-30978052

what future for Greece - and the Euro?

or is all the doom-saying just anti EU rhetoric?

[youngmafbog]

//The 3 lenders will renegotiate//

They will 'try' to negotiate I am sure, but they cannot be seen to be weak or other Nations will follow suit with debt default.

At present I think it is impossible to know what will happen. I am not sure I would want to base it on what a load of currency speculators are doing, after all they may well be basing their gamble on Greece going !

[Gromit]

YMB.
No it is indesputable. The Greek economy has been decimated by austerity. It is 20% smaller than it was 5 years ago. That cannot be allowed tp persist.

It is no coincidence that the ECB have just magiced €1trillion. That will be used to ease austerity throughhout the EU including Greece.

[ichkeria]

Austerity HAS worked in Greece tho at a terrible cost. So I don't blame people for voting for Syriza.
My prediction is this will change little. Syriza will need to be pragmatic, which will disappoint the hard liners and idealists and they may become unpopular very quickly as people realise they cannot wave a magic wand

[Gromit]

Under the terms of the €1trillion Quantitative Easying, the European Central Bank will use 25% to buy German debt.

The that will give Germany a bit of wriggle room when they negotiate with Greece in March. Greece will get better terms. There will be no Grexit and the €uro will survive.

[New Judge]

"The Greek economy has been decimated by austerity. It is 20% smaller than it was 5 years ago. That cannot be allowed tp persist."

The reason its economy has shrunk so drastically is that it is saddled with a currency it cannot afford to deal in. Had it not adopted the euro the Greek economy would have floundered on the way it has done for years, the value of its currency would have decreased considerably and, by virtue of that fact, it would have remained competitive in what it does (80% of the Greek economy depends on the "service sector" and in Greece this is essentially tourism and shipping). As it is now, a cup of coffee in Athens is about the same price as a cup in Paris or London or Frankfurt. Two decades ago it would have been about a third or a quarter of the price.

The Greek crisis (and, to a lesser degree, the crises in the other "PIIGS" nations) has come about because the euro is a fundamentally flawed project and no amount of messing about printing sheets of the stuff will alter that. The current situation was precisely that which eminent economists warned against before the wretched currency was launched. It was launched as a political project to satisfy the vanity of the Euromaniacs.

The sooner politicians accept that the euro in its current form is unsustainable the better it will be for those suffering from having it inflicted upon them. It had no sound basis on which it was built, it will continue to stumble from one crisis to the next and the people paying the price for the biggest economic folly in modern times are the Greeks and those in the other troubled southern nations.

[ToraToraTora]

Bang on once again judge. So the bubbles want their debt halved, Angie has aleady said that ain't gonna happen.

[Gromit]

They won't get it halved, but they will get 25%ish written off.

[mikey4444]

TTTT...."bubbles" ?....help me out here !

[-Talbot-]

Bubble and squeak

[BlackadderV]

Rhyming slang, Bubble and Squeak (Greek) like sweaty socks (Jocks)

[-Talbot-]

Leave a little for the old grey matter, B adder

[BlackadderV]

...I'll be a long time waiting.

[ichkeria]

The new foreign minister doesn't instil much confidence: an associate of oligarchs and prominent members of the extreme right in Russia.
So much for the "anti-oligarch" rhetoric