Greece Getting More Time · October 29, 2012

Posted: October 30, 2012 in Uncategorized
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Prophetic Intelligence Briefings

Greece Getting More Time · October 29, 2012

Greek Finance Minister Yannis Stournares triumphantly told the Greek Parliament that Greece will get two more years to meet its austerity and budgetary targets. But German Finance Minister Wolfgang Schäuble denied the claim saying that no decision has been made. The European Central Bank (ECB) and the International Monetary Fund (IMF) also denied the claim. Nevertheless, the European press was full of reports quoting various unnamed sources in support of the two-year extension. And extension would be politically unsavory in Germany, but German leaders are softening up their positions and appear to be laying the groundwork for a softer approach to Greece and to push more concessions through the German parliament.

Greece has already had two aid packages worth a total of €240 billion. But Stournaras’ speech in parliament announcing the extension was so confident that one German paper said “He speaks like someone who knows he cannot lose.”

No matter what happens, Greece will need more debt concessions from its creditors and from their taxpayers. This will be expensive, but not as expensive as a Greek default. The two-year delay reveals the depth of Greece’s misery, and the helplessness of its so-called saviors.

It seems like everyone that has an interest in the Greek crisis needs a two-year delay. For one, German Chancellor Angela Merkel needs calm on the Greek front in the run-up to German elections scheduled for a year from now. In addition, the IMF recalculated the effect of the austerity on the Greek economy and reported that it is worse than originally expected. “Most experts also now agree that Greece will never be able to get back on its feet without another significant slashing of debt.” The Germans don’t want that, but they may not have a choice. In the meantime, a little calm will take the focus off of the problem for a while.

But there are not many, even among educators and statesmen, who comprehend the causes that underlie the present state of society. Those who hold the reins of government are unable to solve the problem of poverty, pauperism, and increasing crime. They are struggling in vain to place business operations on a more secure basis. Ministry of Healing, page 183

‘Euro-Zone Plans to Fix Greece Have Failed’

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