Here Are The Latest Details On Greece Vs. “The Troika”


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The movement on Greece this weekend has been hot and heavy.In the midst of 6 days of “indignant” protests, we know that the EU/IMF/ECB (known as THE TROIKA) are close to making available 65 billion EUR more in loans in exchange for more austerity and more privatizations. The catch is that they want outsiders to have a role in managing the privatizations because Greece has been so slow on this front heretofore. Of course, that means Greek sovereignty is kaput.

According to The Kathimerini newspaper, Greece and The Troika are moving nearer together. The Greek government has agreed to more privatizations, lower pay for state workers, and slower hiring (the government will be able to hire 1 worker for every 10 who retire).

The hitch? You guessed it, this issue of whether outsiders will be able to help manage the whole process.

This would be an incredible political blow, and likely make the public more livid than they already are.

It’s also worth noting the absurdity of this whole outside help solution. It implies that the problem is not the failed economics (austerity, the eurozone, etc.) but just that the Greeks haven’t applied it properly, and that if it were just managed better by outsider, all this cutting would work out fine. Please.