– Greece Was 20 Votes Away From Defaulting This Weekend (ZeroHedge, May 25, 2015):
Over the weekend, in a surprisingly close vote showing just how deeply the ruling Greek Syriza party has splintered, the hard line “Left Platform” a faction within Syriza, proposed that Greece stop paying its creditors if they continue with “blackmailing tactics” and instead seek “an alternative plan” for the debt-racked country. Its motion called for the government to default on the IMF loans rather than compromise to creditor demands, among which a change to value-added tax rates, further liberalization of the labor market and changes to the pension system, including further cuts to pensions and wages. According to the NYT, which reported the vote first, the proposal was narrowly rejected, with 95 people voting against and 75 in favor.
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Default on the IMF……Sounds like a good start.
I still wonder where Russia is in this game.
The best thing for Greece would be to follow Iceland’s example…..but there are powerful forces that endeavor to keep them in the Euro…….If they default, other debt ridden nations who have hidden debt and lied about income will be exposed in the domino effect……………It won’t stop with Greece.
Therefore, Greece has them over a barrel……