Greek Euro-Debt-Can Gets Kicked Down the Road by AL MARTIN (AL MARTIN RAW)
(3-2-15) Last Friday the Greek government and the so-called Troika (European Commission, European Central Bank and International Monetary Fund) now called simply “the Commission” – because the Greeks don’t like the negative implications of the word “troika” --came to an 11th hour deal.
The Germans caved in a little bit because they needed a deal to kick the can down the road for 6 months and they wanted to get this puppy off the front page. The Germans knew that the longer it stayed on the front page they wouldn’t be able to get any kind of a deal where they could kick the can down the road.
Effectively the Germans made concessions by accepting the Greek proposal even though Greek Prime Minister Tsipras and finance minister Varoufakis made a lot of promises in this final draft proposal of reform, collecting back taxes and making wage increases which they can’t keep.
It didn’t really make any difference to them. They could agree to anything since they couldn’t keep any promises that they made.