02-17-2015, 11:27 PM
Translation (if you look back at that Eurogroup statement): no give whatsoever on the primary surplus of 4.5 percent of GDP. There was absolutely no way Tsipras and company could sign on to such a statement, which makes you wonder what the Eurogroup ministers think they’re doing. I guess it’s possible that they’re just fools — that they don’t understand that Greece 2015 is not Ireland 2010, and that this kind of bullying won’t work. Alternatively, and I guess more likely, they’ve decided to push Greece over the edge.
Greece pushed over the Edge? Paul Krugman - NYTimes.com
Yet another wrinkle has emerged in the Greek/ECB debt negotiations over the past 24 hours. In an unprecedented move, spearheaded by French Finance Minister Michel Sapin, the concept of compromise has been ushered into the narrative after two days of fruitless negotiations and a clear polarization of positions. Sapin has suggested that the newly elected Greek government must respect commitments made by the previous administration but also added that the ECB must come to terms with that change in government. He went so far as to say that he understands the position held by the Greek government.
Kenny's Commentary — France's Sapin offers cover to hardliners and may...
Greece has done a lot more austerity than those countries cited as supposed success stories (which is another issue — success being defined as “not total collapse, and slight recovery after years of horror” — but that’s a different story).