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Just wanted those who are following this to see this story.

Greece hails rebirth of a nation as EU and IMF agree to release loans

Antonis Samaras says it is a 'new day for Greeks' after creditors agree to redraft package, free up funds and cut debt mountain by €40bn
Has this modern Greek tragedy been Kabuki Theater?
From being the eurozone's most indebted nation, Greeks can now expect to see their debt load cut to 124% of GDP in 2020 from the projected 190% of national outlay in 2014, under a package of measure that include a bond buy-back and various interest rate cuts on official loans.
Well, are there some elections up in the EU?  Yes.  Steinbrueck to challenge Merkel in 2013.
Known for a quick wit and acerbic tongue, Steinbrueck is likely to mount much sharper attacks on Merkel than the more diplomatic Steinmeier and could also siphon away votes from her Christian Democrats (CDU) because of his centrist economic views and reputation as a safe pair of hands.

"Steinbrueck is definitely the most dangerous candidate because he appeals to the voters in the middle," said political scientist Gero Neugebauer at Berlin's Free University.

If Geithner leaves Treasury, he will also lose his IMF seat.  Where will Tim land?

It's all far to complex for me to understand.

I am happy for the Greek people.

Now, onto Spain please.

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Comment Preferences

  •  Tip Jar (10+ / 0-)

    It's difficult to be happy knowing so many suffer. We must unite.

    by War on Error on Wed Nov 28, 2012 at 03:31:25 PM PST

  •  I saw that Spain is offering permanent residency (5+ / 0-)

    to anyone who buys a home, as incentive to help them recover from the housing bubble.  I guess this would entail a work permit but not voting privileges.  

    "The extinction of the human race will come from its inability to EMOTIONALLY comprehend the exponential function." -- Edward Teller

    by lgmcp on Wed Nov 28, 2012 at 03:38:28 PM PST

    •  Ireland and Portugal were already making the same (3+ / 0-)
      Recommended by:
      lgmcp, FG, War on Error

      type of offer.

      What distinguished Spain's was the relatively low buy-in for residency of Euro 160,000 ($200K) - half that of Ireland, which was itself 4/5 the level needed for Portuguese residency.

      Russian and Chinese buyers are the target market.

      •  My spouse is after me about it. (1+ / 0-)
        Recommended by:
        War on Error

        We had a marvelous vacation in Spain, but I'm not as ready as she to consider pulling up stakes for the life of an expat.  Plus her profession is more portable than mine.  

        "The extinction of the human race will come from its inability to EMOTIONALLY comprehend the exponential function." -- Edward Teller

        by lgmcp on Wed Nov 28, 2012 at 04:21:50 PM PST

        [ Parent ]

  •  I was wondering if (and when) Debt Relief would ha (4+ / 0-)

    They are still under extreme debt load, but it can only help to have the principal slashed. I look forward to the inevitable Krugman blog post providing an assessment of the effectiveness of this relief measure.

    And, I look forward to the day when the EU members actually act as a republic of states - instead of an insane banking scheme designed largely at the behest and benefit of the German and French central bankers.

    •  ...Yes! (0+ / 0-)

      We've always wanted to become the next USA. You know, 27 countries with mostly completely differing cultures, histories, economies, values and politics would just LOVE to get in a "republic" with everyone else they never gave a damn about. Oh, think of the possibilities! The UK would be very thrilled as well, not even having accepted to drop their own monetary currency (I'll let you bring them the news). Let's try to convince France, Germany or Spain to politically, socially and culturally bind themselves to Bulgaria, The Netherlands, Slovakia or Sweden, for example. Or anyone else for that matter.

      The simplest and most effective solution out there: form a new big continental mass of lightly-affiliated geographical establishments and name them "...The United States". What about nations trying to enter the EU? Why, it's like anti-secession!

      Let's leave the "Pretend to be democratic, facilitate anything-but-democracy on the local level" to individual nations, shall we, so the EU countries can try and avoid the US pattern of "Pretend to be democratic, facilitate anything-but-democracy on the local level and especially the even-more-local level".

      I'm all for the EU by the way, and not just for economic matters. I'm in favor of expansion of its legal reach. But talking about how a non-republic should act like a republic is showing your bias.

  •  Is anyone apologizing (1+ / 0-)
    Recommended by:
    War on Error

    to Angela Merkel yet?

    Just wondering....

  •  This is not a fix. This still leaves Greece (1+ / 0-)
    Recommended by:
    War on Error

    in a completely untenable position with no hope of ever being able to fund a recovery.

    "the Agency continues to verify the non-diversion of declared material at these facilities and LOFs."

    by JesseCW on Wed Nov 28, 2012 at 11:51:32 PM PST

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