What is the difference of 3rd from nth?

Posted by Antonis D. Papagiannidis 20/03/2017 0 Comment(s) Economia Blog,

Today's Eurogroup may well be the 3rd or 4th in a row that has been considered, rumored or whatever from the Greek Government's side to be just short of registering overall agreement over the much-commented second review of the current Adjustment Programme for Greece. It should also be the second or third such case, where - to make things easier - a pre-Eurogroup might be convened (no, not a EuroWorking Group, the kind of creature that is normally expected to "prepare" the Eurogroup proper at a technical level; that is, not just technical, since this is the chore for technical groups of the Troika/Quartet, whose heads report directly to the EuroWorking Group - or the Eurogroup proper, as the leaders of such get-togethers decide), to avoid an unseemly sight of disagreement at Eurogroup level over Greece.

 

So, some kind of mumbo-jumbo statement will be issued, speaking of progress being made; and a meeting of hearts and minds over the Greek issue will be once more announced - for April the 7th Eurogroup or so. To be missed once more. To raise the question, what is the meaning of this repetitive routine", is more frustrating that the Greek situation in itself. The Greek government, to be honest, feeling embattled at home since polls have shown it to trail the main Opposition party in a double-score situation, seems intent not so much to just keep power but to hope that some reversal of the present situation might occur down the road; to that effect, those in charge (if anybody is ever in charge past the first year in power in nowadays' Greek Government) seem to think that the sight of ever-continuing negotiation makes Greek public opinion feel they do have a champion against the countrys' creditors - especially so against the IMF.

 

But what of the creditors themselves? Of the European or of the IMF kind...? Well, to them the successive elections in EU countries - true enough, the Netherlands has not sprung a nasty/wilders surprise, but the French election is just around the corner! - make for hesitation. The IMF leadership looks and sounds uncertain over the Trump Administration impact on the Fund's operations.

 

So, let time pass! Let the legendary can be kicked some more down the road. And, if the financial situation comes to a crunch for Greece, well  - there are always bridge-finance solutions to defuse the bomb.

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