The Greeks will choose freedom
Greece needs to leave the eurozone. It wasn’t qualified to be in there anyway. Its entry was based on fraudulent cooking of the books with the aid of goldman sachs. Greece out of the EU will be its natural position and where it belongs. The country will recover quicker out rather than taking on more loans and becoming more of a debt slave. GRexit is the BEST case scenario, for Greece that is, not for the EU bankster vultures.
The eurozone’s single currency, euro, has slipped in value as investors awaited news on a possible deal between Greece and its international creditors over the country’s debt crisis.
On Tuesday, euro fell to USD 1.1273 and 139.48 yen in Tokyo from USD 1.1340 and 139.92 yen in New York late Monday, AFP reported.
The dollar, meanwhile, gained in value from 123.38 yen to 123.72 yen in US trade.
The change in euro came despite positive expectations that Greece would pull off a bailout deal with its international creditors – the International Monetary Fund (IMF), European Central Bank (ECB) and European Commission – to secure the last tranche of a bailout package from the EU, amounting to €7.2 billion.
Greece received two bailout packages in 2010 and 2012 worth a total of €240 billion (USD 272 billion) from the so-called troika of international lenders following the 2009 economic crisis, in return for implementing harsh austerity measures.
According to the terms of the bailout deal, Greece should make a €1.6-billion-euro payment to the IMF at the end of this month. Geek officials have already announced that their country would not be able to make the payment.
Economic analysts have been warning for a long time that Greece’s default on its debt to international creditors can trigger a cascade of events which may lead to Athens’s exit from the eurozone, known as Grexit.
The government of Prime Minister Alexis Tsipras, whose leftist Syriza party stormed to victory in January 25 elections, has tried to renegotiate the terms of the country’s bailout it received in return for imposing harsh austerity measures.
Greek government argues that continuation of the bailout should be aimed at helping the country’s devastated economy without enforcement of additional austerity measures.
After an emergency summit in the Belgian capital, Brussels, eurozone finance ministers will hold fresh talks on Wednesday ahead of a full meeting of all 28 European Union leaders on Thursday.
« The next focal point will be Thursday, but that won’t stop the stream of headlines, and the subsequent market twists and turns as it tries to make sense of it all, » Emma Lawson, senior currency strategist at National Australia Bank, said in a note.