Nobody’s blinking

Michael Roberts Blog

In my last post on Greece
(https://thenextrecession.wordpress.com/2015/06/06/ten-minutes-past-midnight/),
I said it was ten minutes past midnight for the Greek government and the Eurogroup credit institutions in getting an agreement to release outstanding funds so that the Greeks can meet their obligations to repay the IMF and the ECB loans over the next few months.  Remember all these tortuous negotiations are not about ‘bailing out’ the Greek people but simply to avoid the Greeks defaulting on their government debts to the ‘Troika’ (the EU, the ECB and the IMF).  None of this money will go to improve or maintain real incomes, public services and pensions for Greeks.

As I write , with less than two weeks to go before the Greeks must make another payment to the IMF, there is a total impasse, with each side waiting for the other to blink and concede.  And nobody’s blinking.

Alexis Tsipras, the Greek…

View original post 2,161 more words

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