tag:blogger.com,1999:blog-5882645467378797266.post6883888261343782715..comments2023-07-17T11:55:51.363+02:00Comments on ObservingGreece: Eliminate Primary Surplus Requirement?kleinguthttp://www.blogger.com/profile/12491174042954678023noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-5882645467378797266.post-51444884897828454012015-04-16T21:35:16.505+02:002015-04-16T21:35:16.505+02:00You probably haven't looked at the ELSTAT stat...You probably haven't looked at the ELSTAT statistics which I linked above because then you would have seen that 2014 was, indeed, the first year in many years where Greece could live within its means before interest.<br /><br />You make it sound like it was a distinction to survive 10 months without alimentation from abroad. Well, the real distinction would be to not only be able to pay for one's operating expenses but for interest, too.<br /><br />If Greece could survive 10 months without alimentation from abroad, it only proves that Greece had the money. Why did Greece have the money? First, because, until November 2014, Greece was awash in cash with a primary surplus for 11 months of 3,9 BEUR. And, secondly, Greece had raised several BEUR in capital markets in 2014 which new liquidity had not been included in the calculations of the adjustment program. Thus, Greece did get the money it needed but it didn't get it from the Troika but, instead, from capital markets.<br /><br />Incidentally, as late as January 29, 2015, FinMin Varoufakis told the NYT that "we don't want the 7 billion". Ok, wish fulfilled.kleinguthttps://www.blogger.com/profile/12491174042954678023noreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-71567654020427445632015-04-16T12:57:25.544+02:002015-04-16T12:57:25.544+02:00" Greece would literally be forced to live &#..." Greece would literally be forced to live 'within its means' (excluding debt service), as FinMin Varoufakis has promised that Greece can. "<br /><br />In case you don't know (which you obviously don't), the last time Greece got a EU tranche, was summer 2014. Ever since, Greece is living and even paying debt tranches without foreign loans. This, because Samaras didn't manage to close the negotiations before the elections, so he didn't get the tranche he was supposed to get. Tsipras didn't get any tranche either. <br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-85043834843053495962015-04-16T11:18:39.936+02:002015-04-16T11:18:39.936+02:00I was not trying to be humorous.I was not trying to be humorous.kleinguthttps://www.blogger.com/profile/12491174042954678023noreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-71249217116162642632015-04-16T10:04:08.313+02:002015-04-16T10:04:08.313+02:00I saw a much more humorous suggestion to the Greek...I saw a much more humorous suggestion to the Greek debt problem in another blog: Buy the Greek government for their actual value and sell them for the value they claim to have. That should leave you enough profit to pay off the loans.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-82500328460070373782015-04-16T08:53:08.781+02:002015-04-16T08:53:08.781+02:00Below is the realease which gives you all the deta...Below is the realease which gives you all the details. Regarding the arrears I have no specifics but I believe that they were reduced during 2014.<br /><br />http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0701/PressReleases/A0701_SEL03_DT_AN_00_2015_01_P_EN.pdfkleinguthttps://www.blogger.com/profile/12491174042954678023noreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-76227481644278761432015-04-15T16:13:33.080+02:002015-04-15T16:13:33.080+02:00Two things here:1) How arrears transform the 3.1% ...Two things here:1) How arrears transform the 3.1% and (2) Tax revenues as a % of GDP, (which is the level for Greece)?<br /><br />MSAnonymousnoreply@blogger.com