UnNews:Greece accuses Europe of red-lining

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6 May 2015

These Greek citizens are gainfully employed, under the government's austerity program, to make loud noises in the capital city.

ATHENS, Greece -- As Greece made a scheduled payment on old debt using new debt just released by Europe, Greek leaders complained that disagreements among its lenders left it baffled.

The government said "serious disagreements and contradictions" between the IMF and its European partners were preventing a bail-out agreement. It said the IMF was unwilling to waive reforms, while Europe was unwilling to wave its arms and make some of that €315,000,000,000 of borrowing "just go away."

Finance Minister Yanis Varoufakis said there are "red lines everywhere: pension reforms, labor reforms, and the primary surplus," though red-lining in banking has been illegal for years. He said the Greek government has implemented a key reform — requiring that hospitals, universities, and city governments put their cash in the national bank "for safe-keeping" — and pleaded, "Can't everyone just agree on everything?" Though he previously said disagreements within the Troika would work to Greece's advantage, he now said they put an "honorable compromise" out of reach.

Europe's economics chief Pierre Moscovici said the usual remedy for basket-case economies is not just high taxes but giving negotiators cute nicknames like Troika. This week's dollop of money let Greece pay not just the current interest bill, but the electric bill for thousands of Greeks, provided they remain unemployed.

More than €28,000,000,000 has been pulled out of Greece since last November — coincidentally, just before the Socialists took over. The Socialists now plan to tax this lucrative revenue stream. Mr. Varoufakis said the new tax would let productive people have some of their cake, while letting government eat it too, provided no one "jumps the gun" before the nation jumps the shark.

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