We can boast, we can make all kinds of slogans. Like ‘Do you feel lucky, punk?’, ‘The writing’s on the Wall!’ or ‘If at first you do fail, whinge, whinge again!’
We can make all these boasts and claims when it comes to Greece, but there is symmetry in mine: ‘It is today!’
You see, in my previous blogs involving Greece, too many to just mention them all here, but Google ‘Lawlordtobe Greece’ and you’ll get a nice list! I stated clearly that Tsipras was out of his league. You cannot play the high stakes he did and not given in on several fields. Banks will not allow that, they were dealing with what they thought was an adult population (previous Greek governments) and ended up at the table with a petulant child (this Greek government). How did you think it would go over?
By the way, Greece lost a lot more than they bargained for, as the interest bill kept on going, as the bills were still due. Syriza and their approach of inaction has cost the Greek people already 11 billion in interest, an ongoing cost that would not be set still, so the 7.2 billion in bailout does not even cover the interest bill, let alone the additional costs that have matured. Tsipras and his gang played a game of solitaire, taking a day for every move, a game with 8 visible elements. Cost to the taxpayer 61.1 million Euro’s a day. Not to mention the flight and hotel and food and drinking costs. Just the interest alone, 61,111,111.11 a day!
Today Tsipras will realise what I have been telling all along. Certain players will not budge, he should have realised that when President Obama spoke on the need for actions and he was not kidding. Do I need to remind People on the IMF loan that did not go through for Argentina in 2001? It was said that the US was the strongest voice that stopped IMF bailing out Argentina and they were left with Vulture funds, which was 13 years ago, that issue is still playing today. So when President Obama gave his speech last week, the only option Alexis Tsipras had was to take the first flight back and seriously discuss actual options. He decided not to do that.
Now the IMF has walked away from the table. Like the SNS bank, Greece believed that they were ‘too big to fail’, which did not work for SNS and it will not work for Greece. We need to realise that Greece only represents 2% of the European Economy and the repercussions at present of default will be massive in Europe, because even though the results have been heavily downplayed, the impact of Greece will be felt, there is no doubt about that. Syriza did this to Greece, not the Germans and no one else, it is a Greek act of whatever they think it is.
So as the Guardian is not printing a picture of Tsipras laughing, or Tsipras pointing at his watch, this is Tsipras contemplating in deep worry, because the final bell is ringing and he is out of time. Perhaps he finally realises this, perhaps he is thinking of one more act before the Greek flag is lowered forever. Whatever he does, he better think of the people that elected him, because they are about to lose out on a lot more than even they bargained for.
So what can Greece do?
My first voice would be to re-elect New Democracy, because Syriza did not seem to have a clue what they were doing. Now that the US has had enough, they will have even less time and less options. In my view Greece needs to become a professional entity and needs to call in the professionals. It is my view that any act needs to show that ACTUAL work is being done. It will appease the creditors, the rating firms and the IMF, all in one deal. In my view (especially as they have many fences to mend), Greece should call on PricewaterhouseCoopers. Not just for advisory, but also for implementation, consultancy, education and taxation. In the view of all who matter and the view of many more, the statement from Greece that they can fix it, no longer holds value. In this way, PricewaterhouseCoopers (PwC) gets to redeem themselves for an issue involving a grocery store or two and Greece gets a sweet deal on actually resolving issues. Greece can no longer continue in this way and that needs to be documented. Not for the world to know, because to some extent it is nobodies business, but to seriously call in the commercial auditing cavalry and sit down and actually do something about it is essential. The additional benefit is that if Greece would ever need to repackage anything, having PwC in your corner with all the data and evidence will go a long way, a degree of freedom Greece lost some time ago.
The second party in all this would be Natixis. Any actual movement from debt, any resetting of outstanding loans needs a group of people that has the ear of those who matter. Natixis is one of the ONLY non-US firms that has the ear of every G-20 nation, has strong ties with European governments and has access to possible financial solutions that Greece did not consider. If pensions are to be saved they need to look at those making actual money, Natixis is such a player. It is not the worst idea to rescale a government to be commercially viable, Greece now has to make the step no government has ever considered before. You see, in 300: Rise of an Empire we see an interesting quote in the beginning of the movie “All glory die, thousands died by the hundreds of them all for the idea. The Greeks free. An experiment called democracy of Athens. I wonder this idea is worth all the sacrifice”
You might wonder why I grasp back on a movie quote, but consider “Aristotle argues that all forms of government have their problems, including, but not limited to democracy“, we all live in a democracy, an idea that came from Greece, would it be so far-fetched that it is Greece who takes an entirely different step, one that could propel them forwards? So many governments, all these nations that are set in methods by their own internal ‘experts’ (none of them able to hold a budget I might add), you see, the best experts are never in government, so why not call on the actual experts who might give view on solving this matter.
Greece might end up being the first to take such drastic steps, but it is 99% certain that this solution will take hold at some point and more governments will need to consider this point in the future and make that act, many of them will have economies substantially larger than Greece, even when we consider Greece when it was at the height of their economy.
We are all pushed into new directions, perhaps the road least travelled, will show the solution never pondered and a resolution is undertaken that changes everything.
This is just me having an idea!