You Mean They Actually Have to Live Up to the Agreements They Made?

Greece has never really left the news, except that Americans have mostly been ignoring it in favor of more entertaining stuff. Greece fails to reach bailout deal with eurozone finance ministers

Depending on the article you read, Greece has either gotten, a deal, won’t get a deal, or will have any deals pushed off until after the German election in September.

Some people want Greece to do more. Some think that isn’t realistic. But this quote caught my eye.

Brussels wants all previously agreed reforms implemented.

Greece has been bailed out 3 or 4 times. In each case they have made promises, such as raise taxes, or sell nationalized industries to private concerns. They have done some of this, but not nearly all of this because it is hard. And in some cases they have passed laws that will do the hard stuff later this year or next. (Of course they can always change their minds which leaves some people feeling like it is another dodge.)

Why the delay related to Germany’s election? Because Angela Merkel would like to be re-elected. And the average German-in-the-street isn’t happy about all the money she loaned gave to Greece. And if she admits it was a gift and not a loan…. She is already facing a pretty tight election.