Greece Will Be in Debt Until 2073



kokkina_daneiaGreece’s obligations to creditors after the completion of the third bailout program will go all the way to 2073, a Business Insider report said.

The concern about the sustainability of the Greek debt makes some Eurozone countries demand more reforms on top of the austerity measures the Greek Parliament has already voted for as prior actions for the bailout deal.

The nature of some of the reforms will probably enhance Greek people’s hostility against the Troika, said the report. Also, the fact that Greece is again pressed to meet another deadline, makes it the weaker side in negotiations. Athens has a 3.2-billion-euro payment due to the European Central Bank (ECB) on August 20 and is unable to pay it unless it gets part of the bailout cash before that.

But even if Greece makes it through August and has secured a deal by then, it will have to face a huge debt that it is unlikely to be able to repay. Especially when the Eurozone — and Germany in particular — refuse to discuss a writedown at the present moment, citing a clause that there cannot be a nominal debt haircut within the Eurozone.

What can be done though, the report continued, is debt restructuring. Greece can be given a 20-year grace period and the repayment period can increase by more than 40 years. Meanwhile, the new loan will be used to meet obligations like repaying the ECB and the International Monetary Fund (IMF), as well as covering domestic needs such as pensions and public sector wages.

According to a Natixis graph, Greece’s obligations to its creditors will go until 2073:

screen-shot-2015-07-27-at-8.16.42-am


21 COMMENTS

  1. Lets see, the restructuring will mean : “the first 60 years Greece doesn’t have to pay a thing except an interest of 0,5% a year”.
    Counting on a deflation of at least 2% a year, meaning in 60 years there will be no debt anymore (calculating inflation over inflation every year).
    Perhaps the other EU countries will have to pay Greece for such a restructuring at the end.
    And see, the wonder has happened, all eurolovers in the 18 other countries will say this year: “as we said there will be no writedown”.
    Thats the way the EU monster works.

  2. On a positive note, if we believe the climate-global-warming-change-fanatics that oceans are rising, by 2073 not only financially but physically much of Greece will be under water. The reality is a banking crisis like none ever seen before will happen wiping out the collective assets of most nations. Those that can produce raw materials and be self-sustaining will fare a little better than the rest.

  3. currently Tsipras allows in 30,000 illegal muslim immigrants each month, provides them with housing, food and medical care while poor greeks receive nothing – by the time the next election comes around, Greece will have a significant muslim population which is likely to vote left (as they do in france, sweden etc). By 2073, there will no be an orthodox greek state, it will be majority muslim as was kosovo once majority serb and now majority muslim (same thing is happening in macedonia which wikipedia notes is 40% muslim)

  4. The EU will not be around by 2073. It will either fall apart into smaller regional groups or swallowed by a much larger Euro-Asian Federation. This story is pure nonsense contrived by someone that has entirely too much free time.

  5. Population problems have been well documented as a source for debt.
    The more people the more mouths to feed.
    And debt can have a profound influence on retaining identity.

  6. If the EU will not excist anymore at that time doesn´t mean the debt has gone.
    But as a matter of fact i presume that the EU will collapse as i wrote before.
    The reason in a nutshell is simple for example the indecision of Brussels in all matters that are important, the illegal immigration from Africa, there will not be a naval blockade, and yes, i think the illegal immigration what costs Greece and Italy the most is a matter of the EU, not just of those 2 countries, in this i must admit there is no decision or even a signal there will be.
    The lefties all over in Brussels are the reason for that i supose.
    The endless transfer of money from the northern to the southern countries and the swindling and conning of Brussels about that, in the north the wages of the ppl. living there didn´t raise since a decade or lowered even because there is in general a surplus of workingforce from the southern countries willing to work for less, they can do that because they dont live here permanently so their costs are lower in housing etc. Dutch will not sleep with 6 in one room and work 12 hours a day for minimum wages.
    This are just a few reasons why the whole sharade must collapse, there are far more not mentioned here.

  7. hey.. that sounds just like the usa… we harbor others but cant take care of our own,.. were all doomed..

  8. greece has 11 million and higher number of illegals arriving as a proportion – this year about 110,000 arrived in 6 months, by the end of the year it will be over 200,000, usa has 320million and about 500,000 illegals arriving annually – do the math. Greece is finished the longer Syriza is in power the usa is not

  9. You describe the net effect of growing up and living in the European Welfare State. Indeed in part this has been a charade to redistribute wealth and economic strength to the North at the expense of cannibalizing lower labour and production costs of the Southern tier nations. Now it has become a generational issue that cannot be easily phased out without a strong and firm hand on the nation. Getting people back to work, forcing them out of their houses and learning a trade or go hungry may well be our well deserved reward for decades of voting for incompetents and ignoring corruption. I am curious at the polarization of the electorate now that Leftist policies have faltered so badly. Will the pendulum swing back to the Center-Right and reward ND for doing absolutely NOTHING but pad their accounts, or farther to the Right as is happening in France. If there is a new Federation with the backing of Russia out of respect for their visionary leader it should be called “Putania”…;-).

  10. By 2073 there will be no Greece. If incompetent antihellenic leftist extremists keep running it will eventually go the way of non-existent communist Yugoslavia.

  11. Get used to it. Parties like Golden Dawn and ANEL helped put leftists into power by splitting the vote of the right.

  12. They are just becoming a bigger tax collector to hand over more interest payments to the Troika, that they did not want to call the Troika. but partners.

  13. You rightfully complain about leftists but then fall back on the idea that a party should be doing something for you. That ND doesn’t do anything other than cut and promote business (at least under Samaras) was a good thing. It was the beginning of forcing Greeks to start looking at themselves to solve their own economic problems rather than waiting around for some government official to do it.

  14. The article explains adequately the facts thus a restructuring other than hundred years and decimal interest rate to repay the loans will not be adequate for Greece without restructuring its political system that is based on deceit and delusion. Those that know the numbers can simply see there is no chance that Greece will ever repay this huge debt – It seems the EU and US may think keeping Greece in the club is worth losing some capital to have the ease of having the frontier in their back yard rather than the front yard.

    A solution to the crisis should make sense to the average Greek citizen simply because it will be answering the country’s question in staying in the EZ/EU in order to gain future prosperity, changes in the political system are needed to bring Greece in this new century. A coalition of three or more parties can actually work by assembling a political statement and draft a reformation plan that answers the basics of the public’s questions and package it into a manifesto with key words like trust, dignity, pride, prosperity within the EZ/EU. The requirement to spell out the desperate need for land registry and the abolishing of the bureaucracy must be on the top of the list followed by streamlining the professions to achieve liberalization of the market emphasizing how it relates to jobs, jobs, jobs.

    Who can believe that aspirin or any other over the counter drugs in Greece can only be sold in pharmacies – the average citizen knows monopoly of any kind is so adverse to free market – the pharmacists know they are just selfish/greedy citizens in opposing changes.

    They must, openly canvass a “new/and some old” party candidates and openly publish the qualifications needed for participants to understand this is a 90 degree turn in the future MP
    behavior in a ten or less published qualities they have to believe in the renewal for a future sustainable system.

    They must work on promoting cohesion of the new party between the center right and center left leanings and how to resolve current and future disagreements on issues (with written documentation on such a protocol) with the focus being on the main declaration/manifesto. Other countries are successful in this -Greece can be successful too.

    Lastly the constitution should be looked at seriously and amend sections and articles that do not agree with a healthy and just society (examples the MP immunity and the 50+ as well as the judiciary’s duty to uphold the law).

    These may be dreams of a naive Greek that loves Greece and wants it to succeed in this current global economic environment, because he believes isolation is the number one factor of societies that follow anachronistic failed political ideologies that just do not work in the current politico-economic western market based system thus take countries to their isolation for a long time – Greece cannot afford another ADREAS experiment.

    Yea.. all this has to be financed in order to be able to be carried out, I am not sure
    of the current finances of the political parties thus I cannot implement it for them. Brave newcomers and people with the resources that love the country should look for “what they can do for their country not for what their country can do for them” (you all know who said this).

  15. There is NO DIFFERENCE between SYRIZA, ND, ANEL, PASOK & To Potami, THEY ALL voted to support signing a 3rd bailout memorandum with the Troika loansharks. Only GD & KKE voted against the memorandum!

    BOTH SYRIZA and New Democracy are in favour of granting Greek citizenship to the children of illegal immigrants. SYRIZA just passed legislation to this effect, See link, https://greece.greekreporter.com/2015/06/11/draft-bill-on-acquisition-of-greek-nationality-by-second-generation-migrants-passed-in-principle/
    In 2013 the then PM, & New Democracy leader Antonis Samaras announced plans to grant illegal immigrants and their children the right to vote in Greek elections!!!
    To WATCH Samaras making this announcement search You Tube for: “Ο Σαμαράς δίνει ψήφο στους λαθρομετανάστες”

    ONLY Golden Dawn has as its central platform safeguarding the biological existence of the Hellenic people by banning 3rd world immigration, deporting all illegals, and upholding Orthodox Christian family values. GD rejects signing any memorandum with the Troika loansharks!

  16. The SYRIZA-ANEL coalition government won’t be in power for much longer, and neither will New Democracy return to power as anti-memorandum SYRIZA voters will hardly leave pro-memorandum SYRIZA to support pro-memorandum New Democracy, or for that matter pro-memorandum To Potami, PASOK, or ANEL.

    Golden Dawn and KKE are the only anti-memorandum parties left, and 61% of the Greek electorate voted NO to a new memorandum on July 5, so GUESS WHERE these anti-memorandum Greek voters will be moving to? The answer is GD & KKE, but in reality mostly GD. Anti-memorandum Greeks who also oppose mass 3rd world immigration won’t vote for the pro-open borders communist KKE.

    The ONLY anti-memorandum party, anti-immigration party option is Golden Dawn.

  17. When mother Greece gets fed up she gives birth to heroes who then throw out Greece’s enemies. Hasn’t it how it has been always?

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