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[–] taxation_is_slavery 1 point 8 points (+9|-1) ago 

The PM needs a slap to wakeup and realize never paying that debt back is the best course of action. It's not as though the money ever really existed anyway, it's just a fiction to create slaves to interest payments.

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[–] Patranus 0 points 7 points (+7|-0) ago 

Solid move by Greece. Clearly not in line with the EU and Russia is the number one external state threat to the EU. Should certainly provide them leverage against the EU. I think Germany caves regardless so may be pointless.

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[–] RabidRaccoon 1 point 4 points (+5|-1) ago  (edited ago)

Geopolitically this is obviously not very good news because it helps Putin divide and rule the EU and NATO.

However this is interesting

Tsipras said the world’s economic centre of gravity had shifted and that there are “new emerging forces” such as the Bric countries and Putin’s new Eurasian union that are playing a more important economic role.

This is part of the reason people in the UK talking about a UK exit from the EU too. From the end of WWII to maybe the 70's the EEC did pretty well economically. In the last decade or more it has been stagnant while the rest of the world has grown. Also the EEC was a trade agreement - it started off as the European Coal And Steel Community and then became the European Economic Community and finally the European Union. So the benefits of membership - growing economies to trade with - have declined and at the same time the EU has become more like a state and more willing to overrule national governments.

I'm sure that's why you see rising Euroscepticism. Mind you if you think leaving the EU for Putin's Eurasian Union/USSR 2.0 abomination is going to make you more free you need your head examining. It's also unclear whether Russia could afford to bailout Greece even if it wanted to.

http://www.ibtimes.co.uk/eurozone-crisis-could-russia-afford-bail-out-greece-what-would-that-mean-1507038

Brenda Kelly, head analyst at London Capital Group, told IBTimes UK: "Greece and Russia have signed a deal for a gas pipeline through Greek territory but I'm not sure there will be any formal state aid from Moscow. Tsipras is more likely using the prospect of a Russian bailout as a bargaining chip. Greece would need $5bn to $6bn, and Russia can't spare that given their own economic issues.

"So I'm afraid it's the Troika or devoika for Greece unless Mario Draghi steps up to the plate. If the European Central Bank [ECB] doesn't, there's a strong chance that the banks will close on Monday. Greek banks are now haemorrhaging cash to the tune of around €1bn per day. I suspect there will be a bit more can kicking and then we'll have a clear picture by 3pm Monday [22 June]."

Any potential loan from Russia would be a drop in the ocean for Greece. A potential $5bn that has been mentioned in the past is nothing compared to Greece's €266bn in gross external government debt. Russia is also hampered by a lack of access to international markets and the need to rebuild FX reserves.

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[–] aboutillegals ago 

Exactly, just adding that even Brazil has a larger economy and population than Russia. Talking about Russia (a raw material exporter, and having the eighth of the EU´s GDP) as a new economic superpower seems like those people are delusional. Tsipras is right, the economic center of gravity is shifting, but it is shifting from the atlantic to the pacific, not to central asia.

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[–] RabidRaccoon ago 

Tsipras is right, the economic center of gravity is shifting, but it is shifting from the atlantic to the pacific, not to central asia

But China, Japan and co don't want to lend the Greeks money because they don't give a shit about European power politics. Russia does care but doesn't have any money. So he's decided to worry the EU a bit by bluffing he has other options to them.

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[–] Dumbtickles 2 points 3 points (+5|-2) ago 

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[–] binky 0 points 2 points (+2|-0) ago 

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[–] L3ts-tawk-about-it 0 points 2 points (+2|-0) ago  (edited ago)

This is all about going through the motions and then defaulting. No sovereign state's people will allow their economy to be used to service interest rates at the expense of basic national services such as electricity, water, internet, etc,. Ultimately the bondholders take a haircut or they lose their principal as well as interest. Using Russia to agitate the EU is simply a bonus for the Greek left. Never make the cure worse than living with the disease.

Edit for words...

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[–] ILdude 0 points 1 point (+1|-0) ago 

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[–] toxicass 0 points 1 point (+1|-0) ago 

Yeah, that's never gone wrong before. Talk about making a deal with the devil.

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