Coalition backers held a five-hour meeting late Sunday with Prime Minister Lucas Papademos to hammer out a deal with debt inspectors representing eurozone countries and the International Monetary Fund ? but again failed to reach an agreement.Juncker Issues ultimatum "Comply or Default"
Leaders of parties supporting the Greece's coalition government say crisis talks for massive new debt deals will continue Monday.
The theater of the absurd continues for yet another day with Juncker's ultimatum: Comply or default
Jean-Claude Juncker, the head of the Eurogroup, warned Greece through an interview to a German magazine that it will either comply with its creditors? requirements or default, as it should not expect any additional support from its peers.This is beyond ridiculous. The EU and IMF Need to Stand Up and Announce "Too Late" Deal is OFF, then work with Greece to plan a return to the Drachma.
Earlier, the head of the ruling coalition?s third partner, Giorgos Karatzaferis, stated in Thessaloniki that he would not tolerate any ultimatums.
"We need to examine whether the creditors' demands are in favor of growth for the sake of the Greek people, otherwise we will not get the support package. I am not going to sign up to that,� said the leader of Popular Orthodox Rally (LAOS).
Mike "Mish" Shedlock
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Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
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