If Greece were a company

Posted on July 16, 2015 by Patrick Wadsted

I cannot help thinking that if Greece were a company facing up to its Bankers the negotiations might be a little
different.

Banker So Mr Tsipras (Mr T) (the Greek Prime Minister) it has now been almost three months since your bailout extension deal was agreed, yet we are no further forward than we were then on your agreement to cost saving measures and the disposal of surplus assets.

Mr T “The lack of agreement so far is not due to the supposed instrangient, uncompromising and incomprehensible Greek stance. It is due to the insistence of certain institutional actors on submitting absurd proposals and displaying a total indifference to the recent democratic choice of the Greek people, despite the public admission of three of our funders that necessary flexibility will be provided in order to respect the popular verdict”

Banker Forgive me if I just review the position that we as your creditors are facing. You owe us 240Bn Euros, yet want us to lend you another 7.2Bn in order that you can meet your loan repayments yet we have still not received any concrete proposals on how you are going to repair your business model in order that your expenditure will be less or even equal your income.

Mr T Reforms to boost state coffers included “tax on very high profits, a tax on e-betting, the intensification of checks of bank account holders with large sums – tax evaders, measures for the collection of public sector arrears, a special luxury tax……………”

Banker That is all very well Mr T but you have not placed any monetary value on these measures and if we look at your history it does not fill us with confidence. For example, last week customers of your banks withdrew 800m Euros on top of the 30Bn Euros that have already gone elsewhere so we doubt that anyone has large sums left intheir Greek bank accounts. You have run a budget deficit since 1990 and your public expenditure has exceeded public revenue for the last 24 years. It is estimated that you lose 20Bn Euros each year in tax evasion. This is not a way to run a country.

Mr T If Greece were made to follow the path of the previous government, it would mean “ the complete abolition of democracy in Europe”

Banker We appreciate that you were elected on an anti austerity platform and that your position is a difficult one, yet we have a duty to recover what is owed to us and we have completely lost confidence in your ability or desire to come up with meaningful proposals to create a position where you can at least balance the books before then moving into a repayment situation, so we have no alternative but to appoint Administrators to recover the monies owing to us.

Mr T All you have done is to make “absurd” demands and sought to impose “harsh punishment” on Athens.

Banker Would you give an alcoholic a glass of ouzo while you discussed his drink problem?