Daily Archives: 18 May 2016

Greece and Loans

Posted on by
1

There is a kerfuffle going on just now among Greece, the IMF, Germany—mostly between Germany and the IMF.  The IMF wants to freeze interest rates on Greece’s loans for the next 30-40 years—so that Greece can pay up.  Germany is demurring from this, saying that’s not paying, that’s just delaying things.  Of course, the IMF is saying this about other nations’ loans; the IMF isn’t a current participant in them.

But there’s a misunderstanding at the center of the kerfuffle, and it has nothing to do with fixed interest rates or their duration.

[German Chancellor Angela Merkel] and many of her lawmakers believe that, without the IMF, the eurozone wouldn’t be able to enforce rigorous fiscal and economic overhauls in Greece in return for loans.

That might be difficult with the present round.  However, Germany, nor any of its fellow eurozone participants are obligated to loan to Greece, especially if the latter defaults on the current round.  The example of not lending further would be a valuable object lesson.

Of course, that also would take less timidity than Merkel, et al., are showing presently with their demand for IMF cover: on a default, Greece might leave the eurozone, and Europe is very much afraid of that.

Railroad Job

Posted on by
Reply

…that the rest of us can look forward to under a Clinton administration?  That would certainly be a continuation of the last seven-plus years.

The Nevada State Democratic Convention Saturday night didn’t exactly fall apart so much as it was terminated by the Clinton Chair of the thing as that person simply ended the convention and walked out.  With a number of unresolved questions, except by her fiat adjournment.

Clinton now has 20 Nevada delegates to Sanders’s 15 when their new delegates are combined with those awarded after the caucuses.

But there was immediate backlash as the results were announced, with many Sanders supporters crying foul over their reported exclusion from the process.

And [emphasis added]

Leslie Sexton, a convention credentials committee co-chair, took the microphone just after the final results were read and said she had a minority report but was not allowed to give it.

The crowd started up loud chants of “Let her speak” and “Recount,” and after a few minutes a Democratic National Committee (DNC) member gave her the podium.

Sexton reported that nearly 64 Sanders delegates to the state convention were excluded from the convention process.  The Vermont senator only had 33 fewer delegates than Clinton in attendance.

Sexton added

The credentials minority report is based on the challenge of 64 Sanders delegates.  Contrary to the procedures and precedents set by the committee, nearly none of these 64 people were presented with the opportunity to be heard by the committee or to demonstrate that they are registered Democrats.

Without the opportunity to be heard, no delegate could be stricken.  The actions of the credentials committee violates the spirit of the Nevada state delegate plan, which encourages full participation in the democratic process, and it violates the spirit and values of our state and our nation.

Nevertheless, Convention Chair Roberta Lange simply gaveled the Convention to a close and left on the instant.

Sexton is, unfortunately, naïve.  This is democracy, Progressive style.