Stop me if you’ve heard this one before:
Germany’s Suddeutsche Zeitung reported that just two (or is it three, this past summer is one big blur) months after Greece voted through its third bailout, one which will raise its debt/GDP to over 200% on a fleeting promise that someone, somewhere just may grant Greece a debt extension (which will do absolutely nothing about the nominal amount of debt), its creditors have already grown tired with the game and are refusing to pay the next Greek loan tranche of €2 billion.
Specifically, the payment of the first €2b tranche of €3b is now sait[sic] to be delayed because Greek Prime Minister Alexis Tsipras failed to implement reforms on schedule, Sueddeutsche Zeitung reports, citing unidentified senior EU official.
And evidently one of the latest sticking points is that Tsipras wants to prop up deadbeat home loans for houses worth as much as $331,185.
Greece edges close to default. Greece’s creditors demand reform. Greece agrees to reforms at last minute. Greece gets bailout. Greece fails to implement reforms.
Rinse. Repeat.
Tags: Alexis Tsipras, Economics, EU, Euro, European Debt Crisis, Foreign Policy, Germany, Greece, Welfare State