Congratulations to Greece for walking out of 11th hour Troika talks. Greece is going to default sooner or later and the sooner the better for everyone involved.
The Financial Times reports Greek Default Fears Rise as ‘Eleventh-Hour’ Talks Collapse.
Talks aimed at reaching an eleventh-hour deal between Greek ministers and their bailout creditors collapsed on Sunday evening after a new economic reform proposal submitted by Athens was deemed inadequate to continue negotiations.
Greek negotiators, including Nikos Pappas, aide-de-camp to Prime Minister Alexis Tsipras, left the European Commission only 45 minutes after entering.
In a sign of how far attitudes had shifted, Sigmar Gabriel, Germany’s vice-chancellor and head of the country’s Social Democratic party — long seen as a more conciliatory political group — penned an article for Monday’s daily Bild newspaper in which he warned patience towards Greece in Germany was running thin .
“The game theorists of the Greek government are in the process of gambling away the future of their country,” Mr Gabriel wrote, in a thinly veiled dig at Yanis Varoufakis, the Greek finance minister who is an expert on game theory. “Europe and Germany will not let themselves be blackmailed. And we will not let the exaggerated electoral pledges of a