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Germany, ECB play hard ball with Greece

Jeroen Dijsselbloem, (L) head of the euro zone finance ministers' group, and Greek Finance Minister Yanis Varoufakis shake hands after their common press conference at the ministry in Athens January 30, 2015.  REUTERS-Kostas Tsironis

German Chancellor Angela Merkel ruled out a debt writedown for Greece on Saturday, and a European Central Bank policymaker threatened to cut off funding to Greek banks if Athens does not agree to renew its bailout package.

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Mark 

This is a tough one. I try to see both sides here. My understanding is that 80% of the loans to Greece went to the banks not to the people. Then that 80% was sent back to the ECBs in repayments and of course enriching Greek oligarchs. Using borrowed funds to pay on debts is not a good policy. Greece is eating its own tail.

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Patriot Alice 

Greece is playing hard ball with Germany and the rest of Europe. Tough decision what to do next. China, Russia, etc.. waiting on the wings...Do what you know is right and live with the consequences. Hope for the best and be ready for the worse.

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