The so-called troika of the ECB/IMF & EU may think it’s okay to hold off on giving Greece the next tranche of the bailout ‘loan’ but time and financial markets don’t wait, not even for such important people.
The Greek Armed Forces have now entered the fray with retired officers taking over the Ministry of Defence and with the professional body charged with representing current Armed Forces issuing a warning that the ‘military’s confidence in the “intentions of the state” regarding their pensions has been “shaken”.’
Amid a wider protest of some 2000 officers, around 300 stormed the building as the crowd shouted “down with the Pasok junta” – referring to the governing social democratic party.
As the article points out, this comes on top of protests by the Police force last week. If things continue as they are, and there’s no reason to expect otherwise, and given the reputation of Greece’s Armed Forces, it isn’t beyond the realms of possibility that a coup could be in the offing.
This morning’s newspapers all seem to know what will be in Cameron’s speech to Conference this afternoon. If it’s true that he’s telling people to pay off their credit cards and rein in their personal debt, he’s setting himself up for a fall. No matter how sensible the advice, it isn’t always possible and the press will be all over him this evening. When there are reports that many people are having to use the cards to pay utility and food bills comments like this will be seen as insensitive and out of touch at best.
As reported by the BBC, he will address the issue of the UK’s deficit reduction by saying:
“This was no normal recession; we’re in a debt crisis. It was caused by too much borrowing, by individuals, businesses, banks and – most of all – governments.
“The only way out of a debt crisis is to deal with your debts. That means households – all of us – paying off the credit card and store card bills.”
UPDATE: According to the Daily Politics, that part of Cameron’s speech has been re-written after gauging the reactions coming in. Instead of saying that households “should” pay off their debts, it’s changed to households “are” paying off their debts. Subtle, eh!