Aboutme.SubinFinance - "Reform Will Fail Greece" Says Former Greece Finance Minister

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"ECONOMIC REFORM WILL Fail GREECE" SAYS YANIS VAROUFAKIS

“The huge bailout provided by creditors is going to fail” commented Former Greek Finance Minister Yanis Varoufakis to BBC News. This economic reform will take Greece to such a disastrous level; the country will have to suffer enough pain in history of the country. The German parliament has given a green signal to negotiations and the bailout package is considered to be Euro 86 Billion in exchange of austerity measures.

The Former Finance Minister has already resigned and Prime Minister Alexis Tsipras even believed in this bailout scheme. But Greece doesn’t have enough options left in the later hour. He also schuffled the cabinet who voted against him, took Ministers who have good view of the upcoming macroeconomic reforms. But the negotiation table will be fighting for another 4 weeks to get it done and the process if full of thorns and stones to walk. On Saturday he ordered all the banks in Greece to be opened and the withdrawal limit will be Euro 420 for people on weekly basis.

The European Council approved another Euro 7 Billion loan as emergency Fund. Now the status quo of Greece is that it can pay debts to both the creditors, the mighty International Monetary Fund and second, European Central Bank respectively.

Greek debt crisis: 2bn euro arrears repaid to IMF; BBC News

GREECE PM TELL PARLIAMENT A DEBT DEAL CAN BE DONE:[Video]

http://www.telegraph.co.uk › Finance › Economics

Reshuffle Greece Cabinet for Bailout Reforms:

These Austerity measure for Euro 86 Billion is already failed before it’s about to start according to former Finance Minister of Greece. Greece is suffering from massive unemployment and Government is planning for pension cuts. Apart from that Value Added Taxes will increase the price of goods and services in Greece economy.

Mr. Varoufakis is already commenting that last 2 bailout packages didn’t bring in growth to Greece economy whereas it has constrained to almost 25% and more in the last 5 years. Apart from that Greece economy is not having any option but to get the deal done or shifting from Euro will be worse like creating “Violence and Chaos”.

On Wednesday Greek Parliament must pass further reforms to secure the bailout amount. For this the rebellion ministers of Greece has been replaced by Mr. Tsipras to get the reform done and further 8 ministers and deputy minister were changed. Here Mr. Varoufakis is one of the descendent who was dismissed. In his place a new Finance Minister named Mr. Triforn Alexiadis took his seat.

On Saturday, every sworn in New Ministers were taken oath. The bill was passed with 229 votes out of 300 Greek parliament members. It will last four weeks to end the negotiation of bailout package.

Europe Market Opened on Higher Note As Greece Starts Repaying:[Video]

http://www.cnbc.com/.../european-markets-greece-reopens-b...

United States & United KingdomIs Planning To Increase Interest Rate:

United States and United Kingdom is planning to hike interest rate after the Great Recession of 2008. These Interest rate hikes depends upon various fundamentals which both the economy rarely achieved it now. European Central Banks are still buying Bad Assets worth Euro 60 Billion until September 2016.

Chinese Policy makers are struggling to keep the stock market slide at bay and reverse the growth path once more. The Chinese Central Bank is going to spend about US$ 48 Billion into the economy to kick-start the sleeping economy. Japanese Economy is buying bad assets now and still cuts its growth rate forecast this year.

All major countries are trying to reduce the interest rate and even Canada has done the cut of interest rate last week only. If all the Central Banks are easing the monetary policy and only Two Central Banks i.e., Fed and Bank of England is planning to increase interest rate means, a thing less to digest as of now.

Inflation is not high right now in USA and even in United Kingdom. Job creation and growth are mild according to forecast and current situation. If to curb the easing of funds by majority Central Banks and United States will increase the interest rate means there will be flow of United States Dollars from other countries to USA and UK because people are interested to invest in better market than other markets.

Yellen is planning to curb the spillover from Greece and Chinese crisis means, all the countries who’re involved in creating growth will be facing a recession hereafter. Federal Reserve Chairman do not know how much bad debts they’ve bought to keep the economy moving and how much to be left. And American Government has been increasing money supply to check the recession under control. What the Government is going to do with these debts? Save it or Sour it???

United Kingdom has already got jobless rate raised only after a span of 2 years and United States too has received good jobless rates 4 times these span of 2 year. Still inflation is under control and if they increase the interest rate means and supply of currency will not be increased from outside means they have to come to normal rate where all interest rates will be standing. Apart from that unemployment level will become high, demand will be curbing and production can come to lower level.

The outcome of Greece on Wednesday will decide where the global economy will be moving and what’s going to happen? United Kingdom and United States with just assumption can’t run the economy as Strong United States Dollar will weaken all above mentioned one.

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