The Greek are revolting..don't they get it?There's no money!
Discussion
anonymous said:
[redacted]
If they default they will have to cut back once lenders realise that lending is risky (as it should be) and demand higher interest rates. However stumbling round for a few years, trying to cut costs and raise additional revenue by higher taxes isn't going to make an impression on the debt mountain. Default first, then cut your cloth as need.The Greeks were never going to make any cuts.
Their older population have raped the country to empty and borrowed as much as possible while the younger generation have been ignored and left to starve.
The Greeks will keep taking German money with no intention of carrying put any demands from the EU and then they will default.
It has all happened before with Greece and it's duplicitous lifestyle.
The EU are weak, liberal fools terrified to step on an ant.
Greece should have been expelled from the EU and beaten with a stick to set an example to the other Club Med members.
All that will happen now is the EU will keep paying these states money until it too is as bust as them and everyone collapses.
Their older population have raped the country to empty and borrowed as much as possible while the younger generation have been ignored and left to starve.
The Greeks will keep taking German money with no intention of carrying put any demands from the EU and then they will default.
It has all happened before with Greece and it's duplicitous lifestyle.
The EU are weak, liberal fools terrified to step on an ant.
Greece should have been expelled from the EU and beaten with a stick to set an example to the other Club Med members.
All that will happen now is the EU will keep paying these states money until it too is as bust as them and everyone collapses.
anonymous said:
[redacted]
And so teach everyone else that they can spend as much as they want and follow the Greek idea of borrow borrow borrow and then simply default on it all...Or do as they do in this country, when banks raise APR due to certain people defaulting the rest all complain its not fair and the banks are all greedy...
The risk is though that if the Greeks do a good job of protesting (and this is something they are very good at), it sets the precident not only for the other PIIGS - the "no cuts" rot could spread over hear. If our Union leaders see successful campaigns widespread in Europe we may have some serious protests to deal with.
k off or is that too simple? 
DonkeyApple said:
The Greeks were never going to make any cuts.
Greece should have been expelled from the EU and beaten with a stick to set an example to the other Club Med members.
All that will happen now is the EU will keep paying these states money until it too is as bust as them and everyone collapses.
It's not really fair to beat a country with a stick "pour l'encourager des autres" when you have taken over complete control of their economy. Clearly this is what has happened, the Greek people don't get any say, and none of their politicians dare sneeze without the EU say so. Greece should have been expelled from the EU and beaten with a stick to set an example to the other Club Med members.
All that will happen now is the EU will keep paying these states money until it too is as bust as them and everyone collapses.
I was watching that rather sexy Lagarde women, she's the French Finance Minister or something, you know the one, you always watch her wrapping Paxman round her little finger on Newnight and you sit there thinking she's technically far too old but I'd still inject some liquidity into her, well she was on Bloomburg saying restructure is totally out of the question. So that's that then, no need to ask the Greeks.
By the way, Stavros is on general strike today to protest against the planned privatisation of 17% of the Greek state elcetricity supply monoploy. Honestly, you'd think they'd have better things to worry about. Having said that, I also think EU/ECB/IMF have totally underplayed the long term political consequences of this farago.
anonymous said:
[redacted]
No. They whole political system is skewed towards corruption and handouts, especially those from the EU. All political focus has been in that direction for decades - we are on the same trajectory, just a good way (yet) behind.DonkeyApple said:
Greece should have been expelled from the EU and beaten with a stick to set an example to the other Club Med members.
It should never have been allowed in in the first instance. Of course it 'met' the financial criteria because it (temporarily) firgged its balance sheet - with help from debt warehousing by Goldman Sachs - and was duly waved in by those idiots who saw the greater socialist Euo-state ideal as being of ultimate importance. To a lesser extent this lack of financial scrutiny, in order to achieve the greater goal, was repeated with the other PIIGS.Fiduciary responsiblility in the EU is, unsurprisingly for an organisation whose accounts will never be signed off by any auditor, almost non existant.
Andy Zarse said:
It's not really fair to beat a country with a stick "pour l'encourager des autres" when you have taken over complete control of their economy. Clearly this is what has happened, the Greek people don't get any say, and none of their politicians dare sneeze without the EU say so.
I was watching that rather sexy Lagarde women, she's the French Finance Minister or something, you know the one, you always watch her wrapping Paxman round her little finger on Newnight and you sit there thinking she's technically far too old but I'd still inject some liquidity into her, well she was on Bloomburg saying restructure is totally out of the question. So that's that then, no need to ask the Greeks.
By the way, Stavros is on general strike today to protest against the planned privatisation of 17% of the Greek state elcetricity supply monoploy. Honestly, you'd think they'd have better things to worry about. Having said that, I also think EU/ECB/IMF have totally underplayed the long term political consequences of this farago.
That isn't true.I was watching that rather sexy Lagarde women, she's the French Finance Minister or something, you know the one, you always watch her wrapping Paxman round her little finger on Newnight and you sit there thinking she's technically far too old but I'd still inject some liquidity into her, well she was on Bloomburg saying restructure is totally out of the question. So that's that then, no need to ask the Greeks.
By the way, Stavros is on general strike today to protest against the planned privatisation of 17% of the Greek state elcetricity supply monoploy. Honestly, you'd think they'd have better things to worry about. Having said that, I also think EU/ECB/IMF have totally underplayed the long term political consequences of this farago.
Greece has deliberately been in breach of the EU rules on borrowing from day one.
There is not a single day in Athens when there is not a protest or strike, so they are just a part of Greek life and pretty much irrelevant.
The Govt and the entire older generation are totally crooked.
Anyone who knows Athens and the Greek govt knew that they would not make the cuts and would be back to the table for more money until the money dries up and then they will default.
Lines in the sand were needed 2 years ago.
The EU has comprehensively failed to control its southern members and those members have been breaching EU rules from the outset. Hanging one out to dry a long time ago would have set the example needed to snap the others back into line.
For those unfamiliar with Greece, it is hard to describe the dichotomy that exists there.
Most people are, in some way 'addicted' to the state and EU handouts, but there is still a very damaging gulf between public and private sector.
The public sector is perceived to be corrupt, rife with cronyism and out to line it's own pockets and (now) more focused on EU paymeasters than the population it is supposed to serve. Bureaucracy has to be experienced to be believed.
For its part, the private sector mistrusts the state to the point it begrudges any tax and evasion and avoidance are the norm to a staggering degree. This further compunds the debt issue, of course.
Accross the board, because of the peculiar political landscape that has developed, there is a broad lack of understanding of the nation's finances. And ther are also, it must be said, one hell of a lot of very lazy people!
Most people are, in some way 'addicted' to the state and EU handouts, but there is still a very damaging gulf between public and private sector.
The public sector is perceived to be corrupt, rife with cronyism and out to line it's own pockets and (now) more focused on EU paymeasters than the population it is supposed to serve. Bureaucracy has to be experienced to be believed.
For its part, the private sector mistrusts the state to the point it begrudges any tax and evasion and avoidance are the norm to a staggering degree. This further compunds the debt issue, of course.
Accross the board, because of the peculiar political landscape that has developed, there is a broad lack of understanding of the nation's finances. And ther are also, it must be said, one hell of a lot of very lazy people!
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