It's not so easy. Greeks are well aware that a default would be
extremely painful. Bear in mind that Greece has a primary fiscal
deficit which means that it can't even pay pensions, wages,
hospitals, schools and basic infrastructure this month without
bailout money. Even more severe austerity measures as demanded,
however, is like squeezing blood from a stone. The "mob" are real
people who are suffering through pension and wage cuts, job losses
and mounting taxes. The adage "between a rock and a hard place"
accurately describes where the Greek population finds itself
today.
And so when they default and the European Union turns their
backs to them where do the Greeks think they will find the money to
do anything? I would think austerity is better than getting
nothing.
Obviously you don't think that the EU has less then vested
interests in saving Greece. Greece is the lynch pin to a very
explosive situation. My point was that austerity measures alone
whilst piling on more debt to pay previous debt will not stop the
endgame and the Greeks know it. The Greeks would respond more
favorably to any sort of coherent policy to address huge structural
problems in the economy. But they only see power plays to save the
crumbling edifice of the Euro...
Can they repudiate the Socialistic policies and wild free
spending and big govt that has placed them in this situation? Will
they turn on the Union and political machines that have promised
the world and delivered by bankrupting the nation?
What's worse is that if allowed to default, the rest of the
world will rush in to lend the next govt all it wants to keep the
fantasy going in another round of ponzi socialism and fraud.
Reality of the matter is...We really need to Govt to step in to
save Italy, Spain & Portugal. We are talking about significant
financial catastrophe if we dont step in. Mortgage mess will be
peanuts compared to the global impacts. Can you say Global
depression with 20% plus unemployment world wide.
Start with the politicians and union thugs, er bosses. Then
throw in the bankers who facilitated this irrational borrowing and
spending.
Ebenezer: Are there no prisons?
First Collector: Plenty of prisons.
Ebenezer: And the workhouses - are they still in operation?
First Collector: They are. I wish I could say they were not.
Ebenezer: Oh, from what you said at first I was afraid that
something had happened to stop them in their useful course. I'm
very glad to hear it.
It's not so easy. Greeks
GREEKS... WHAT A MESS!
Posted by Vida on 1st of Nov 2011 at 11:45 am
It's not so easy. Greeks are well aware that a default would be extremely painful. Bear in mind that Greece has a primary fiscal deficit which means that it can't even pay pensions, wages, hospitals, schools and basic infrastructure this month without bailout money. Even more severe austerity measures as demanded, however, is like squeezing blood from a stone. The "mob" are real people who are suffering through pension and wage cuts, job losses and mounting taxes. The adage "between a rock and a hard place" accurately describes where the Greek population finds itself today.
And so when they default
Posted by duesy on 1st of Nov 2011 at 11:50 am
And so when they default and the European Union turns their backs to them where do the Greeks think they will find the money to do anything? I would think austerity is better than getting nothing.
Obviously you don't think that
Posted by Vida on 1st of Nov 2011 at 12:01 pm
Obviously you don't think that the EU has less then vested interests in saving Greece. Greece is the lynch pin to a very explosive situation. My point was that austerity measures alone whilst piling on more debt to pay previous debt will not stop the endgame and the Greeks know it. The Greeks would respond more favorably to any sort of coherent policy to address huge structural problems in the economy. But they only see power plays to save the crumbling edifice of the Euro...
Can the Greeks change?
Posted by perthx on 1st of Nov 2011 at 12:09 pm
Can they repudiate the Socialistic policies and wild free spending and big govt that has placed them in this situation? Will they turn on the Union and political machines that have promised the world and delivered by bankrupting the nation?
What's worse is that if allowed to default, the rest of the world will rush in to lend the next govt all it wants to keep the fantasy going in another round of ponzi socialism and fraud.
Oh themou!
Reality of the matter is...We
Posted by jdaswani on 1st of Nov 2011 at 12:14 pm
Reality of the matter is...We really need to Govt to step in to save Italy, Spain & Portugal. We are talking about significant financial catastrophe if we dont step in. Mortgage mess will be peanuts compared to the global impacts. Can you say Global depression with 20% plus unemployment world wide.
The Euro idea is nots
Posted by dylan398 on 1st of Nov 2011 at 01:07 pm
The Euro idea is nots to begin with and we are being told that if we don't keep it together the world will go into depression...popycock.
Just the ruling class getting a bigger stranglehold on society...JMO
And we should bail out Europe why?
Posted by perthx on 1st of Nov 2011 at 12:18 pm
Start with the politicians and union thugs, er bosses. Then throw in the bankers who facilitated this irrational borrowing and spending.
Ebenezer : Are there no prisons?
First Collector : Plenty of prisons.
Ebenezer : And the workhouses - are they still in operation?
First Collector : They are. I wish I could say they were not.
Ebenezer : Oh, from what you said at first I was afraid that something had happened to stop them in their useful course. I'm very glad to hear it.
greek money
Posted by biscuit on 1st of Nov 2011 at 11:52 am
http://www.youtube.com/watch?v=-dIEqFOG-wE