Greek Financial Crisis

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I read somewhere else that Greece apparently has the largest defence budget in Europe as a % of GDP and that cutting it by 0.5% would cover about half what they owe. The thing is, they buy most of their arms from Germany and France, and it would put a noticeable dent in their weapon exports so they won't have it. Anyone confirm this?

On one measurement they are 9th globally. That ranking is based on spending versus health, education, that sort of thing.

Also in the top 10 are places like Armenia and Cyprus though, so it may be that you have heard.
 
On one measurement they are 9th globally. That ranking is based on spending versus health, education, that sort of thing.

Also in the top 10 are places like Armenia and Cyprus though, so it may be that you have heard.
So there are lies, damn lies ..............
 
On one measurement they are 9th globally. That ranking is based on spending versus health, education, that sort of thing.

Also in the top 10 are places like Armenia and Cyprus though, so it may be that you have heard.

Cheers.

To be honest though, it was more the bit that France and Germany won't let them cut it as it will hurt their own arms exports that concerned me.
 
Cheers.

To be honest though, it was more the bit that France and Germany won't let them cut it as it will hurt their own arms exports that concerned me.

They probably have a commitment to the EU or something. Which is ironic.

Trouble with defence spending is that the big stuff is long term stuff. Like you cant really have a navy without ships, which cost £0000's even if you dont actually use them much.

And even a few jet fighters are pretty expensive.

You either have defence spending, and it will always be expensive, or you dont. Tough to cut it in a way that will actually save much cash in the real world. Unlike cutting someones pensions, which is dead easy to do.
 
good plan this they have put forward, put up vat on restaurant meals and hotels by about 10% thats a good way to encourage holiday makers . its about the only thing going ok for them out there.
They have been putting up prices the last few years anyway , i love the place put have been giving it a swerve the last couple of years, they are cutting there own throats , went to Lassi, kefaloina a few years ago and it was packed during the day and early evening, but due to the costs 9 -11 euro for a vodka it was dead come 11 or12 ,a few nights there wasnt really anybody out and i mean nobody, two or three family groups and a few couples in the entire resort, the Greeks were blaming the holiday companies , but i asked are hotel manager and they said the resort was 80% full, i told one of the bar managers this and said you are going to ruin your selfs doing this, you can go any were in the world for a couple of hundred quid more than coming here and still be better off, and you lot have set the prices , there wasn't a bar with a happy hour, no offers same price every bar be it posh or scruffy it was deffo a fix,
Shame really as its a lovely island , everything going for it much greener than most, nice beaches, mountains places to see,Assos ect would put it up there with skiathos, and Santorini as my faves , would i go again, no left a bit of a sour taste as you felt they were just ripping you off
 
So, when all is said and done Greece's immediate future is in the hands of the un-elected Governor of the ECB - will he continue to support the liquidity requirements of the Greek banks despite no agreement in place, or will he just pull the plug leading to the collapse of Greek banks and what is left of their economy?

I think he'll pull the plug.
 
So, when all is said and done Greece's immediate future is in the hands of the un-elected Governor of the ECB - will he continue to support the liquidity requirements of the Greek banks despite no agreement in place, or will he just pull the plug leading to the collapse of Greek banks and what is left of their economy?

I think he'll pull the plug.


What will ACTUALLY happen??
 
What will ACTUALLY happen??

The ECB cannot continue to provide funds to the Greek banks to meet their deposit withdrawals if the Greeks default on Tuesday.

There's almost no chance of the Greeks not defaulting.

So the Greek banks will go bust, the Greeks will default and frankly there will be chaos as there is no mechanism to remove the Greeks from the Euro.

Next week could be incredibly messy for everyone within the Euro. The intransigence of the Germans in particular could cost Europe dear.
 
The ECB cannot continue to provide funds to the Greek banks to meet their deposit withdrawals if the Greeks default on Tuesday.

There's almost no chance of the Greeks not defaulting.

So the Greek banks will go bust, the Greeks will default and frankly there will be chaos as there is no mechanism to remove the Greeks from the Euro.

Next week could be incredibly messy for everyone within the Euro. The intransigence of the Germans in particular could cost Europe dear.


I knew it was going to happen one day... sooner than expected.. going to be very interesting to see what pans out.

Its going to have a massive impact on all euro nations..
 
The Euro has already lost nearly 10% against sterling this year, costing those of us in the Eurozone a considerable loss of income when going to the UK as many on the island of Ireland do on a daily basis. I'm convinced that the Euro will survive this rough patch, maybe losing the likes of Greece on the way.

It's a pain in the arse having to convert currency when crossing the Irish border when you can go as far away as Lithuania or Finland without needing to. I wish the UK would join in but ain't expecting it any time soon.
 
The Euro has already lost nearly 10% against sterling this year, costing those of us in the Eurozone a considerable loss of income when going to the UK as many on the island of Ireland do on a daily basis. I'm convinced that the Euro will survive this rough patch, maybe losing the likes of Greece on the way.

It's a pain in the arse having to convert currency when crossing the Irish border when you can go as far away as Lithuania or Finland without needing to. I wish the UK would join in but ain't expecting it any time soon.

I'm a huge critic of our politicians, but they still are not stupid enough to join a currency union!
 
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