Greek Financial Crisis

[COYBL25]

 

[rascal]

It has to come to a head eventually. The choice is straight forward really. Either leave the euro which will be painful at first but will settle down or go on for decades in a ever decaying economy.

 

[roydo]

Was never, ever going to work. The only question was how long it would take to unravel.

If Greece leaves the Euro, then expect a few more to (eventually) follow suit. Unless they agree to hand over the reins of their economy and banking system to Germany/France.

Currency union without a central economic policy does not work.

 

[magicjuan]

There are a lot of repercussions if they 'default', and a large part of my thinking wants them to, the practice of the EU currency system is corrupted and skewed towards private institutions with the pay off coming from the much less well off majority.

Helter skelter...

 

[DualityNSNO]

Could well truly arrive on July 1st.

I still think they will find an agreement that will see them bailed out for now, but still think they will default eventually.

Brilliant country, lovely people and not their fault!

Well, that's just very wrong.

 

[roydo]

There are a lot of repercussions if they 'default', and a large part of my thinking wants them to, the practice of the EU currency system is corrupted and skewed towards private institutions with the pay off coming from the much less well off majority.

Helter skelter...

They kind of have defaulted already. In the same way that Zambia (?) did about 40 years ago.

But they are in a right pickle. Which is a great shame.

 

[atrottel]

There are a lot of repercussions if they 'default', and a large part of my thinking wants them to, the practice of the EU currency system is corrupted and skewed towards private institutions with the pay off coming from the much less well off majority.

Helter skelter...

Not just the EU currency system... (for example, ask any British woman who is now working until 67 - or later - because 'we' can't afford to pay the pensions). Of course, we have enough money to pay out to the financial institutions who caused the problems and where not one management level person has gone to jail for any crime. But let's all mock the Greeks because it could never happen here...

 

[The Esk]

Unfortunately for them (and us) the Greeks were never big enough to fail.

 

[roydo]

where not one management level person has gone to jail for any crime.

Nailed. Not just that either; LIBOR, PPI, etc etc. No one has paid with their liberty.

 

[atrottel]

Unfortunately for them (and us) the Greeks were never big enough to fail.

Very interesting book that I'm reading about that called The Divide by Matt Taibbi.

 

[rascal]

Very interesting book that I'm reading about that called The Divide by Matt Taibbi.

Didn't he used to be a goalkeeper?

 

[magicjuan]

Not just the EU currency system... (for example, ask any British woman who is now working until 67 - or later - because 'we' can't afford to pay the pensions). Of course, we have enough money to pay out to the financial institutions who caused the problems and where not one management level person has gone to jail for any crime. But let's all mock the Greeks because it could never happen here...

That's the heavy irony. There is little difference in situations around the world, the methodology changes but the the intent is identical, rob the poor to fatten the rich.

Anyone that genuinely doesn't believe that to be the case basically doesn't have the ability to think for themselves, or is indoctrinated into the capitalist way wholeheartedly or is in a position within their society where they feel unaffected, for the time being.

Or they don't give a flying one which is all 3 of the above.

 

[Lids1978]

Could well truly arrive on July 1st.

I still think they will find an agreement that will see them bailed out for now, but still think they will default eventually.

Brilliant country, lovely people and not their fault!

Great skins the Greeks. Had two fabulous holidays there. Lovely people and don't rip ya off like the Spanish

 

[Pienaar's gloves]

Great skins the Greeks. Had two fabulous holidays there. Lovely people and don't rip ya off like the Spanish

No comparison for me. My Mum and Dad live in Spain so I do visit but I'd rather go to Greece.

Wonderfully warm people. I'm sure the same can be said for many Spanish but I don't get the same vibe.

Bought a round of four drinks in a Greek bar last week and then the barman was bringing us all sorts for free. In Spain they add a compulsory tip to your bill!

 

[Lids1978]

No comparison for me. My Mum and Dad live in Spain so I do visit but I'd rather go to Greece.

Wonderfully warm people. I'm sure the same can be said for many Spanish but I don't get the same vibe.

Bought a round of four drinks in a Greek bar last week and then the barman was bringing us all sorts for free. In Spain they add a compulsory tip to your bill!

Don't get me wrong mate I luv the Spanish and they luv me mainly cause I'm Irish and don't trash their country like well erm..