Greek Financial Crisis

[DualityNSNO]

With respect though they have always had a bigger tourism thing going on than Bulgaria has, and if its a choice between continuing this involuntary euthanasia imposed by the troika and accepting a voluntary downsizing that will bring some economic benefits (as well as some pain), then it isnt really a choice.

No offence taken mate, you're right, they have. And yes, that is a fair point like that, but judging by Greeks up until this point, they won't carry on with this - it's good if you take the money from tourism that they will obviously get and invest it as well as you can (and as much as you can, limitations etc would be a thing after all) into other areas.

Also I like how some people turned experts on Greece on here (not talking about Woolly etc) overnight, like. lol

 

[marnie]

As I write this..... my neighbours Baptized their Son today.The partying dancing and merriment is still going on now.In or out of the Euro....these people will continue to live like this and not be broken by Merkel et al.

 

[Woolly Blue]

The tourist argument is the best argument for grexit and going back to a sovereign currency that there is - put a weak local currency, low local employment costs and a benevolent tax regime with whats happening elsewhere in the world (especially on the southern coast of the Med) and next summer every resort in Greece will be packed out.

True, to a certain extent, and tourism accounts for about 20% of the economy so it would help in the short term, but being part of the Eurozone has brought some stability to tourism because the previous wild movements in the Drachma led to boom and bust years. The French, Italian and German tourist numbers have probably been more stable with Greece being in the Euro and, theoretically at least, stability at least has meant that things could be planned better. There's a worry amongst some Greeks in the tourism business that an exit from the Euro would lead to a drying up of EC grants. Lots of the new, more upmarket studios and hotels have been built to a higher standard on the back of EC grants.

We tried that in Bulgaria and it worked for a total of 2-3 summers - my dad's job relies on tourism and he's just about affording standard living costs right now.

That is definitely not a good future plan. It works short-term, but one small error/fault elsewhere and you're boned. Russians are less here now because of their own economical problems, Brits are less and less, people from Israel started going away from us... Those are/were major tourist groups - without them here, everything is dead. The same thing is likely to happen to Greece.

There's much more of a history of Northern Europeans taking holidays in Greece than there is to Bulgaria though, so the downside would probably be less for Greece

Off-topic - Thought of you the other day mate. We had a couple of nights in Platanos and ate at Mylos in Agia Marina one night and down in Pandeli the other night, but couldn't remember if your mum was still working in the area.

 

[DualityNSNO]

True, to a certain extent, and tourism accounts for about 20% of the economy so it would help in the short term, but being part of the Eurozone has brought some stability to tourism because the previous wild movements in the Drachma led to boom and bust years. The French, Italian and German tourist numbers have probably been more stable with Greece being in the Euro and, theoretically at least, stability at least has meant that things could be planned better. There's a worry amongst some Greeks in the tourism business that an exit from the Euro would lead to a drying up of EC grants. Lots of the new, more upmarket studios and hotels have been built to a higher standard on the back of EC grants.



There's much more of a history of Northern Europeans taking holidays in Greece than there is to Bulgaria though, so the downside would probably be less for Greece

Off-topic - Thought of you the other day mate. We had a couple of nights in Platanos and ate at Mylos in Agia Marina one night and down in Pandeli the other night, but couldn't remember if your mum was still working in the area.

There is the history and I hope they see that they can use that to their advantage overall, not just for the same tourism aspect, as I said in the previous post.

+1 for the upper point though.

Aye she's still there, I might be going later on as well, but things are all up in the air for obvious reasons right now. She's the chef at Mylos! I hope you liked the food... lol

 

[Woolly Blue]

There is the history and I hope they see that they can use that to their advantage overall, not just for the same tourism aspect, as I said in the previous post.

+1 for the upper point though.

Aye she's still there, I might be going later on as well, but things are all up in the air for obvious reasons right now. She's the chef at Mylos! I hope you liked the food... lol

Carpacio was excellent and I had an ace Melitzana Tiri
The waiters were a sullen lot though !

 

[Clint Planet]

This is all about Global Capitalism crushing the left-wing dissent.

 

[Toffeelover]

If Greece left the Euro and returned to the Drachma it would be junk currency. No matter what kind of measures they talk of for spending cuts or taxation does anyone really think this will change matters. Never mind what the politicos say or write, can they really produce what they are claiming I doubt it, there has been nothing said about breaking the tax dodging culture or the corruption. The promises are merely to secure more money but if they cannot repay now what they owe how can they repay more loans. A third of the debt written off is not really going to change matters. Let us be clear they will never be able to repay those debts. Come 3 years time they will ask for more money. The largest source of income for Greece is tourism, they need people to holiday there. As far as I am aware Greece has no manufacturing industrial base to shout about.

 

[hullefc]

This is all about Global Capitalism crushing the left-wing dissent.

"Paul Kirby, the BBC website's Europe editor, writes:

"There may only be four pages, but if this draft document is agreed, it would be an extremely difficult pill for Greeks to swallow.

"For Alexis Tsipras and his left-wing Syriza-led administration, some of the ideas would be little short of humiliation.

"Even if Greek MPs pass sweeping reforms by Wednesday, the government would have to allow international creditors full monitoring of its work in Athens and agreement of draft laws in advance. Syriza came to power promising an end to such oversight.

"Another possible step is to 'amend or compensate' for 2015 Syriza laws that run counter to what it agreed with the eurozone in February.

"That might mean overturning the reinstatement of 4,000 civil servants such as school guards and cleaning ladies.

"And if Greece could not agree to that it could be offered 'time-out' from the eurozone, and the chance of restructuring its debt."

The Euro zone have declared the elected government of Greece null and void. Whatever laws you have passed or things you have done, that we don't like, then we will overturn them. Mass sackings. Forced legislation against strike action - Thatcher style

The EU are implementing a coup d'etat against an elected government. They can't have a movement that stands up to them as they fear it might catch on and give the Spanish unwanted 'ideas'. In Merkel's eyes, Syriza has to fail at any cost and be humiliated in the process.

 

[Clint Planet]

http://krugman.blogs.nytimes.com/20...roject/?smid=tw-NytimesKrugman&seid=auto&_r=1

 

[DualityNSNO]

Carpacio was excellent and I had an ace Melitzana Tiri
The waiters were a sullen lot though !

Yeah they've had a problem with them for this summer, nearly all new guys as well...

 

[davmaher]

The Eurozone lot seem to have gone against the maxim of Vito Corleone and are making the Greeks an offer they can't accept. It's all about humiliating Greece now and sending a message to anyone else in the Eurozone (Spain etc.) who gets the idea that they live in a democracy.

 

[hullefc]

The coup d'etat organised in Berlin and carried out by Frankfurt.

"Ryan Heath30 MINUTES AGO

THE FUND THAT COULD MANAGE GREEK ASSETS:
Germany has suggested one particular institution – KFW – could manage Greece’s assets and some of their reform efforts. But who’s behind this little-known “Institute for Growth”? It’s the government-owned bank, KFW.

KFW’ CEO Ulrich Schröder spent 20 years at WestLB (and six years at a spin-off) – a bank which received four government bailouts since 2008. Also on the board are none other than German Finance Minister Wolfgang Schäuble and Economy Minister Sigmar Gabriel".

The KfW, formerly KfW Bankengruppe, is a German government-owned development bank, based in Frankfurt. Its name originally comes from Kreditanstalt für Wiederaufbau. It was formed in 1948 after World War II as part of the Marshall Plan".

 

[Toffeelover]

Much talk of tourism but remember said tourism comes to the end of it's summer cycle in about 2 months.

 

[DualityNSNO]

The coup d'etat organised in Berlin and carried out by Frankfurt.

"Ryan Heath30 MINUTES AGO

THE FUND THAT COULD MANAGE GREEK ASSETS:
Germany has suggested one particular institution – KFW – could manage Greece’s assets and some of their reform efforts. But who’s behind this little-known “Institute for Growth”? It’s the government-owned bank, KFW.

KFW’ CEO Ulrich Schröder spent 20 years at WestLB (and six years at a spin-off) – a bank which received four government bailouts since 2008. Also on the board are none other than German Finance Minister Wolfgang Schäuble and Economy Minister Sigmar Gabriel".

The KfW, formerly KfW Bankengruppe, is a German government-owned development bank, based in Frankfurt. Its name originally comes from Kreditanstalt für Wiederaufbau. It was formed in 1948 after World War II as part of the Marshall Plan".

So how is this a shock exactly?

Who should be trusted with this, random blokes off the street like you and me who clearly know better than the German finance and economy ministers?

 

[hullefc]

So how is this a shock exactly?

Who should be trusted with this, random blokes off the street like you and me who clearly know better than the German finance and economy ministers?

The tried and trusted brains behind this government owned bank needed bailing out 4 times. Not a good record for a bunch of bankers in the process of being allowed to control a countries finances. When they can't even run their own business without making a mess of it. The average Greek would make a better fist of it than some failed German bankers.

Edit. Sometimes you just can't make things up.

"member states are all supporting the second option: transferring €50 billion of Greek assets to an independent fund, “to be privatized over time.” And the 'independent fund' is the Institute for Growth', KfW the failed and bailed out German government owned bank. It obviously needs another bail out so let the Greeks give them money. The audacity of Merkel.