Euro crisis opens old wounds for Greece

Discussion in 'Economy' started by m.lewin92, Oct 20, 2012.

  1. m.lewin92
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    m.lewin92 Rookie

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    A country's economy devastated, unemployment endemic and suicides rising -- this is the reality in Greece, and there is seemingly no end in sight.Greece -- the birthplace of democracy -- is now reliant on eurozone bailouts and subject to political decision-making in Brussels and Berlin.Last week, Athenians marched in the streets to make it clear German Chancellor Angela Merkel -- in her first visit to the Greek capital since 2009 -- was not welcome.

    see here for more information please
     
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  2. EdwardBaiamonte
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    EdwardBaiamonte Gold Member

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    The Greek liberal fools have to learn to live within their means and stop ripping other people off !!

    American liberals need to learn the same thing
     
  3. Grandma
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    Grandma Geezer Chick Supporting Member

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    Asshat.
     
  4. Colin
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    Colin Gold Member

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    The Greeks have no one but themselves to blame for this disaster. It’s what happens when a nation lets debt get out of control and they’re unable to repay their foreign creditors. The Greek economy has been tanking for decades and when the euro was introduced in 1999 they were desperate to gain entry, primarily as it would reduce their interest rates substantially. Not surprisingly, entry was refused as their debts were too high and inflation was out of control. They applied again in 2002 and by ‘cooking’ the books to make it look as though they were meeting the stringent euro conditions they finally gained entry.

    As a eurozone member, they were now able to borrow in euros, thus reducing interest rates from the previous levels of 10% - 18% down to 3% - 2%. However, instead of using this to pay down debt, they threw the opportunity away by vastly increasing public sector pay scales to the extent that wages have almost doubled over the last decade. They’ve also continued to fund one of the highest state pensions in the world. Greek workers receive a state pension equivalent to over 90% of their average salary! Oh, and most retire at fifty. No wonder that labour productivity is 25% lower than the European average! Add to this the fact that tax evasion is endemic among the middle classes and it’s no surprise that the government isn’t receiving anywhere near enough tax revenues to fund its outgoings.

    Anyone who believes throwing more money at Greece is going to change things is a fool. Instead of rioting it’s time for the Greeks to man up and EARN their way to prosperity instead of expecting the rest of Europe to fund their shortcomings. Fuck ‘em is what I say!
     
  5. Nova78
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    Nova78 Silver Member

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    Expect to see this creeping crude come over here ,Obama the economic fool is leading us down the same path,writing checks on borrowed money is not the answer,borrowing 30 cents on every dollar spent is ignorant and foolish........
     
  6. EdwardBaiamonte
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    EdwardBaiamonte Gold Member

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    hey the Greeks are rioting in the street now. This means there is real belt tightening going on there . You don't see that here. In fact we seem about to elect a communist who voted to the left of Bernie Sanders to another four year term!!
     
  7. waltky
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    waltky Wise ol' monkey Supporting Member

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    Granny says, "Dat's right - Europe needs to get it's financial house in order...
    :eusa_eh:
    Global recovery under threat, says OECD
    27 November 2012 - The eurozone debt crisis is threatening the global economic recovery, the OECD says
    See also:

    Can anyone run the Bank of England successfully?
    27 November 2012 - The Bank of England is not an institution in crisis (or, at least, not as far as I can tell).
     
    Last edited: Nov 27, 2012
  8. EdwardBaiamonte
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    EdwardBaiamonte Gold Member

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    Except now the German wounds are not from killing and enslaving them, just from trying to bail them out of their liberal socialist mess.

    The Greeks are a little ungrateful for their extreme good fortune to say the least.
     
  9. Franticfrank
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    Franticfrank Member

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    I agree with you in a way - the Greeks made this mess themselves and the Germans are the ones trying to bail them out of it. Still, one can sympathise with the young Greeks who see no future in their country and view the Germans as the ones responsible for the austerity. I'm sure they're thankful for the financial assistance but not the difficult strings attached. Looking at statistics, the rest Europe seem satisfied with Germany's efforts. . 78% of Greeks view Germany negatively but most other countries are appreciative.
     
  10. EdwardBaiamonte
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    EdwardBaiamonte Gold Member

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    the sad irony is that the USA is worse off than Greece because we don't have Germany to force us to live within our means!! Instead we have a communist president who voted to the left of Bernie Sanders who wants to dig us into an ever deeper hole by eliminating the debt ceiling, spending more, and printing money at will through his treasury department!!
     

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