Greek crisis now reaching climax

Discussion in 'Europe' started by hvactec, Nov 4, 2011.

  1. hvactec
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    hvactec VIP Member

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    Friday November 04 2011

    Financial crises usually consist of two acts.

    The first, during which nothing much seems to happen, drags on apparently forever.

    Then suddenly in the blink of an eye the pace of events accelerates from slow-motion to fast forward.

    The Greek crisis, which has dragged on without any sign of resolution since October 2009, now seems to have entered this second, more dangerous phase with events likely to rapidly come to a head over the next few days.

    Whatever eventually happens, it is now clear that politically speaking Greek Prime Minister George Papandreou is a dead man walking.

    The farcical events of the past few days, Monday's shock referendum announcement, Tuesday's dismissal of the armed forces high command, Wednesday's humiliating dressing down from President Sarkozy and Chancellor Merkel followed by yesterday's cancellation of the referendum, have destroyed whatever remaining credibility Mr Papandreou possessed. Despite his refusal to resign yesterday, his time is up.

    Mr Papandreou should go and go now.

    However, having left the referendum genie out of the bottle, it is unlikely that the Greek population, which has repeatedly demonstrated its opposition to EU and IMF-dictated austerity, will meekly accept yesterday's climbdown.

    President Sarkozy and Chancellor Merkel's insistence that any Greek referendum be a straight 'Yes-No' on its membership of the eurozone rather than on whether or not to approve the EU/IMF bailout package seems to have called Mr Papandreou's bluff for now.

    But it seems unlikely that the referendum genie will conveniently disappear back into its bottle.

    There must also be a suspicion that, in calling Mr Papandreou's bluff, President Sarkozy and Chancellor Merkel may have over-played their hand.

    In other words, far from "bailing out" Greece, last week's package condemns the country to at least a decade more of grinding depression. While opinion polls still show that a majority of Greeks continue to support their country's membership of the single currency, how solid will that support prove to be when the reality dawns on Greek public opinion that the price of continued euro membership is austerity for as far into the future as can be predicted?

    The likelihood must now be that, with or without a referendum, Greece will be ejected from the euro well before the end of the year and that this will be accompanied by a messy, disorderly debt default.

    read more Greek crisis now reaching climax - Analysis, Opinion - Independent.ie
     
    Last edited: Nov 4, 2011
  2. Baruch Menachem
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    Baruch Menachem '

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    The question becomes, are they going to play by the rules or not. They really don't belong in the Eurozone. They are no way qualified. Pushing them in was a big mistake.
     
  3. Colin
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    Colin Gold Member

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    The Greeks have lost their Marbles again, so...beware bearing gifts to Greeks.
     
  4. editec
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    editec Mr. Forgot-it-All

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    Mr Papandreou is now in the position where when the Greek people are suffering thanks to the BankSters' austerity, he can remind the Greeks that President Sarkozy and Chancellor Merkel forced him to cancel their plebicite.



    How as the Greek people haven't signed onto OR off whatever austerity measures happen to them, they are free to complain that they do not control their own government or fate.

    If the plebicite vote had happened, then the Greek people could NOT have taken that "Its not my fault" position.


    Personally I think it was a mistake for the Greek government to cancel the vote on this issue by the people.

    Now whomsoever takes the reins of government is going to be blamed for the pain the austerity package brings.

    but you know who the Greek people probably won't blame?

    Mr. Papandreou.
     
  5. Granny
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    Granny Gold Member

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    How did Greece get into this mess in the first place? Could it be the form of government it has been under from at least WWII?

    It appears to me to be a government funded life of entitlements from birth to death.
     
  6. Ropey
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    Ropey To Life! Gold Supporting Member Supporting Member

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    Wait until Italy falls.
     
  7. alan1
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    alan1 USMB Mod Staff Member Supporting Member

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    Is it just me, or does that sentence sound homo-erotic?
     
  8. alan1
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    alan1 USMB Mod Staff Member Supporting Member

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    Let Greece fail as a lesson to all that think government nanny-states can provide for the masses.
    If Greece fails it may send a message to the rest of the world that they need to get their act together.
     
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  9. Baruch Menachem
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    Baruch Menachem '

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    YOu are reading too much into it

    [ame="http://www.youtube.com/watch?v=F-bsf2x-aeE"]Greek economy climaxing[/ame]
     
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    Last edited: Nov 5, 2011
  10. elvis
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    elvis BANNED Supporting Member

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    You said climax.
     

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