why the euro sucks

[washamericom]

i figured out we the eoro sucks as a monetary unit, it's because europe sucks. they have been living a lie of socialism hypocracy. in there lazy way, they can't even manage the relatively easy life they have when things are going well. they sponge off of us, living a secure safe existence without having to contribute much of anything. but that's not good enough, they have to work an easy life shift, then retire at forty five and sit in the sun and drink wine and eat good cheese (american cheese) "america is bad, but they will defend us" when things get tough, fuck you europe, and swistzerland, and the college students in england trying to be like europe. do some work.

 

[elvis]

euro sucks because Greece went bankrupt and the EU had to bail them out. it's the problem with multiple countries holding the same currency.

 

[ekrem]

You've figured it all out out of your province.

 

[Sallow]

euro sucks because Greece went bankrupt and the EU had to bail them out. it's the problem with multiple countries holding the same currency.

Greece went "bankrupt" because they wanted to upgrade their military and took out loans to do so..

 

[washamericom]

You've figured it all out out of your province.

are you hitting on me ?

 

[elvis]

euro sucks because Greece went bankrupt and the EU had to bail them out. it's the problem with multiple countries holding the same currency.

Greece went "bankrupt" because they wanted to upgrade their military and took out loans to do so..

ah ok. I wasn't aware of that. I just know that the euro went down when the EU helped them out.

 

[ekrem]

are you hitting on me ?

Your explanation 'why the euro sucks' is a total fail.
Sorry, dude. Especially the American cheese part.

 

[Baruch Menachem]

Greee has the worst tax compliance of any OECD country, and has the most generous pension plans, highest paid civil service and highest ratio of folks getting paid by the state vs those paying in.

It also has the worst accounting scandals in the OECD.

Greece is where California is headed.

Greece never should have been permitted in the Euro Zone in the first place. Or if they wanted to use Euros, they should have been made to do so on the same terms as Slovenia, which didn't bother with a national currency, but just used the German currency instead.

 

[washamericom]

are you hitting on me ?

Your explanation 'why the euro sucks' is a total fail.
Sorry, dude. Especially the American cheese part.

sez you.. how would you make a grill cheese? there's real sand witch logic here. boo

 

[Sallow]

euro sucks because Greece went bankrupt and the EU had to bail them out. it's the problem with multiple countries holding the same currency.

Greece went "bankrupt" because they wanted to upgrade their military and took out loans to do so..

ah ok. I wasn't aware of that. I just know that the euro went down when the EU helped them out.

The European Union took a lesson from the United States and formed a Union. It's been working out pretty well until lately.

Greece is like the red-headed step child of that Union. Having been there..I can sort of see why..

 

[washamericom]

Greece went "bankrupt" because they wanted to upgrade their military and took out loans to do so..

ah ok. I wasn't aware of that. I just know that the euro went down when the EU helped them out.

The European Union took a lesson from the United States and formed a Union. It's been working out pretty well until lately.

Greece is like the red-headed step child of that Union. Having been there..I can sort of see why..

that's ridiculous, the part about "taking a lesson from us"

 

[ekrem]

euro sucks because Greece went bankrupt and the EU had to bail them out. it's the problem with multiple countries holding the same currency.

The euphoria at the times of the implementation of the Euro led to sleazy auditing of each member state's budgetary accounting. Member States report their statistics to Eurostat, and Greece 'faked' her accounting to gain the accession criteria, partly with help from Goldman Sachs.
Eurostat did also not have powers for sanctioning Member States.

Blue are the deficits which Greece reported to Eurostat, red are the deficits which Eurostat determined after inspection.

As percentage to GDP.

Greece joined the € in 2001. Maastricht Criteria defines, that a country must have less then 3% deficit to GDP in budget.

Eurostat first discovered irregularities in Greek reporting in the year 2002, Greece was then already member of the €-Zone. Eurostat did not have authority to sanction Greece and it did also not make the irregularities public:
Griechenlands Euro-Beitritt: EU-Kommission räumte Versagen schon 2004 ein - Politik | STERN.DE


By the way, Ireland will have a budget deficit of 32% to GDP in 2010:
Irland und Griechenland bleiben Sorgenkinder der EU | Finanzen & Wachstum | Europäische Union Information Website (EU und Europe) | Euractiv.de
In 2009 it was 14.4 %

 

[Sallow]

ah ok. I wasn't aware of that. I just know that the euro went down when the EU helped them out.

The European Union took a lesson from the United States and formed a Union. It's been working out pretty well until lately.

Greece is like the red-headed step child of that Union. Having been there..I can sort of see why..

that's ridiculous, the part about "taking a lesson from us"

Well with your analysis of the reason the "Euro sucks", I am sure you are well on your way to collect a Nobel in economics.

Be sure to hold up a USMB sign in the photos..so we all know who to cheer..

 

[washamericom]

The European Union took a lesson from the United States and formed a Union. It's been working out pretty well until lately.

Greece is like the red-headed step child of that Union. Having been there..I can sort of see why..

that's ridiculous, the part about "taking a lesson from us"

Well with your analysis of the reason the "Euro sucks", I am sure you are well on your way to collect a Nobel in economics.

Be sure to hold up a USMB sign in the photos..so we all know who to cheer..

no, a nobel peace prize for community organising

 

[Toro]

are you hitting on me ?

Your explanation 'why the euro sucks' is a total fail.
Sorry, dude. Especially the American cheese part.

The euro sucks because it is unworkable. It is inevitable that that

a.) weak countries like Greece will be booted out,
b.) Germany will leave or
c.) it will collapse

A currency union must have either a mechanism to transfer capital from high productivity areas to low productivity areas or the free movement of labour from low productivity areas to high productivity areas. The eurozone has significant barriers to the free movement of labour - how many Greeks have moved to Holland and Finland? Thus, there must be either a vast improvement in productivity and greater acceptance of civic responsibilities in the poorer, less productive areas, or a continual transference of wealth from the rich areas to the poor areas. Right now, the ECB is facilitating the latter through the purchase of Greek, Portugese and Irish debt, but eventually, the only way the euro will survive without vast structural improvements is if the Germans, Dutch and Scandinavians continuously want to write cheques to the Greeks, Spanish and Portuguese. I find all that unlikely, thus I believe that it is only a matter of time before the euro as we know it collapses.

 

[washamericom]

are you hitting on me ?

Your explanation 'why the euro sucks' is a total fail.
Sorry, dude. Especially the American cheese part.

The euro sucks because it is unworkable. It is inevitable that that

a.) weak countries like Greece will be booted out,
b.) Germany will leave or
c.) it will collapse

A currency union must have either a mechanism to transfer capital from high productivity areas to low productivity areas or the free movement of labour from low productivity areas to high productivity areas. The eurozone has significant barriers to the free movement of labour - how many Greeks have moved to Holland and Finland? Thus, there must be either a vast improvement in productivity and greater acceptance of civic responsibilities in the poorer, less productive areas, or a continual transference of wealth from the rich areas to the poor areas. Right now, the ECB is facilitating the latter through the purchase of Greek, Portugese and Irish debt, but eventually, the only way the euro will survive without vast structural improvements is if the Germans, Dutch and Scandinavians continuously want to write cheques to the Greeks, Spanish and Portuguese. I find all that unlikely, thus I believe that it is only a matter of time before the euro as we know it collapses.

are you saying that countries can get like... voted off the island ? i think you're right about eventual cessation

 

[ekrem]

The euro sucks because it is unworkable. It is inevitable that that

a.) weak countries like Greece will be booted out,
b.) Germany will leave or
c.) it will collapse

A currency union must have either a mechanism to transfer capital from high productivity areas to low productivity areas or the free movement of labour from low productivity areas to high productivity areas. The eurozone has significant barriers to the free movement of labour - how many Greeks have moved to Holland and Finland? Thus, there must be either a vast improvement in productivity and greater acceptance of civic responsibilities in the poorer, less productive areas, or a continual transference of wealth from the rich areas to the poor areas. Right now, the ECB is facilitating the latter through the purchase of Greek, Portugese and Irish debt, but eventually, the only way the euro will survive without vast structural improvements is if the Germans, Dutch and Scandinavians continuously want to write cheques to the Greeks, Spanish and Portuguese. I find all that unlikely, thus I believe that it is only a matter of time before the euro as we know it collapses.

Germany is already threatening to quit the €-zone.
Youtube video is from German State Television news, and Foreign Minister of Luxembourg gives statement about German threat.

Germany wants to modify Lisbon Treaty in that way, that countries violating the Stability Pact (e.g. +3% deficit of GDP) will loose all voting rights within EU institutions.

Foreign Minister of Luxembourg after the 25th October EU-meeting, who is presented by State Television as a leading voice within the group opposing the German approach:
"Where I have a problem is the approach of the big sledge. 'I say the Lisbon Treaty will be modified and you all have to follow, and you have to do it exactly his way. And if you don't, I will quit and you all can look for yourself what you do with the €'. "

The video practically says, that everyone except France is against the German approach. State Television also says, that meeting was under 'acid atmosphere' and resentiments against German 'blackmail'.

[ame]http://www.youtube.com/watch?v=315K64QYAd8[/ame]

 

[islam4ever]

Salam alaikum ekrem. Are you Muslim?

 

[California Girl]

euro sucks because Greece went bankrupt and the EU had to bail them out. it's the problem with multiple countries holding the same currency.

Greece went "bankrupt" because they wanted to upgrade their military and took out loans to do so..

Bullshit.

 

[ekrem]

Bullshit.

It's not the main reason, but it's one of the reasons.
NATO requirement for defense spending is 2% of GDP allthough only 6 countries achieve that level.
Greece upgraded its military intensively in the 90's, many of it financed by debt.

Here is Greece's actual defense spending throughout the years covered by budget:
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