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Author Topic: GO Greece!  (Read 84186 times)

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« Reply #150 on: June 28, 2015, 15:05 »
+8
I really dont see this as a showdown between merkel and tsirpas.

Tsirpas is a lot more important than merkel, he represents his country. The european union is a huge group of countries and to always try to pretend Merkel controls them all is pretty insulting to everyone else. I mean France, Spain, The UK, Poland, Austria,Lithuania...they all cant have an opinion?

Why do you think none of the other governments is supporting Tsirpas and his ideas. Not one single country?

Tsirpas is just using merkel as the boogyman/woman to create a big alien monster for emotional effect.

Just read around various media across europe and all the comments you can find. Or just british papers, there is a huge expatriate group of greeks living there. See what they have to say about tsirpas. They are much harsher than anything written here. They hate him.

anyway, the referendum is coming, let the greek people decide what they want.

They dont need to take loans from abroad anyway, they can put a tax on the rich, including all the money hiding abroad and get a huge loan from the church. Cut military spending.

Get their own currency back and sail in the ship they built themselves.


They really dont need more money from Europe and if their government thinks loans from Europe are toxic, just dont take them.
« Last Edit: June 28, 2015, 15:08 by cobalt »


« Reply #151 on: June 28, 2015, 15:23 »
+3

Greeks have been known to be notoriously lazy and hot headed as well and i am no exception,after all i always had a hard time staying on a discussion expecially when my discussants
believe that they make simple logical and clean points but in reality they mix in a huge amount of ascertations,convenient truths,media agenda,racial stereotypes,simplistic views etc etc that would take a huge amount of time to break down one by one.



Semmick Photo

« Reply #152 on: June 28, 2015, 15:28 »
+3
I have formed an opinion based on what I have read, seen and experienced over the years, and then post it here in a 5 sentence comment. Of course its a simplified view. I am not here to write an essay. You can agree or disagree with my comments, I dont care. But when people start attacking others and be condescending because of that personal opinion, the discussion is over for me. I do want to defend myself when people keep dishing out attacking comments.

Apparently I am not as smart or politically astute as some people here, so I will crawl back under my rock, when you can continue the conversation with the other intellectuals sitting on your high horses.

« Reply #153 on: June 28, 2015, 16:26 »
0
EURO sinks! - http://www.bloomberg.com/news/articles/2015-06-28/euro-sinks-as-greek-exit-risk-jumps-kiwi-falls-gold-holds-gain

Which Countries Stand to Lose Big from a Greek Default?
Germany, naturally, would bear the largest potential loss58 billion, or 1.9% of GDP.  But as a percentage of GDP, little Slovenia has the most at risk2.6%.
The most worrying case among the creditors, though, is heavily indebted Italy, which would bear up to 39 billion in losses, or 2.4% of GDP.....

http://blogs.cfr.org/geographics/2015/05/07/grexit/

Semmick Photo, stay here pls! Your opinion is valued! Diversity is always good.
« Last Edit: June 28, 2015, 16:58 by KnowYourOnions »

« Reply #154 on: June 28, 2015, 17:13 »
+1
Stockphotosart, your conclusion doesn't make sense at all, just a fallacy. And the situation in Greece is not even the same as in Ireland. Ireland didnt cook the books and people here pay their taxes. I am angry at the banks and the housing sector for putting us in this hole. But the government did a great job getting Ireland out of the hole. I dont see that happening in Greece. The situations are completely different.

And it was not me who called anyone lazy.

If you want to argue with personal attacks, then the conversation for me is over.


The Irish government did a great job kissing German banker ass at the expense of its weakest citizens - not my definition of a great job.  Sometimes moral considerations supersede legal responsibilities.  If your children are hungry you feed them before paying the banks (speaking metaphorically).

Semmick Photo

« Reply #155 on: June 28, 2015, 17:23 »
0
Stockphotosart, your conclusion doesn't make sense at all, just a fallacy. And the situation in Greece is not even the same as in Ireland. Ireland didnt cook the books and people here pay their taxes. I am angry at the banks and the housing sector for putting us in this hole. But the government did a great job getting Ireland out of the hole. I dont see that happening in Greece. The situations are completely different.

And it was not me who called anyone lazy.

If you want to argue with personal attacks, then the conversation for me is over.


The Irish government did a great job kissing German banker ass at the expense of its weakest citizens - not my definition of a great job.  Sometimes moral considerations supersede legal responsibilities.  If your children are hungry you feed them before paying the banks (speaking metaphorically).

Feed them with what Mike? Ireland needed 70 billion to stay afloat. I fully understand what you are saying, and I agree, but if there is no money, you wont feed anybody. Anyway, we obviously have a difference of opinion. Thats fine.

« Reply #156 on: June 28, 2015, 17:29 »
+4
I am not here to write an essay.

Here is the essay you didn't write, probably written by a desperate Greek:

"Dear Fellow Europeans,
Austrians, Belgians, Bulgarians, Croats, Cypriots, Czechs, Danes, Estonians, Fins, French, Germans, Hungarians, Irish, Italians, Latvians, Lithuanians, Luxembourgians Maltese, Dutch, Pols, Portuguese, Romanians, Slovaks, Slovenians, Spaniards, Swedes and British,
Please allow me to explain to you what has been happening to my country in the last few months and how a group of left wing fanatic ideologues, extremists and opportunists, allied with racists, anti-Semites and neo-* have been leading my nation towards an economic and political Armageddon.
On January 25, after 5 years of economic recession, two bailout packages by the European Union (EU), the European Central Bank (ECB) and the International Monetary Fund (IMF), an unprecedented unemployment rate that today exceeds 27% and a significant loss of the average household income, the Greek people (unwisely) decided to vote into power the Radical Left party of SYRIZA. SYRIZA is comprised of Marxist, Stalinist, Trotskyist and Maoist Communists, Anarchists, lots of opportunists without a clear ideology and Socialists, leftovers from the, once powerful, Socialist party of Greece. Before the elections, SYRIZA exceeded in populism any political campaign in living memory. They literally promised everything to everyone. They took advantage of peoples despair and anger against the traditional, mainstream political parties that are, to a large extend, responsible for the Greek economic crisis. However, in every chance, they confirmed that they would not risk the countrys membership in the Eurozone and the EU. The partys leader and current Prime Minister, Mr Tsipras, in his teens and early twenties, was a member of the Orthodox-Stalinist Communist party of Greece and has not work a single day of his life.
His coalition government partner is a right wing, extreme populist, anti-Semitic, racist, homophobic, psychopathic party, the Independent Greeks, led by an insane fellow who believes in Chemtrails and other conspiracy theories (I kid you not!). He also believes that Greece can seek financial support from countries, such as Russia, China and Iran.
Before 2010, these parties would barely enter parliament reaching the 3% threshold of the popular vote. Exactly like in Germany in the interwar perion and for the same reason (an economic depression), extreme parties have flourished and populism has triumphed in Greece. SYRIZA became the first party with 36% of the popular vote and the Independent Greeks gained another 5%, giving them a parliamentary majority.
What followed was 5 months of so-called negotiations, during which the Minister of Finance, Mr Yanis Varoufakis, a Professor of Economics, specialized in Game Theory and an endless appetite for personal publicity, changed his position on a weekly basis and proposed to the Eurogroup (the Eurozone Finance Ministers assembly) unachievable economic targets for an economy that was back into recession after a trimester of economic growth in late 2014. In the meantime, in Greece, the coalition government increased public spending by hiring thousands people into the public sector. This completely derailed the economy and resulted in a deficit of more than 5 billion euros. Additionally, there was a widespread media campaign to present the EU, the ECB and the IMF as bloodthirsty monsters that hate the Greek people and wish to starve and humiliate us. A lot of people in Greece actually BELIEVE that this is the true intention of our EU partners!
Political parties, politicians, journalists or even regular citizens, like myself, who defend a United Europe and wish us a part of the Eurozone are characterized as traitors and enemies of the people.
On Friday, June 26, Mr Tsipras, after failing to reach a compromise with the EU and the IMF, called a snap referendum for Sunday, July 5, in which he is asking the people to vote YES or NO to the following question: Do you approve the technical proposal of the Creditors of Greece (The EU, ECB and IMF) for the extension of the bailout programme? This proposal, submitted to the Greek government a few days ago, includes reduction of public spending, increase of the VAT and liberal economic reforms. Keep in mind that increased taxation was proposed to our Creditors by the Greek government itself. The question of the referendum is dishonest and deceiving. The average citizen, misinformed and confused from five months of conflicting information and the anti-European rhetoric of the coalition government, largely unaware of the dire situation of the economy and the consequences of his vote, angry by increased taxes and pension cuts, will naturally vote NO. The actual question that needs to be answered is whether the people want the country in the Euro with reforms or a National Currency without reforms. Of course the coalition government will not put the real question to the vote, they would never take responsibility, they will always blame the others.
What the Greek government does with this referendum is nothing less than a political extortion towards the entire EU. On Saturday, June 27, this extortion was put on a vote in the Greek parliament and won a majority support by the MPs of the Radical Left party, its right-wing populist partner and the far-right racist Neo-Nazi party, Golden Dawn (the shame of my country, or at least one of the recent shames). This broad anti-European coalition is officially leading my country into the abyss of extremism, populism, international isolation and bankruptcy. This should not come as a total surprise. Mr Tsipras and many SYRIZA party-members have declared, more than once, that Venezuela should serve as a model of Democracy for Greece. SYRIZA recognizes its ideological counterparts in Latin-American Socialist semi-dictatorships.
Mr Tsipras and his party, together with their lunatic partners, deceived the Greek people with false promises and stole the popular vote. They then bombarded the public with a coordinated anti-European campaign of lies. Now, they are playing their last card to take Greece out of the Eurozone and the European Union. This is their target. This was their target from the beginning. They are not Democrats, they are Fascists. They were always Fascists. And they want to bring down Democracy in its birthplace.
Please share this message and inform your friends about what is really happening in Greece and what is at stake.
Constantinos Kyriakis"
« Last Edit: June 28, 2015, 17:33 by Zero Talent »

fritz

  • I love Tom and Jerry music

« Reply #157 on: June 28, 2015, 17:48 »
+1
I am not here to write an essay.

Here is the essay you didn't write, probably written by a desperate Greek:

"Dear Fellow Europeans,
Austrians, Belgians, Bulgarians, Croats, Cypriots, Czechs, Danes, Estonians, Fins, French, Germans, Hungarians, Irish, Italians, Latvians, Lithuanians, Luxembourgians Maltese, Dutch, Pols, Portuguese, Romanians, Slovaks, Slovenians, Spaniards, Swedes and British,
Please allow me to explain to you what has been happening to my country in the last few months and how a group of left wing fanatic ideologues, extremists and opportunists, allied with racists, anti-Semites and neo-* have been leading my nation towards an economic and political Armageddon.
On January 25, after 5 years of economic recession, two bailout packages by the European Union (EU), the European Central Bank (ECB) and the International Monetary Fund (IMF), an unprecedented unemployment rate that today exceeds 27% and a significant loss of the average household income, the Greek people (unwisely) decided to vote into power the Radical Left party of SYRIZA. SYRIZA is comprised of Marxist, Stalinist, Trotskyist and Maoist Communists, Anarchists, lots of opportunists without a clear ideology and Socialists, leftovers from the, once powerful, Socialist party of Greece. Before the elections, SYRIZA exceeded in populism any political campaign in living memory. They literally promised everything to everyone. They took advantage of peoples despair and anger against the traditional, mainstream political parties that are, to a large extend, responsible for the Greek economic crisis. However, in every chance, they confirmed that they would not risk the countrys membership in the Eurozone and the EU. The partys leader and current Prime Minister, Mr Tsipras, in his teens and early twenties, was a member of the Orthodox-Stalinist Communist party of Greece and has not work a single day of his life.
His coalition government partner is a right wing, extreme populist, anti-Semitic, racist, homophobic, psychopathic party, the Independent Greeks, led by an insane fellow who believes in Chemtrails and other conspiracy theories (I kid you not!). He also believes that Greece can seek financial support from countries, such as Russia, China and Iran.
Before 2010, these parties would barely enter parliament reaching the 3% threshold of the popular vote. Exactly like in Germany in the interwar perion and for the same reason (an economic depression), extreme parties have flourished and populism has triumphed in Greece. SYRIZA became the first party with 36% of the popular vote and the Independent Greeks gained another 5%, giving them a parliamentary majority.
What followed was 5 months of so-called negotiations, during which the Minister of Finance, Mr Yanis Varoufakis, a Professor of Economics, specialized in Game Theory and an endless appetite for personal publicity, changed his position on a weekly basis and proposed to the Eurogroup (the Eurozone Finance Ministers assembly) unachievable economic targets for an economy that was back into recession after a trimester of economic growth in late 2014. In the meantime, in Greece, the coalition government increased public spending by hiring thousands people into the public sector. This completely derailed the economy and resulted in a deficit of more than 5 billion euros. Additionally, there was a widespread media campaign to present the EU, the ECB and the IMF as bloodthirsty monsters that hate the Greek people and wish to starve and humiliate us. A lot of people in Greece actually BELIEVE that this is the true intention of our EU partners!
Political parties, politicians, journalists or even regular citizens, like myself, who defend a United Europe and wish us a part of the Eurozone are characterized as traitors and enemies of the people.
On Friday, June 26, Mr Tsipras, after failing to reach a compromise with the EU and the IMF, called a snap referendum for Sunday, July 5, in which he is asking the people to vote YES or NO to the following question: Do you approve the technical proposal of the Creditors of Greece (The EU, ECB and IMF) for the extension of the bailout programme? This proposal, submitted to the Greek government a few days ago, includes reduction of public spending, increase of the VAT and liberal economic reforms. Keep in mind that increased taxation was proposed to our Creditors by the Greek government itself. The question of the referendum is dishonest and deceiving. The average citizen, misinformed and confused from five months of conflicting information and the anti-European rhetoric of the coalition government, largely unaware of the dire situation of the economy and the consequences of his vote, angry by increased taxes and pension cuts, will naturally vote NO. The actual question that needs to be answered is whether the people want the country in the Euro with reforms or a National Currency without reforms. Of course the coalition government will not put the real question to the vote, they would never take responsibility, they will always blame the others.
What the Greek government does with this referendum is nothing less than a political extortion towards the entire EU. On Saturday, June 27, this extortion was put on a vote in the Greek parliament and won a majority support by the MPs of the Radical Left party, its right-wing populist partner and the far-right racist Neo-Nazi party, Golden Dawn (the shame of my country, or at least one of the recent shames). This broad anti-European coalition is officially leading my country into the abyss of extremism, populism, international isolation and bankruptcy. This should not come as a total surprise. Mr Tsipras and many SYRIZA party-members have declared, more than once, that Venezuela should serve as a model of Democracy for Greece. SYRIZA recognizes its ideological counterparts in Latin-American Socialist semi-dictatorships.
Mr Tsipras and his party, together with their lunatic partners, deceived the Greek people with false promises and stole the popular vote. They then bombarded the public with a coordinated anti-European campaign of lies. Now, they are playing their last card to take Greece out of the Eurozone and the European Union. This is their target. This was their target from the beginning. They are not Democrats, they are Fascists. They were always Fascists. And they want to bring down Democracy in its birthplace.
Please share this message and inform your friends about what is really happening in Greece and what is at stake.
Constantinos Kyriakis"



Nice political speech! Are you fan of Νέα Δημοκρατία or Πανελλήνιο Σοσιαλιστικό Κίνημα?

« Reply #158 on: June 28, 2015, 17:52 »
+1
Nice political speech! Are you fan of Νέα Δημοκρατία or Πανελλήνιο Σοσιαλιστικό Κίνημα?

I have no connection with Greece, let alone with PASOK (as per google translate), except for my falling euro savings.
Are you a Syriza member?
« Last Edit: June 28, 2015, 17:55 by Zero Talent »

fritz

  • I love Tom and Jerry music

« Reply #159 on: June 28, 2015, 17:56 »
0
Nice political speech! Are you fan of Νέα Δημοκρατία or Πανελλήνιο Σοσιαλιστικό Κίνημα?

I have no connection with Greece, let alone with PASOK (as per google translate).
Are you a Syriza member?
Of course not! My only connection with Greece is our family house left many years ago!
Best

Titus Livius

« Reply #160 on: June 28, 2015, 18:02 »
+1
worst scenario, the ECB will "print" 200 billion euros to compensate the creditors and dont worry nobody will bat an eyelid as they did the same things years ago to save the banks ... of course the euro will lose some value but over time things will get back to normal, same as happened to the Ruble after a few months.


Titus Livius

« Reply #161 on: June 28, 2015, 18:08 »
+2
Now, they are playing their last card to take Greece out of the Eurozone and the European Union. This is their target. This was their target from the beginning. They are not Democrats, they are Fascists. They were always Fascists. And they want to bring down Democracy in its birthplace.

relax, if the sh-it hits the fan the army will take over and impose a new military junta.
and by the way, it would be the best outcome, the Junta in Thailand did excellent things in the last two years and their popular support is strong.

while we're busy talking about greece nobody is looking Ukraine which is the real dead man walking and can't even pay the salaries without begging to their euro/american puppetmasters.


« Reply #162 on: June 28, 2015, 18:12 »
+2
while we're busy talking about greece nobody is looking Ukraine which is the real dead man walking and can't even pay the salaries without begging to their euro/american puppetmasters.

Obviously, Putin's troll army is pushing his divide and conquer, salami tactics agenda on all fronts.
Greece is, probably, another victory for him after the destruction of Ukraine. Rejoice Titus! (or Titov?)
« Last Edit: June 28, 2015, 18:17 by Zero Talent »

« Reply #163 on: June 28, 2015, 19:59 »
+8
Greece is like a person who has maxed out debt on multiple credit cards and blames everyone except himself.  Greece has borrowed, borrowed, borrowed, spent, spent, spent, without the national income needed to support the spending and borrowing.  Now they are blaming everyone except themselves.  They continue to pay generous pensions even though they don't have the national income to justify those payments.  They refuse to increase taxes, reduce pensions and government expenditure, and just keep blaming the Germans.  They are bankrupt but refuse to accept that it is their own fault.  They want to continue spending and borrowing and have the EU community pay for it.  They have no intention of ever repaying the loans, and for some reason they believe it is their God given right to have the rest of Europe subsidise their lifestyles without making any effort to change.

Greece is basically a third world Country of just 11 million people living above their means.  There is little industry, little willingness to work, and avoidance of taxes appears to be a national sport.

The ECB, IMF and Germany have now said 'enough is enough'. "We are not going to continue to lend you money unless you make an effort to balance your books, collect taxes, and run the Country with a budget surplus so that loans can be repaid".  Greece has refused to do this, as it just expects Europe to keep paying, paying, paying and lending, lending, lending.

Greece is a bankrupt Country, it refuses to stop spending, collect taxes properly and increase VAT to balance the budget deficits, and the sooner it is kicked out of Europe the better the European finances will be.  Enough is enough.  Goodbye Greece - get out of Europe and stop wasting away the money made by hard working people in other European Countries.

Hongover

« Reply #164 on: June 28, 2015, 21:17 »
+3
Greece bought this upon themselves.

Their laws are lax and everyone is a tax evader. Take for example: Nobody pays property tax and they're getting around loopholes that tax on completed houses, so everyone leaves a part of their house incomplete, avoiding property tax completely.

Nearly everyone who is self-employed rarely pay taxes. They all claim that their earnings are going into paying debt...some even claim that over 100% of their earnings are for paying debt, so they can avoid taxes. If the government can't collect tax from anyone, how can the government pay for anything?

When you add that fact that Greeks retired early and granted massive pensions during retirement, you can see why the country is broke. The Greeks are not lazy, they're just greedy and known tax evaders.

The government need to cut down the pensions and come down hard on all the tax evaders. Start arresting people if they have to...set a few examples. Then we'll see a more prosperous and self-sufficient Greece.

« Last Edit: June 28, 2015, 21:20 by Hongover »

« Reply #165 on: June 29, 2015, 00:24 »
+1
At least we can all weep for the poor hedge fund managers who have lost their shirts when they thought they were going to make a killing: http://www.nytimes.com/2015/06/29/business/dealbook/panic-among-hedge-fund-investors-in-greece.html?_r=0

« Reply #166 on: June 29, 2015, 01:15 »
0
At least we can all weep for the poor hedge fund managers who have lost their shirts when they thought they were going to make a killing: http://www.nytimes.com/2015/06/29/business/dealbook/panic-among-hedge-fund-investors-in-greece.html?_r=0


Precisely...
I hope the leaders do have plan B ready.  :-\

Worth watching - filmed in 2012 - https://www.youtube.com/watch?t=203&v=Z1LCBp0twLE
« Last Edit: June 29, 2015, 02:03 by KnowYourOnions »

« Reply #167 on: June 29, 2015, 01:46 »
0
At least we can all weep for the poor hedge fund managers who have lost their shirts when they thought they were going to make a killing: http://www.nytimes.com/2015/06/29/business/dealbook/panic-among-hedge-fund-investors-in-greece.html?_r=0


Precisely...
I hope the lads do have that plan B ready.  :-\

Worth watching - filmed in 2012 - https://www.youtube.com/watch?t=203&v=Z1LCBp0twLE


I love the wording used in that article. These guys are "brave" they are "hardy", they are "luminaries" because they "make bets", while the Greeks by comparison are "panicky" and are "stashing cash" or "bulging bags of gold coins" .... yeah, you can hardly move in Greek houses for the cupboards ripped from the walls by the weight of gold, quite different from the impoverished state of the poor hedge fund investors.
And whose fault is it if they "make bets" and lose? Why, the Greeks, of course!

Titus Livius

« Reply #168 on: June 29, 2015, 01:53 »
+2
Greece is like a person who has maxed out debt on multiple credit cards and blames everyone except himself. 

well, Syryza has never been in power, it was the Pasok pushing greece down the drain.
the greek people just adapted to the local environment.

Titus Livius

« Reply #169 on: June 29, 2015, 01:59 »
+5
Obviously, Putin's troll army is pushing his divide and conquer, salami tactics agenda on all fronts.
Greece is, probably, another victory for him after the destruction of Ukraine. Rejoice Titus! (or Titov?)

EU and NATO are the root cause for this mess, and greece is merely the tip of the iceberg, do you think other EU countries like romania or poland are in a better position ?

it's just greece's turn, next year it will be somebody else turn, their plan is following their agenda, small nations will cease to exist and become just a "region".




« Reply #170 on: June 29, 2015, 02:28 »
+5
Obviously, Putin's troll army is pushing his divide and conquer, salami tactics agenda on all fronts.
Greece is, probably, another victory for him after the destruction of Ukraine. Rejoice Titus! (or Titov?)

EU and NATO are the root cause for this mess,

No, the shoehorning of Greece into the euro, which is an economic mis-match is the root cause of the mess. It distorted interest rates and drove debt south into Greece and other Med countries and cash north into Germany, France and presumably the UK, too.  The money the North lent to the south was then recycled North again in the purchase of luxury goods, making repayment of the loans almost impossible. The South thought the good times were a permanent feature of euro-membership, not an artificial effect of misaligned economies, while the North thought it was doing well because of a superior work ethic and higher moral values, not because of an artificial effect of the euro in cycling debt south and money north. When the crash happened the South still believed the euro was the harbinger of eternal prosperity and the North couldn't see any reason why it should pay to subsidise lazy feckless Southerners who would have been rich if only they had the same superior morality as the North.

« Reply #171 on: June 29, 2015, 02:37 »
+3
Sh*t is about to get real, take a look at the ATM lines:

http://www.zerohedge.com/news/2015-06-28/ignoring-tsipras-plea-calm-greeks-storm-atms-stores-gas-stations

Still surprised of how many people left their money at the local banks. 60 euro withdrawal limit now.

Semmick Photo

« Reply #172 on: June 29, 2015, 03:17 »
+3
Obviously, Putin's troll army is pushing his divide and conquer, salami tactics agenda on all fronts.
Greece is, probably, another victory for him after the destruction of Ukraine. Rejoice Titus! (or Titov?)

EU and NATO are the root cause for this mess,

No, the shoehorning of Greece into the euro, which is an economic mis-match is the root cause of the mess. It distorted interest rates and drove debt south into Greece and other Med countries and cash north into Germany, France and presumably the UK, too.  The money the North lent to the south was then recycled North again in the purchase of luxury goods, making repayment of the loans almost impossible. The South thought the good times were a permanent feature of euro-membership, not an artificial effect of misaligned economies, while the North thought it was doing well because of a superior work ethic and higher moral values, not because of an artificial effect of the euro in cycling debt south and money north. When the crash happened the South still believed the euro was the harbinger of eternal prosperity and the North couldn't see any reason why it should pay to subsidise lazy feckless Southerners who would have been rich if only they had the same superior morality as the North.
Greece presented the EU with incorrect figures and lied about their financial state. If there was any shoehorning done, it was because Greece painted a rosy picture. I dont see why the EU has to be blamed for the mess in Greece.

Its like jailing a person for leaving their home unlocked instead of jailing the burglar for entering it.

Tror

« Reply #173 on: June 29, 2015, 03:33 »
+1

No, the shoehorning of Greece into the euro, which is an economic mis-match is the root cause of the mess. It distorted interest rates and drove debt south into Greece and other Med countries and cash north into Germany, France and presumably the UK, too.  The money the North lent to the south was then recycled North again in the purchase of luxury goods, making repayment of the loans almost impossible. The South thought the good times were a permanent feature of euro-membership, not an artificial effect of misaligned economies, while the North thought it was doing well because of a superior work ethic and higher moral values, not because of an artificial effect of the euro in cycling debt south and money north. When the crash happened the South still believed the euro was the harbinger of eternal prosperity and the North couldn't see any reason why it should pay to subsidise lazy feckless Southerners who would have been rich if only they had the same superior morality as the North.

Could not have said it better. Thanks for this post.

Semmick Photo

« Reply #174 on: June 29, 2015, 03:59 »
+1
So France is a  nordic country now and Ireland lies in the south.


 

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