The difference between Greece, Portugal and Italy is that the Portugese and Italian people would understand that austerity measures are needed.
The Greeks have a sense of entitlement.
Italy also has a lot of industry compared to Greece. If they could cut down the corruption, then there is no reason that they can't be in the black.
There is also a big conspiracy theorist aspect to Greek culture. Many people believe that all these economic problems were created by the big powers in the EU in order to subordinate the Greek people. You get those types in every culture, but in Greece, it seems to be a mainstream opinion.
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"A pessimist thinks things can't get any worse. An optimist knows they can."
Now that the Greece debt soda can has been kicked down the road for a few more months, Spain looks to be in the running for some bailout funds as well.
17% cut in government spending in the midst of 25% unemployment (!!!) and nearly 50% unemployment for people under 25. There is no way they are going to meet their deficit targets any time soon.
If Greece leaves the Euro and reverts back to the Drachma would the government try to convert the funds in everyone's bank accounts? And if so, would their debt be converted as well? It would be pretty terrible if they converted their savings but not debts. Leaving them to pay off their personal debt in Euros with Drachmas that are dropping in value.
If Greece leaves the Euro and reverts back to the Drachma would the government try to convert the funds in everyone's bank accounts? And if so, would their debt be converted as well? It would be pretty terrible if they converted their savings but not debts. Leaving them to pay off their personal debt in Euros with Drachmas that are dropping in value.
Are you talking about personal debt or government debt?
Personal debt would be converted because it would more than likely be with Greek banks etc.
Government debt is a different thing and the cause of the problem. The whole thing will come to a head when the EU refuses to give them more money for not pushing through the austerity measures, at that point Greece defaults on what it owes and has no money to pay its bills, basically bankrupt. Then things get really messy and interesting.
Things got pretty hot on Greek political talk show yesterday. The water thing was kind of funny although immature and not condonable. Slapping the other lady though... yeesh.
Could you picture Harper doing that to May? Not that either is a fascist or a communist, but they probably represent the 2 extremes in this country's spectrum.
If this type of heat spills over into the public who support these politicians, it can't end well.
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"A pessimist thinks things can't get any worse. An optimist knows they can."
I wish someone would translate it so I knew what they were saying to make him fly off the handle like that.
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MYK - Supports Arizona to democtratically pass laws for the state of Arizona
Rudy was the only hope in 08
2011 Election: Cons 40% - Nanos 38% Ekos 34%
It shows Kasidiaris throwing the liquid in Dourou's face across the studio table after she brought up his alleged involvement in a mugging in 2007. A court case on the mugging was on Wednesday adjourned until Monday.
The clip then showed him assaulting Kanelli after she stood up to protest, appearing to slap her twice and throwing a punch as she held up her arms in defence and as the presenter of the programme attempted to intervene.
Quote:
Kasidiaris, who is both spokesman and an MP for Golden Dawn, later phoned the television channel, accusing Kanelli of assaulting him first and saying that the channel had doctored the images.
Are you talking about personal debt or government debt?
Personal debt would be converted because it would more than likely be with Greek banks etc.
Government debt is a different thing and the cause of the problem. The whole thing will come to a head when the EU refuses to give them more money for not pushing through the austerity measures, at that point Greece defaults on what it owes and has no money to pay its bills, basically bankrupt. Then things get really messy and interesting.
Depends on who the government debt is owed to. A lot of government debt is owned to its own citizens.
In the case of Greece, most debt is owned by private citizens or local banks:
It seems that every week that the European crisis goes on, a new record is broken. This week, government bond yields
in the United States and Germany broke through their previous historic lows to even more historic levels. In Germany, the 2-year government bond yield actually fell negative. In the U.S. the 10-year bond yield has breached the 1.5%
mark, a level never seen in the 200 years that data has been recorded. Government bonds of safe-haven countries have turned into the equivalent of Brink’s trucks – investors are willing to pay a premium just to get their money back in a few years time. In Germany’s case, it’s “most,” not “all” of their money. We are truly in uncharted territory
Quote:
Greece is the canary in the coal mine for the adjustment, but that particular canary has already shuffled off his mortal coil. So long as a large divergence prevails between the periphery and Germany on what constitutes appropriate economic policy, Germany will insist that Spain, Portugal, Ireland and Italy go deeper into the austerity mine so that those canaries too will join the choir invisible. There are five possible ways out of the European sovereign debt crisis and current account imbalance through: growth, inflation, austerity, fiscal union, and default. Germany sees a fiscal union as a distant ideal and in the near-term, is attempting to block inflation, favouring austerity and default, which rules-out growth. Austerity in a currency union implies painful and politically intolerable austerity to get internal exchange rate adjustment through lower wages
and prices.
Quote:
At the end of the day, Europe needs to decide if it wants to keep the euro. If so, then a fiscal union will have to be
established in some form. And, this will require financial transfers from Germany to many of the others – not just now, but on an on-going basis. This is the experience of most other federations. Germany also has to acknowledge that
its economy has benefited for years from a weaker currency and lower interest rates than it would have experienced if it had not been in the euro
Interesting times indeed. Everytime it seems to get better, it gets worse.
Germany is the most admired country in the EU and its chancellor the most respected leader," a report releasing the poll's figures said.
Greek views of themselves and Germany diverged widely from its European neighbors, who all see Germany as the "most hard working" nation. Greece rated itself the hardest working.
: eek:
^That is pretty much the range of expressions I'm sure I had when I read that. It also shows how wonky the whole situation is.
I aim to bolster the drinks sector of their economy.
I was actually going to go there for a week before I go to visit my family in Croatia, but I'm going to go to Turkey instead now. I would hate to go to Greece and have strikes shut things down.
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"A pessimist thinks things can't get any worse. An optimist knows they can."
Last edited by FlamesAddiction; 06-08-2012 at 07:23 AM.
) and nearly 50% unemployment for people under 25. There is no way they are going to meet their deficit targets any time soon.
