The big fat Greek bailout

[chemgear]

Looks like Alexis Tsipras quit. Election time again!

[CaptainCrunch]

Yup the guy was a paper lion. He showed no leadership and sounded like a borderline mad man.

I doubt he wins.

[Hack&Lube]

Originally Posted by EldrickOnIce

Talked to an econ prof the other day about this mess.
He has always maintained the entire Eurozone, in it's format, has to fail.

He said Canada is a working version of the EU, so in brief:
Common currency, different economies (provinces).
Provincial governments can run deficits, control their own taxation and spending.
So similar in that respect.

What makes Canada work is the amount of tax dollars that goes to the federal government, and then gets distributed through equalization payments to the provinces. The EU as a central 'governing' agency has neither the resources nor the mandate to operate in this way.

So basically Alberta is Germany and Quebec is Greece, but for equalization.

This explanation made really good sense to me.

And Ottawa is Brussels except Brussels has no power or money to distribute. The power and money actually lies in Germany.

[FlamesAddiction]

Originally Posted by chemgear

Looks like Alexis Tsipras quit. Election time again!

And 25 MPs from his party split off to form their own hardline leftist party.

It was difficult enough this time to try and build anything resembling a consensus. With further fragmentation, I doubt the next Greek crisis negotiations (and I think we all know it is a matter of when and not if) will not go nearly as "smooth" as the last ones (lol).

[CroFlames]

Originally Posted by Hack&Lube

And Ottawa is Brussels except Brussels has no power or money to distribute. The power and money actually lies in Germany.

Indeed. They tried to make the EU function like a country with the member states as provinces. But that could never work unless the states gave up their autonomy. Which they refuse to do.

[jeffporfirio]

So good time to buy Greek Bonds?

[killer_carlson]

How many parties are there in the Greek parliament?

Is it proportional representation there or is it more geographically distributed?

[chemgear]

Hey, we still have no money left but we still want our unreasonable pensions! Gimmie! Riot!!

https://www.washingtonpost.com/world...b19_story.html

Tens of thousands joined anti-government protests in Athens on Thursday as Greece was crippled by a general strike against a bailout-related overhaul of the country’s ailing pension system.

Police used tear gas and stun grenades against the dozens of hooded anarchists. Street vendors, tourists, and onlookers ran to safety as the violence broke out, while a journalist was attacked by rioters and taken to hospital but was not in serious condition, police said.

Protests were also held in at least a dozen other Greek cities and towns, where several rallies were joined by protesting farmers driving their tractors.

Unions are angry at pension reforms that are part of Greece’s third international bailout. The government, which is led by the left-wing Syriza, is trying to overhaul the pension system by increasing social security contributions to avoid pension cuts, but critics say the reforms will lead many to pay up to three quarters of their income in pension contributions and taxes.

[CaptainCrunch]

so you sew so shall you reap

[Locke]

I feel like I should say something about how unreasonable pension structures are a tremendous drain on a society's resources but its getting to the point where I'm going to start becoming identified as 'that guy.'

[DigitalCarpenter]

Originally Posted by chemgear

Unions are angry at pension reforms that are part of Greece’s third international bailout. The government, which is led by the left-wing Syriza, is trying to overhaul the pension system by increasing social security contributions to avoid pension cuts, but critics say the reforms will lead many to pay up to three quarters of their income in pension contributions and taxes.

You mean reported income.

[Slava]

Originally Posted by Locke

I feel like I should say something about how unreasonable pension structures are a tremendous drain on a society's resources but its getting to the point where I'm going to start becoming identified as 'that guy.'

It something we should really fix in Alberta/Canada....starting with the next generation!