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Thread: Tens of thousands protest outside Greek parliament

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    Tens of thousands protest outside Greek parliament

    Tens of thousands protest outside Greek parliament - Hurriyet Daily News and Economic Review

    Tens of thousands of protesters angry about the government's austerity policies demanded Sunday that the heavily indebted country stop paying its creditors.
    I dont think the Greek public understands that by not paying its creditors it will be virtually black listed on the bond market...which means Greece will not be able to meet its expenses requirements and be even worse off.

    Sure they basically ARE black listed anyway but this will cause irreperable damage to Greece and its relationship with creditors if that where to happen.
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    Re: Tens of thousands protest outside Greek parliament

    Quote Originally Posted by kaya'08 View Post
    Tens of thousands protest outside Greek parliament - Hurriyet Daily News and Economic Review

    I dont think the Greek public understands that by not paying its creditors it will be virtually black listed on the bond market...which means Greece will not be able to meet its expenses requirements and be even worse off.

    Sure they basically ARE black listed anyway but this will cause irreperable damage to Greece and its relationship with creditors if that where to happen.
    Oh they understand.. they blame the banks and rich business people and by defaulting said person and companies would loose their shirts. The Greek people are already in pain and can take more, the banks and rich business people have barely been touched so far (relatively speaking) so in many ways they are correct in their accusations.
    PeteEU

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    Re: Tens of thousands protest outside Greek parliament

    Quote Originally Posted by PeteEU View Post
    Oh they understand.. they blame the banks and rich business people and by defaulting said person and companies would loose their shirts. The Greek people are already in pain and can take more, the banks and rich business people have barely been touched so far (relatively speaking) so in many ways they are correct in their accusations.
    Okay then let them stop paying their creditors see how that works out.
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    Re: Tens of thousands protest outside Greek parliament

    Honestly, at this point Greece is probably better off to just default on its debt and bring back the drachma. I don't see any other way out of this for them. There is no possible way that they are ever going to be able to pay down their debt, and the fact that they don't have a currency of their own is certainly not helping the situation. If they default, they'll have a severe recession for a few years; if they don't, they'll have a severe recession indefinitely.

    It's a sad situation for them, and there really isn't a good option. But default seems like the least bad.
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    Re: Tens of thousands protest outside Greek parliament

    Quote Originally Posted by kaya'08 View Post
    Okay then let them stop paying their creditors see how that works out.
    Just saying that is what they are saying... it might or might not be rational but that is how they are feeling and saying.
    PeteEU

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    Re: Tens of thousands protest outside Greek parliament

    Socialism to the extreme..

    Reap what you sew..

    America is in this same line of countries teetering..


    Tim-
    “When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.” - P. J. O’Rourke
    “Socialism is great until you run out of someone elses money” Margaret Thatcher

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    Re: Tens of thousands protest outside Greek parliament

    It is sad really. The mother of Europe now close to the exit. Ehh...

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    Re: Tens of thousands protest outside Greek parliament

    Quote Originally Posted by Kandahar View Post
    Honestly, at this point Greece is probably better off to just default on its debt and bring back the drachma.
    Honestly that is not an option that is appealing at all. Going back to the drachma would have devastating consequences for the Greek economy. Plus it is not something that can happen over night. They default as soon as they announce it, and it will take months at best, if not years to go over to the drachma which would be next to worthless when they do. In the mean time they cant pay anything and society collapses.

    I don't see any other way out of this for them.
    Make the debt long term on the conditions that their tax system gets an overhaul along with other structural (legal) changes that make them more competitive. The problem has always been not enough tax income vs too much spending. Now the spending can be easily fixed, but the lack of tax income can not. The best comment about the Greek tax system is a tip box in a corner of a room. Tax avoidance is a national sport, especially among those with money and the consequences are next to none.

    No one wants Greece to default.. well other than the speculators who have been pushing for it.. since they stand to earn billions on a default, and in my opinion anything should be tried to avoid it.

    There is no possible way that they are ever going to be able to pay down their debt, and the fact that they don't have a currency of their own is certainly not helping the situation. If they default, they'll have a severe recession for a few years; if they don't, they'll have a severe recession indefinitely.
    Debatable, and only if you live in the world where devaluation is a tool that is used. Personally I dont like devaluation since it never ever fixes the underlining problem and is only a short term band-aid. The only sustainable way is to fix the problems!
    PeteEU

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    Re: Tens of thousands protest outside Greek parliament

    Quote Originally Posted by Hicup View Post
    Socialism to the extreme..

    Reap what you sew..

    America is in this same line of countries teetering..


    Tim-
    Nothing to do with socialism.. in fact it was conservative economic policies that got them into the problem in the first place.
    PeteEU

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    Re: Tens of thousands protest outside Greek parliament

    The stupidity of it is that Greece can work it's way out. Their budget is grossly out of touch. Army is way too big, far too many civil servants with a 27-months- a-year salary, corruption on every level. It's sickening, not even the drachme could save them from this crap. They should regard it as a 'window of opportunity' to finally do something about it.

    Nope, what truly troubles me is the fact that they were allowed in the EU. I mean, what were these people thinking?

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