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Thread: Greece referendum: Early results show 'No' vote ahead

  1. #111
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    Re: Greece referendum: Early results show 'No' vote ahead

    Quote Originally Posted by GreatNews2night View Post
    If you have a debt and deficit problem one of the remedies is to devalue your currency so that you get more competitive in exports and you end up turning a surplus. If you are in a currency union you can't do that. The Euro project was built on the notion that it was irrevocable. Now if Greece exits, when other countries are in trouble and austerity measures are recommended, they will know that there is another option. That's what can start a domino effect.

    The problem with Grexit is political more than economic. Greece is a tiny fraction of the European GDP and its debt won't plunge the whole of Europe in a huge depression like you said. The problem is that this plays into Putin's hand and undermines European unity.
    That is the real problem. The Euro has always been political and far to little regard was paid to the economic realities of what they were doing. The Euro is far too strong because of the exporting nations for Greece to be able to compete. One article I read said that Greeks would need to take a 30% pay cut which will never happen.

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    Re: Greece referendum: Early results show 'No' vote ahead

    Varoufakis has resigned. They're an unpredictable bunch. :/

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    Re: Greece referendum: Early results show 'No' vote ahead

    When a plane is falling from the sky, it makes sense for the passengers to vote against gravity.

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    Re: Greece referendum: Early results show 'No' vote ahead

    Quote Originally Posted by Andalublue View Post
    Given that the financial consequences for Germany, France, the ECB, IMF and even Britain might be quite dire in the event of a Grexit, they'll be well advised to restructure the debt - it'll work out infinitely cheaper in the long-run.
    Over the long run, Greece is going to continue to be a boat anchor tied to the necks of the rest of the EU. If they restructure debt and bail them out...again...they will be back doing this every few years. It's tough telling your broke drug addicted crack whore sister you aren't going to keep paying her fines, rent, food, and bailing her out of jail, but at some point cutting them loose is the only long term solution.

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    Re: Greece referendum: Early results show 'No' vote ahead

    Quote Originally Posted by AliHajiSheik View Post
    When a plane is falling from the sky, it makes sense for the passengers to vote against gravity.
    Mornin AHS. Well.....not for everyone. Just sayin!


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    Re: Greece referendum: Early results show 'No' vote ahead

    It have already ended badly for Greece and it is why the voted in Syriza and the no vote. That Greece have for years have to comply to the demands of the Troika. With the result of the debt increasing from 100 % to 170 %. That at the same time the official unemployment have increased to 25 %. That not including the people who have gave up looking for a job or all the people who have moved to other countries in search of a job. That at the same vital service like healthcare have deteriorated rapidly. Now the Greeks are was willing to try anything except being forced to follow Troikas destructive policies.

    Tough austerity measures in Greece leave nearly a million people with no access to healthcare, leading to soaring infant mortality, HIV infection and suicide - Europe - World - The Independent
    Last edited by Bergslagstroll; 07-06-15 at 08:39 AM.

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    Re: Greece referendum: Early results show 'No' vote ahead

    I feel invigorated by the results of the referendum - it gives me hope that the Greek people want to take matters into their own hands once again and work their way from there. As for all the foreign creditors - you will swallow your loss and think better next time. This is what the bloody interest premium on loans is about - you are making a profit in exchange for the risk of not being paid back. If you are always paid back though, then there is no risk and your profit is undeserved.



    As long as the country doesn't run out of food and fuel (the former can be internally produced as far as I know Greece's economy) everything else will be worked out.

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    Re: Greece referendum: Early results show 'No' vote ahead

    Quote Originally Posted by MMC View Post
    Mornin AHS. Well.....not for everyone. Just sayin!

    It will be interesting to see how this is handled going forward, and see who gets what.

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    Re: Greece referendum: Early results show 'No' vote ahead

    Quote Originally Posted by polgara View Post
    It will be interesting to see how this is handled going forward, and see who gets what.
    Indeed it will Lady P.



    Russia Taking Full Advantage Of Greek Crisis

    In the meantime, the turmoil offers an opportunity for Russia to advance its interests. Of course, the EU is an absolutely critical trading partner for Russia, so if the bloc starts to fray at the seams, that presents financial risks to an already struggling Russian economy. Russia’s central bank governor Elvira Nabiulllina warned in June of the brewing threat that a Greek default would have on Russia. “We do consider that scenario as one of possible risks which would increase turbulence in the financial markets in the European market, bearing in mind the fact the European Union is one of major trading partners, and we are definitely worried by it,” she said in an interview with CNBC.

    With the economic fallout in mind, Russia does see strategic opportunities in growing discord within Europe. First, Russia is pushing its Turkish Stream Pipeline, a natural gas pipeline that it has proposed that would run from Russia through Turkey and link up in Greece. From there, Russian gas would travel on to the rest of Europe. Russia is vying against a separate pipeline project that would send natural gas from the Caspian Sea through Turkey and on to Europe.

    The pipeline remains in limbo. Despite Russian insistence that construction could begin in 2016 and be completed by 2019, the 2 billion euro project does not have firm commitments from Turkey, and it also still faces opposition within Europe, which is trying to wean itself off of Russian gas.....snip~

    http://finance.yahoo.com/news/russia...182101708.html

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    Re: Greece referendum: Early results show 'No' vote ahead

    Quote Originally Posted by VanceMack View Post
    Over the long run, Greece is going to continue to be a boat anchor tied to the necks of the rest of the EU. If they restructure debt and bail them out...again...they will be back doing this every few years. It's tough telling your broke drug addicted crack whore sister you aren't going to keep paying her fines, rent, food, and bailing her out of jail, but at some point cutting them loose is the only long term solution.
    It's that very boat anchor that keeps Germany's exports outside Europe relatively cheap. Your Mercedes would have been more expensive in Deutchmarks, and they wouldn't sell so many abroad.
    I love the smell of face-palm in the morning!

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