It's more like the attitude.I know what a mantra is, being a Buddhist and all, but I don't see what mantra it is you're referring to, since I've repeated nothing.
don't forget the brains of mush, at least with over 60 pct.Damn, Greek citizens, you guys have some ****ing balls of STEEL!!
don't forget the brains of mush, at least with over 60 pct.
yeah well, marxist paroles are going to get you and the Greeks about as far as the rest of your post. That last sentence is about as silly as it can get in this issue of abundant silliness.LOL, the Greeks had only three options:
1. Let the severe austerity destroy what's left of their fragile economy.
2. Suffer a head-on collision in a game of chicken with the IMF.
3. Show the world that they're a hostage that is no longer afraid to commit suicide, thus forcing far gentler terms at the bargaining table.
Today, the Greeks soundly rejected option #1, banked on the hopes of #3, and left the door open to #2. If Greece defaults, it's gonna send shock waves throughout the world. Even as we speak, the Asian markets are in an uproar, and no doubt those shock waves will spread to European and then American markets when they open tomorrow.
Be afraid, rich elite! The people are starting to rise up!
Why is it up to the rest of Europe to support a Greek welfare state? Bernie mentions massive income inequality in the world. Aren't there people poorer than Greeks? Why not help them instead? I wonder if Bernie's going to put his money where his mouth is and send the Greeks a check.
yeah, that requires address in whatever negotiations still to come.You would also be ignoring the fact that even the IMF admits that the austerity "punishment" doled out to the Greeks for the last five years was wrong.
Last time I went out drinking in Greece and this topic came up was about 25 years ago (I've been countless times since but not with this item being addressed). I didn't argue anything either way, not having any card in that game, but there was a lively discussions among Greeks, with about half arguing to stop dragging up the past and the other arguing that they're still owed.You clearly haven't been paying attention. You only have to spend about 20 minutes with a Greek guy in a bar for the topic of how much the Germans still owe them to raise its head. When was the last time you went out drinking in Greece? And you really never heard it mentioned? Really?
i dont think greece falling out of the eurozone would encourage other countries. as it currently stands,greece dropping out of the eurozone would be far more damaging to their economy than even the most extreme forms of austerity.
the eurozone would suffer credibility if greece left,and would also suffer credibility if they dropped greeces debt.it is a lose lose situation for both sides,but for greece dropping out of the eurozone would lead to an epic depression,one which will take years maybe even a decade to recover from.
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.
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.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.
When a plane is falling from the sky, it makes sense for the passengers to vote against gravity.
It will be interesting to see how this is handled going forward, and see who gets what.
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.
Varoufakis has resigned. They're an unpredictable bunch. :/
Hows the Euro doing? How are the Greek banks doing? How are stocks doing? Hell...how are GREEKS doing?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.
Hows the Euro doing? How are the Greek banks doing? How are stocks doing? Hell...how are GREEKS doing?
Greece is a nightmare. It isnt getting better its getting worse. They dont want to take steps to get better. If the EU wants to do this again every few years...be my guest.
"In the evaluation of the package provided in 2010, the IMF said: "Given the danger of contagion, the report judges the programme to have been a necessity, even though the Fund had misgivings about debt sustainability.
"There was, however, a tension between the need to support Greece and the concern that debt was not sustainable with high probability (a condition for exceptional access).
"In response, the exceptional access criterion was amended to lower the bar for debt sustainability in systemic cases. The baseline still showed debt to be sustainable, as is required for all Fund programmes."
In the event, the report added, the Fund was open to criticism for making economic projections that were too optimistic."
Worth noting that the "mistake" was just in the projections of how much hardship it may cause. The report seems to still confirm that the action was needed under the conditions Greece faced.
//