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One wonders why in the blue hell Germany keeps bailing them out.
Simple:
Greece is part of the Euro. As such, if it defaults, its going to cause a major decline in the International Market, especially the Euro. If the Euro declines, Germany's economy declines; as does all European Nations in the Eurozone.
I can gurantee at that meeting on Sunday, Germany, amongst others, are kicking themselves in the a$$ for allowing Greece in. Should have left them in the Dracma and been done with it.
Greece WILL eventually fall; its only a matter of time. These bailouts cannont last forever. The Greek people are refusing to change their way of life and therefore, WILL default. Once they do, Ireland and Portugal will follow and the International Market will take a nose dive.
I sure as hell hope the people of the United States and, morever, its government are watching this. The same will occur here, unless a handle on social security and medicare is not made. Those programs are the "sacred cows" of the "people" here. And they too will fail.
Wouldn't that help the US DOLLAR as a stable currency if the Euro takes a nose-dive?
If you are referring to the exchange rate: Yes. It would help it a great deal. How much of a problem Greece defaulting on their debts and what it would do to the US economy is up for debate. I've heard it will ruin us, I've heard it will do little to nothing.
Do they not teach economics 101 in the Greek schools? They are dooming themselves and yet refuse to change. Won't pay taxes yet expect their publicly funded jobs to continue? "Derp da durr."
Couldnt the same be said here in America, where 50% of americans pay no federal income tax, but continue to want more and more while moaning everytime cuts need to be made?
Wouldn't that help the US DOLLAR as a stable currency if the Euro takes a nose-dive?
Unless of course the currency traders believe our problems are very similar, then it'll cause ours to nose dive for a period of time as well out of fear.
If you are referring to the exchange rate: Yes. It would help it a great deal. How much of a problem Greece defaulting on their debts and what it would do to the US economy is up for debate. I've heard it will ruin us, I've heard it will do little to nothing.
We are very globally connected now. Yes, Greece going down for the count will hurt us.
I would think China might be the only country not terribly impacted.
The Great Depression originated in the US but spread worldwide.
And back then we were not so global.
Greece might be in Europe geographically but its political culture is decidedly third world. The Greek crisis could very likely spell the end of the Euro.
The workers at the electric companies do not like the idea of being privatized so they cut power. The public workers DO NOT want to be privatized.
Folks need to follow what is going on here.
Power cuts hit Greece as protests grow - Yahoo! Finance (http://finance.yahoo.com/news/Power-cuts-hit-Greece-as-apf-386729946.html?x=0 - broken link)
"Greece was hit by rolling blackouts Monday as employees at the main power utility began 48-hour rolling strikes to protest the company's privatization, part of austerity plans needed to avoid a national debt default."
Hardly anyone in Greece pays taxes, I think 90% of the population pays no taxes, if not more.
You reap what you sow.
47% of households in the USA pay no income tax.
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