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It's only catastrophic if the Germans act like idiots and throw them out of the Euro and that triggers speculative attacks on Portugal, Spain, Italy, etc..
Granted everyone involved has been acting like idiots so far so it's not out of the question. The hubris of the present Greek government in how it interacts with and speaks about the rest of the EU and refusal to make basic concessions on their side really doesn't help matters either -- makes it much harder for the Germans and the institutions to do the right thing.
Germany is not the aggressor here, and Greece is not the victim. This is like having a child at college with your credit card, who runs up the tab with wild abandon, even after "the talk" where you explain that this must stop, one way or another.
The expectation that Germany will continue to pay Greece's way is an idea that only a true socialist could come up with, not to mention think is a desirable.
This has been going on for seven years now. Greece cannot pay its debts and technically defaulted on June 30, 2015 by not making a required payment to the IMF. Germany offered to extend more money, kicking this can down the road, yet again, IF Greece agreed to certain requirements that amounted to a dismantling of their cradle to grave socialist economy, that they are far beyond not being able to afford.
So, the referendum today, which was initiated by the Greek government, against the recommendations of the EU, basically posed the following alternative to the Greek people:
Yes - Accept the terms of Germany and the EU, dismantle our unsustainable and literally bankrupt socialist welfare state, and commit to making our debt payments on time. Payments which would largely be funded by additional borrowings from Germany and the EU. Under this scenario, Greece stays in the EU.
No - Reject the terms of EU membership, walk away from our debts (with the consequence being that nobody will loan us any more money for a long time), abandon the EURO, print our own currency and take our chances on our own.
From the article in the OP:
'Results showed 61 percent voted "no," compared with 38 percent for "yes," with 97 percent of the vote counted.'
The Greek people voted no and it wasn't even close. How is anyone a victim here other than the lenders to Greece that are now going to get stiffed? The had a choice and this is what the Greek people chose. It is on them.
Last edited by Spartacus713; 07-05-2015 at 05:33 PM..
Problem isn't just Greece but the rest of the "PIGS" group; Portugal, Ireland and Spain. You can almost add France in there as well. Heck the only country well out if it is Germany (surprise, surprise).
This is why people are worried. If Greece leaves or is chucked out of the Euro it can set off nasty pattern.
Don't be surprised if he proposes, or even unilaterally orders a bailout of Greece. The law and the constitution clearly are considerations that were left in the rear-view mirror for him a number of years back now.
Don't be surprised if he proposes, or even unilaterally orders a bailout of Greece. The law and the constitution clearly are considerations that were left in the rear-view mirror for him a number of years back now.
This would not be a surprise, and if it should, you can plan on others following the lead of Greece.
HEY, this is the New_World_Order that the loony TeahadliKKKans warned you about!!!
Watch, there WILL be an emergency-bailout of Greece, coming mainly from the EU/USA, before the end of next week. If that does not take place, there will be arm-twisting in order to "persuade" lenders to give Greece much easier bailout-terms.
This should be a wake up call to the rest of the world. This is what happens when you run out of taxpyer money.
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