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No way! If so, Portugal, Spain and Italy will be the next ones, and then the whole world would be hit by a global economic meltdown which could be even worse than Lehman Brothers one.
It would be better to kick out the creditors just to save people to extreme austerity.
Will they? Or will they get the message to shape up or ship out?
If I were a Greek citizen, I think I would be ready to stiff the citizens of the Eurozone whose tax money provided a huge proportion of these bailout funds, and with that off my country's back I would gulp and go for the New Drachma. So, I would want a no vote in the Greek parliament tonight.
I think if I were a German citizen (or one from some of the other Eurozone countries) I wouldn't believe that my country would every see any pay-back of its funds in any case, and I would be adamantly opposed to loaning a single cent more of my tax money for a bailout. So, I would want my parliament to vote, no on Friday (or whichever day it might be.)
Given the extremely negative statement from the IMF about the condition of Greece and the proposed deal, Greek or German or Finn or Slovene...I would believe it was all hopeless and my country should cut its losses by separating from the Eurozone or from Greece, depending on which side of the divide I was on. And considering that the IMF only contributes 10 percent, how much more wary should a German, Finn, etc. be where we are talking very large contributions.
I will think they are all nuts if Greece doesn't do a runner, and if the other guys don't let it just happen. The present Marxist government of Greece would fold in short order, and if a centrist-reformist government came into power and cleaned up the longstanding problems with Greek government, the Greek people with the help of some outright foreign aid might be able to pull themselves up to a decent standard of living in three or four years, and perhaps even something like prosperity in the years after that.
The Eurozone and its currency is probably protected enough now to withstand the backlash, but a big reconsideration ,or maybe better, reorganization, of the group is necessary. If that's too optimistic, I say bye-bye to a large part of my savings in old age.
Greece won't repudiate the debt and go back to the Drachma because they want to continue spending other people's money. The current leaders are socialists. There's no way they will straighten out their finances on their own.
Given this, they're screwed.
Except for the whole part where outside of the debt they are actually having a surplus. IE they aren't spending other peoples money. They have been devastated by austerity though.
Except for the whole part where outside of the debt they are actually having a surplus. IE they aren't spending other peoples money. They have been devastated by austerity though.
Right....that's why they're so afraid of leaving the Euro....
You must believe Chinese economic statistics too, right?
IMF is not going to participate in this deal since they think it's unviable. They want Germany to cancel debt which I also agree with their assessment. What happens next? I believe without IMF participation the deal is as good as dead.
Greece is going to keep shrinking until they get out.
Their problems exist in or out of the Euro. If they remain in, their politicians can blame the Germans. If they get out, they don't have this deflection.
That's what this whole thing is about. Greece borrowed other people's money and spent it, then got bailed out and spent that.
Quote:
Originally Posted by greywar
They have been devastated by austerity though.
They have not been "devastated" and it's not my fault the Greek government is too incompetent to properly manage their budget.
No one is entitled to a specific living standard. If the Greeks cannot make their own way in this world, they'll just have to deal with it.
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Mircea
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They already spent other people's money.
