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Greece has an answer for all that: default and return to the Drachma. Germany can't do anything to stop that. Yet the Greeks overwhelmingly don't want that.
True. They should immediately go to the Drachma. I think most likely they will be forced to do it. I don't believe that the troika has any intention of fronting more money. They are just stalling to try and cause as much harm as possible. They don't want to see the Lira and the Peseta make return the same way.
They don't understand the true nature and goal of the Euro, they only see it as something stronger and more stable than what they had. They fail to see how a Euro thats stronger than the Drachma but weaker than Dmark hurts them and helps Germany.
True also that Greece is in a terrible situation. However the troika had a chance to fix that in 2010. Instead they forced austerity on them during a recession which made the situation worse. They simply used the opportunity to transfer French and German bank debt onto the taxpayers, much like our so called bailouts here.
Looking at the point where Greece is currently at and seeing several other countries in the exact same situation, I don't understand how they ever expected the Eurozone to work.
Last edited by justanokie; 07-07-2015 at 12:36 PM..
True. They should immediately go to the Drachma. I think most likely they will be forced to do it. I don't believe that the troika has any intention of fronting more money. They are just stalling to try and cause as much harm as possible. They don't want to see the Lira and the Peseta make return the same way.
They don't understand the true nature and goal of the Euro, they only see it as something stronger and more stable than what they had. They fail to see how a Euro thats stronger than the Drachma but weaker than Dmark hurts them and helps Germany.
True also that Greece is in a terrible situation. However the troika had a chance to fix that in 2010. Instead they forced austerity on them during a recession which made the situation worse. They simply used the opportunity to transfer French and German bank debt onto the taxpayers, much like our so called bailouts here.
Spain, the UK, Ireland, and Portugal were all forced to undergo austerity as well. They turned out fine. The difference between those countries and Greece is that their workforce is vastly more productive and hardworking than their Greek counterparts.
Both France and Germany would prefer for Greece to stay in the Eurozone, but not at any price. Both are willing to continue fiscal transfers to the country but only if it is willing to confront fiscal reality and cut its bloated, pension-riddled budget.
Again. Yes the Greeks are to blame for their own mess but they shouldn't bear 100% of the blame. Greece joining the EU was like someone going to a car dealership. The dealer took them in the back and worked the numbers until they got them in a car they really couldn't afford.
Precisely true. Yes, the Greeks lived beyond their means but Greek's creditors loaning them money knowing they are incapable of paying it back without going into indentured servitude is highly disingenuous. Now expecting them to have a ridiculous level of austerity for the next 30 or 40 years to service this debt is not really a plan. The creditors gambled bad and lost, now it is time to cut the loss and move on for both parties. That is the ONLY course of action but everyone is afraid to face this truth.
It's downright laughable that some of these agreements are to give Greece even more loans, that is the LAST thing that Greece needs at the moment...more liquidity injections! I think bankruptcy/writeoff of all existing debts + return to the drachma + humanitarian aid for the fallout is the right course. This way Greece can steer it's own boat out of the choppy waters.
........... I think bankruptcy/writeoff of all existing debts + return to the drachma + humanitarian aid for the fallout is the right course. This way Greece can steer it's own boat out of the choppy waters.
Please, no more aid, no more loans, no more contributions from others to prop up the Greece welfare state. Yes, the Greeks need to take responsibility. That will mean cutting social programs.
Maybe we should change the old adage to "Beware of Greeks asking for gifts."
Spain, the UK, Ireland, and Portugal were all forced to undergo austerity as well. They turned out fine. The difference between those countries and Greece is that their workforce is vastly more productive and hardworking than their Greek counterparts.
Both France and Germany would prefer for Greece to stay in the Eurozone, but not at any price. Both are willing to continue fiscal transfers to the country but only if it is willing to confront fiscal reality and cut its bloated, pension-riddled budget.
The EU will be better off no longer propping up Greece. W/O the EU, they have the GDP of Gilligan's Island in a few months.
Greece might become the next Romania or Albania if its not careful a country overcome with sex trafficking, organized crime and corruption. I feel bad for the great people of Greece.
....... I feel bad for the great people of Greece.
Those great people of Greece have been living beyond their means and they keep asking for more handouts.
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