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Ok, keep playing the victim card and see where that takes you.
Some of Greece's toughest critics actually came from Portugal, Spain, and Italy - and that should tell you something.
No victim card held. You keep looking away at the banksters and see what happens. Read the last link I quoted to understand.. The people of those countries feel like Greece. Their banks and loaners is another story.
In summary, the banks wrecked the Greek government and deliberately pushed it into unsustainable debtso that oligarchs and international corporations can profit from the ensuing chaos and misery.".......................
oh is that why my stocks have been doing so well lately?
I do love a good default here and there for buying power
No victim card held. You keep looking away at the banksters and see what happens. Read the last link I quoted to understand.. The people of those countries feel like Greece. Their banks and loaners is another story.
Per my original post:
Quote:
I think Greek should take the blame for allowing themselves to be 'pushed' to begin with. Nobody put a gun to their head, figuratively speaking, and 'force' them to take the loan. In order to solve a problem, Greece need to own some of the responsibilities and stop playing the victim card.
You have greedy banks, yes, but Greece also has years and years of dishonest and corrupt politicians that helped run the country to the ground. Too many people with their hands up and not as many people putting the money back to the jar. That's the part that Greece should own and try to fix together.
Regardless of what the country feels about the banks, Greece still needs them. Why do you think the Finance minister resigned? He was asked by Tsipras to resign because he's become a liability in the negotiation process.
Personally, I think Greece should just chuck the Euros. There will be hardship ahead, but they've already been in hardship all these years, so what's a few more years of hardship? At least then they have a fighting chance to come out of this. But then, that's assuming its government will actually clean up its act and actually 'govern'.
Personally, I think Greece should just chuck the Euros. There will be hardship ahead, but they've already been in hardship all these years, so what's a few more years of hardship? At least then they have a fighting chance to come out of this. But then, that's assuming its government will actually clean up its act and actually 'govern'.
I agree with you, Greece and the euro should part company.
But as to "having a fighting chance to come out of this" on their own and with their own currency, I am not all all sanguine. For the thirty years between 1980 and 2009, their government became swollen and grossly inefficient and indulged in all manner of sloppy expenditures; and then in 2009 it had to admit that previous data on government debt levels and deficits had been misreported by the Greek government in order to protect its bond sales, etc. And the Syriza administration debuted with a five month spree of thinking it could jerk the chain of its creditors and partners. But then their finance minister was a devotee of game theory, so that was probably to be expected in a country that breeds political parties with the same enthusiasm that rabbits breed more rabbits.
The political culture of the country is not capable of producing a competent government in my estimation. And Mr. Tsipras is a wet-behind-the-ears young demagogue, who has spent his political life career flitting from one Marxist group to another. The current Syriza party government is band of spouting Marxists who are going to lead Greece down the same path as the Marxist Chavez led Venezuela. However, Mr. Chavez could spin out his circus for quite awhile as he was sitting on a pool of oil; whereas Mr. Tsipras' comparable money-maker is a puddle of third rate olive oil.
Given its current leader and its political culture Greece looks geared up to become the Zimbabwe of Europe.
They can do it if they get their act together. But you're right, the fact that they voted 'No' means they chose pride over responsibility. They want to retire at 50 with full government pension till death, but nobody wants to deal with the issue of how to fund that kind of entitlement, let alone pay for it themselves.
Merkel is actually more conciliatory compared to her finance guy (can't remember the name), so perhaps in the end EU will bail Greece out, yet again. I will be embarrassed if I were Greek.
Come to think of it, I would be embarrassed if I were one of the EU negotiators. Just cut the cord already. The world and stock markets can handle it.
It's not as easy as it seems, going back to the drachma would be a disaster in the short run, the government wouldn't be able to pay many of its employees, would reduce retirement pensions, domestic consumption would decrease, the drachma would be devalued in comparison to many other values, this would mean that Greek industry would struggle to import raw materials which are essential for production, this would mean that many industry would fail to produce and could subsequently go bankrupt. Interest rates would also skyrocket
It's not as easy as it seems, going back to the drachma would be a disaster in the short run, the government wouldn't be able to pay many of its employees, would reduce retirement pensions, domestic consumption would decrease, the drachma would be devalued in comparison to many other values, this would mean that Greek industry would struggle to import raw materials which are essential for production, this would mean that many industry would fail to produce and could subsequently go bankrupt. Interest rates would also skyrocket
you mean Greece actually would need to face reality, to live within means?
Right now it is paying many of its employees and offer high pension USING SOMEONE ELSE'S MONEY.
It's not as easy as it seems, going back to the drachma would be a disaster in the short run, the government wouldn't be able to pay many of its employees, would reduce retirement pensions, domestic consumption would decrease, the drachma would be devalued in comparison to many other values, this would mean that Greek industry would struggle to import raw materials which are essential for production, this would mean that many industry would fail to produce and could subsequently go bankrupt. Interest rates would also skyrocket
Realistically they can't do that with euro either... they are getting by on borrowed money which works the same if they were in drachma or euro, still borrowed money
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