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If you've been watching the news, you know how the financial crisis in Greece has been felt around the world. It is increasingly one small world where everything is tied in. Furthermore, the public as in case the pensioners and others in Greece are paying the price. This is not unlike our own crisis here in the U.S. Nothing happens to the higher ranking corporate and government SOBs while they stick it to the public. What a world we live in.
Civil unrest has begun in Athens due to the new austerity measures set by the IMF. This crisis and unrest it is feared by spread to Portugal, Spain and Italy further weakening the euro and even the EU's existence.
Stay tuned as this is history in the making!
thank God my country has not joined Eurozone yet...
Let me second that.
But the politicians were talking about opening up the debate once more last fall about whether Sweden should consider joining the EMU.
So, eventhough it is horrible what is going on, it will hopefully make our politicians and people think twice about the "wonders of the euro".
Tax evasion to a degree that Americans would not even begin to believe is a way of life in Greece, and it is not limited to the ultra-rich. Many Greek people have themselves to blame for Greece's lousy finances.
thank God my country has not joined Eurozone yet...
The euro zone were damned fools to take in economies such as Greece and Portugal. Both were broken from years of hideously bad government, followed by loss of local industries which could not compete with those of other nations, extremely high rates of tax evasion at all levels and the proliferation of government jobs as a source of employment. The work habits in neither country are such that one would want to open a business there.
And the euro zone should have kicked butt with these countries when they exceeded the debt limits in the past, but it has resorted simply to saying tut-tut, which gave the impression that the rules didn't matter.
The euro was and is a great idea, but not for everyone; just as the EU is a great idea, but some countries should have been kept waiting far longer.
This debt crisis is only continue to grow. Greece is only the beginning. Most of Europe, Japan, U.S. are overburden with debt and obligations. Next will be Spain or Japan and sooner or later the United State. The U.S. will hold off for a while, but give it time. Just do the math. This is a disaster in the making for years and now we are beginning to see the results.
This debt crisis is only continue to grow. Greece is only the beginning. Most of Europe, Japan, U.S. are overburden with debt and obligations. Next will be Spain or Japan and sooner or later the United State. The U.S. will hold off for a while, but give it time. Just do the math. This is a disaster in the making for years and now we are beginning to see the results.
Exactly. It is not surprising that the most fecklessly managed are falling first; however, the U.K., U.S., and other traditionally stronger economies are in for a long, difficult time and a very uncertain outcome.
Exactly. It is not surprising that the most fecklessly managed are falling first; however, the U.K., U.S., and other traditionally stronger economies are in for a long, difficult time and a very uncertain outcome.
not true, if it was, Japan, UK and US would have been hit first
But the politicians were talking about opening up the debate once more last fall about whether Sweden should consider joining the EMU.
So, eventhough it is horrible what is going on, it will hopefully make our politicians and people think twice about the "wonders of the euro".
Factually Sweden may hold a referendum on euro and eventually opt out but Poland unfortunatelly is obliged to join the eurozone. I hope EU will learn a lesson from this crisis and take some steps to prevent from such foul-ups before my coutry joins the eurozone.
But the politicians were talking about opening up the debate once more last fall about whether Sweden should consider joining the EMU.
So, eventhough it is horrible what is going on, it will hopefully make our politicians and people think twice about the "wonders of the euro".
Why has the danish currency outrun the swedish?
Because their currency is attached and combined with the Euro. Ours is not.
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