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Greece was set up and fleeced by the international bankers. The bankers made billions and left the Greek citizenry holding the bag. As the citizens never received any of the money they are telling the banks to eat the loans. This is the right and proper thing to do. Paying off swindlers and protection racket gangsters is wrong and stupid. The Greeks are neither.
Exactly-people are fed up. Why sacrifice so much to protect a corrupt system that is not built for you?
The money game is rigged and people are waking up around the World.
Again notice its a IMF payment....where in the past it would have been a bank payment? Yeah...thats why this got kicked down the road, to make sure the .001%'ers didn't suffer, instead people invested in the IMF did...you know...governments.
The Greek people did not take out the loan so why should they pay it back? The people that borrowed the money should pay it back. Besides making a loan entails some risk that is factored into the interest rate. I expect the banksters did this but expected to be bailed out by the Greek people. Sorry but the banks made a bet and lost. This is no reason to freeze the accounts of all their customers in Greece.
The Greek people did not take out the loan so why should they pay it back? The people that borrowed the money should pay it back. Besides making a loan entails some risk that is factored into the interest rate. I expect the banksters did this but expected to be bailed out by the Greek people. Sorry but the banks made a bet and lost. This is no reason to freeze the accounts of all their customers in Greece.
Actually the banksters got bailed out just fine.....by the IMF.
Back in the 90s we watched Japan get screwed over in a housing bust and didn't learn a thing. We better watch Greece now and prepare because that's where we're headed.
As a percentage of GDP, Greece spends more on military than any other EU nation, and 75% of that expenditure goes to military salaries. Looks like the top brass is doing very well there.
They didn't practice austerity. Just the opposite since debt to gdp ratio grew.
The opposite of austerity would be to increase spending, which is NOT what they did.
The ratio is not a measure of weather or not they tried austerity. They tried it, but it did not work.
It does not always work. If you are going to cut spending, it has to be done when the timing is right. US could do it now, and it would work, but if you cut it when things are already falling apart, then it can do more damage than good.
When the revenues grow, the temptation is to increase spending, which is what Greece did, but when revenues fall, you will find it hard to pay for the increased spending.
US does not have a revenue problem today, so it would be a good time to reduce spending.
Unfortunately US did the same thing as Greece when we did not have a revenue problem. See chart going back to 2000, which shows steady increase in spending every year. That shows fiscal irresponsibility.
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