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Bottom line, Greeks can begin carrying their money around in a wheel-barrel to buy a loaf of bread soon..
If Euro crashes to a point where you carry it around in a wheel-barrel, if would be the same for all of Euro-zone, not just Greece. If it was their own currency, things would be different. Most likely they would have bit the bullet and devalued their currency years ago, and things would probably be better for them.
We can thank Goldman Sachs and the other banks for assisting Greece in pushing their massive debt off into the future and make them look solvent.
Looking back you see that the Euro advisors did a very poor job of analyzing Greek debt, as usual you would expect these high level officials would understand what they were getting into. How do they miss all the obvious problems with the Greek system of pensions and tax collection.
It's only catastrophic if the Germans act like idiots and throw them out of the Euro and that triggers speculative attacks on Portugal, Spain, Italy, etc..
Granted everyone involved has been acting like idiots so far so it's not out of the question. The hubris of the present Greek government in how it interacts with and speaks about the rest of the EU and refusal to make basic concessions on their side really doesn't help matters either -- makes it much harder for the Germans and the institutions to do the right thing.
Well, Germany does have a bit of being a bully experience. But, the German Finance Minister is saying the EU needs to get together to keep Greece afloat.
Last edited by florida.bob; 07-06-2015 at 06:48 AM..
If Euro crashes to a point where you carry it around in a wheel-barrel, if would be the same for all of Euro-zone, not just Greece. If it was their own currency, things would be different. Most likely they would have bit the bullet and devalued their currency years ago, and things would probably be better for them.
GOD won't allow that to happen. GOD being the moneyed class in EU.
Nope. The "victim", Greece is the problem, with their choices and behaviors. One marries a drug addict, one should not have high expectations. The drug addicts choices and behavior are the drug addict's, not the rescuer / enabler.
Quote:
Originally Posted by X14Freak
This problem with Greece was caused by admitting Greece into the Eurozone, a currency union full of disparate economies. The EU was perfectly aware of all of Greece's problem when they applied for admission into the Eurozone. If anything, blame the EU for this not Greece since they willfully ignored all the red flags. Greece just did what most countries have been doing for a while, borrow money cheaply (they were able to borrow at a much cheaper rate due to the Euro) to stimulate economic growth.
We can thank Goldman Sachs and the other banks for assisting Greece in pushing their massive debt off into the future and make them look solvent.
Looking back you see that the Euro advisors did a very poor job of analyzing Greek debt, as usual you would expect these high level officials would understand what they were getting into. How do they miss all the obvious problems with the Greek system of pensions and tax collection.
That's what accountants do. They manipulate numbers I don't blame Goldman Sachs at all. It was the Greek socialist government PASOK (which robbed Greece blind) that went to Goldman Sachs in 2004 to get them to make their economic situation look like they would qualify for Euro entry, in effect lying to their Euro partners. You are right, the EU should have eyeballed the Greek economy more carefully.
Greece better think about printing drachmas and turning to BRIC's for more cash
This should be a wake up call to the rest of the world. This is what happens when you run out of taxpayer money.
Yep. I doubt many will understand that, though.
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