Greece may exit the Euro ?

[hhiusa]

That's not the point Pat, you can't blame people for being human. Most don't understand economics very well, they just want out. That's why they elected the current government. And they have been failed very badly, particularly in light of the referendum.
TBH I have a lot of sympathy for them atm.

Ignorance of the law is not an excuse to break it. Ignorance of economics does not exempt you from its consequences. You have to take responsibility for your actions. They foolishly elected a radical leftist socialist and they will have to pay the price for that decision. There are no free lunches, even though socialists would have us believe that there are.

 

[Pat494]

I think that running a country is a serious business. Gross incompetence and corruption should not just be shrugged off.
They have not only blown the new generation's position but the consequences could ripple around the globe causing extensive damage.
They really should be made to suffer too ( in their palatial villas, well away )

 

[Splitlink]

I disagree. I feel for the working man in Greece just trying to get on like most normal, functioning people and getting constantly sold down the river by his (or her) own politicians. They have a right to be angry. Why - do you presume the younger generation should pay for their predecessors mistakes?

Ask anyone under the age of 30 and I think the general reply to that question would consist of two words.

The last one is 'you'.

History proves that the Greeks are not stupid. Their big industry, shipping, has produced a lot of millionaires, especially in the post war years due to a very astute
understanding of how the world needed material and how the Canadians and Americans had the laid up tonnage, waiting to be used.

Greece has latched on to Europe in the same way, lease-lending Euros. I'm damned if I feel sorry for them because, with all the money they have borrowed and with their mental capacity, they should be one of the the wealthist countries in Europe. Screwing other countries seems to be a way of life for them. I think that they should be made to leave the Eurozone. A source that I read--I think, but am not certain, that it was IMF-- stated that with this latestest baleout, each Greek citizen will owe 30,000 euros. Come on! It's time to call a halt. It's not as if our social services did not need that kind of money.

 

[Atilla]

That's fine for a country with favorable momentum behind it, in terms of skilled young workforce, strong infrastructure, very strong exports, etc. You can see that it won't be very long to correct things. But for an under-developed region, you're talking generations. They need to be cultivated over many years.

Key industries for Greece are tourism and merchant navy. Neither are taxing in terms of training or skills which Greece has in ample quantities by virtue of their way of life.

For starters Greece at the moment has 60 year old's claiming pension right?

The same 60 year old German is still working. Moreover, the Greek contributes less and gets paid more generous pension and it has been like that for over a decade or more.

The German earns about the same or less than a government worker in Greece. Pays more tax and pension contribution and gets less in return.

Pensioners under 65 should seek work and get back to employment in the tourism industry or what ever they did before.

Secondly, the merchant navy biggest in the world is worth €100+ bn doesn't pay any tax on international earnings???? Even Ireland with it's poultry corporation tax charges 12% tax. I make that €12bn just from shipping p/a. Money that Greece needs.

Why aren't these rich tycoons being held up to account. They say they'll leave Greece and go else where? Well they can go to Ireland I'd call their bluff if I were the Greek people.


Who makes up these rules? The Germans?

Germans and EU is just a scape goat for free loaders imo.


Finally, we are not talking generations at all. No one is asking for Greece to switch to a manufacturing based economy, which is what I believe you are referring to.

Only that they collect taxes and pay their way and don't blame others for their own mismanagement.

1. Reform taxation
2. Reform pensions
3. Get rid of free loafers in public sector
4. Privatise industries by selling them thus gaining revenue to buy time and implement structural changes.

Germans are right I'm afraid. No other way and somebody has to tell Greece. They are your best friend at the moment and sadly they are being treated very badly imho.

Since 2010 no reforms and no changes have been implemented and Greece is on it's 3rd bailout. I don't think there is going to be a 4th.

 

[hhiusa]

Greek bankruptcy wrought by left wing socialism.

 

[Atilla]

Merkel saying debt relief not possible in union but can be outside the union. :idea:

Is this like an invite for Greece to leave the EU in exchange for debt relief???

 

[arigoldman]

Merkel saying debt relief not possible in union but can be outside the union. :idea:

Is this like an invite for Greece to leave the EU in exchange for debt relief???

I wouldn't be surprised.

 

[Pat494]

Merkel saying debt relief not possible in union but can be outside the union. :idea:

Is this like an invite for Greece to leave the EU in exchange for debt relief???

She is desperate to dump the Greek problem onto others. Cameron has said he will help ! The idiot. They can waste it faster than most can earn it.

 

[Splitlink]

She is desperate to dump the Greek problem onto others. Cameron has said he will help ! The idiot. They can waste it faster than most can earn it.

They will, certainly, spend it faster than he will be able to in fighting IS with the Americans. There would be fewer body bags, though.

 

[hhiusa]

They will, certainly, spend it faster than he will be able to in fighting IS with the Americans. There would be fewer body bags, though.

Unlike some other European countries, Germany can afford to do both.

 

[counter_violent]

Unlike some other European countries, Germany can afford to do both.

But not electorally...and doesn't this just highlight the problem with politicians. They rarely do anything that makes economic sense.

 

[hhiusa]

But not electorally...and doesn't this just highlight the problem with politicians. They rarely do anything that makes economic sense.

Why is that you say they cannot afford to do this electorally? It is true that politicans rarely do anything that makes economic sense. Public pensions are a perfect example. The Labour and Democrats just raise taxes every time the pensions run into to more unfunded liabilities. It is like trying to seal a hold on a boat with masking tape.

 

[Shlok2]

With the current Greece debt crisis, this may not be a great surprise. But most recently, for what I've read, the Eurozone appear to have made the decision not to exit Greece from Euro. It is a question of time, as the bank have been refunded and we have to wait.