Greek Debt Crisis Simplified

[Pat494]

It's not so bad maybe, countries owning bits of other countries.

1.They are less likely to damage a country if they own bits of it.

2. It may be organised a bit better than before. It's easier for a foreigner to tell them to get working.

 

[Pazienza]

Any reason why the advanced economies can't invade the ME, Asian, S.America and Africa to grab their stuff ?

Ropey food, big insects, heat, and the water gives you the squits if you're not careful. There are others of course but those are the main ones I think.

 

[Pazienza]

As for Greece it is simply the smallest in the pack of PIGS. Spain Italy and Portugal not far away. Remember - always pick on the little guy.

Nobody's "picking on the little guy" - Greece is f***ed because it deserves to be f***ed.

Frankly, they've got off very lightly thus far.

 

[forker]

Nobody's "picking on the little guy" - Greece is f***ed because it deserves to be f***ed.

Frankly, they've got off very lightly thus far.

Nobody deserves the burden they have. Its going to take a very long time to get back on their feet at the expense of innocent citizens. Saying they deserve it is a very childish thing to say don't you think?

 

[BeginnerJoe]

Greece is f***ed because it deserves to be f***ed.

How are the greeks f*cked ? They can refuse to pay their debt and start printing their own money. It is the creditors who are f*cked.

 

[BeginnerJoe]

It's not so bad maybe, countries owning bits of other countries.

1.They are less likely to damage a country if they own bits of it.

2. It may be organised a bit better than before. It's easier for a foreigner to tell them to get working.

So the justification to invade other countries is no longer the supposed terrorism, but to put their house in order for them by killing countless number of them ? What other altruism are you planning to bestow on others, I wonder ?

 

[Pazienza]

Nobody deserves the burden they have. Its going to take a very long time to get back on their feet at the expense of innocent citizens. Saying they deserve it is a very childish thing to say don't you think?

No I don't think so at all.

How are the citizens "Innocent"?

And yes, they do deserve it. They got themselves into this mess by spending far beyond their means, they fully deserve they consequences.

Saying so is no more childish than saying that the Germans deserve their success as an exporting nation.

We are simply talking about the consequences of people's actions. The Greeks have lived in euro la-la land for a long time. The bill has arrived.

 

[Pazienza]

How are the greeks f*cked ? They can refuse to pay their debt and start printing their own money. It is the creditors who are f*cked.

I maintain again that your apparent stupidity is just a front, and that you do this as a wind up. Nevertheless:

No, tiny tiny brain, that is just the point - they cannot print their own money. If they could they would have a way out.

However, as members of the euro, they cannot print their own money. How is it possible that don't know this?

Besides which, the fact that Greece is f***ed goes way beyond the current crisis, due to years of utter stupidity. Do a bit of research and see what Greece's public pensions liability as a % of GDP is projected to be by 2050.

 

[forker]

No I don't think so at all.

How are the citizens "Innocent"?

And yes, they do deserve it. They got themselves into this mess by spending far beyond their means, they fully deserve they consequences.

Saying so is no more childish than saying that the Germans deserve their success as an exporting nation.

We are simply talking about the consequences of people's actions. The Greeks have lived in euro la-la land for a long time. The bill has arrived.

The government got them into this mess not the citizens. By your logic it would be no different to blame UK citizens for the actions of the banks and government in the UK's financial dilemma.

 

[Pazienza]

The government got them into this mess not the citizens. By your logic it would be no different to blame UK citizens for the actions of the banks and government in the UK's financial dilemma.

The government has it's share of the blame, but it is not solely to blame. Is it the government's fault that people choose to evade their taxes for example, something that is endemic in Greece?

I agree that it is no different to the example that you give - because the public in this country has a great deal of culpability. The banks bear some blame, as does our government, but neither for example forced people to take out ridiculous loans that they can't afford.

I know that we live in a demotic age but to pretend that the public in both countries are purely innocent victims of this crisis is absurd.

One might also point out that a great many citizens in both countries have benefited for many years from the reckless, debt-fuelled public spending booms, being employed on far better terms than either their talents merit or the nation cam afford.

I do not blame such people for taking the jobs, salaries and benefits that they did. However, it is ludicrous to squeal now about "austerity" when such things are being scaled back - they never should have existed in the first place.

The citizens also voted for the politicians, seemingly on the basis of who was offering the most attractive bribes.

By the way, when I referred to "the Greeks" I was using the phrase in what I assume everyone would recognise as a common usage to denote the country as a whole. I am surprised that anyone thinks it means all citizens, men, women, children and babes as yet unborn.

 

[Pazienza]

How are the greeks f*cked ? They can refuse to pay their debt and start printing their own money. It is the creditors who are f*cked.

Tell you what Joe, you could help the Greeks. Buy 100 euro (two if you're feeling flush) of Greek government debt. If it's anything like EURUSD, that should put yields down to about 1% by your reckoning, and that collapse in yields would restore confidence allowing them to borrow at favourable rates. Whaddya say Joe?

Incidentally, I'm long cable, so please, if you're going to put any spread bets on short, can you keep them under £10 per pip? We don't want to see parity do we?

 

[forker]

Funny, last time I checked it was the government making the decisions not the public. We are obviously not going to agree on this so let's leave it at that.

 

[Pazienza]

Funny, last time I checked it was the government making the decisions not the public. We are obviously not going to agree on this so let's leave it at that.

It is the government, although the people elect the politicians who form the government. And it was obvious right from the start where Governments like this would take us.

A big part of Greece's problem at present is its membership of the euro - well the Greek people were wildly enthusiastic about it, and have benefited enormously from it in the years since. Now there is an element of reckoning.

The government is not responsible for the people's decisions however - like taking on ridiculous loans that they couldn't afford.

 

[kimo'sabby]

By BinaryOptionStrategy.com



Q. What is the core of the debt problem in Greece?

A. Greece has been living well above its means recently. This has led to an increasing amount of debt piling up. This in turn has been hurting their economy. While wages in the public sector have almost doubled over the last ten years public spending has shot up. So while the Greek Governments coffers were getting lower and lower there wasn’t enough tax money coming in. This is due in part to tax evasion or corporations hiding their money in offshore tax havens. While rich Greeks have enjoyed the countries benefits and public service offerings they have not been paying tax. Then comes the financial crisis of 2008 and you can see a country rocked to its very roots without the necessary backing to see it though the storm. Hence it was given 110b Euros of bailout loans in May 2010 to see it through.

Q. Why did Greece turn to the EU for bailouts?

A. Greece sought the help of the European Union (EU) and the International Monetary Fund (IMF) as an alternative to commercially backed loans. The loan repayments of the financial markets proved to be too expensive to clear the Greek debt. By taking a bailout from the EU and the IMF, the plan was, that the repayment rate would be much more affordable and give Greece a chance to stabilize its economy.



Q. Why was the second bailout so close to the first one?

The Greek economy never did balance itself out and it has massive debts still to be paid without enough funds left over from the bailout to clear them. Of all the countries monitored by the S&P Greece is given the least credit worthy than anywhere else in the world. Standard & Poor’s, downgraded Greece’s credit rating last month from B to triple C which is just two notches above default.



Q. Why doesn’t Greece just default on its debts?

Defaulting creditors would mean refusing to pay the interest payments on the loan or offering smaller payments or even requesting to have some of the debt written of. As Greece is a member of the Eurozone it’s not that easy. Eurozone members are offered low rates of repayment as it’s assumed that rather than them defaulting the ECB and the EU will provide necessary backing to stop this happening. A default would have massive impacts on the banks that loaned large amounts of money to Greece.

The same applies with the Irish Republic and Portugal too. If Greece defaults they might follow suit thus affecting the banks which loaned them massive amounts of money. The ECB would then have to try to help the banks and this would put heavy pressure on the ECB’s coffers. If a default did happen borrowing costs would be increased to make up the shortfall, thus making it harder for these countries to repay their burgeoning debts.

Greece!! Can't stand that f*ckin film/musical nonce sh!t!! As for the country, set light to the f*cker, and everyone in it!

That's how to get rid ov bad debt. That's how we do it in the underworld.

 

[new_trader]

Greece!! Can't stand that f*ckin film/musical nonce sh!t!! As for the country, set light to the f*cker, and everyone in it!

That's how to get rid ov bad debt. That's how we do it in the underworld.

Although they don't quite do that in the UK the end result of what they are doing will be the same - The economy will go up in smoke.

 

[kimo'sabby]

Although they don't quite do that in the UK the end result of what they are doing will be the same - The economy will go up in smoke.

Wot with the riots....they'll probably self combust.

 

[Atilla]

I reckon if Greece leaves the single currency in a controlled way - let the drachma depreciate, raise interest rates and sort out taxation and expenditure, it could a short period turn round their economy.

Tourism and shipping would go a long way to turning round economy. Not to mention purchase of holiday homes and influx of foreigners bargain hunting.

Problem is always the elite and leaders never the citizens who do as they can within the rules made for them.


Don't forget every other country is caught up in the same ol ****ty mess. UK debt same as Greece's per GDP so all these harsh criticism is way OT. Simply a case of the capitalist markets running riot. They've already started targeting Italy. Simply a question of who is next?

Some people are so extreme in their views they are like bunch of fascists imho. Get a grip guys. Remember Argentina and Russia? Even Canada went through a crises and tidied up their banking systems and now they look damn solid. Simply that they went through the crises much earlier on.

How is Iceland these days anybody know?

 

[Pazienza]

UK debt same as Greece's per GDP so all these harsh criticism is way OT. Simply a case of the capitalist markets running riot.

Glad someone else mentioned this, I was starting to think I was the only person in the world who knew.

The problem is though we don't have capitalism, we have socialism. The free market is not being allowed to operate.

 

[counter_violent]

Glad someone else mentioned this, I was starting to think I was the only person in the world who knew.

The problem is though we don't have capitalism, we have socialism. The free market is not being allowed to operate.

It's even worse than socialism...nanny statism more like.

Hong Kong was set up as a free trade model under British administration (google it) where govt rules and regs were kept to the absolute minimum.

 

[JahDave]

Problem is always the elite and leaders never the citizens who do as they can within the rules made for them.


I agree with you there. This is a worldwide issue because the elites have been pushing for a new world order for decades. I have heard the last 4 presidents of the United States call for it, just go look for it, it's there. What they really want is total control of the money and commodities etc.....I am quite sure that the bailouts here in the USA were just another scheme to steal trillions of taxpayers money and give it to banks and big corporations. And after they have looted the national treasuries, then they scream austerity, so that the working class can pay more while they still don't taxed. I read today that the US government is creating a new tax bill and that people here will be able to sign up for at work and give extra money out of their paycheck voluntarily to help pay down the national debt. Are the politicians for real........We live in fascist country here in the USA.