Why does everyone care about Greece so much?

jacknapier

Active member
157 2
Greece ... Greece ... Greece ... Greece ... Greece ... Greece ... Greece ... Greece ... Greece ... ... Greece ... Greece ... Greece ... Greece ... Greece ... Greece ... Greece ... Greece ... Greece ... Greece ... .. Greece ... Greece ... Greece ... Greece ... Greece ... Greece ... Greece ... Greece ... .. Greece ... Greece ... Greece ... Greece ... Greece ... Greece ...

That's all we've heard in the news since like 2006. At least it seems like it. OK, Greece can't pay off their debt. We get the idea. Why doesn't the market just shrug it off by now? It's like the financial equivalent of the boogey man or something. Everytime they want to scare the market so they can buy they flood the news with BS about Greece's debt.
 

tomorton

Legendary member
8,420 1,345
You're right in a way, the Greek economy isn't that important (outside Greece and the adjoining neighbour countries who will be their major trade partners) but it's the significance of a Greek default from the Euro that is going to be the key. If Greece have to pull out of the Euro, it will show the EU put in a faulty system design, the people who run it can't detect rule-breakers or help the members who are struck by circumstances. If the EU Euro countries can't help one of the smallest economies in the system, which was known to be sick and corrupt before the credit crisis, what can they do for any larger problem? i.e. we will all see the Emperor has no clothes.
 

Hoggums

Senior member
2,176 878
People don't care about Greece. They care about their money - which directly or indirectly is invested in Greece.
 

scose-no-doubt

Veteren member
4,630 954
because it involves vast sums of money and could lead to a liquidity crisis as global institutions attempt to calculate their exposure.
 
L

Liquid validity

0 0
Does make you wonder how long this farce will continue.
Other that outright failure, the only sensible option to me
is to dump the single currency and move to at least 2,
preferably 3 or 4 eurozone currencies.
That way global trade is still simplified compared to the multiple splintered
currency system of old.

If that happened though, Germany wouldn't rake in as much for selling arms
and cars to the eurozone... :D
 

Martinghoul

Senior member
2,690 276
People care about Greece not because Greece itself is important. It's because the outcome of the Greek debacle has implications for the rest of the Eurozone.
 

eoincasey

Junior member
24 0
and if you think the media & markets go nuts everytime Greece "spooks the horses", imagine how they'll be when Spain & Italy follow. And I really do think it's only a matter of time. An Italian friend of mine told me you only receive dole money for 2 years if you lose your job. And that's it. OK, extended family will help to a certain degree but there's huge numbers being let go in the last year or so. I can see serious social unrest in that country. And it could all be prevented (or certainly lessened) if we had our own currencies + let the crony capitalists go bust. I think the Germans like the idea of having debt slaves though. Achtung!
 
L

Liquid validity

0 0
Thats why it drags on and on.
Not because there is no solution.
Not because no one can agree.

It drags on because any solution will
leave someone with a destructive parcel of toxic debt / liabilities
when the music stops...
No one is going to volunteer to take it on are they :)
Cue political wranglings and other associated BS.

Every Govt. and bank wants to be the ones on the sidelines looking at
whoever does land the poisoned chalice with a wry smirk, thinking thank f**k its not me.
 
L

Liquid validity

0 0
WTF? Can you imagine what a pizza would be like without Kalamata olives?!

An Olive would be a good emblem for a new PIIGS euro note.
Wouldn't bother Ireland, half of them are spanish ancestry anyway :LOL:
 

scose-no-doubt

Veteren member
4,630 954
w-t-f-o.gif



these are both metaphors for the situation. It should make things a bit clearer.
 

scose-no-doubt

Veteren member
4,630 954
Can anyone please tell me what options other than default are open to Greece at this point? If the Eurozone politics aren't allowing for a bail out of course.
 
 
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