Greek Exit form the Euro

[Wirey]

Does anyone know if the Greek population realizes how much pain they're about to bring down on themselves?

 

[metis]

It's a crazy situation.

 

[Lyndon]

If they don't have the money to repay Europe they don't have the money, blood out of a turnip as they say. My Austrian friend thinks its terrible what they are doing to Greece, in any case they existed just fine before the joined the Euro Union, they'll probably do just as well without it.

 

[columbus]

Isn't the referendum rather like a couple of parents asking the kids to vote on whether to pay attention to the bank statements and credit card cancellations?

NPR mentioned that Greeks were pulling their money out of the banks. I thought, "Whose money?". Don't all those Euros speak German?
Tom

 

[Nietzsche]

Does anyone know if the Greek population realizes how much pain they're about to bring down on themselves?

If they did, they wouldn't of done it. Greece has a long, proud history of doing the worst possible thing at the worst possible time and then claiming their neighbours are the problem.

 

[The Emperor of Mankind]

Why doesn't the EU just cancel the debt placed upon Greece? It would make things go a whole lot more smoothly.

 

[metis]

Why doesn't the EU just cancel the debt placed upon Greece? It would make things go a whole lot more smoothly.

Because investors would lose big time, and that would not only affect Greece but also the EU.

 

[Revoltingest]

Greece reminds me of......

The full version....

 

[The Emperor of Mankind]

Because investors would lose big time, and that would not only affect Greece but also the EU.

Oh, the poor investors. Meanwhile Greek families are struggling to keep their heads above water and suicides abound. Greece is probably going to default so the investors won't see their money back either way. Forgiving the debt would be a kinder act as it wouldn't destroy the Greek economy and create a failed state on the periphery of Europe in the process. The Greeks should not be made to pay for the actions of their government.

 

[metis]

Oh, the poor investors. Meanwhile Greek families are struggling to keep their heads above water and suicides abound. Greece is probably going to default so the investors won't see their money back either way. Forgiving the debt would be a kinder act as it wouldn't destroy the Greek economy and create a failed state on the periphery of Europe in the process. The Greeks should not be made to pay for the actions of their government.

I hear ya, but it is actually quite a complicated mess.

 

[Revoltingest]

Oh, the poor investors. Meanwhile Greek families are struggling to keep their heads above water and suicides abound. Greece is probably going to default so the investors won't see their money back either way. Forgiving the debt would be a kinder act as it wouldn't destroy the Greek economy and create a failed state on the periphery of Europe in the process. The Greeks should not be made to pay for the actions of their government.

But is it practical for other countries taking responsibility for citizens neglected by a government voted in by Greeks themselves?
That wouldn't work either. To reward bad decisions encourages more of the same, & eventually generous Europistan would run out of money.

 

[Wirey]

Oh, the poor investors. Meanwhile Greek families are struggling to keep their heads above water and suicides abound. Greece is probably going to default so the investors won't see their money back either way. Forgiving the debt would be a kinder act as it wouldn't destroy the Greek economy and create a failed state on the periphery of Europe in the process. The Greeks should not be made to pay for the actions of their government.

A large part of that debt belongs to the US and UK governments. Their citizens should pay extra taxes so the Greeks can behave like a 20 year old with a credit card they got from Mommy and Daddy?

 

[Nietzsche]

Oh, the poor investors. Meanwhile Greek families are struggling to keep their heads above water and suicides abound. Greece is probably going to default so the investors won't see their money back either way. Forgiving the debt would be a kinder act as it wouldn't destroy the Greek economy and create a failed state on the periphery of Europe in the process. The Greeks should not be made to pay for the actions of their government.

Pftahahaha. Ahahaha.

Are you trying to tell me it wasn't before now? Greece has been straggling along for centuries now.

 

[Revoltingest]

A large part of that debt belongs to the US and UK governments. Their citizens should pay extra taxes so the Greeks can behave like a 20 year old with a credit card they got from Mommy and Daddy?

We just shouldn't lend money to countries who don't spend it in ways which make them more productive.
I wanna be paid back with interest. Lending money to profligate spenders is a recipe for loss.
Just don't lend to poor risk borrowers.

 

[Wirey]

We just shouldn't lend money to countries who don't spend it in ways which make them more productive.
I wanna be paid back with interest. Lending money to profligate spenders is a recipe for loss.
Just don't lend to poor risk borrowers.

I read that Greek social spending outstripped their income, but the politicians can't get re-elected without doing it. The Greeks are bribing themselves with borrowed money.

 

[Kilgore Trout]

To reward bad decisions encourages more of the same, & eventually generous Europistan would run out of money.

Just quickening the inevitable.

 

[Terrywoodenpic]

So what happens when a country goes broke and defaults.
There must be a way back somehow.

you cant just throw them all in a debtors prison.

as it stands both Greece and the lenders lose the lot.

 

[Kilgore Trout]

It's just crazy how unforeseeable this was. I mean, there was no conceivable way for anyone to have even the slightest inkling of this eventuality. Wow, how life can really throw you a curve ball every now and then, eh?

 

[Revoltingest]

So what happens when a country goes broke and defaults.
There must be a way back somehow.

you cant just throw them all in a debtors prison.

as it stands both Greece and the lenders lose the lot.

If Greece can't repay the debt, they should give their creditors assets, eg, real estate.

 

[Nakosis]

Does anyone know if the Greek population realizes how much pain they're about to bring down on themselves?

Isn't this similar to what Hitler did?

"In Billions for the Bankers, Debts for the People (1984), Sheldon Emry commented:

Germany issued debt-free and interest-free money from 1935 and on, accounting for its startling rise from the depression to a world power in 5 years. Germany financed its entire government and war operation from 1935 to 1945 without gold and without debt, and it took the whole Capitalist and Communist world to destroy the German power over Europe and bring Europe back under the heel of the Bankers. Such history of money does not even appear in the textbooks of public (government) schools today."
Web of Debt - Thinking Outside The Box: How A Bankrupt Germany Solved Its Infrastructure Problems