Greece Elections

[StriderX]

Well in the last 6 months I've visited about half a dozen Greek ports including Athens and life seemed pretty normal for Greece everywhere.

27 years ago I visited Athens and it was a right mess, this time it looked like a thriving clean city with plenty going on.

I think if anything wealth distribution is the problem not money.

My feeling rightly or wrongly is that they've never had it so good.

Cashpoint queues , no worse than the UK, begging, homeless, again no worse than the UK.

Life got...too good for the Greeks though, They continuously failed to pay taxes, expected a large state to operate without fail and a pension scheme that still... makes a mockery of most nations.

They had it coming, but the EU should have done a more thorough investigation into their membership, but when you have ruling bank such as GS helping you, i don't think it would have mattered too much.

The EU at the time was all too addicted to proving its own validity.

 

[Stretch]

So Greece receives its bailout, gives the money to the ECB and Tsipras resigns.

Just another day in Greece.

Tsipras never had a mandate to accept the bailout. Doubly so, since he was elected on an anti ticket, reaffirmed by a referendum. The position of the Greek people couldn't be clearer. They want better terms or out of the euro. The only people who look ridiculous now are the creditors, namely those who cling on in vain to a project which is rotten to the core... Aka France and Germany.

It's over. They are not getting their money back!

It's been a ******* shambles from start to finish.

Wonder if someone else will be elected on an anti austerity promise...

Hmm, it's a thoughie.

 

[dunker]

Tsipras was "forced" to accept the bailouts/loans/sell Greek assets. err how? forced like death threats or what?

 

[scorza]

Guess what? It hasn't worked and Greece is in the brown stuff again so time to bump this thread: https://www.theguardian.com/busines...ver-more-cuts-as-economy-shrinks-unexpectedly

What's going to happen? The Mail had an article suggesting Greece was considering abandoning the Euro and adopting the Dollar, but I can't see that happening really and not sure how it would help that much. Surely they can't stay in the Euro much longer? That currency is causing an absolute catastrophe for them, re-introduce the drachma and have a massive devaluation, it's the only way I can see.

 

[Uther]

They should have told the EU to do one years ago, austerity measures were never going to work.

 

[dark-knight]

"They should have told the EU to do one years ago, austerity measures were never going to work".

Agreed.
Although Greece are in serious dept through there own fault with not correctly collecting taxes from its people and I think serious corruption from previous members of the parliament and those in hierarchy.
Greece was in a rush to get into the EU come what may and I suppose parliament doctored information to meet the criteria to join. Leave the EU and become a self governing country again being able to have the flexibility with regards to their financial situation, the people have suffered enough whilst those in power / where in power at the time live the life of luxury.

Unsure of the situation regarding money owed to the other nations within the EU but at present it looks as though the EU have them over a barrel and have demanded they sell off all the nation assets.

 

[dowie]

ah they'll be quite keen to patch this one up - especially given the elections coming up and the inevitable **** show that Brexit will turn out to be... maybe the greeks can squeeze some better terms out of them but I feel it will still just be delaying the inevitable

 

[Dis86]

That'll be the pound back up!

 

[StriderX]

How very unfortunate for France, Spain and Italy, as while Germany can shoulder its share and a tad more of Greeces Liabilities, France will certainly feel the pain especially considering the election soon enough, its easy fuel for Le Pen.

Spain and Italy however are ticking bombs with regards to Greece, this could meltdown very quickly.

 

[dowie]

going to be interesting to see the bun fight over how the net contributors divide up the the gap in the EU budget when the UK exits


also maybe Germany can welcome in some Greek refugees in a few years time too.

 

[Amp34]

Yep, should have left the Eurozone when at the beginning. As much as they are struggling on trying to stay in I feel like they are going to have a much longer term problem than they would if they had just left and shouldered the short(er) term collapse of their currency in doing so.

 

[scorza]

Thank God for George Soros, if it hadn't been for him the UK might have remained in the ERM and ended up joined to the Euro. As it was we bought a very useful lesson for comparatively chump change - stay out of currency unions!

"There but for the grace of God go I"

 

[ubersonic]

Wait, so blowing your bailout money on fighter jets is a bad idea? /shock.

 

[SKILL]

It's kinda interesting to see in a morbid car-crash kinda way...

It was clear years ago that the bailouts, especially last years, just ended up kicking the problem down the road, I imagine they'll do the same again this time and maybe once or twice more before it all falls down.

Sucks to be a Greek for the next few (as well as past few) years...

 

[Hades]

With the UK leaving the EU I suspect there will be a lot of effort to prevent Greece being forced to leave. In the long term that's probably bad for both Greece and the EU.

And to think that back in the early 2000's we were told that there would be economic meltdown if the UK didn't join the Euro. For all Gordon Brown's failings at least he didn't cave in on that decision.

 

[Trusty]

For all Gordon Brown's failings at least he didn't cave in on that decision.

Yea, he doesn't get enough credit for that. He was a tool at times but my god, he did well there.

 

[Freddie1980]

It's kinda interesting to see in a morbid car-crash kinda way...

It was clear years ago that the bailouts, especially last years, just ended up kicking the problem down the road, I imagine they'll do the same again this time and maybe once or twice more before it all falls down.

Sucks to be a Greek for the next few (as well as past few) years...

It would be interesting to see what would have happen if we could turn back the clock to 2010 and see where Greece would be now if they had been forced to leave the Euro and bankrupt on all their debts.

 

[Hades]

It would be interesting to see what would have happen if we could turn back the clock to 2010 and see where Greece would be now if they had been forced to leave the Euro and bankrupt on all their debts.

If it had happened in 2010 then most European banks would have ben screwed as the contagion spread. I think we're in a better situation now because kicking the can down the road allowed the banks to recapitalise and therefore be able to cope with it better.

 

[Dolph]

If it had happened in 2010 then most European banks would have ben screwed as the contagion spread. I think we're in a better situation now because kicking the can down the road allowed the banks to recapitalise and therefore be able to cope with it better.

The banks have very little exposure to Greece now, it's European states that are heavily exposed.

The fundamental problem is that the Greek people, at least from an electoral standpoint, want to have their cake and eat it, but forgot that they can't bind the electorate of other countries based on the outcome of their vote.

Greece spends too much, and doesn't have the ability to devalue. That's the reality the electorate needs to face and decide what they want to do.

 

[scorza]

The banks have very little exposure to Greece now, it's European states that are heavily exposed.

Privatise the profits, nationalise the liabilities. Plus ca change.

Agree that the Greeks need a bit of an attitude adjustment, when this was kicking off last time I read a lot of people saying that Greece shouldn't abandon the Euro as it'd be a national humiliation. Well I'd suggest eating a bit of humble pie is better than carrying on with devastating austerity.