Greece in debt and sinking

Discussion in 'Current Affairs, News and Analysis' started by scoobish, Dec 3, 2009.

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  1. The thing that always amazes me is i) just how little preparation people engage in when the going is good, and ii) just how little they are prepared to hack to get themselves out of the sh*t. They've had years of good growth, you would have thought loads of them could have done the "country mouse" thing and salted some away for the "seven lean years", and (besides) walking away from your obligations is a serious step. You should be absolutely on your uppers, unable to feed yourselves, before you do that.

    The reality?

    Most people spend every f'kin penny (or Euro, or drachma), often before it's earned, and they thnk that living on rice and beans for a few months is literally impossible.

    I no longer believe that having complete and utter contempt for 90% of humanity makes me a bad person. 90%+ are not worth the steam off a badger's shite in winter.
     
  2. Can you expand on that? I just see a non-sequitur.
     
  3. So? Aren't we all?
     
  4. Much like the UK then. Spend today and worry about saving tomorrow.
     
  5. Always thought greece floated-did when I had to wash up :slow:
     
  6. LOL..........most of the Eurozone is out of the recession (still fragile mind you).

    Greece has a spend spend spend policy that make's Dubai look frugal, do they really need an Airforce almost as big as the UK's?
     
  7. It isn't the only country and company/bank that is in deep trouble. Where will it all end?

    The markets half reckon that it will end in tears which is why gold is rising in price - but the stock market says that all is OK (it is now valued more highly than before the crisis).

    Litotes
     
  8. Well, most of the Northern Eurozone is coming out of the recession. The Med countries of Spain, Italy and Greece are still suffering badly but being propped up by the others. For example, the cost of a hire car in Spain has doubled in the last year (in euros, let alone the garbage exchange rate to the pound) because the hire companies can't sell their old stock on and the banks won't lend them money to buy new cars which means they are at a premium. Mile upon mile of unsold and unfinished properties all along the costas. Builders simply stopped due to a lack of funds and buyers.
    Literally thousands of for sale signs up and prices less than 8 years ago with Brits baling out due to the poor exchange rates and the Germans disappearing due to their Chancellor whanging 42% tax on second homes. Some houses going for less than half the cost of a year ago (example - 2 bed fully furnished apartments for 65,000 euros which were bought for 140,000 euros just over a year ago).
    In fact, most of the med countries have a borrowing defecit to rival that of the UK, which is pretty bloody bad.
     
  9. And has been stated the Greek national sport of not paying taxes and the tourist mentality of:

    Not as many tourists this year, I know, we will put the prices up to compensate for the potential losses. Figure :?
     
  10. Everybody's bust! The banks in the UK won't repossess properties because they don't want to admit what they are worth, and then have to book that value on their books for all comparable properties.

    I love the name of the new "strategy" - "extend and pretend". In other words, you can't pay back and the property is worth half what you owe us. Let's pretend that at some point in the future this won't be the case, and just roll over the loan. :lol:

    http://www.ft.com/cms/s/0/075d5426-e05b-11de-8494-00144feab49a.html?nclick_check=1
     
  11. Staging the Olympic Games didn't help. The BBC was reporting that it would cost the country dearly back in 2004.
    All the facilities they built now looked f**ked. A possible warning to other countries?
     
  12. The Med nations will always be in financial trouble as they have a Lazy Socialist attitude and everything is always some one elses fault. Plus, many of the nations are actually run by The Trade Unions and not the governments. They, like the UK, are weighed down with public sector wages and final salary pensions and linked into all that is the fact that a very large proprtion of their external income comes from tourism.

    Germany and France may be out of the tunnel and running for the woods, but the rest of the Euro Zone are still stuck in the billet blocks dodging the guards and the spotlights.
     
  13. Greece had problems meeting the criteria for the Euro from the start. I believe that "imaginative accounting" enabled them to get in. They were however not alone, Belgium and Italy got in by dubious means as well. If one Euro member is in trouble then the Euro can ride that out. However if several members get into trouble------. The only "good news" for the Euro at least, is that both the Dollar and Pound have even bigger problems. There is no other competion so the Euro rides high---- today.
     
  14. How do you make that out, 11,700 houses were repossessed in the third quarter of this year?