Greece - Place your bets

Discussion in 'Current Affairs, News and Analysis' started by Travelgall, Jun 29, 2011.

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  1. How long until it goes tits up again? Supposing this vote passes I personally see this this as a postponement of the inevitable. There is no improvement in the Greek Economic situation. Any other thoughts?
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  2. seaweed

    seaweed LE Book Reviewer

    Throwing good money after bad.
  3. No, you've missed the point, it's not good money, it's the euro. It's actually quite worthless and so why not let the greeks burn some more of it.......
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  4. The way i see it, They are fooked whatever they do. Eventually though they will have to leave the Euro. So what i do not understand is why not get out of it now.
    Bad times....
  5. Mr_Fingerz

    Mr_Fingerz LE Book Reviewer

    It would help the Greek Govts cause if they had a revenue collecting department that actually did its job.

    Still, if it does all go the shape of pears this oldie but goodie can be welcomed back with open arms:

    "Whats a grecian urn?" "About 2 Drachmas".
  6. Seems insane not to agree on a managed exit right now; surely better to limit the damage by doing it with everyone's co-operation, rather than have a massive uncontrolled crash-and-burn at some unpredictable moment in the near future?
  7. Agreed, but this is all about Politics at the moment, not Economics. If the Bubbles leave, then the Spanish, Portugese and Irish follow, there will be a lot of EU Comissioners out of a job. They would rather save their own pointless existence than the Greek Economy. Bit more complicated than that but ultimately what this boils down to?
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  8. OldSnowy

    OldSnowy LE Moderator Book Reviewer

    If, as seems clear from Alsacien's informed posts on this matter, the EU simply will not LET the Greeks leave the Euro, then there is nothing in it for them to enforce the austerity measures. Vote them in, yes, but change habits? Why should they? Germany appears set on subsidising them for ever (as we in the SE subsidise the sweaties, sheep-molestors and Smithwicks drinkers over here) so they can continue to retire at 50, pay no tax, and be subsidised by the rest of the EU. More fool us, I'm afraid, as they are the gainers!
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  9. Bailing out a bankrupt country with no manufacturing or income base other than some naff cheese and olive oil is barking.
  10. Auld-Yin

    Auld-Yin LE Reviewer Book Reviewer Reviews Editor

    Cheap Greek holidays coming back - how many Drachma to the pound do you reckon?
  11. I read somewhere that after this bail out, by 2015 Greece will have mind numbing 178% debt to GDP ratio. By my reckoning that is not good! Watching Bloomberg now the Greeks are busy destroying their own infrastructure so I would not rush to buy it.
  12. Time to get out of the EU, thankfully we're not in the Euro. By the time the whole of Europe's economy has settled down, give it 100 years or so, it might be time to go back.
  13. I disagree, Frau Merkel is in a lousy political position. And the average Jurgen the German is not happy about subsidising his feckless Southern Neighbours. We have a shared history within the rest of the British Isles. The average German has nothing in common with a Greek person. The Politicial elite may not want to upset the EU applecart. The average voter couldn't care less.

    Look on the bright side. At least this time we're not giving them money except the odd £5 through the IMF rather than the hundreds of millions we gave them last time.
  14. Budget:

    revenues: $114.5 billion
    expenditures: $142.9 billion (2010 est.)


    $21.14 billion (2010 est.)


    $44.9 billion (2010 est.)

    Debt - external:

    $532.9 billion (30 June 2010)

    Proper****ed anyway you look at it.
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  15. There was a Greek tax collector interviewed on R4 this morning who reckoned fully one third of the country's GDP went unreported to avoid tax.

    He said they had a very good audit department who knew exactly how many cars, boats, houses and swimming pools everyone had but once the tax demand went in it just took a trip down to the local revenue office and a routine small bribe to get the whole thing written off.

    You simply can't run a first world economy like that so they have to be cut lose, sooner rather than later.

    However, and here I'm repeating myself, what is going on is that we are giving the Greeks money that they hand straight over to their creditors so it's really just an 'in-off' bank bailout.

    The banks lent vast sums of money to a nation they know is as bent as a corkscrew knowing all the while their political cronies will step in with our money to cover any losses.

    Then when things start heading South, knowing they are fireproof, the banks lend them even more money but this time they gouge the interest rate to cover the alleged extra 'risk' of lending.

    Risk my arrse, they know Greece is going to go tits up and they're just padding the bill that the rest of us are going to get stuck with.

    Cut the Greeks out and let the banks cover their own losses for a ****ing change.

    'What's that Micawber, you let a customer run up a big bill and now he can't pay you?

    'Well you should have thought of that in the first place, just hand your car and house keys in on the way out, there's a bus stop round the corner'

    That's what you'd get from them and I reckon goose/sauce/gander time is well over due.
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