What a surprise , LOL of course it was not. The average person on the street has next to no idea what the big picture is. If you were given the choice of major cuts to income vs no cuts and living off the teet of Europe what would you vote for? The NO vote was sealed before it even started , far far to many people that suggested YES may win were only thinking about this from the eye of politicians and bankers. The general public WAS NEVER GOING TO VOTE IN FAVOUR OF CUTS. And now they will suffer for the greed.
Are you kidding me? It's the people's fault that banks engage in fraud and have to shoulder the derivatives debts? The fiat empire is a ponzi scheme.
This is also true. But the people have had a choice to make and they have clearly come out in favour of the path they see as easiest for them. They have been happily allowing their country to deteriorate at the expense of others in their union and this is the price. I personally think they will do much better as a nation away from the Euro. The cost will be huge at the beginning but they will recover. Just incase you have a short memory how about you go back and read some articles or review vids of when Greece first entered the EURO. ALL GREEKS were buying up large and spending like there was NO TOMORROW. Well team TOMORROW IS NOW>
July 2010 - Broke economies lending to broke economies. From 17 secs [youtube]http://www.youtube.com/watch?v=I5QwKEwo4Bc[/youtube]
Oh really? That sounds like a quote from someone LEADING AN ARMY, not one of the soldiers fighting. All the encouraging and empowering sounding quotes in the world are not going to help the people of Greece in days to come when the money and CREDIT dries up. Some may even be forced to sell the high end Porsches and BMW's that they purchased when they joined the Euro and thought money was free for all.
Seems like most greeks don't agree with you. The greeks l have known have a lot of heart, they're not just materialist. Good to see they're standing up to the greedy bankers.
Seems to me more like Greece is in the position of enormous debt today simply becaase of its typical western welfare state/big government model which has required the govmnt to borrow itself to a standstill! It's a path which Australia is now traveling ... and just about every other western welfare state - straight down the destructive socialist highway! :lol: But it's different here isn't it mate? Our pollies are just too clever to allow this to happen to Ozzstralia
Better to stand on your own two feet than to live on your knees blaming someone else for the results your own choices.
Take whatever moral ground you want but the facts are that after 5 years of bailouts, Greece still owes more than it did 5 years ago and only has 5 years of depression to show for it. The debts are too large to ever be repaid and paying the interest only destroys the economy further. Since hyperinflation is not possible the only solution for Greece is debt forgiveness. This scene will be played out with all the other countries with debts beyond their means, including the USA. It has to - the only unknown is the timing.
Maybe this was their plan, they know they can never repay it. So keep borrowing because the IMF and those EU nations are stupid enough to lend it to them. Let it all blow up and default. If they keep lending more, they take more and eventually come back to the same place they are in now. I'd hope it blows up fast, because this game has been ongoing for too long. The whole system is broken in the EU, US, Asia, Australia. Pretty much it comes back down to the fiat currency system we have. Shaky foundations starting to crack. Slam
Lets just say you are correct( and you are just as likely are) , what are the alternatives to a fiat currency?
Iceland is doing OK...The bankers are in the clink. I wonder how much the Greek banks have on their books in derivatives? Now lets move on to Spain and Italy? Regards Errol 43
What should happen now is the lenders take a major haircut for being stupid enough to lend the money to Greece in the first place, and then Greece is locked out of the debt markets for a long time, giving them no choice but to reform and live within their means because the govt can only spend what it receives. What probably will happen is they will negotiate yet another bailout and continue down the same path.
Lending money to the PIIGS wasn't stupid - they offset the stronger French (and particularly) German economies who got the benefit of a lower cost-averaged Euro to make their exports more competitive. Well, it probably seemed like a good idea at the time anyway...
Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt ..."the US bankers devised a special kind of swap with fictional exchange rates" http://www.spiegel.de/international...ed-greece-to-mask-its-true-debt-a-676634.html Maybe GS needs a good long hard look into their role and behaviour ....
