Greece is bankrupt. Both in absolute terms and morally. Taxpayers from the Eurozone have so far forked out 240 billion euros e.g. Spain borrowed 6 billion last time to contribute towards the last bailout to Greece- and now they are being asked to find more- which again they will borrow and have to repay - with interest Germany is the main contributor. France next. If UK had joined the Euro we would have paid around 40 billion euro so far.
When an individual goes bankrupt his debts are written off to the detriment of his creditors who lose out - any assets are seized and sold to reduce the debt owed-and the State then pays benefits - ostensibly for basic living expenses.
This is what should happen to Greece.
They need to leave the Euro All monies in the Greek banks to- overnight- become 'the new drachma' - and its spending power will - we are told- devalue by 40-50% overnight. Those individuals in debt to the banks will immediately benefit from a big reduction in their debts - effectively inflation - both immediate and what is to follow - will reduce their personal debt burden. Those with cash in a Greek bank or own a Greek property will lose up to half their investments/savings.
The Eurozone should send in the bailiffs/administrators and privatise all Greek national assets - e.g. all ancient monuments and profitable museums/ tourist sites/public utilities- electricity transport road tolls etc - monies raised repay the creditors.
Humanitarian aid to be provided by the Eurozone to the poor population of Greece. Make no mistake- we in the UK will also contribute significantly to this. After the war Germany had to be supported to avoid a huge power vacuum and a destabilised Europe. UK has only recently finished paying for our war debt (The costs of which should have been paid by Germany once their economy picked up - quite why Germany wasn't carved up and held by the Allies is another question entirely).
Greece is 2% of the Eurozone GDP - yet the ripples from such a small world problem will reverberate for quite some time and drag Europe and western growth down.
And the tip? I believe the analysts who state that the Euro will fall from 1.11 to the USD to at least as far as 1.05 - and probably at parity by the year end - or less- irrespective of whether Greece exits for good - exits for the proposed 5 years to sort itself out - or (and by far the worst option for all, including Greek people) if they agree terms to stay- in which case rearrange these few words to summarise the then position : the Kicking street can the down
Those individuals in debt to the banks will immediately benefit from a big reduction in their debts - effectively inflation - both immediate and what is to follow - will reduce their personal debt burden.
Doesn't work that way. The debts are denominated in euros and payment has to be in euros unless the creditors agree.
Those individuals in debt to the banks will immediately benefit from a big reduction in their debts - effectively inflation - both immediate and what is to follow - will reduce their personal debt burden.Doesn't work that way. The debts are denomina
Oh - and the above is the optimistic version: there are already siren voices predicting this could well be the end of the euro.
UKIP leaders must be laughing themselves silly over this.....
Oh - and the above is the optimistic version: there are already siren voices predicting this could well be the end of the euro.UKIP leaders must be laughing themselves silly over this.....
All Greek bank accounts- those in credit and overdrawn- will overnight become the new currency plenty of examples - e.g. south america where its repeatedly happened.
and if you are in debt - hyper inflation will eat away at the true cost of the debt - as your pay increases the % you spend to service the debt reduces very quickly
I have seen extreme inflation in Turkey - 1008% p.a. interest offered on Turkish Lire deposit bank accounts - and when i asked about this was told- 'yes- the banks rob you blind'
inflation was running far higher
dave- dont think so All Greek bank accounts- those in credit and overdrawn- will overnight become the new currency plenty of examples - e.g. south america where its repeatedly happened.and if you are in debt - hyper inflation will eat away at the tru
This is a currency union that complicates matters. eg the ECB has first charge on the assets of Greek banks which include loans in euros and the security if the loans aren't repaid. Greeks will have taken out euro loans with other EU banks.
This is a currency union that complicates matters. eg the ECB has first charge on the assets of Greek banks which include loans in euros and the security if the loans aren't repaid. Greeks will have taken out euro loans with other EU banks.
and why were the Germans in particular so keen to fudge the rules and let them in?
could it possibly be something to do with the billions of armaments bought with the new credit available - guess where from?
Germany
agreed- what a messand why were the Germans in particular so keen to fudge the rules and let them in?could it possibly be something to do with the billions of armaments bought with the new credit available - guess where from? Germany
latest headline- leaders summit cancelled for tonight- current finance meeting will continue 'until a deal is done'
there's that can again
Madness if this transpires
latest headline- leaders summit cancelled for tonight- current finance meeting will continue 'until a deal is done'there's that can againMadness if this transpires
As has been pointed out elsewhere, surely the answer to all their problems is to take in hundreds of thousands of immigrants from Africa.
They do a wonderful job here in the UK as we see how good multiculturalism is, and the fact that they all came here to work.
If it worked here, it must work in Greece.
As has been pointed out elsewhere, surely the answer to all their problems is to take in hundreds of thousands of immigrants from Africa.They do a wonderful job here in the UK as we see how good multiculturalism is, and the fact that they all came he
They borrow heavily because they spend far more than they collect in taxes and now it's everyone else's fault when the lending stops and they're bankrupt.
Greece is a complete basket case of a nation.They borrow heavily because they spend far more than they collect in taxes and now it's everyone else's fault when the lending stops and they're bankrupt.
So it's the banks that are being bailed out not the Greek people. And how would some of you people on here feel if your pension was reduced by 40% thru no fault of your own.The Eurozone appears to work for the French and Germans nicely.
So it's the banks that are being bailed out not the Greek people. And how would some of you people on here feel if your pension was reduced by 40% thru no fault of your own.The Eurozone appears to work for the French and Germans nicely.
Dotchinite 12 Jul 15 14:32 Joined: 19 Apr 04 | Topic/replies: 4,851 | Blogger: Dotchinite's blog Its twisted logic to claim its the banks being bailed out. Rate reply: | report block user
Of course the banks are being bailed out,no twisted logic in that.
Dotchinite 12 Jul 15 14:32 Joined: 19 Apr 04 | Topic/replies: 4,851 | Blogger: Dotchinite's blogIts twisted logic to claim its the banks being bailed out.Rate reply: | report block userOf course the banks are being bailed out,no twisted logic in that
It's the banks that are being bailed out not the Greek people,how in god's name can an economy be expected to grow when it's been saddled with all this debt,the troika of the IMF,ECB and the EC are lending Greece the money to repay themselves,this in effect is a bailout of the banks and you can't sugarcoat that.
It's the banks that are being bailed out not the Greek people,how in god's name can an economy be expected to grow when it's been saddled with all this debt,the troika of the IMF,ECB and the EC are lending Greece the money to repay themselves,this in
..it is a fact that the majority of the so called Greek bailout money has gone to private financial institutions.....banks...hedge funds and the like...primarily in Germany and France but also within the Greek financial elite/oligarchy.
Private losses caused by lending decisions based on political rather than economic fundamentals have been socialised.....spread between the peoples of the aforementioned countries and the rest of the Eurozone.
..it is a fact that the majority of the so called Greek bailout money has gone to private financial institutions.....banks...hedge funds and the like...primarily in Germany and France but also within the Greek financial elite/oligarchy.Private losses
The 2008 financial crisis blew a huge hole in Greece's budget remembering it affected a lot of European countries but Greece was one of the poorest so suffered more. If Greece didn't use the euro, it could have boosted its economy by printing more of its currency, the drachma. This would have lowered the value of the drachma in international markets, making Greek exports more competitive. It would have also lowered domestic interest rates, encouraging domestic investment and making it easier for Greek debtors to service their debts. The German lead ECB has given the rest of Europe a monetary policy which is ok for Germany but not for countries like Greece. Greece's problems started when the joined the Euro in 2001. The IMF imposed stringent measures for Greece to follow,tax hikes,spending cuts etc based on a projection of Greek growth that could never of happened,they got it so wrong, I'm not saying Greece is totally blameless in all of this but the IMF has to hold it's hands up as well. I don't know all the answers but I do know that Greece can never get out of this mess while staying part of the EU,the country as a whole will never flourish under these conditions,you might not agree with my reasoning but then your entitled to yours as are others on this forum.
The 2008 financial crisis blew a huge hole in Greece's budget remembering it affected a lot of European countries but Greece was one of the poorest so suffered more. If Greece didn't use the euro, it could have boosted its economy by printing more of
a salutary lesson is it???? indeed it is , it shows the limitation of the evil capitalistic sytem we are using
you have just justified communism
although even I admit we need some capitalism, we need a mixture of communism/socialism
the mindless capitalism we are employing led to the credit crunch and the fate of Greece
end of party political broadcast, well the response to it
a salutary lesson is it????indeed it is , it shows the limitation of the evil capitalistic sytem we are usingyou have just justified communismalthough even I admit we need some capitalism, we need a mixture of communism/socialismthe mindless capitali
Incidentally, what was the point of last week's referendum?
The PM asked the Greek people to vote "no" to the the same proposals which he is now backing.
A basket case.
Incidentally, what was the point of last week's referendum?The PM asked the Greek people to vote "no" to the the same proposals which he is now backing.A basket case.
Cameron offered the Scots a referendum and then then persuaded them to stay with us....so why did he offer a referendum
another basket case
I do understand Greece have woefully overspent, but that does make them morally bankrupt..a lot of people overspend
rather stupidly, but it is not a moral crime
Also who lent Greece the money to do this, well the banks actually. In fact they lent far too much all round that is why we had
the Credit crunch. The Banks did not do this out of altruism, but because the banks themselves earnt money, there is a question of Bank's
morality.
The EU itself had also very inefficient fiancés and discipline , I would not regard that as a moral crime??????, but was rather silly in
hindsight
You cannot blame it all on poor little Greece..really
You have a pointCameron offered the Scots a referendum and then then persuaded them to stay with us....so why did he offer a referendumanother basket caseI do understand Greece have woefully overspent, but that does make them morally bankrupt..a lot
rather be it that reason than getting into debt because of a war effort whilst crippling countries you have invaded.....then managing to get your debts wiped!!! then insisting one of those countries you invaded pay up while not adequately compensation them for wrecking their country.
marvellous come back from the gerries.....
they need to be reminded they are the sc um of the earth.
rather be it that reason than getting into debt because of a war effort whilst crippling countries you have invaded.....then managing to get your debts wiped!!!then insisting one of those countries you invaded pay up while not adequately compensation
...but the Eurocrats are equally adept at blaming the Greeks for the consequences of their misguided and economically illiterate political vanity project...the Euro.
..yes wesdaq....to an extent........but the Eurocrats are equally adept at blaming the Greeks for the consequences of their misguided and economically illiterate political vanity project...the Euro.
Wesdag Joined: 05 Aug 09 Replies: 8311 12 Jul 15 15:59 The blame should be laid at the door of the creators of the Euro and the decision to allow such a basket case as Greece to join it. ........ I don't disagree with you egner.
Wesdag Joined: 05 Aug 09Replies: 8311 12 Jul 15 15:59 The blame should be laid at the door of the creators of the Euro and the decision to allow such a basket case as Greece to join it.........I don't disagree with you egner.
ask yourself why the Greeks had to borrow so much in the first place?
(Here's a clue - they're not very keen on paying tax).
then they suffer, which they are
but to try and blame Greece for the problems of the Credit Crunch and other countries
is complete Hypocrisy, Greece and nobody else exits just to make the rich richer sorry, they can do that themselves
The Hypocrocisy of this has turned me into a Communist, despite its rather poor record
The rich want to make me throw up....because everything with them is me,me,me
And I repeat the EU and Banks gave them money, nobody twisted their arm, hoisted by their own petard I feel
I think Greece will have to do a deal in the end, everybody needs money
Wesdag • July 12, 2015 5:49 PM BST ebul,ask yourself why the Greeks had to borrow so much in the first place?(Here's a clue - they're not very keen on paying tax). then they suffer, which they arebut to try and blame Greece for the problems of th
but to try and blame Greece for the problems of the Credit Crunch and other countries
That's why Greece is in this problem, the cheap money which they relied upon dried up.
A country spending more than it could earn and living on borrowed money.
but to try and blame Greece for the problems of the Credit Crunch and other countriesThat's why Greece is in this problem, the cheap money which they relied upon dried up.A country spending more than it could earn and living on borrowed money.
I think are wrong Wesdag, the problem of our world were caused by the Credit, Crunch which was greed and corruption by our financial
institutions, like all Tories you are trying to re write History and pretend it did not happen. Because the Banks and Financial Institutions
are rich, and the Tories think all rich people are good, everything must be blamed on the poor. They are the ones who suffer in our society
not the rich.
We have successfully managed it in our society we are now extending this to the world.
But some of have memories we know the truth.
If I walk into a Bank and ask for a million pound loan, and I was given it, they would not see me again, but I would regard this as the bank's
fault not mine because they would not have done their job in protecting their investors money.
I accept Greece has to suffer for it's own overspending. But who was stupid enough to give them the money in the first place?
As I say without the Credit Crunch I don't think Greece would have a problem
there is no food shortage in ChinaI think are wrong Wesdag, the problem of our world were caused by the Credit, Crunch which was greed and corruption by our financialinstitutions, like all Tories you are trying to re write History and pretend it did
China has a pure capitalist economy, the only communist bit it is a one party state..
This has advantages and disadvantages(it is all too easy for Tyrants to gain power)...but I still believe because what other hope is there for
the world
I do not believe in our extreme survival of the fittest capitalism, it is creating misery and inequality
I do not believe extreme religion is going to help us
It is the only thing left. It was not the total failure people think it was, a lot of that was propaganda
I believe in fairness and a better life for everybody on this planet, otherwise what is the point of anything
Mind you I accept we all have to make a bit on the side, just keep it reasonable.
China has a pure capitalist economy, the only communist bit it is a one party state..This has advantages and disadvantages(it is all too easy for Tyrants to gain power)...but I still believe because what other hope is there for the worldI do not beli
The EU has had many faults, I blame it more than Greece.
The EU was ok to start with, but unrestricted movement of labour is questionable,
It also expanded far too quickly. We have taken on far too many countries in too short a time
The EU has had many faults, I blame it more than Greece.The EU was ok to start with, but unrestricted movement of labour is questionable,It also expanded far too quickly. We have taken on far too many countries in too short a time
I don't think we saw how much the EU was set up for Germany. We were too gullible.
I still believe we must stay in, and try to get some agreement on immigration.
I also trust EU justice, far more than our own,
I don't think we saw how much the EU was set up for Germany. We were too gullible.I still believe we must stay in, and try to get some agreement on immigration.I also trust EU justice, far more than our own,
ebulGery • July 12, 2015 9:49 PM BST I also trust EU justice, far more than our own,
Can you give a few examples to back up your argument. To my mind the ECoHR has hindered this country, not aided it.
ebulGery • July 12, 2015 9:49 PM BST I also trust EU justice, far more than our own,Can you give a few examples to back up your argument.To my mind the ECoHR has hindered this country, not aided it.
Lifetime punishments...that contravenes human rights
Treatmebt of sex contravenes human rights....one a person has served their punishment that is it
one does not confine them to this country for life..a contravention of human rights
Taking the vote away from those punishment,..a contravention of human rights
I am sure I could carry on
Lifetime punishments...that contravenes human rightsTreatmebt of sex contravenes human rights....one a person has served their punishment that is itone does not confine them to this country for life..a contravention of human rightsTaking the vote awa
It might be a contravention of human rights as dictated by the ECoHR but that doesn't make it right. The Moors murderers would have been given a release date. Are you saying that's right? If you are going on about the sex offenders register I can't see anything wrong with that. Not sure what you mean about confine them to this country for life though. Maybe you could expand. If someone commits a crime and is jailed for it they deserve to lose some of their rights and I'd suggest the vote is one.
On the other hand look at the people we have struggled to deport because of so called human rights. Hate preachers, rapists and murderers.
It might be a contravention of human rights as dictated by the ECoHR but that doesn't make it right.The Moors murderers would have been given a release date. Are you saying that's right?If you are going on about the sex offenders register I can't see
The sex offenders register is totally wrong, you see it is making the assumption that if someone commits a crime
they will repeat it..
if people are on it they cannot leave this country, so that is punishment for life
Of course sex offenders must be punished, but we do need to stop the punishment at some point
otherwise we will end up imprisoning people for life for a speeding offence
Also the punishment of imprisonment is imprisonment not loss of a vote.
Nowadays we seem to believe justice is all about revenge, vindictiveness, not justice
Just because someone commits a crime does not mean you punish them forever
I am opposed to this
The moors murders is a difficult oneThe sex offenders register is totally wrong, you see it is making the assumption that if someone commits a crimethey will repeat it..if people are on it they cannot leave this country, so that is punishment for lif
Murderers and rapists I would not be so hard one, although I hardly approve of this
although it would depend on the severity of the offence, so I would not employ all
I would not give a blank check, to anyone, but I would try to be fair
paedophiles are the difficult oneMurderers and rapists I would not be so hard one, although I hardly approve of thisalthough it would depend on the severity of the offence, so I would not employ allI would not give a blank check, to anyone, but I wou
The moors murders is a difficult one How? Surely you are not trying to say they should ever have been considered for release?
The sex offenders register is totally wrong, you see it is making the assumption that if someone commits a crime
they will repeat it.. They normally do and they are put on the register for that reason.
if people are on it they cannot leave this country, so that is punishment for life No not for life, just for the length of time they are on theregister.
Of course sex offenders must be punished, but we do need to stop the punishment at some point See above.
otherwise we will end up imprisoning people for life for a speeding offence Never happened so don't be stupid.
Also the punishment of imprisonment is imprisonment not loss of a vote. It should be.
Nowadays we seem to believe justice is all about revenge, vindictiveness, not justice It's about punishment and rehab.
Just because someone commits a crime does not mean you punish them forevWe don't other than in the most extreme cases ie the MoorsMurderers.
ebulGery • July 13, 2015 12:26 AM BST The moors murders is a difficult one How? Surely you are not trying to say they should ever have been considered for release?The sex offenders register is totally wrong, you see it is making the assumption th
13 Jul 15 00:30 So if you had your own company you'd gladly hire murderers, rapists and paedophiles who had served their sentences?
ebulGery 13 Jul 15 00:30 Yes
You'd hire these people because they are ex-prisoners and deserve a chance?
How much do you think they learned in prison in at least 10 years to be an asset to your company?
When Jobcentres have non-criminals on their books who aren't working.
spellingandgrammarchecker 13 Jul 15 00:30 So if you had your own company you'd gladly hire murderers, rapists and paedophiles who had served their sentences?ebulGery 13 Jul 15 00:30 YesYou'd hire these people because they are ex-prisoners an
They normally do and they are put on the register for that reason.
do you have any figures that sweeping statement????
I said it was difficult because in their case I would probably not let them or him out
Very very few sex offenders do something that bad....if you look at the other end of the scale,
in my opinion, a life sentence, which is what being on the sex offenders register, is very harsh
My motive on this thread is to speak up for justice as I see it, particularly justice for men in our society
But modern men resist that, not much more I can say, one cannot defend people from themselves?
They normally do and they are put on the register for that reason.do you have any figures that sweeping statement????I said it was difficult because in their case I would probably not let them or him outVery very few sex offenders do something that b