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lmfao
12 Jul 15 09:27
Joined:
Date Joined: 07 Jun 06
| Topic/replies: 21,700 | Blogger: lmfao's blog
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

Sad
Not funny, any of this - most certainly
Pause • Switch to Standard View Greece - what will (should) happen -...
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Report dave1357 • July 12, 2015 9:35 AM BST
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.
Report lmfao • July 12, 2015 9:36 AM BST
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.....
Report lmfao • July 12, 2015 9:43 AM BST
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 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
Report dave1357 • July 12, 2015 10:08 AM BST
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.
Report dave1357 • July 12, 2015 10:10 AM BST
The whole think is a colossal clusterfckup.
Report dave1357 • July 12, 2015 10:11 AM BST
*thing
Report lmfao • July 12, 2015 10:22 AM BST
agreed- what a mess

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
Report lmfao • July 12, 2015 10:24 AM BST
thats Billions of euros spent on armaments
Report Ramruma • July 12, 2015 10:42 AM BST
And most of the bailout money the OP mentions was not really helping Greece so much as rescuing German and French banks.
Report FredRescue • July 12, 2015 11:02 AM BST
Just give Germany a few of the Greek Islands and write the debt off.
Report lmfao • July 12, 2015 11:46 AM BST
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
Report G1_Jockey_4 • July 12, 2015 1:21 PM BST
germany should pay.
Report spellingandgrammarchecker • July 12, 2015 1:51 PM BST
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.
Report DAFFODIL1 • July 12, 2015 2:00 PM BST
Report Wesdag • July 12, 2015 2:03 PM BST
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.
Report DAFFODIL1 • July 12, 2015 2:13 PM BST
But isn't the bailouts going straight to both German and French banks,the Greek people don't get it?
Report egner • July 12, 2015 2:19 PM BST
Yes daffodil.....

....a fact that is conveniently omitted from the mainstream media...............
Report DAFFODIL1 • July 12, 2015 2:25 PM BST
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.
Report Dotchinite • July 12, 2015 2:32 PM BST
Its twisted logic to claim its the banks being bailed out.
Report Dotchinite • July 12, 2015 2:33 PM BST
Why on earth would bailout money go directly to the Greeks?
Report DAFFODIL1 • July 12, 2015 2:42 PM BST
You tell me Dotchinite,all I see is people suffering because of Politicians and Bankers.
Report DAFFODIL1 • July 12, 2015 2:48 PM BST
Are not the bankers repaying themselves for over exposure?
Report DAFFODIL1 • July 12, 2015 2:52 PM BST
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.
Report Wesdag • July 12, 2015 2:56 PM BST
Of course it is twisted logic.

It's all just populist nonsense from the Greeks.

Who did they think they were borrowing money from?
Report Wesdag • July 12, 2015 2:57 PM BST
If Greece were not allowed access to borrow on the financial markets, they would've been bankrupt decades ago.
Report Wesdag • July 12, 2015 3:00 PM BST
And to say that the bailout is not helping the Greek people, well who's been paying for all their freebies all this time?
Report DAFFODIL1 • July 12, 2015 3:04 PM BST
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.
Report akabula • July 12, 2015 3:08 PM BST
I don't think so tbh.
Report Wesdag • July 12, 2015 3:18 PM BST
Daf, ask yourself why the Greeks have all this debt in the first place.
Report egner • July 12, 2015 3:33 PM BST
..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.
Report DAFFODIL1 • July 12, 2015 3:41 PM BST
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.
Report Wesdag • July 12, 2015 3:59 PM BST
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.
Report ebulGery • July 12, 2015 4:01 PM BST
a salutary lesson is it????
indeed it is , it shows the limitation of the evil capitalistic sytem we are using

you have just justified communismLaugh

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 broadcastLaugh, well the response to it
Report ebulGery • July 12, 2015 4:02 PM BST
You blame Greece, you are blaming the victim, not the culprit
Report spellingandgrammarchecker • July 12, 2015 4:03 PM BST
I blame cryoftruth.
Report Wesdag • July 12, 2015 4:41 PM BST
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.
Report ebulGery • July 12, 2015 5:22 PM BST
You have a point

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..reallyLaugh
Report Dotchinite • July 12, 2015 5:37 PM BST
Nor can you say Greece is the victim and totally innocent.
Report Wesdag • July 12, 2015 5:44 PM BST
ebul,

do you not understand the Greek PM has flip flopped in the space of a week?

Did Cameron say "no" to Scotland leaving then change his mind?
Report 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).
Report G1_Jockey_4 • July 12, 2015 5:57 PM BST
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.
Report Wesdag • July 12, 2015 6:07 PM BST
The Greeks are brilliant at blaming everybody else for their corrupt state.
Report egner • July 12, 2015 6:11 PM BST
..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.
Report G1_Jockey_4 • July 12, 2015 6:22 PM BST
the greeks are at fault they know it but the germans have also shown great they are when it comes to hypocrisy.


they had their debts wiped.........
Report Wesdag • July 12, 2015 6:46 PM BST
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.
Report Wesdag • July 12, 2015 6:47 PM BST
Completely different circumstances G1.

The Greek government PR machine has no shame.
Report Wesdag • July 12, 2015 6:50 PM BST
So let's see, we'll wipe Greece's debt, then Spain's, then Portugal's, then Italy's, then Ireland's...ad infinitum...

Seems a sound scheme.
Report no moves • July 12, 2015 6:55 PM BST
Greece who are basically owned by Germany now should be privatised and sold off to pay its creditors.
Report A_T • July 12, 2015 6:56 PM BST
Ultimately Greece will have to do a deal - it's that or they turn into Zimbabwe
Report ebulGery • July 12, 2015 7:27 PM BST
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 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
Report Wesdag • July 12, 2015 8:01 PM BST
ebul,

communism might look appealing in theory, but in reality, you get the same corruption but with food shortages.
Report Wesdag • July 12, 2015 8:07 PM BST
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.
Report ebulGery • July 12, 2015 8:43 PM BST
there is no food shortage in China

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
Report akabula • July 12, 2015 8:54 PM BST
They would have Ebul it would just have taken longer to surface.
China suffering a downturn in it's economy btw.
Report ebulGery • July 12, 2015 9:38 PM BST
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 sideLaugh, just keep it reasonable.
Report A_T • July 12, 2015 9:40 PM BST
The Eurozone thought that everyone could have a Northern European standard of living on credit and noone would ever call in the debt. Wrong.
Report ebulGery • July 12, 2015 9:44 PM BST
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
Report ebulGery • July 12, 2015 9:49 PM BST
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,
Report akabula • July 12, 2015 9:53 PM BST
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.
Report ebulGery • July 12, 2015 10:22 PM BST
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
Report akabula • July 12, 2015 11:19 PM BST
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.
Report ebulGery • July 13, 2015 12:26 AM BST
The moors murders is a difficult one

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
Report spellingandgrammarchecker • July 13, 2015 12:30 AM BST
So if you had your own company you'd gladly hire murderers, rapists  and paedophiles who had served their sentences?
Report ebulGery • July 13, 2015 12:30 AM BST
Yes
Report ebulGery • July 13, 2015 12:42 AM BST
paedophiles are the difficult one

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
Report akabula • July 13, 2015 12:47 AM BST
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 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 the register.

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 forev
We don't other than in the most extreme cases ie the Moors Murderers.
Report spellingandgrammarchecker • July 13, 2015 12:53 AM BST
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 
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.
Report Jayco • July 13, 2015 1:16 AM BST
eh, a difficult one on what respect. She was crying for her mummy and they are recording it.
Report spellingandgrammarchecker • July 13, 2015 1:22 AM BST
????
Report Jayco • July 13, 2015 1:33 AM BST
spelling, they taped it, every last detail
Report ebulGery • July 13, 2015 2:39 PM BST
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?
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