Greece
Deal reached.
Before it can get 85 billion euros ($95.07 billion) in bailout cash and support for its banks to reopen, the Greek government will have to pass a raft of austerity measures that include sales tax increases, reforms to pensions, and labor market reforms.
Greece will be on a tight timetable to implement its reforms — a reflection of how little its creditors trust the government to honor a deal. Greek Prime Minister Alexis Tsipras infuriated his European partners last month when he called for a popular vote against economic reforms the creditors has proposed.
The Greek people voted against those proposals, but will be horrified to see that they now face even tougher measures.
“Activism is a way for useless people to feel important, even if the consequences of their activism are counterproductive for those they claim to be helping and damaging to the fabric of society as a whole.” - Dr Thomas Sowell
Greece is all Germany's fault...
Apparently, Greece is a business utopia and all of its policies work, they're just being sabotaged by the Germans.
Those same Germans who didn't want to bail them out a third time.
Apparently, Greece is a business utopia and all of its policies work, they're just being sabotaged by the Germans.
Those same Germans who didn't want to bail them out a third time.
“Activism is a way for useless people to feel important, even if the consequences of their activism are counterproductive for those they claim to be helping and damaging to the fabric of society as a whole.” - Dr Thomas Sowell
Greek Prime Minister Alexis Tsipras has negotiated a third bailout for Greece with its Eurozone partners. The Greek Parliament should reject it, dump the euro and reintroduce the drachma.
With my best Jules Winfield voice, "I dare you."
Thanks to Schauble designed austerity and reforms, Greece’s economy has contracted 25 percent, sovereign debt has soared from 130 to 180 percent of GDP, and more than 100 billion euros or about 35 percent of bank loans are now classified as nonperforming.
Fucking wow.
Diogenes of Sinope: "It is not that I am mad, it is only that my head is different from yours."
Arnold Judas Rimmer, BSC, SSC: "Better dead than smeg."
Arnold Judas Rimmer, BSC, SSC: "Better dead than smeg."
I think you're mis-reading the article, or misinterpreting.Leisher wrote:Greece is all Germany's fault...
Apparently, Greece is a business utopia and all of its policies work, they're just being sabotaged by the Germans.
Those same Germans who didn't want to bail them out a third time.
The gist of the article is "The euro is dumb for Greece, and they will always suffer in it." Not that this is explicitly Germany's fault, but that this is the way that common currencies will always be for countries with such disparate economic conditions.
This is probably the argument to which I'm most sympathetic. But, I also wrote a 10-page economics paper for my degree basically saying that Euro = bad for many countries.
It's not me, it's someone else.
Granted, there are huge economic diffs between Greece (or any Mediterranean country) and Germany (or any western European country), but Greece has been living beyond its means for some time now. Tax evasion is enforced over there about as steadfastly as jaywalking is over here.
Edited By Malcolm on 1436825981
Edited By Malcolm on 1436825981
Diogenes of Sinope: "It is not that I am mad, it is only that my head is different from yours."
Arnold Judas Rimmer, BSC, SSC: "Better dead than smeg."
Arnold Judas Rimmer, BSC, SSC: "Better dead than smeg."
common currencies will always be for countries with such disparate economic conditions.
I don't disagree with that, but I felt the article was strongly anti-Germany and other northern Euro countries, and pro socialist southern Euro countries.
“Activism is a way for useless people to feel important, even if the consequences of their activism are counterproductive for those they claim to be helping and damaging to the fabric of society as a whole.” - Dr Thomas Sowell
[url=http://m.smh.com.au/world/authoritarian ... y-in-europ
e-proeu-lobby-group-20150714-gicdun.html]"Cast into slavery."[/url]
e-proeu-lobby-group-20150714-gicdun.html]"Cast into slavery."[/url]
Diogenes of Sinope: "It is not that I am mad, it is only that my head is different from yours."
Arnold Judas Rimmer, BSC, SSC: "Better dead than smeg."
Arnold Judas Rimmer, BSC, SSC: "Better dead than smeg."
http://news.yahoo.com/greece-night-debate-bailout-043559778.htmlGORDON wrote:Do you get the impression Greece doesn't even care, they figure they can get unlimited money from the EU and they know it?
"Be bold, and mighty forces will come to your aid."
I want to see how many mulligans Germany gives them before they get brutal. The cash you could make off the side bets would go a long way towards paying off Greece's debt.TheCatt wrote:You know what would be awesome? 6-12 more months of Greek bullshit.
Diogenes of Sinope: "It is not that I am mad, it is only that my head is different from yours."
Arnold Judas Rimmer, BSC, SSC: "Better dead than smeg."
Arnold Judas Rimmer, BSC, SSC: "Better dead than smeg."
Re:
One more nail in the coffin.GORDON wrote:Puerto Rico comes out of nowhere with an unpayable debt. Vince's plan get a little shakier.
http://www.nytimes.com/2015....le.html
Makes me think there are some rich ass mother fuckers in PR. $72 billion in debt for a country of 3.6 million people. That's some impressive corruption.
Diogenes of Sinope: "It is not that I am mad, it is only that my head is different from yours."
Arnold Judas Rimmer, BSC, SSC: "Better dead than smeg."
Arnold Judas Rimmer, BSC, SSC: "Better dead than smeg."