Going Greek

[jkm, the stolen pifwafwi]

---If they leave and print new Greek money that does not create wealth--They will never get out of the problem without YEARS of sacrifice and lower spending----a lot lower

You are totally right.

I mean what country would purposely devalue their currency so that their goods would always have a market? um

Seriously, most of the economics I took in school were IO but even I know that given the mix of their goods they are better off without the euro.

[jkm, the stolen pifwafwi]

Greece's problems are many. They cooked to books to get into the Euro in the first place.

It's little wonder they are in this big mess now.

True on the first part, but I'm at a loss as to how the IMF totally screwing up is their fault. That 29% reduction in GDP is 100% on the IMF.

Greece has some structural problems - their minimum wage law may be one of the worst laws that I've ever seen - but fixing those isn't a condition of the debt - Raising Taxes is.

[REDREX]

True on the first part, but I'm at a loss as to how the IMF totally screwing up is their fault. That 29% reduction in GDP is 100% on the IMF.

Greece has some structural problems - their minimum wage law may be one of the worst laws that I've ever seen - but fixing those isn't a condition of the debt - Raising Taxes is.

----The IMF always leaves a trail of destruction

[jkm, the stolen pifwafwi]

----The IMF always leaves a trail of destruction

Yes, yes they do. But I refuse to cry for what they did to Argentina.

[champions77]

This is wrong in so many ways. The problem was that previous Greek governments signed external deals that were not in their country's best interest. The current administration is doing everything they can to tweak those deals so that they can get out of being a debtor nation.

Also, I really wish OU would require people to take Logic.

Your second point illustrates that 100% of the people in the US are dependent on the federal government for safety. Le Sigh.

So to get out of their mess they elect a socialist, who ran on a platform to do away with the austerity programs the European Union requested. Their huge deficits are a contributing factor in their inability to pay their bills, but cutting back with austerity is rejected? I can imagine that the American people would say no to austerity too.

[jkm, the stolen pifwafwi]

So to get out of their mess they elect a socialist, who ran on a platform to do away with the austerity programs the European Union requested. Their huge deficits are a contributing factor in their inability to pay their bills, but cutting back with austerity is rejected? I can imagine that the American people would say no to austerity too.

What you aren't getting is that the austerity programs are WHY they can't pay their bills.



They have decreased spending by 33%, but their GDP has tanked by 29% leaving a gap.

[dwarthog]

This will dampen their jubilation just a bit.

European Central Bank opts not to expand funds for flailing Greek banks

http://www.washingtonpost.com/world/...1fe_story.html

[jkm, the stolen pifwafwi]

This will dampen their jubilation just a bit.


http://www.washingtonpost.com/world/...1fe_story.html

Gah, this is probably going to push Albania and Bulgaria into recessions as they lose all of their capital

[Tear Down This Wall]

Gah, this is probably going to push Albania and Bulgaria into recessions as they lose all of their capital

This would be so much easier for the Greeks if they were either black or had a high incidence of HIV/AIDs. Then, countries around the globe would shovel trillions of dollars to them, no questions asked.

[jkm, the stolen pifwafwi]

This would be so much easier for the Greeks if they were either black or had a high incidence of HIV/AIDs. Then, countries around the globe would shovel trillions of dollars to them, no questions asked.

That is funny stuff right there.

[TAFBSooner]

What you aren't getting is that the austerity programs are WHY they can't pay their bills.



They have decreased spending by 33%, but their GDP has tanked by 29% leaving a gap.

What, are you saying that if you deliberately shrink an economy there will be less money available in that economy?!?

[Curly Bill]

If the founders of western civilization are going off a cliff, what hope is there for the rest of us?!

Maybe there is something to this Obammy as the anti-Christ dealio!

[SoonerorLater]

What you aren't getting is that the austerity programs are WHY they can't pay their bills.



They have decreased spending by 33%, but their GDP has tanked by 29% leaving a gap.

Looks like that gap is narrowing. Keep it up for another 15-20 years and they should be back in the black.

[badger]

When you think about it, the lenders should have never given Greece the borrowing power that they did just because OMG EURO.

I might as well have been lending $100 to my toddler for a new Malibu Stacy collector's edition doll... sure, she has no job and her birthday/holiday gift money never reaches that amount, but by golly, she's got family who can afford that loan, so she must be able to foot the bill by herself too!

[Serenity Now]

Yes, yes they do. But I refuse to cry for what they did to Argentina.

https://www.google.com/url?sa=t&rct=...pLIZsGZWYhIPAg

[Tear Down This Wall]

That is funny stuff right there.

And, just look at the economic powerhouse that Africa has become as a result.

[champions77]

What you aren't getting is that the austerity programs are WHY they can't pay their bills.



They have decreased spending by 33%, but their GDP has tanked by 29% leaving a gap.

I wish it was so simple. Lots of things going into why Greece..is Greece. Austerity would have never been installed in the first place if all was good right?

[okie52]

Bernie sanders supports the Greek vote...nothing like being fiscally responsible.

Let 'em fail.

[RUSH LIMBAUGH is my clone!]

Bernie sanders supports the Greek vote...nothing like being fiscally responsible.

Let 'em fail.

I'll print and donate some New Drachmas to his campaign.

[FaninAma]

I am actually glad Greece is defaulting. Perhaps the banking cartel crack dealers will think twice about continuing to loan crack to crack addicted countries which might cause the addict to get cleaned up.

*crack=debt