Europe - The Official Thread
- Thread starter Touring Mars
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The ECB have agreed to raise the cap on Greece's emergency liquidity funding to avoid a bank run and Greece running out of cash. Meanwhile, there is still the issue of Greece having to pay back the IMF in a couple of weeks in order to release the next tranche of bailout money, which the IMF insist won't happen if Greece fails to pay and come up with a credible plan that satisfies all the requirements of Greece's creditors, which right now looks unlikely, but my money is on Greece capitulating either an hour before the 'deadline' or a few days beyond it.
It's like deja vu all over again.
It's like deja vu all over again.
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The matrix. It`s happening...
- 31,701
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- Dennisch
It seems that Greece has buckled and thus saved themselves.
Early retirement is mostly gone, V.A.T. goes up and there will be a tax raise for the wealthier Greeks.
So, Tsipras can't live up to his election promises. Surprise, Surprise.
Maybe now they understand what needs to be done.
Early retirement is mostly gone, V.A.T. goes up and there will be a tax raise for the wealthier Greeks.
So, Tsipras can't live up to his election promises. Surprise, Surprise.
Maybe now they understand what needs to be done.
Dotini
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http://www.telegraph.co.uk/finance/...k-debt-crisis-is-the-Iraq-War-of-finance.html
Amusing take on EU crisis by Evans-Pritchard.
Amusing take on EU crisis by Evans-Pritchard.
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Well there we are, that is the solved.............. for just over a week until they have to pay the IMF. The cuts Greece is prepared to make are not enough to get themselves out of their situation, I fear there "emergency meetings" are going to keep happening again and again until the eurozone and the IMF finally make Greece default, run on banks, leave eurozone. Understandably everything is being done to avoid this, however I sadly think that it is inevitable.
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I would prefer to live under a monarchy(even an absolute one), the ones in monaco and lichtenstein as they are most freest in the world.
anyhow if you really want a good understanding of whats going on in greece I would recommend you listen to these 2 podcast(they are short but to the point):
https://mises.org/library/how-greek-default-may-still-unravel-eu-0
https://mises.org/library/five-steps-fixing-greece’s-debt-problem-0
- 31,701
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Actually, the Eu and Greece are at this very moment still talking, and reports are moderately positive. They're not out of the woods yet, but it's a lot better than last week.
All because the Greeks caved and most likely will say yes to the terms of Europe.
All because the Greeks caved and most likely will say yes to the terms of Europe.
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- Bratvegas
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Taking that Greece was the founding of modern Europe, with its advances in science, politics, philosophy, logic, mathematics and engineering, it would have been apt in a cinematic way for its fall to also be the fall of Europe.
But I can only hope that a rescue deal is on the way. PIIS seem to be doing alright these days, Ireland in particular I'm told by all my emigrant boys over here, so Greece needs to really knuckle down and catch up now.
Honestly, I've said it a lot but I do really like Greece and both it and its people have been dragged through the mud over the past few years. Time to crack some heads together and go forwards. This is a country where both communists and fascists have seats in Parliament at the same time. Never mind about your party political point scoring, never mind about who did this or who said what. Just sort it the 🤬 out. That goes for Brussel and Strassburg too; that gravy train has to hit the buffers sooner rather than later.
But I can only hope that a rescue deal is on the way. PIIS seem to be doing alright these days, Ireland in particular I'm told by all my emigrant boys over here, so Greece needs to really knuckle down and catch up now.
Honestly, I've said it a lot but I do really like Greece and both it and its people have been dragged through the mud over the past few years. Time to crack some heads together and go forwards. This is a country where both communists and fascists have seats in Parliament at the same time. Never mind about your party political point scoring, never mind about who did this or who said what. Just sort it the 🤬 out. That goes for Brussel and Strassburg too; that gravy train has to hit the buffers sooner rather than later.
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Who are Greece's creditors?
Who are Italy's Ireland's, Spain's and Portugal's creditors?
Who are the United Kingdom's creditors?
Who are the United States' creditors?
This phantom money doesn't make much sense when it's unclear who owes what to whom.
Who are Italy's Ireland's, Spain's and Portugal's creditors?
Who are the United Kingdom's creditors?
Who are the United States' creditors?
This phantom money doesn't make much sense when it's unclear who owes what to whom.
Christian_C
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I find the whole situation quite stupid. It seems like a bailout will just prolong the inevitable failure of Greece so why do it?
It sounds brash and harsh but seriously why should everyone bail greece out? What exactly happens if they default? And then what after that?
Because if I defaulted on a payment i'd have items repossessed but how exactly do you do that to a country? And how do countries even end up running so far into debt in the first place? It really doesn't make sense to me and smacks of double standards. If a singular individual racked up even £10,000 in debt i'm pretty sure they wouldn't be allowed to keep spending. Yet countries are able to keep functioning and spending despite being billions in debt?
It sounds brash and harsh but seriously why should everyone bail greece out? What exactly happens if they default? And then what after that?
Because if I defaulted on a payment i'd have items repossessed but how exactly do you do that to a country? And how do countries even end up running so far into debt in the first place? It really doesn't make sense to me and smacks of double standards. If a singular individual racked up even £10,000 in debt i'm pretty sure they wouldn't be allowed to keep spending. Yet countries are able to keep functioning and spending despite being billions in debt?
Dotini
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I think we can expect the Greek default any time now.
They are stalling yet again, wanting to hold a referendum, after the deadline to pay off their latest loan,and they want the deadline to be pushed after the referendum. But that idea has already been shot down by the creditors.
Oh Greece, if only you had listened years ago.
They are stalling yet again, wanting to hold a referendum, after the deadline to pay off their latest loan,and they want the deadline to be pushed after the referendum. But that idea has already been shot down by the creditors.
Oh Greece, if only you had listened years ago.
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Here's my understanding of the whole mess:
The Greeks don't want bailout cash, but they have to take it.
The Eurozone won't bail out Greece unconditionally, but they have to do it.
Both are trying to make it sound like they are not doing what they don't want to do, but there's no alternative.
Also, even if Greece default and there's another global financial crisis, somehow i doubt it will be the end of Greece's woes - they will never be able to borrow money again except from nations like Russia who will make current EU demands on the way Greece is run look like a teddy bear's picnic in comparison...
The Greeks don't want bailout cash, but they have to take it.
The Eurozone won't bail out Greece unconditionally, but they have to do it.
Both are trying to make it sound like they are not doing what they don't want to do, but there's no alternative.
Also, even if Greece default and there's another global financial crisis, somehow i doubt it will be the end of Greece's woes - they will never be able to borrow money again except from nations like Russia who will make current EU demands on the way Greece is run look like a teddy bear's picnic in comparison...
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- 31,701
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- Dennisch
Greek parliament has voted for holding the referendum about whether to agree with the EU plans or not.
Public poling shows that the opinion of the people will most likely not be a massive no.
Tsipras might be fighting a losing battle here against the Greek people.
Public poling shows that the opinion of the people will most likely not be a massive no.
Tsipras might be fighting a losing battle here against the Greek people.
