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Forums - Politics Discussion - Greece Defaults. What now?

MikeRox on 05 July 2015
Volterra_90 said:
Dignity wins this time. Let's hope that the anti-austerity movement will grow after this. Go, greeks!


Or it would well show that the anti-austerity movement is severely blinkered and the poor Greek population will pay the heaviest price for such whimsical economic views.

However, a life outside the Euro is probably the best for Greece in the long term. The economy is pretty incompatible with the Euro and in all honesty should never have been allowed to join the single currency in the first place. It's just a shame it's not the people who set the Greek economy up to fail that are going to be the ones paying the price.



RIP Dad 25/11/51 - 13/12/13. You will be missed but never forgotten.

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Screamapillar on 05 July 2015

First sensible things they've done. You can't begin to correct the problem unless you acknowledge you have a problem.



The Screamapillar is easily identified by its constant screaming—it even screams in its sleep. The Screamapillar is the favorite food of everything, is sexually attracted to fire, and needs constant reassurance or it will die.

generic-user-1 on 05 July 2015
Lafiel said:

Due to it's specific challenges I think that Greece is very hard to rescue with austerity (imo it does work well for several other countries), so I welcome this vote as it will facilitate their return to an independent monetary policy with their own currency.

where did austerity work?



CosmicSex on 05 July 2015
palou said:

Predictions.


Hopefully, this gives governments the opportunity to rethink the entire monetary policy. 



JRPGfan on 05 July 2015

Isnt it only like 20% of the vote is counted so far? but seems to be winning 59% of the vote as NO.

I wonder what this will mean for Greece.. what happends in 10days to them, if no wins?


I read the banks imposed a restriction on all greeks, that you can only get 60 euro out of your bank account, each day.

Private bank box's with money saved are closed as well. Thats gotta be weird.



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generic-user-1 on 05 July 2015
JRPGfan said:
Isnt it only like 20% of the vote is counted so far? but seems to be winning 59% of the vote as NO.

I wonder what this will mean for Greece.. what happends in 10days to them, if no wins?


I read the banks imposed a restriction on all greeks, that you can only get 60 euro out of your bank account, each day.

Private bank box's with money saved are closed as well. Thats gotta be weird.


they are at 50% counted and 61% no.



krippaz on 05 July 2015

Well hope it works out for the greek people. If there is no deal soon , new draschmas have to be printed.

My guess is that Tripras want a deal Quick anyway , but will the other 18 euro finmin agree ?



generic-user-1 on 05 July 2015
krippaz said:
Well hope it works out for the greek people. If there is no deal soon , new draschmas have to be printed.

My guess is that Tripras want a deal Quick anyway , but will the other 18 euro finmin agree ?


wrong question, the right question is: will schäuble(german finmin) stand up(realy no pun intended,but i cant come up with another phrase in english) against the german media?

the right wing media are in full greekbashing mode and the liberal media doesnt understand how neoliberalism could fail again.

 

schäuble is old and cares alot for europe, so he might go the cheaper way and says yes to another bailout, with less austerity but more other way of reducing the debt like a smaller greek army, higher taxes, etc.



Qwark on 05 July 2015
DeusXmachina said:

We made it!!!! "No" Won. After all that disgusting propaganda by the media, the people choose what they believed to be the best choice.


Perhaps but don't cry about a grexit when that happens, which is with an eye on brexit not a weird idea. Think with me on this GB doesn't want to invest in Greece so pissing them of would bring a brexit closer. GB is the sixth economy of the world and 15% of the BNP of the entire EU. 

Is keeping Greece really worth it to have a bigger chance of GB leaving the EU. I say they've chosen their path kick them out erase the debts and take the Euro back. Besides a closed boundary between Greece and EU doesn't hurt EU, since they won't say it directly but they sure as hell don't want those illegal uneducated imigrants within EU boundaries.



Please excuse my (probally) poor grammar

MikeRox on 05 July 2015
generic-user-1 said:
Lafiel said:

Due to it's specific challenges I think that Greece is very hard to rescue with austerity (imo it does work well for several other countries), so I welcome this vote as it will facilitate their return to an independent monetary policy with their own currency.

where did austerity work?

Ireland is the most prominent example I can think of. However most countries have never even tried Austerity.

http://www.forbes.com/sites/jeffreydorfman/2013/08/01/austerity-in-europe-it-will-work-if-its-ever-tried/

Many countries in Europe have supposedly tried austerity programs to aid the recovery from the recent recession. Austerity as promoted by conservatives and the IMF and as decried and derided by Keynesians (led by Paul Krugman) is generally defined as cuts in government spending and/or reductions in government deficits. We constantly read how Greece, for example, is being forced to cut government spending as a condition of international aid.

Using data from Eurostat (the official statistics agency of the European Union), I calculated the change in government spending from 2008 to 2012. In fact, the data tell us that only eight out of the thirty countries in Europe that are listed have reduced government spending over that period. Of those eight countries, only Iceland and Ireland have been prominent austerity examples in the news. (The others are Bulgaria, Ireland, Latvia, Lithuania, Hungary, Poland, and Romania.)

The countries that have purportedly tried austerity and failed are not on the above list. Greece, Spain, Italy, and Portugal have all increased government spending, not reduced it. In fact, according to the Eurostat data, Italy is the only one of those four countries whose government spending increase is below the EU average over the 2008 to 2012 period. Greece (8.3% increase over the four years), Spain (13.3%), and Portugal (5.8%) have not only avoided austerity, but actually have been more profligate than the average European government which increased spending by 4.9% in the same timeframe. Italy has been only slightly better behaved, with a spending increase of 4.1% from 2008 to 2012.

So a first look at the data suggests that most European countries have not practiced austerity as so many Keynesians have claimed. 



RIP Dad 25/11/51 - 13/12/13. You will be missed but never forgotten.