Greece Votes Communist

[Mr. Bigglesworth]

What I wonder most about is how many entities see Greece as a good excuse to write of bad debts? If central banks pick up the pieces, casino capitalism continues as a cant lose proposition.

[Boggit]

The Greek banking system may fall in the next 7 days.  Yesterday 1 billion Euros in cash were withdrawn.  Odds are pretty high that there will be a big bank run next week where depositors want their money in cash - and the Greek banking system cannot survive that.  Talks between the EU & Greece broke down in acrimony last night.

Unfortunately the EU has its head in the sand still coming out with the same old wishful thinking rhetoric, and the Greek government continue playing games in the belief that the EU will just go along with things. Both sides need to seriously sit down and address the issue with a sensible plan that can actually work if the EU doesn't want to be permanently burdened with Greek debt, and the Greek government doesn't want to see its economy implode with all the social and political catastrophe that will come with it.

Yeah kick greece the hell out of the EURO. Russia has said they are willing to borrow greece some Money, let them have all the trouble from now on.

Greece should never have been in the Eurozone. This has more to do with the Commission's "European Federal project" than anything founded in economic reality. You are right, Greece should leave the Euro, but unless you want a completely failed state within the EU with Greeks migrating en masse to other states under the provisions of the Treaty of Rome, we need to amortise their debt, and put in place money to rebuild their economy if they are to not continue to rely on EU support ad infinitum. Greeks are already migrating from Greece because of conditions there.

[jejo68]

The Greek banking system may fall in the next 7 days.  Yesterday 1 billion Euros in cash were withdrawn.  Odds are pretty high that there will be a big bank run next week where depositors want their money in cash - and the Greek banking system cannot survive that.  Talks between the EU & Greece broke down in acrimony last night.

Unfortunately the EU has its head in the sand still coming out with the same old wishful thinking rhetoric, and the Greek government continue playing games in the belief that the EU will just go along with things. Both sides need to seriously sit down and address the issue with a sensible plan that can actually work if the EU doesn't want to be permanently burdened with Greek debt, and the Greek government doesn't want to see its economy implode with all the social and political catastrophe that will come with it.

Yeah kick greece the hell out of the EURO. Russia has said they are willing to borrow greece some Money, let them have all the trouble from now on.

Greece should never have been in the Eurozone. This has more to do with the Commission's "European Federal project" than anything founded in economic reality. You are right, Greece should leave the Euro, but unless you want a completely failed state within the EU with Greeks migrating en masse to other states under the provisions of the Treaty of Rome, we need to amortise their debt, and put in place money to rebuild their economy if they are to not continue to rely on EU support ad infinitum. Greeks are already migrating from Greece because of conditions there.

Well tbh I dont mind a Greek failstate. I am tired of always having to clean up after these s..th..ds, and especially since they dont want to learn, dont want to fez up to what they are doing and wants me to pay for their failstate. All the while they are spitting in my face. So F. them.

[JasonPratt]

Since you bring up the European Federal Project, Boggit: I think we're seeing some of the hard-coded limits to a European Federal project here. ;)

Europe is not a federal state, and I'm doubtful it even counts as a confederated union at this point. These are nations with long-standing competitive identity issues, many of which are composed of sub-states who themselves have long-standing competitive identity issues. And by long-standing I of course mean centuries and even a few millennia. (Sidenote: the forum doesn't recognize how to spell millennia. Or "sidenote" for that matter. ;) ) And by competitive I mean 'mother of wars'; and also I mean that some of the competitive subunits haven't been incorporated into the current nations for very long, whether in decades or much more than a century, and even some of the nations are relatively recent (or recently reconstituted).


Maybe that's just as well: who wants the ten heads of the beast actually rising, yo? ;)  >:D But it's directly related to fiscal irresponsibility without federal oversight.

[jejo68]

oh to be a daycare worker in greece.

start your career at 18 and after 20 years you can retire with full benefits.
And they dont understand why the economy fails

[Mr. Bigglesworth]

It looks like there will be no olive branch for Greece.

[LongBlade]

Just read an article indicating there are caps on withdrawals from both banks and ATMs. That's never a good sign. If the banks open on Monday I suspect there will be a huge run on them.

Meanwhile the PM has called for a referendum on the Euro. As if Greece has much choice at this point.

[Atilla60]

Meanwhile the PM has called for a referendum on the Euro. As if Greece has much choice at this point.

He's washing hands, 

[airboy]

The Greek banking system may fall in the next 7 days.  Yesterday 1 billion Euros in cash were withdrawn.  Odds are pretty high that there will be a big bank run next week where depositors want their money in cash - and the Greek banking system cannot survive that.  Talks between the EU & Greece broke down in acrimony last night.

I think the end will be June 30 to July 2.  The EU does not seem willing to spend additional taxpayer money to bailout Greece.  The Greek Government is calling for a "referendum" - but if the Greek people vote "yes" so what???  They are asking for a vote to allow a referendum that won't take place before Greek banks go under.  Would the Greek Parliament vote to accept the EU terms if the referendum is "yes?"

[Mr. Bigglesworth]

Meanwhile the PM has called for a referendum on the Euro. As if Greece has much choice at this point.

He's washing hands, 

Agree.

[OJsDad]

Per CNBC, Greek banks will NOT open tomorrow, Monday 29 June. 

[Staggerwing]

If this somehow ends up raising the rate on my upcoming car loan I'll never eat greek yoghurt again!

[Atilla60]

https://euobserver.com/news/129352

[Con]

Under the heading of be careful what you wish for - I added the emphasis on the geopolitical fallout

For years Greece has muddled along with a depressed economy and an endless series of bailouts and austerity. It's fine to play the blame game over how public debt got out of control in the country, but by the time 2010 came around what was done was done, and the human consequences of austerity have been grave.

The Greek government apparently agrees that the definition of insanity is doing the same thing over and over again.

What happens now? This isn't 2010. European banks, governments and financial markets have had years to develop contingency plans for what will happen if Greece exits the euro. There may be a middle ground, too, in which Greece semi-exits the euro: Imagine keeping the currency but with such strict and permanent capital controls that Greek's euros are actually a different currency from the one used in Paris or Rome.

Expect the E.C.B. and European institutions to deploy enormous financial firepower to prevent a Greek exit from spilling over to Portugal and Italy and Spain. But saying that this won't be a Lehman Brothers-style economic catastrophe isn't the same as saying it would be a good thing. In geopolitical terms it would push Greece closer to a hostile Russia. It would set a precedent that the European currency, and the European Union more broadly, is more fragile than its leaders would like the world to think.

The world should be rooting for a happy outcome to this Greek tragedy. It's just not at all clear what a happy outcome would look like at this point.

http://www.nytimes.com/2015/06/29/upshot/the-next-few-days-will-transform-greece-and-europe.html?_r=0&abt=0002&abg=0

[bob48]

If this somehow ends up raising the rate on my upcoming car loan I'll never eat greek yoghurt again!

You may have to take out a loan to buy Greek yoghurt.......