Greece Votes Communist

Started by airboy, January 26, 2015, 01:58:19 PM

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airboy

#315
July 01, 2015, 09:36:42 AM
Quote from: Gusington on July 01, 2015, 06:50:08 AM
Hmm...are we all in agreement that Greece will be out of the EU this time next year?

Greece defaulted on their loan payments yesterday (June 30).

Greece has been denied additional emergency cash transfusions - so their ability to hand out Euros at Banks & ATMs is over unless an agreement is reached.  Current limits are 60 Euros max withdrawal a day from ATMs - but that is also not sustainable.  Their Banks were all shut this week.

Pretty quickly (less than 14 days) they must either have a massive infusion of Euros from outside the country or launch the Drachma again.  I'm betting Drachma.

Countrywide financial disasters often take a long time to happen, but when the occur the final crash itself is usually more sudden than laypeople think can happen.

GDS_Starfury

#316
July 01, 2015, 12:24:27 PM
Quote from: Gusington on July 01, 2015, 06:50:08 AM
Hmm...are we all in agreement that Greece will be out of the EU this time next month?

Fixed
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Atilla60

#317
July 01, 2015, 04:19:12 PM
Quote from: Gusington on July 01, 2015, 06:50:08 AM
Hmm...are we all in agreement that Greece will be out of the EU this time next year?

Unfixed :D

Seriously though.
Currently Greece is de facto out of the Eurozone. Formally, like Airboy said, it's a matter of days .
IMHO

A year from now?
Out of the Schengen Treaty? Probably. The EU? I don't think so.
It has been said that democracy is the worst form of government except all those other forms that have been tried from time to time.
- Sir Winston Churchill -

Staggerwing

#318
July 01, 2015, 05:50:08 PM
Not all countries in the EU use the Euro.
Vituð ér enn - eða hvat?  -Voluspa

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airboy

#319
July 02, 2015, 08:21:16 AM
Quote from: Staggerwing on July 01, 2015, 05:50:08 PM
Not all countries in the EU use the Euro.

So true.  Took a river cruise on the Eastern Danube and many of the countries (even Romania) were in the EU and NATO but did not have the Euro.  After the Greek debacle, the EU became much more careful about allowing countries to adopt the Euro.

jejo68

#320
July 02, 2015, 08:34:43 AM
Quote from: airboy on July 02, 2015, 08:21:16 AM
Quote from: Staggerwing on July 01, 2015, 05:50:08 PM
Not all countries in the EU use the Euro.

So true.  Took a river cruise on the Eastern Danube and many of the countries (even Romania) were in the EU and NATO but did not have the Euro.  After the Greek debacle, the EU became much more careful about allowing countries to adopt the Euro.
Actually its quite the other way around. Most countries that was in the proces of entering said no no, we no wanna go.

LongBlade

#321
July 02, 2015, 04:00:48 PM
Quote from: GDS_Starfury on July 01, 2015, 12:24:27 PM
Quote from: Gusington on July 01, 2015, 06:50:08 AM
Hmm...are we all in agreement that Greece will be out of the EU this time next month?

Fixed

+1
All that is gold does not glitter,
Not all those who wander are lost;
The old that is strong does not wither,
Deep roots are not reached by the frost.

Mr. Bigglesworth

#322
July 05, 2015, 11:09:27 AM Last Edit: July 05, 2015, 11:13:57 AM by Mr. Bigglesworth
"Once more unto the breach, dear friends, once more; "
- Shakespeare's Henry V, Act III, 1598

Atilla60

#323
July 05, 2015, 05:04:56 PM
The results of the referendum is out. The Greeks say Oxi (no)

So ...  no reforms, no austerity.
Happy days.

It has been said that democracy is the worst form of government except all those other forms that have been tried from time to time.
- Sir Winston Churchill -

Mr. Bigglesworth

#324
July 05, 2015, 05:10:42 PM
They need the drachma, it is the only way to get imports under control.
"Once more unto the breach, dear friends, once more; "
- Shakespeare's Henry V, Act III, 1598

besilarius

#325
July 05, 2015, 05:28:00 PM
You know it was coming.
"Most gods throw dice, but Fate plays chess, and you don't find out until too late that he's been playing with two queens all along".  Terry Pratchett.

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Atilla60

#326
July 05, 2015, 05:37:38 PM
Quote from: Mr. Bigglesworth on July 05, 2015, 05:10:42 PM
They need the drachma, it is the only way to get imports under control.

In a market economy. agreed

But as I said earlier in this thread. Considering their current government,  I wouldn't be surprised if Tsipras solution is a 5 year plan and Drachmas in abundance.

For the sake of the ordinary Greek I hope I'm wrong, I really do.
It has been said that democracy is the worst form of government except all those other forms that have been tried from time to time.
- Sir Winston Churchill -

Mr. Bigglesworth

#327
July 05, 2015, 06:17:40 PM
If they hand out 10 drachma to the Euro, they will suddenly have lots of liquidity in the country. Do they have an economy? No. I suspect most are not willing to create anything of value. The economy will slowly grind to a halt, liquidity or not. With a hard cut onimports they will gain some self sufficiency. The big hit will be to consumer abundance.

The EU banks have probably had their Greek gamble payed out. They cannot lose. Crisis just make their potential winnings bigger.
"Once more unto the breach, dear friends, once more; "
- Shakespeare's Henry V, Act III, 1598

LongBlade

#328
July 05, 2015, 07:01:10 PM
Quote from: Mr. Bigglesworth on July 05, 2015, 06:17:40 PM
If they hand out 10 drachma to the Euro, they will suddenly have lots of liquidity in the country. Do they have an economy? No. I suspect most are not willing to create anything of value. The economy will slowly grind to a halt, liquidity or not. With a hard cut onimports they will gain some self sufficiency. The big hit will be to consumer abundance.

The EU banks have probably had their Greek gamble payed out. They cannot lose. Crisis just make their potential winnings bigger.

I'll bet you a dollar that the Greeks issue the Novus Drachma at 1:1 and it falls to 1:10 (and then worse).
All that is gold does not glitter,
Not all those who wander are lost;
The old that is strong does not wither,
Deep roots are not reached by the frost.

endfire79

#329
July 05, 2015, 07:17:04 PM
The following editorial cartoon from the Ekathimerini news site sums up this silly referendum perfectly.

http://www.ekathimerini.com/198837/sketch/ekathimerini/cartoon/cartoon


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