Greece financial crisis

It's a pretty standard financial crisis like every other has ever happened. The problem started to get really bad because we borrowed initial from banks, and then to repay them back we had to borrow from EU countries, but in order to do so we had to adjust to certain regulations imposed by the EU, like extreme cut backs on internal spending. This led to unemployment rising up to 25%(the real number is higher since this does not take into account college students, or black market), and made the fincial situation worse. Also several other regulations imposed by the european market, like having to export and reimport our agricultural products, and not being allowed to export something like olive oil, do not help.

It has been a known fact from day one that the Greek Debt is not repayble, unless they cut it. The current goverment wants the situation to be handled as it was with Germany after WW2, where half of their debt was written off, and they were to repay back the remaining debt through export incomes, and not impose cuts on internal economy. Of course US wanted a powerfull Germany at the doorstep of USSR, and plant nuclear bases, that's why they were so generous.

edit: Before any smartass says that we are lazy here are facts from BBC and OECD:
http://www.bbc.com/news/magazine-17155304
http://www.huffingtonpost.com/2012/05/24/11-countries-with-the-longest-working-hours_n_1543145.html

Greeks are working the longest hours in Europe, and we are 3rd on world scale, just behind Korea and Chile. The problem is the lack of heavy industry, and the terrible use of our agricultural products, both due to EU regulations and the screw ups of the previous goverments, which were corrupt and were paid off to act in favour of others. Also the tax collecting has been terrible, and tax nowdays is unbeleivably brutal to middle and lower income classes, while it is very light for the big capital. Tourisism, also took a big hit due to tax policies.

Greece needs to reconstitute itself as the Duchy of Grand Fenwick, declare war on the US, and lose. =^[.]^=

ETA: Detailed analysis of the Greek debt crisis:

https://www.youtube.com/watch?v=QowxTnF02DU

Μοre or less...

http://www.filmsforaction.org/articles/greece-what-you-are-not-being-told-by-the-media/

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Raycheetah wrote:

Greece needs to reconstitute itself as the Duchy of Grand Fenwick, declare war on the US, and lose. =^[.]^=

ETA: Detailed analysis of the Greek debt crisis:

https://www.youtube.com/watch?v=QowxTnF02DU

This video is pure SHIT.

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Poutsos wrote:

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Raycheetah wrote:

Greece needs to reconstitute itself as the Duchy of Grand Fenwick, declare war on the US, and lose. =^[.]^=

ETA: Detailed analysis of the Greek debt crisis:

https://www.youtube.com/watch?v=QowxTnF02DU

This video is pure SHIT.

You watched the entire 21 minutes of it to reach that conclusion, of course?

Meanwhile, in world economic events:

http://pjmedia.com/richardfernandez/2015/07/05/the-wonderful-wizard-of-oz/

Some very scary financial news coming out of China, along with more on Greece. ='[.]'=

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Raycheetah wrote:

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Poutsos wrote:

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Raycheetah wrote:

Greece needs to reconstitute itself as the Duchy of Grand Fenwick, declare war on the US, and lose. =^[.]^=

ETA: Detailed analysis of the Greek debt crisis:

https://www.youtube.com/watch?v=QowxTnF02DU

This video is pure SHIT.

You watched the entire 21 minutes of it to reach that conclusion, of course?

Meanwhile, in world economic events:

http://pjmedia.com/richardfernandez/2015/07/05/the-wonderful-wizard-of-oz/

Some very scary financial news coming out of China, along with more on Greece. ='[.]'=

Yeah i did. That's why i am so angry at this point. This guy really has NO CLUE, on POLITICS, it's not just exconomics. I could pick up something on every fucking minute of his speech, but i won;t right now, maybe later. I was especially infuriated when he said that the euro crisis that started happening at mid-late 2008 was due to Greek govement spendings. You are american, the year 2008 should be pretty significant to you. Not gonna say more. There is a pretty good reply in the comments(that covers very little but still):

Selective history Mike. The germans caused WW1, WW2 and then got a nice debt forgivness from 20 countries in the 1950's, which included GREECE. Most of that money, never went near the greece banks. It was only ever promised but the damage to the greek economy was horrendous! The solution is simple, banks only take despots, all transactions are digital and then finally the greece government can get the right taxes. Cash is the problem, not the solution (no matter what currency is used) and a default. You never HAVE to reppay debt, thats why you charge interest on debt to reflect the risk. The risk was removed from the private banks and shareholders by the very stupid EU bank. Thats their problem, not the greeks IMO.

edit: Just read your next link. Not gonna reply any further to this far right wing/free market fanatic nonsense that you post. I am out. Just know that BEING Greek and watching the crisis everyday during the past years(and suffering through it), a good 90% of what that guy said on the video, or this artcile about Greece, is PURE Bullshit. ANd there has been ENORMOUS cuts on goverment spending. E N O R M O U S. The results, come here and see them yourself.

A cashless society would be at the utter mercy of the banks. Never mind the fact that every single transaction you made could (and would) be monitored by people with NO business in your business, but financial institutions would be free to enact NIRP (negative interest rate policies), effectively charging you for the right to have any money at all, as well as utterly controlling your access to it, and presenting the threat of "bail-ins" (robbing depositors, as happened in Cyprus) whenever the banks screwed up and needed to recapitalize.

I understand that a proud Greek would take umbrage at being blamed for the crisis, but, if you borrow money, you're supposed to pay it back, preferably according to the terms to which you agreed when you borrowed it. Bitterness at Germany for WWs I and II doesn't justify defaulting, now, nor using Germany and the rest of the EU as a bottomless piggy bank. It's a complicated issue (which is why Mike Maloney's video, even though relatively simplified, is still 21 minutes long), and nobody involved can be held blameless. ='[.]'=

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Raycheetah wrote:

but, if you borrow money, you're supposed to pay it back, preferably according to the terms to which you agreed when you borrowed it.

Hmmm, did you know that the goverments who took that money, did so in an illegal way?
Did you know that there were scandals revealing, "money under the table" for said goverments, in order to bribe them accepting the banker's terms?
Did you know, that most of the money didnt even go where they should, but instead in bank fundings and also in foreign companies?
The level of corruption that can be seen in previous goverments is beyond your imagination. Seriously, go read that article i linked in my first reply to OP. If you do not believe it, go and google the history of IMF and which countries it has "helped".

P.S.) Have you read ANY of the two nobel prize economists who say that the terms in which the bankers want Greece to agree on, are inhumane and there is NO mathematical WAY in hell for Greece to achieve exit from the crisis by accepting to them?

P.S. 2) One glance at the new terms (they want the greek goverment to not force, "off-shore companies" into tax payment) and u can see what exactly they want to do with Greece (the same thing they did with Africa).

On a side-note, a cool video: https://www.youtube.com/watch?t=147&v=q2gO4DKVpa8

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S3ph1r0th wrote:

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Raycheetah wrote:

but, if you borrow money, you're supposed to pay it back, preferably according to the terms to which you agreed when you borrowed it.

Hmmm, did you know that the goverments who took that money, did so in an illegal way?
Did you know that there were scandals revealing, "money under the table" for said goverments, in order to bribe them accepting the banker's terms?
Did you know, that most of the money didnt even go where they should, but instead in bank fundings and also in foreign companies?
The level of corruption that can be seen in previous goverments is beyond your imagination. Seriously, go read that article i linked in my first reply to OP. If you do not believe it, go and google the history of IMF and which countries it has "helped".

P.S.) Have you read ANY of the two nobel prize economists who say that the terms in which the bankers want Greece to agree on, are inhumane and there is NO mathematical WAY in hell for Greece to achieve exit from the crisis by accepting to them?

P.S. 2) One glance at the new terms (they want the greek goverment to not force, "off-shore companies" into tax payment) and u can see what exactly they want to do with Greece (the same thing they did with Africa).

On a side-note, a cool video: https://www.youtube.com/watch?t=147&v=q2gO4DKVpa8

Please tell me you're not citing Paul Krugman.=9[.]9=

As for the rest, I know all about corrupt government and finances.

I live in the US. =-[.]-=