Nom de plume Posted June 21, 2011 Share Posted June 21, 2011 Senseless to accept the bailout & heap further austerity measures on to the Greek people in my opinion. The Greek bailout is doomed down the line ... This bailout will only be the lubricant for further uncertainty within the European banking system & the IMF. The Spanish, Portuguese & Oirish will be watching this unfold very closely. Besides ... I've always fancied a Villa in Santorini. Link to comment Share on other sites More sharing options...
Tweek Posted June 21, 2011 Share Posted June 21, 2011 Chuck em out the euro zone, and back to Drachmas I say. Link to comment Share on other sites More sharing options...
spook Posted June 21, 2011 Share Posted June 21, 2011 Greece is demonstrating as a nation what families face when they borrow more than they can earn. Now the Greek people don't like the prospect of having to return to the standard of living they can actually afford. We should take note because our government are continuing to spend more than we as a nation can earn, and we as the people who live on the island are continuing to spend on imports more than we can earn with exports. EVERY gallon of petrol we put in our cars has to be bought from offshore. Every car we put it is has to be bought offshore. Every bit of gas we use to generate electricity or heat our homes and factories has to be bought from offshore. And STILL the huge and mostly useless government refuse to make the cuts so desperately needed. I suppose that it will take being pushed from the state of insolvency that we are now in into bankruptcy when our creditors start to foreclose to make our useless government and the people who demand job protection at all costs and others demanding increases on already unaffordable wages to get the message home. Link to comment Share on other sites More sharing options...
Merkin Posted June 21, 2011 Share Posted June 21, 2011 Greece has been defaulting since the birth of time. One only has to read about Lehman or any of the banks that went pop to see how the bailout is unlikely to be a success. IMO, they need to be excused from the euro... Link to comment Share on other sites More sharing options...
Mutley Posted June 21, 2011 Share Posted June 21, 2011 ...is the word, is the word that you heard It's got groove it's got meaning Greece is the time, is the place is the motion Greece is the way we are feeling Greece is the word Is the word Is the word Is the word Is the word Is the word Is the word Is the word Is the word Link to comment Share on other sites More sharing options...
SJR Posted June 21, 2011 Share Posted June 21, 2011 Greece is demonstrating as a nation what families face when they borrow more than they can earn. Now the Greek people don't like the prospect of having to return to the standard of living they can actually afford. We should take note because our government are continuing to spend more than we as a nation can earn, and we as the people who live on the island are continuing to spend on imports more than we can earn with exports. EVERY gallon of petrol we put in our cars has to be bought from offshore. Every car we put it is has to be bought offshore. Every bit of gas we use to generate electricity or heat our homes and factories has to be bought from offshore. And STILL the huge and mostly useless government refuse to make the cuts so desperately needed. I suppose that it will take being pushed from the state of insolvency that we are now in into bankruptcy when our creditors start to foreclose to make our useless government and the people who demand job protection at all costs and others demanding increases on already unaffordable wages to get the message home. Couldn't agree more....Spooky... Link to comment Share on other sites More sharing options...
Mutley Posted June 21, 2011 Share Posted June 21, 2011 Article in Irish Independent Link to comment Share on other sites More sharing options...
gazza Posted June 21, 2011 Share Posted June 21, 2011 if greece falls then it will bring others with it, and the EU will never see any of the first lot of bail outs it had Link to comment Share on other sites More sharing options...
spook Posted June 22, 2011 Share Posted June 22, 2011 I just hope that the mess that the Greek government and the short sited greedy greek people have created does not provide the excuse for allowing Turkey into the EU. If that happened then the whole of Europe including those few countries associated with the EU as we are would be in DEEP trouble in a very few years time. Link to comment Share on other sites More sharing options...
Cambon Posted June 22, 2011 Share Posted June 22, 2011 I just hope that the mess that the Greek government and the short sited greedy greek people have created does not provide the excuse for allowing Turkey into the EU. If that happened then the whole of Europe including those few countries associated with the EU as we are would be in DEEP trouble in a very few years time. All part of the reason that the uk should get out of the eu now, while it still has a chance. If Greece defaults. Portugul and Ireland will not be far behind, followed by Italy and Spain. If they go, they will take the rest of europe with them. But by that time none of the countries will have any money left. Link to comment Share on other sites More sharing options...
spook Posted June 22, 2011 Share Posted June 22, 2011 I just hope that the mess that the Greek government and the short sited greedy greek people have created does not provide the excuse for allowing Turkey into the EU. If that happened then the whole of Europe including those few countries associated with the EU as we are would be in DEEP trouble in a very few years time. All part of the reason that the uk should get out of the eu now, while it still has a chance. If Greece defaults. Portugul and Ireland will not be far behind, followed by Italy and Spain. If they go, they will take the rest of europe with them. But by that time none of the countries will have any money left. There is no money left. Just debt mountains. Therein lies the problem. Link to comment Share on other sites More sharing options...
Cambon Posted June 22, 2011 Share Posted June 22, 2011 There is no money left. Just debt mountains. Therein lies the problem. That is correct, but at the moment the uk debt mountain is a bit like Snaefel. If Greece et al go under it will be Everest. At least Snaefel offers a fighting chance. Link to comment Share on other sites More sharing options...
gazza Posted June 22, 2011 Share Posted June 22, 2011 uk have said they wont be putting any more cash into the IMF for greece for the next lot of bail outs Link to comment Share on other sites More sharing options...
Cambon Posted June 23, 2011 Share Posted June 23, 2011 uk have said they wont be putting any more cash into the IMF for greece for the next lot of bail outs Unfortunately, that is almost irrelevant. uk banks direct exposure to greek debt is also very low. However, germany's and france's banks debt to greece is uber massive, much of which has been borrowed from uk banks. So is greece defaults, the uk will be stung by the domino effect. It is quite possible that uk banks could need bailing out properly this time - if it happens. Link to comment Share on other sites More sharing options...
manshimajin Posted June 23, 2011 Share Posted June 23, 2011 I understand that Germany has only now finished paying for the debts it incurred for fighting the First World War (forget the Second). The rating agencies have said that extending the repayment period for Greek (and I assume by implication Portuguese and irish) debt would be tantamount to a default. This seems a bit harsh to me if it takes nearly 100 years to pay off the debts from WW1. In reality either Greece has to default or it has to have longer to repay the money. The same for Ireland and Portugal. I suspect that this also applies to the UK which seems to be running into economic problems of its own that are likely to grow over the next 12-24 months. Repay in 3 years and keep the economy in non-growth or spread over a more realistic period. just shows what happens when you have bad economic management, poor control over monies spent and dropping revenues. Link to comment Share on other sites More sharing options...
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