Greece

[rickyb]

The government sold bonds. They were giving ridiculous benefits to their citizens. It's their responsibility to know the costs and what they could repay. They figured they'd get around it somehow. They figured wrong.

ill post more here about what happened.

also after ww2 the greeks forgave the german debt. in addition, the nazi's stole the greeks gold. and some of the debt was created in greece under the dictatorship which america supported, which makes it erroneous.

 

[NAHimGOOD]

the Greeks

I agree...

 

[vantexan]

greece can declare bankruptcy and not pay. thats why yanis quit because everyone in his new left wing party capitualted except him in 2015.

austerity is junk economics which takes money out of the economy. its likely just class warfare.

you guys did the same thing, but you had some kind of other orwellian term for it....i cant recall now. but anyways you guys started it after you bailed out the banks.

wall st got bailed out, main st got sold out.

Greece could do that but then no one would ever buy its bonds again.

 

[vantexan]

ill post more here about what happened.

also after ww2 the greeks forgave the german debt. in addition, the nazi's stole the greeks gold. and some of the debt was created in greece under the dictatorship which america supported, which makes it erroneous.

Has nothing to do with the current situation.

 

[rickyb]

Has nothing to do with the current situation.

yea because greece should be asking for partial or complete debt write down.

 

[UnionStrong]

yea because greece should be asking for partial or complete debt write down.

No one cares about the mother ing Greeks!

 

[rickyb]

No one cares about the mother ing Greeks!

its good for america bc u need a student debt and mortgage debt write down too

 

[UnionStrong]

its good for america bc u need a student debt and mortgage debt write down too

Wrong

 

[rickyb]

Wrong

u can learn to be a competitive low cost economy so your manufacturers can undercut global sellers

u did it once, u can do it again

 

[oldngray]

Greece created their own problems by promising far too much in welfare to their citizens (over 40% of GNP I think) and was totally unable to meet those promises so defaulted and expected the rest of Europe to bail them out (like all good socialists do).

A small country with few natural resources and a third world economy.

 

[rickyb]

michael hudson says greece instead of decaring bankruptcy is on the road to neofeudalism

 

[rickyb]

Interviewed by Il Fatto Quotidiano on developments in Italy, Europe and Greece. Here is the original Q&A in English - Yanis Varoufakis

Italian daily Il Fatto Quotidiano interviewed me (see here) regarding the latest developments in Italy, Europe and Greece. The original Q&A (in English) follows: Greece is about to exit from the notorious memorandum, the austerity plan signed with the troika. Public finance has improved at a...

www.yanisvaroufakis.eu

Greece could do that but then no one would ever buy its bonds again.

Do you believe that your country would be better off if it had left the Eurozone?


What I know is that we should not have accepted the 3rd bailout and the new austerity conditions it came with in 2015. And if the troika wanted to throw us out of the euro for doing the right thing, it would be regrettable and painful but, by now, Greece would indeed be much better off....

In the summer of 2015, before the referendum, you had in fact a plan for the Grexit, prepared – you said – in agreement with Prime minister Tsipras. But you state that even ECB, German finance ministry and Italian current minister, Pier Carlo Padoan, have one. What do you know about this last one?

I have seen no details. But I do know the European Central Bank, the Bank of Italy and various Italian governments do have a plan of how to respond to a crisis that, overnight, freezes Italy out of the euro. Let me put it differently: It would be criminally negligent not to have such as plan. It would be akin to the Ministry of Defence not having a plan for what to do if Italy were to be attacked by an enemy.

How does the Greek debt crisis of 2015 compare, in your opinion, with the current Italian situation?

There are important similarities and important differences. Both are countries are caught up in a conundrum: we are far worse off due to the euro but at the same time a euro exit would be very, very painful. It is as if we are in a burning house without exits. Another similarity is that both our countries are constantly under threat from Berlin and Frankfurt that, if we do not do as we are told, our ATMs will stop functioning and people will lose their deposits – while, at the same time, if we do as we are told, our societies will stagnate. Turning to the main difference, in 2015 our government did not want Grexit whereas any 5S-Lega government would welcome a financial crisis that forces Italy out of the euro. And given Italy’s size, that would mean the end of the euro.

 

[rickyb]

richard wolff said in many ways germany accomplished financially with the current EU financial system, what it wished to accomplish during wwII

michael hudson said the primary warfare nowadays is financial....not sure how true this is, but its obviously happening

 

[vantexan]

Interviewed by Il Fatto Quotidiano on developments in Italy, Europe and Greece. Here is the original Q&A in English - Yanis Varoufakis

Italian daily Il Fatto Quotidiano interviewed me (see here) regarding the latest developments in Italy, Europe and Greece. The original Q&A (in English) follows: Greece is about to exit from the notorious memorandum, the austerity plan signed with the troika. Public finance has improved at a...

www.yanisvaroufakis.eu

Do you believe that your country would be better off if it had left the Eurozone?


What I know is that we should not have accepted the 3rd bailout and the new austerity conditions it came with in 2015. And if the troika wanted to throw us out of the euro for doing the right thing, it would be regrettable and painful but, by now, Greece would indeed be much better off....

In the summer of 2015, before the referendum, you had in fact a plan for the Grexit, prepared – you said – in agreement with Prime minister Tsipras. But you state that even ECB, German finance ministry and Italian current minister, Pier Carlo Padoan, have one. What do you know about this last one?

I have seen no details. But I do know the European Central Bank, the Bank of Italy and various Italian governments do have a plan of how to respond to a crisis that, overnight, freezes Italy out of the euro. Let me put it differently: It would be criminally negligent not to have such as plan. It would be akin to the Ministry of Defence not having a plan for what to do if Italy were to be attacked by an enemy.

How does the Greek debt crisis of 2015 compare, in your opinion, with the current Italian situation?

There are important similarities and important differences. Both are countries are caught up in a conundrum: we are far worse off due to the euro but at the same time a euro exit would be very, very painful. It is as if we are in a burning house without exits. Another similarity is that both our countries are constantly under threat from Berlin and Frankfurt that, if we do not do as we are told, our ATMs will stop functioning and people will lose their deposits – while, at the same time, if we do as we are told, our societies will stagnate. Turning to the main difference, in 2015 our government did not want Grexit whereas any 5S-Lega government would welcome a financial crisis that forces Italy out of the euro. And given Italy’s size, that would mean the end of the euro.

And? They stayed in the EU and austerity measures have made the average Greek's life harsh as they've struggled to meet the demands of the EU. Bottom line, you think these governments should be providing incredible benefits to their citizens but if they do and can't pay for them ultimately their citizens will pay. Wise up.

 

[rickyb]

And? They stayed in the EU and austerity measures have made the average Greek's life harsh as they've struggled to meet the demands of the EU. Bottom line, you think these governments should be providing incredible benefits to their citizens but if they do and can't pay for them ultimately their citizens will pay. Wise up.

I will post more about the origins of the greek crisis. another reason is the euro itself. its not some over simplification like worker rights lol, thats class warfare

 

[vantexan]

I will post more about the origins of the greek crisis. another reason is the euro itself. its not some over simplification like worker rights lol, thats class warfare

Again you're talking gobbledygook and aren't making sense. The Greek crisis is a direct result of the Greek government overspending on benefits, borrowing to pay for those benefits, and the EU protecting the financial system by requiring that the Greeks pay their debts. Not complicated at all. You refuse to recognize that.

 

[rickyb]

Again you're talking gobbledygook and aren't making sense. The Greek crisis is a direct result of the Greek government overspending on benefits, borrowing to pay for those benefits, and the EU protecting the financial system by requiring that the Greeks pay their debts. Not complicated at all. You refuse to recognize that.

And ive just listed a bunch of things that says no its not, and thats a lie to attack workers

And i will keep posting about it bc the greeks situation is our future

 

[UnionStrong]

I will post more about the origins of the greek crisis. another reason is the euro itself. its not some over simplification like worker rights lol, thats class warfare

the GREEKS!!!!

 

[vantexan]

And ive just listed a bunch of things that says no its not, and thats a lie to attack workers

And i will keep posting about it bc the greeks situation is our future

No, you posted people who don't like being held accountable for overspending being critical of the austerity measures. Doesn't change what actually happened.

 

[rickyb]

No, you posted people who don't like being held accountable for overspending being critical of the austerity measures. Doesn't change what actually happened.

Reread it