Guest 698- Registered: 28 May 2010
- Posts: 8,664
#1
The Greeks have been bailed out again. So the inevitable has been postponed until.....the autumn perhaps?
I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
#2
I suspect there will be another crisis point before then Peter. We cannot even be sure that this deal will truly stick.
They cannot go on forever like this. Right now we the less indebted countries going deeper into debt to help the vastly over indebted. They are not addressing properly or seriously the fundamental weaknesses that got them into this position in the first place.
Lets just look at the price being asked by Germany and others... basically an end to Greek democracy. They will deny any sovereign rights of the people of Greece to elect their own government and set their own fiscal policy. Basically they are introducing a form of dictatorship. What happens when Spain, Portugal or Italy need a bail-out?
We are entering very dangerous territory here and it could be explosive.
Guest 640- Registered: 21 Apr 2007
- Posts: 7,819
#3
Yes a huge fortune has been given to them this time..on top of that much of their debt has been written off. This time around EU officials have insisted in going there to Greece on a permanent basis to make sure the money isnt frittered away on the wind, to make sure the austerity measures are followed.
But the question is this..which i heard a reporter pose this morning on R4..
Can the Greeks do this severe level of austerity? or is the medicine so strong that it will just kill the patient....?
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
#4
They have to cut their spending regardless - it is the only way though their leaky tax system needs to be sorted as well. At the end of the day they should be left to sort out their own problems, outside the Euro, no bail-outs and if necessary outside the EU.
Guest 698- Registered: 28 May 2010
- Posts: 8,664
#5
Looking at Greek history the most likely outcome might be a military coup followed by repudiation of € debt and a new currency. Who said you shouldn't make a drachma out of a crisis?
I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson
Guest 710- Registered: 28 Feb 2011
- Posts: 6,950
#6
Or, alternatively. A radical faction could win the next election...
Who said you shouldn't make a drama out of a Cresus*
http://www.ancient.eu.com/croesus/Ignorance is bliss, bliss is happiness, I am happy...to draw your attention to the possible connectivity in the foregoing.
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
#7
the end game will probably be that, the civil unrest seems to go on without any sign of it abating.