Greek Banks Get Shut Down For A Week And A ‘Grexit’ Is Now Probable

originally posted by: CranialSponge
... uh, the same way we do ?

Canada is certainly not in the same position as Greece when it comes to the value of its currency.

originally posted by: [post=19511655]jacobe001[/pos
Local Economies provide accountability, independence and self reliance when you have to actually meet and see the people you serve or work with.

And the fantasy of a fully self-sustaining and self-reliant local economy is one that has long passed.

originally posted by: AugustusMasonicus

originally posted by: CranialSponge
... uh, the same way we do ?

Canada is certainly not in the same position as Greece when it comes to the value of its currency.

The problem is not with the currency value, but with the debt to gdp ratio. Basically, the nation is having trouble paying it monthly credit card debt with it monthly income.

Canada is not too far behind in the que as for what way Greece goes.

a reply to: kwakakev

Canada does not have that issue either.

originally posted by: AugustusMasonicus
a reply to: kwakakev

Canada does not have that issue either.

With Canada's debt to GDP ratio of 84% is in not as bad a Greece at 160%, but it is stretching the point of realistic manageability. The current problem in Greece on its horizon for Canada and many others.

a reply to: kwakakev

Canada is also nearly import/export neutral and is in much better financial shape relative to its debt load than most countries because of this fact.

a reply to: AugustusMasonicus

Almost every nation is in some debt these days. The interconnectedness of the 2008 GFC demonstrated how easily we are all affected. That time it was just one big trader that fell.

How debt is managed on the national level does need some fairness and reason. Jesus and the Muslims are both against interest and usary. Personally it makes me sick how banks can only make money at a profit, with all this growing debt burden how much has already been paid?

Banks do make up money out of thin air when getting a house loan. They can do this based on the assurity that you are going to pay them continually over the next many years. The justification is based on maintaining an even weight of debts and assest on the balance sheet. I do not consider this regulation ideal, but can see some benifits with mainiting proper cash flow amongst society.

The real wealth is in the people. A trillion dollars gets you nothing on a deserted island.

there is something inherently Unfair with the Greek bank closures and maybe 50% of the bank account holders able to access their accounts to withdraw 60 Euros per day and the other 50% unable to access ATM machines that are loaded with enough money every day to dole out that paltry 60 euros per day ~~~ a lot of metro areas will have empty ATMs...and a lot of rural areas might have their infrequent ATMs underserviced or never filled with cash ~~~

will both accounts be given the same "haircut" of say 35%-50% if the bank bail-ins become reality

the lucky people having adequate ATM access & getting cash every day were thus allowed to rescue some 300 € (5 days @ 60 € per day withdrawl)


so the people that withdrew funds as the bank closure continued should either get a penalty or the people unable to rescue any of their funds should be given a pass on any seizure of any part of their account balance

fair is fair...apply the pain equitably to everyone

a reply to: kwakakev

The thing is no one, including the banks, forced Greece to accept loans. They did it all on there own and now they all need to take a bite of the s*** sandwich every one of them had a hand in preparing.

a reply to: AugustusMasonicus

I am not sure of how the hands of some politicians, bankers and government accounts translate into everyone. You think it is good that this debt trap exists?

How many horror stories of collapsed governments that paid back multiple times what was borrowed but still went bankrupt do you need?

a reply to: kwakakev

Who 'trapped' the voters? The platforms of the people they elected were well represented.

a reply to: AugustusMasonicus

The financial policy of interest 'trapped' the voters. There is a reason for the term bankruptcy, it happens and the compounding effects of interest also compound the problems for the payee.

originally posted by: kwakakev
The financial policy of interest 'trapped' the voters.

The interest is a fraction of what the voters opted to spend beyond their means. They opted to choose an economically unsustainable path for decades and this is the end result.

a reply to: AugustusMasonicus

3 or 4% is not the same as 3 or 4$. To use the term fraction does come across as a hazy of the overall cost, your tone is cynical and dismissive of it. Your stance as is fighting to preserve the letter of the contract and capitalise to every cent you can.

originally posted by: kwakakev
3 or 4% is not the same as 3 or 4$. To use the term fraction does come across as a hazy of the overall cost, your tone is cynical and dismissive of it. Your stance as is fighting to preserve the letter of the contract and capitalise to every cent you can.

Did they or did they not borrow the money? Did they or did they not know the parameters?

The answer is a clear 'yes' in each case. Greek citizens created this situation, no one forced them to borrow anything from anyone.

a reply to: AugustusMasonicus

The situation has been forcing the ongoing loans for the last couple of years, kicking the can so to speak. The last loan was no solution to this building crisis, just a last minute wrangle for more time.

So do you really think that busting Greece’s knee caps is the right answer?

Well , lets not forget that Goldman Sachs etc etc and EU politicians cooked the books to get Greece into the Euro in the first place.

It was not the Greek people that racked up these debts but the Banks and the Bankers in collusion with a corrupt political class.

The Greeks should default and tell the IMF to wait ..... as for a Euro currency exit , that is the fault of the ECB.

Dropping out of the Euro currency does not mean exit from the European Union , the UK has the Pound and is still a member of the EU , nothing can stop the Greeks from using the Drachma and remaining in the EU.

With the combination of Greek currency control , excellent tourism and the possibility of distribution rights for the Russian/Turkish South Stream Gas pipeline, Greece would be back on its feet and able to pay its debts faster than remaining in a system (the IMF/ECB/EU) which is choking growth with an austerity program and politically interfering with Greek business.

C..

originally posted by: kwakakev
So do you really think that busting Greece’s knee caps is the right answer?

They busted their own kneecap, no one makes you take a loan from a bookie.

originally posted by: Cosmic4life
It was not the Greek people that racked up these debts but the Banks and the Bankers in collusion with a corrupt political class.

Sure, blame it all on the bankers. It all started back in the seventies when the Greek government made up all kind of fiscal arrangements for their citizens. It's because of tax evasion by the people, fraud in the government, high wages for public offices.

Anyway I hope they exit. Too much money from other countries is going there without much chance of getting it back. Maybe they need to be with their own currency to provide the motivation to overcome their financial problems.

originally posted by: johnnyjoe1979

originally posted by: Cosmic4life
It was not the Greek people that racked up these debts but the Banks and the Bankers in collusion with a corrupt political class.

Sure, blame it all on the bankers. It all started back in the seventies when the Greek government made up all kind of fiscal arrangements for their citizens. It's because of tax evasion by the people, fraud in the government, high wages for public offices.

Anyway I hope they exit. Too much money from other countries is going there without much chance of getting it back. Maybe they need to be with their own currency to provide the motivation to overcome their financial problems.

Tax Evasion by the people .. Fraud in Government .. High Wages ( and kickbacks ) for Public Offices .....

..... hmmmm thinks for a minute.

What you mean like pretty much everywhere on Planet Earth ?

The Euro is the Currency of France and Germany..... Greece should definitely move back to the Drachma.

Personally I cannot get my head around any Nation willing to give up its own Currency ... sheer madness ... all those nations using the Euro should now realize they are vassals of France and Germany.