The root of the problem is the greeks run up a gigantic overspend at the governmental level. 150% of GPD by some accounts, which they cannot pay back and can no longer even afford to service.

Locked into the euro they cannot devalue their currency and export their way to growth. Its not possible.

Complaining that the greek government (a parade of them in fact) have been criminally inept gets us nowhere. The average greek is no more a valid target of blame for his national debt than you are for yours.

Its happened. The solution for Greece is to default, withdraw from the Euro and re-introduce a much devalued Drachma. The pain of the populace will be immense but thats inevitable now either way. At least under a default they don't sell off all the national infrastructure to international carpet baggers in the process.

Despite media attempts to portray it as such its not a case of stupid greeks refusing our aid in a fit of pique. The bailout is not to protect/help the greeks. Just the Irish one wasn't to help the Irish. Its to protect those in other institutions/nations who lent them money incompetently. They shouldn't be protected. They deserve to lose their shirts. Privatising profit and socialising loss is immoral and needs to be stopped. It might as well stop here.

The shock might well collapse the Euro and lead to devaluations all around europe, its only a surprise its taken this long.

Originally posted by justwokeup
The root of the problem is the greeks run up a gigantic overspend at the governmental level. 150% of GPD by some accounts, which they cannot pay back and can no longer even afford to service.

Locked into the euro they cannot devalue their currency and export their way to growth. Its not possible.

Complaining that the greek government (a parade of them in fact) have been criminally inept gets us nowhere. The average greek is no more a valid target of blame for his national debt than you are for yours.

Its happened. The solution for Greece is to default, withdraw from the Euro and re-introduce a much devalued Drachma. The pain of the populace will be immense but thats inevitable now either way. At least under a default they don't sell off all the national infrastructure to international carpet baggers in the process.

Despite media attempts to portray it as such its not a case of stupid greeks refusing our aid in a fit of pique. The bailout is not to protect/help the greeks. Just the Irish one wasn't to help the Irish. Its to protect those in other institutions/nations who lent them money incompetently. They shouldn't be protected. They deserve to lose their shirts. Privatising profit and socialising loss is immoral and needs to be stopped. It might as well stop here.

The shock might well collapse the Euro and lead to devaluations all around europe, its only a surprise its taken this long.

I'm curious.
What is the down side for Germany if they switch back to the German Mark?
I can see an economic - BOOM - for Germany.
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However, i can see Spain pointing fingers and then burning the whole country down.

The greek government won the no confidence vote by 152 to 143 according to Sky News.

A sad day for the Greeks.

I wonder if we are not getting to the end of experiment EU and its time we all started slowly wending our way back home. .

When you look at what is paid in to belong, then the endless stupid laws that interfere with our lives both business and personal and then the bailouts. I want to leave now.

When you look at the Greeks they are out in force, every age group there united in one cause. After its over I hope they take their Police to one side, get the thugs prosecuted and remind the lot of them they are traitors turning on their own people.

Wish you well Greece.