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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.
Originally posted by PurpleDog UK
reply to post by Eurisko2012
The downside to Germany is that the 'master plan' of European integration and eventual domination and a federal europe sinks without trace and we, in Europe all become soveriegn states again....... The Euro and closer Economic collaboration was about forming a trading bloc to compete with the USA, Far East and Asia as well as South America etc etc........
Bottomline is that Europe has TOO MANY diverse opinions and traditions that any 'union' would mean a loss of national identity.... something which is becoming more obvious now....
Danger is that with the fall / demise of the Euro rises Nationalistic feelings and decisions and history taught us that casued the Second World War.............. Look back at the history of the late 20's and 30's and there are some uncanny similarities which don't bode well for all concerned !!