Greek banks closed on Monday. state of emergency.

Newsflash just on BBC that Greece will accept the majority of the bailout terms. Still breaking at the moment so details are sketchy.

originally posted by: ForteanOrg

originally posted by: dismanrc
I have lived in Greece for the past 3 years. [...] I see shops and stores open every where and people buying thing left and right. I'm not talking about thing they "need" like food and basic cloths.

, why must some of us live in poverty, while others drive around in far too expensive poshy cars? Hence the rise of the socialist movement, methinks...

Because if you truly want everybody to be equal you have to take everything from everybody. Then you will have equality. Its called the lowest common denominator. There is no such thing as a socialist movement, it a phrase to help the people that aren't in power get in power. As soon as they are; they ALL find reasons to help themselves and their buddies at the expense of the people. So they will ALWAYS be haves and have-nots.

You are right about Greece. There is a very big % that have a LOT of money. I'd be willing to say 25%. 50% or so being in the middle/upper middle class and 25% being in the poor. I have not included the Albanians, Pakistani, and other ileagles in that.

I lived in Bosnia for a few years. If you want to look at economic collapse take a look there. Their BEST unemployment rate for the past 15 years is 38% in 2007. Normally it runs 42+%. They have almost NO economic assistance from the outside world and very little internal economy. My wife is from there and her mother lives on about $250 a month retirement. Most house don't even have internal heating and they use wood burning stoves to cook and heat in the winter. You see a few shops with higher end good, but most are basic goods.

a reply to: liteonit6969

a reply to: 321Go

Surely the thing is, that you can still be in the Eurozone, without having to have the Euro, Britain maintains a separate pound . The question seems that if the Greeks get back to the Drachma, the debt will be calculated in the Drachma, which would no doubt fall to its market driven limit. Which would collapse the debt anyway . The Greeks would then be able to stimulate the economy internally. So basically the Bankers don't want drachmas, as it would be years before they got back on par, with the Euro. So its a question of continuing the austerity, and never getting your head above water, or going back to the Drachma.

If they go back to the Drachma, China and Russia, would get into Europe big time. Pump the economy, and within a few years the Drachma would have an exchange rate higher than the Euro, standards of living would increase fast. So what's going to happen?

originally posted by: anonentity the debt will be calculated in the Drachma

No, they would say we paid in Euros, pay us back in Euros. Which would most likely increase the debt amount.

originally posted by: 321Go
Newsflash just on BBC that Greece will accept the majority of the bailout terms. Still breaking at the moment so details are sketchy.

Fear remains.........This will only kick the can down the road at most another year. Greece needs to change and ditch the progressive leadership and ideals before they can be successful.

originally posted by: OccamsRazor04

originally posted by: anonentity the debt will be calculated in the Drachma

No, they would say we paid in Euros, pay us back in Euros. Which would most likely increase the debt amount.

Then they would say," sorry Euros are no longer the legal currency of Greece."

This Woman predicts the collapse of Greece a month before this happens....chilling message for all...

Plz embed
youtu.be...

originally posted by: Komodo
This Woman predicts the collapse of Greece a month before this happens....chilling message for all...

Plz embed
youtu.be...

She actually says the collapse should have happened in May this month.......That was her prediction and it did not happen in this time line.

originally posted by: Komodo
This Woman predicts the collapse of Greece a month before this happens....chilling message for all...

Plz embed
youtu.be...

Not even going to bother watching it because it's just another crack pot looking for attention.

Any one of us can get a bunch of doom and gloom articles and make a youtube video based on the information in those articles about how this or that will happen, and then take a guess with a date.

One could even pretend to be an expert, and using data from Greek government budgets(if you can find it) from the mid 1970's till now, and say that since they ran deficits pretty much the entire time for three decades, that they were destined to collapse inevitably.
That wouldn't make you an expert, that would make you someone whose stating the obvious.

I used to take part in nation simulation forums, and I saw the writing on the wall ten years ago.
Of course I didn't rush off to make a youtube video or prediction thread, because I don't have a crystal ball.
All I knew was that deficits were being run every year.

Now, what happens when you keep borrowing money that you don't have? Eventually, at some point in the future, your debt burden will become too large to handle, and you'll be buried by the interest repayments.

There's not really much prediction work involved.