The Greek crisis

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29 Jun 2015 9:16 AM by Team GB Star rating. 1245 posts Send private message

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Shares in BBVA, Bankia and Santander all down 8.5% 

People using a credit or debit card issued in a foreign country will not be affected by the limits on ATM withdrawals. 


This message was last edited by Team GB on 29/06/2015.

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29 Jun 2015 10:13 AM by Woodbug Star rating. 371 posts Send private message

The EU elitist did not expect a Greek referendum as they don’t hold with democracy and having to actually listen to the voice of the underclass and be dictated to by them really hurt – so much so that they have actually pressed the self destruct button. The Grexit will signal to the EU that is isn’t as cohesive as it thought it was and Greece leaving the ‘union’ will damage the EU credibility a lot.

Now is the time for Cameron to strike the EU if he has got the political killer instinct.





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29 Jun 2015 10:49 AM by Poppyseed Star rating. 897 posts Send private message

02 Jul 2015 9:48 AM by Team GB Star rating. 1245 posts Send private message

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What a mess in Greece.

The referendum is going ahead but the proposals they are supposed to be voting on no longer exist. How does that work!



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02 Jul 2015 11:07 AM by Woodbug Star rating. 371 posts Send private message

As usual - the greedy and the ruthless are not affected yet once again the poor, the young and the elderly take the consequences of the self-serving actions of grasping money men and incompetent governments.

The EU has certainly shown its colours during the Greek crisis and has demonstrated clearly that the ordinary people don’t matter…..it’s all about money, power and political maneuvers. The quicker this uncontrollable circus of political stupidity where one powerful country can rule another poor weak member is blown apart, the better.

Greece can’t be any worse off out of the EU – at least it can decide on its own levels of austerity. I suspect that Russia may suddenly decide to befriend Greece and with all the pipelines passing through Greece, who will control Western Europe then? Think long and hard Frau Merkel before you slam the door on Greece!





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02 Jul 2015 8:26 PM by ads Star rating. 4134 posts Send private message

https://secure.avaaz.org/en/stand_with_greece_loc_eu/?buhtiab&v=61419



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05 Jul 2015 7:38 PM by ads Star rating. 4134 posts Send private message

Live tracker by region, for results of the Greek referendum:

http://www.theguardian.com/world/ng-interactive/2015/jul/05/live-results-greek-referendum

 


This message was last edited by ads on 05/07/2015.



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06 Jul 2015 2:53 PM by ads Star rating. 4134 posts Send private message

Can anyone please explain where does moral responsibility lie when Banks irresponsibly loaned vast amounts of monies to the Greeks in full knowledge that they had no ability to repay under the current financial structure, without decimating consequences on those most vulnerable within the Greek society?

Also how does any Government cope with a severe austerity package when they have no control over their own currency i.e. they have no ability to devalue their own currency in order to sustain an economic recovery (this being the way that the UK dealt with austerity when the crisis occured)?

 





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06 Jul 2015 3:41 PM by baz1946 Star rating. 2327 posts Send private message

UK National Debt - how Britain owes over £900 billion

It's a truly frightening figure. Why is the world's sixth richest country so deeply in debt?

Every year the UK runs a large budget deficit. The Government spends more money than it can tax, so we plug the gap by selling bonds to investors at home and abroad. These bonds - known as gilts - have to be repaid in full, with interest. Added together, our unpaid loans make up the UK's national debt.

Right now, that debt is growing violently. The Government forecasts it will soar to an eye-watering £1.1 trillion by 2011. To put that in perspective, the UK went bust in 1976 running a budget deficit of 6% of GDP. In 2010 that deficit is going to top 11%.

Historically, our debt burden was heavier after World War II. But like any loan, if the money isn't invested wisely we end up borrowing even more. When the Government runs up huge debts and produces nothing to show for it, we're the ones that shoulder the burden. This year that burden will grow by £167.9 billion.

The state has been wasting our money for decades. Weak politicians have bribed voters with endless amounts of borrowed cash. As a result, in 2010 the interest on the national debt will cost £42.9 billion a year. That's more than we spend on defence, and not much less than the entire education budget.

Future generations won't thank us for mortgaging their future. At best, national debt will be a millstone round our children's necks. But if lenders lose faith in Britain there could be profound consequences for our currency, our country and our lives.

You could well ask the same of the UK





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06 Jul 2015 5:09 PM by johnzx Star rating in Spain. 5242 posts Send private message

On 20th June I posted,      ' I wonder how long Greece will remain in the Euro,  days or weeks ? '

 

Seems it might be days now !





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06 Jul 2015 5:25 PM by ads Star rating. 4134 posts Send private message

Just found this more recent educative article which implied that "The most useful measure of national debt is to look at debt as a % of GDP. "

http://www.economicshelp.org/blog/334/uk-economy/uk-national-debt/

Also within another article the following was observed "The fear for Eurozone economies, such as Italy, Portugal and Greece is not the levels of government borrowing, but the very poor prospects for economic growth. If the economy is stagnant, debt to GDP will continue to rise. If the economies were growing strongly, it would be much easier to reduce the debt to GDP ratio. "

Isn't this what Greece is arguing for? An opportunity to gain sufficient growth to repay debt (alongside debt restructuring) without being exposed to a never ending downward spiral of continual austerity?

 





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06 Jul 2015 5:33 PM by newworld Star rating. 942 posts Send private message

Just been reading that Greece owes Spain millions of euros, well i hope its years & IF before Greece ever pays Spain the money back, I have been waiting 2-1/2 years for my money back from the Spanish man. What goes around,comes around as they say.





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06 Jul 2015 5:44 PM by ads Star rating. 4134 posts Send private message

Some have been waiting over 10 years, newworld! ;) but that's for another thread!





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06 Jul 2015 5:56 PM by hotjoe Star rating. 19 posts Send private message

And some people have waited only 3 months its a nonsense, i was owed money from HMRC applied for it in April paid out in May simples





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06 Jul 2015 6:12 PM by ads Star rating. 4134 posts Send private message

If only such "civilised" and efficient systems could be replicated elsewhere!

To be honest in all of this it requires a willingness and humility by all western Governments to learn and replicate from each others' "good practice" wherever possible, rather than keep wasting time and effort in reinventing the wheel or be too proud to admit where major errors leading to devastating consequences require "civilised" measures of correction.





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06 Jul 2015 6:15 PM by newworld Star rating. 942 posts Send private message

10 years ?  what thread is that on ? i have sold a few times, never waited this long its a joke.





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06 Jul 2015 7:17 PM by Team GB Star rating. 1245 posts Send private message

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Ads

Regardless of the past, who's to blame and responsible etc, tomorrow is about finding a solution. Greece just can't have a debt write off, haircut, call it what you will. Germany and others just won't allow it and I don't think it's fair on the other 18 members especially Spain, Itay, Ireland and Portugal that have had to comply with bailout conditions.

If they did manage to get debt write off  passed I'm sure this would be the end of the EU as we know it. 

When the referendum was called the two sides were very nearly in agreement regarding the terms of the bailout going forward, if they can find a way to re schedule the debt I think a deal can be cobbled together



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07 Jul 2015 12:08 AM by ads Star rating. 4134 posts Send private message

Hi Teamgb

You talk of fairness, of Germany not allowing this, of other countries having to adhere to austerity measures, having to comply with bailout conditions, etc, but noone appears willing to stand outside the box and reflect so to speak, and recognise the source of all these devastating consequences, namely the immoral financial risks and irresponsible lending practices taken by big corporations/financial institutions that were left unregulated, with their hidden agendas and complete disregard for the inevitable consequences that have impacted innocent peoples lives. These facts should not be dismissed but recognised in the wider equation when deciding upon the fairest solution to this crazy impasse.

Lessons from all quarters have to be learned and IMHO the solution has to be far more people orientated if we are ever to regain faith in our political and financial institutions.... Dont we owe this shift in priorities and requirement for reform to strive for a better civilised society, for the next generation, from whatever European country we come from?

 





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07 Jul 2015 12:17 PM by Hephaestus Star rating in The Peak District Na.... 1230 posts Send private message

I recall much adverse comment regarding all of the PIGS nations entry into the EU, the eastern European states that joined post the Soviet collapse could be the next to default on loans that have been forced on them, who knows? The UK is fastly becoming a low to medium pay economy, de Gaulle knew that we were a poor risk back then, since his many no's to our membership requests, our car, ship, coal, engineering and steel industries have collapsed, only to be replaced with an out of control financial services sector.

As for austerity, how about Mr & Mrs average brit with a massive mortgage, car loans, credit card debts, bank loans etc? Anyone can feel that they are on the up when they are surrounded by all the signs of success. A collection of Spanish families congregate on the beach at Calahonda where their  fishing boats are beached, they barbecue, drink wine and beer and laugh a lot, they don't wear expensive clothes but I can recognise happiness when I see it, they have much to learn from the likes of us.  



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07 Jul 2015 6:24 PM by acer Star rating. 1538 posts Send private message

The main people at fault are the Greek people - they've elected politicians that just papered over the cracks for the last 10 years.  They're not alone - in the UK we're far too keen to know what each party is offering us individually, it's like a bribe - "offer me lot's of tax reductions/exemptions/benefits/other freebies and incentives and I'll vote for you".

But the politicians only seem to think short term.  They'll fulfill the promises they feel they should not worrying about the long term affects. 

There were lots of Greek folk interviewed, but not one had a sensible reason for voting "no".  They seem to assume that someone else will pick up the tab for their mistakes and living beyond their means for so long.

Yes I still feel extremely sorry for their plight, but it's high time they stopped talking rubbish about the European Bank, IMF, Frau Merkel etc  the fault lies with the idiot politicians they elected.  Perhaps they've never heard the expression "beware Greeks bearing gifts".



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