News Greece - Time to cut them off?

[Embattle]

It was a question of visibility, it may appear they were suddenly in debt but they had been badly hiding it and thus it had been growing slowly behind the facade.

 

[rynnor]

It was a question of visibility, it may appear they were suddenly in debt but they had been badly hiding it and thus it had been growing slowly behind the facade.

They were badly in debt - joined Euro (fiddled figures to get in)
- got deeper in debt thanks to cheap credit as Euro countries were seen as solid as Germany
- the recession lowered tax revenue and increased welfare payments
- finally the markets realised the Eurozone was not a single country and started weighing the risks of each country - for germany this meant even cheaper credit but for Greece it meant ever spiralling costs just to pay the interest on its massive debts.
- austerity measures crushed what was left of the economy and being locked into the Euro they cannot devalue to attract export revenue

 

[DaGaffer]

...and they have very little to export anyway.

 

[ECA]

The greeks are basically saying right now - bail us out without us making cuts or we leave the euro, and germany is ignoring it waiting hoping hollande gets on board with them asap.

If Greece does go, spanish bonds already at 6%.. you really could see more pressure on them and even higher rates which could force spanish bailouts.. etc.
Do they pay and make Greece safe and hope spain makes it, or let greece go and probably take another 2-3 countries out with them and end up with a tarnished currency ( in their eyes ) - I think a euro without the fiscally dodgy countries ends up being stronger personally.

 

[Wij]

Invade tbh

 

[Yrendan]

Invade tbh

plz do it xD

 

[Zarjazz]

Invade tbh

Why? That have nothing we want or anything of value.

 

[rynnor]

...and they have very little to export anyway.

Tourism - its a fantastic country but its gotten pricier since they went to the Euro - I'm sure if it went back to drachma it would improve tourism immeasurably.

 

[Wij]

Why? That have nothing we want or anything of value.

Slaves.

And furthermore; sex slaves.

 

[Raven]

ding ding ding winner.

 

[rynnor]

Bad day for Greek Contagion of the Eurozone - Spanish 10 year yields up to 6.22 - thats nearing unsustainability. Italy's not much better at 5.7.

On the plus side crude oils tanking so we may one day see it cheaper at the pumps... Until the next duty rise...

 

[DaGaffer]

Now Cyprus is asking for a bailout
http://uk.finance.yahoo.com/news/spain-banks-ratings-cut-cyprus-055149235.html

Told ya.
https://forums.freddyshouse.com/threads/eurodoom.246245/#post-3789860
https://forums.freddyshouse.com/threads/greece-now-want-a-second-bailout.245871/page-2#post-3779369

 

[Hawkwind]

Also saw reports about Spain on Monday, seeking 120 billiion of bailout credit for the banks. But that was on Sky News so not sure of the validity!

 

[Raven]

Yeah. They apparently said "we are not Uganda" when trying to negotiate a bailout. As it turns out Uganda are in a better condition than Spain (relatively)

 

[Wij]

They should try asking Nigeria for a bailout. There's millions lying around unclaimed there.

 

[cHodAX]

They should try asking Nigeria for a bailout. There's millions lying around unclaimed there.

That should be quote of the week!

 

[cHodAX]

http://www.bbc.co.uk/news/world-europe-18792427

More budget cuts in Spain as well as tax increases, things are going to get even more miserable for the 25% unemployed.

 

[Wij]

Can they start giving away their hot Spanish chicks as slaves? I'll feed them.

 

[cHodAX]

How much longer until Spain falls over? The bond rates are now at 7.4% which is a way beyond sustainable, Spain is now slipping even further into debt just to try stay afloat. It is going to require another bailout and even more drastic cuts if they are to drive that bond rate back down to managable levels.

http://www.bbc.co.uk/news/business-18950896

 

[old.Tohtori]

Soo....now they're going to print money?

http://www.zerohedge.com/contribute...ecb-approves-bundesbank-nods-no-one-wants-get

 

[Chilly]

Soo....now they're going to print money?

http://www.zerohedge.com/contribute...ecb-approves-bundesbank-nods-no-one-wants-get

Makes my european trips cheaper. Bring it on.

 

[Embattle]

http://www.guardian.co.uk/world/2012/sep/09/greece-tax-evasion-professional-classes

 

[cHodAX]

http://www.guardian.co.uk/world/2012/sep/09/greece-tax-evasion-professional-classes

Long suspected as much, most of the ordinary works pay through the equivelant of PAYE from what I can gather, it is hard to evade tax when the government see the payment at source and collect tax before you get paid. A great many of the professional classes are self employed and retain accountants to cook the books, claim tax relief on things they don't actually have and basically report false numbers. The guild of accountants in Greece or whatever they are called should be the first ones up against the wall, they are the enablers for a nationwide epidemic of fraud.

 

[Scouse]

Greek banks are at the centre of the problem, as in Italy and Spain, where bankers perpetuate all the worst corrupt practices.

Hardly surprising, given that banking itself is ideologically corrupt.

We cannot remove corruption until we change our ideas over what banking should be - for the entire planet.

 

[Chilly]

Hardly surprising, given that banking itself is ideologically corrupt.

We cannot remove corruption until we change our ideas over what banking should be - for the entire planet.

Jesus, now that's an opinion.

 

[cHodAX]

Hardly surprising, given that banking itself is ideologically corrupt.

We cannot remove corruption until we change our ideas over what banking should be - for the entire planet.

Agreed but that will never happen so all we can hope for is a better banking system than we have now, we also need to be punishing financial crimes and evasion much much harder.

 

[old.Tohtori]

Agreed but that will never happen so all we can hope for is a better banking system than we have now, we also need to be punishing financial crimes and evasion much much harder.

Probably never and in our lifetime should be added ofcourse, though implied i believe?

 

[old.Osy]

Tbh, out the door. We could do with a cheaper touristic destination.

(not serious, no)

 

[Poag]

Calling Merkel a clown?....really?

 

[Raven]

With guards that look like that, it is pretty ironic