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Greek referendum coming up.......

Rochelle

Forum & Langtrees.com Administrator
Staff member
Legend Member
Points
393
I am wondering what the Greek people have to say to their financial crisis. The referendum this Sunday will be an interesting one. Greece might make history........as a country removed from the EU or decides to leave the EU. What ever happens I wonder what the consequences will be on the international financial market.

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Rudyboy

Diamond Member
Points
0
The bottom line is they will need to settle one way or another as first world countries don't default they just re-shuffle the pack.

But I do feel for the Greek people, they may have been governed by people who left them in a mess, but the average man and woman must have had a horrible time trying to make a living and survive over the last few years.

We can wax lyrical about the over spending on the social side, the lack of tax etc, but Joe Blow only does and pays what his government tells him. If this was an African country, the magic wand would have been out long ago and the debt would be written off.
 

Rudyboy

Diamond Member
Points
0
h2...it's $150 per person as there are 11m Greeks. But if say 1/2 are over 21, then its $300 a go.....so top shelf pricing.
 

AxeMan

Diamond Member
Points
1
Wow this is certainly raising the level of discussion around here!

At the end of the day it is about 50th on the list of countries by GDP. In other words its likely impact regardless of the outcome will not be that great over the long term.
 

Nomansland

Gold Member
Points
0
I have always thought that moving to the Euro was a dumb move by the Greeks. Virtually over night they ceased to be the heap option fora holiday in Europe. If the go back to the drachma then they will achieve comparative advantage in pricing once again.
 

AxeMan

Diamond Member
Points
1
If the go back to the drachma then they will achieve comparative advantage in pricing once again.
Only in one industry. Otherwise what is it they export? If you're an importing country, like Greece is, then there's zero advantage to a weak currency.

And the argument that it will promote home grown industry to replace imports doesn't hold water because the country does not have the infrastructure, governmental conditions and natural resources to quickly develop those things.
 

Zeus

Patron Saint of Werewolves
Diamond Member
Points
0
The southern European countries are always going to be at a huge disadvantage to their northern neighbours.

Lifestyles are so different, priorities are so different, work ethic so different.

I reckon it is only a matter of time until all the walls come crumbling down..........and believe me - it IS going to end in tears.

Should Greece default and move out of the Euro zone, the Greek Drachma will be worth almost nothing.
By the same token, if Europe - most notably Germany - have to write off billions of Euros to bad debts, the Euro will also come tumbling down. Lose lose for everybody.

If you are an astute FX trader, there probably is a lot of money to be made.
 
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Zeus

Patron Saint of Werewolves
Diamond Member
Points
0
$1.7 billion for Greek I know it's an expensive "Extra" But really!
Well one thing is for sure - somebody is going to get shafted here - and it is not going to be pretty.
 

Zeus

Patron Saint of Werewolves
Diamond Member
Points
0
You vill verk harder!!
EXACTLY - that is the difference between the north and the south.
The Germans work damn hard and are generally good at what they do.
The Spanish on the other hand, prefer a siesta and the Greeks are happy with an Ouzo. (Can't fault either of these two options).
 

westy

Mouse chasing Pussy
Diamond Member
Points
0
Wow this is certainly raising the level of discussion around here!

At the end of the day it is about 50th on the list of countries by GDP. In other words its likely impact regardless of the outcome will not be that great over the long term.
YES,YES, BUT WE all love a good bottom joke. I particularly liked Rudy Boys "the bottom line is...." I know that I for one would be voting in favour of anal.
 

Happy2

Legend Member
Points
23
We also have to remember Greece fiddled the books to get into the Euro zone Their Socialist government told the EU powers that their deficit was less than 1% of there GDP

So looks like they were banking on being looked after by European power houses from the beginning
 

Mile High

Silver Member
Points
12
Goodbye Greece, you have taken what you can from the Eurozone and others $380 billion to date. Now you cry foul when you are asked to make repayments on time, in this case $1.5 billion!!!
 

Wink Massage

Wink Madame
Silver Member
Points
0
A heartbreaking photograph of an elderly man collapsed on the ground openly crying in despair outside a Greek bank, his savings book and identity card strewn next to him, has captivated people around the world.

The image illustrated how ordinary Greeks were suffering during the country's debt crisis and it quickly went viral.

Now it has been revealed the crying pensioner was 77-year-old retiree Giorgos Chatzifotiadis.

Mr Chatzifotiadis had queued up at three banks in Greece's second city of Thessaloniki on Friday in the hope of withdrawing a pension on behalf of his wife — but all in vain.

When he went to a fourth bank and was told he could not withdraw his 120 euros ($180), it was all too much and he fell down in tears.

Mr Chatzifotiadis said he broke down because he "cannot stand to see my country in this distress".

"That's why I feel so beaten, more than for my own personal problems," he said.

Athens had imposed capital controls and shut all banks since Monday to stem a haemorrhage of cash, but on Wednesday allowed some branches to reopen for three days so retirees who had no bank cards could withdraw their pensions — capped at 120 euros.

I see my fellow citizens begging for a few cents to buy bread. I see more and more suicides.

Retiree Giorgos Chatzifotiadis
Recounting how he had gone from bank to bank in a futile attempt to collect his wife's pension, Mr Chatzifotiadis said when he was told at the fourth "that I could not get the money, I just collapsed".

Both he and his wife, like many Greeks in the north of the country, had spent several years in Germany where he "worked very hard" in a coal mine and later a foundry.

And it is to Berlin, which has been blamed by many in Greece for its hardline stance in demanding the government impose more austerity measures for fresh international aid, that Mr Chatzifotiadis is sending his wife's pension.

"I see my fellow citizens begging for a few cents to buy bread," he said.

"I see more and more suicides.

"I am a sensitive person. I cannot stand to see my country in this situation.

"Europe and Greece have made mistakes. We must find a solution."

But Mr Chatzifotiadis felt he could do little to change the situation — and he was not even sure if he would be able to vote at Sunday's referendum on whether to accept international creditors' bailout conditions.

Pointing out that the polling station is 80 kilometres away, Mr Chatzifotiadis said: "I have no money to go there, unless perhaps if my children would take me in their car."

European leaders have warned that a "No" vote would also mean no to the eurozone.
 

Rochelle

Forum & Langtrees.com Administrator
Staff member
Legend Member
Points
393
Let's not forget that the Greek hardly pay any tax.........now, how can you run a state if there is no tax income.........to be continued...........have to go now sorry
 

AxeMan

Diamond Member
Points
1
I think there is a substantial difference between the legislated rates in Greece and what people declare and pay. In particular, the cash economy is massive from what I've read.
 

XLNC

Whatever happened to FREE love?
Legend Member
Points
0
Maybe they could claim royalties from all the world's democracies for using the system of government ostensibly invented by the Greeks. :greedy:

Though I did find it incredible that poor pensioner in the article is supposedly 80km from his nearest polling station.
 

Happy2

Legend Member
Points
23
Maybe they could claim royalties from all the world's democracies for using the system of government ostensibly invented by the Greeks. :greedy:

Though I did find it incredible that poor pensioner in the article is supposedly 80km from his nearest polling station.
Yes Your XLNC The powers that be will say "You had your chance to decide" But if the story of the old gent is correct so many just wont have the chance to speak anyway

And as for your royalty idea. Imagine how dear extras will be If the ladies also have to pay a Royalty every time they proffer Greek ?
 

XLNC

Whatever happened to FREE love?
Legend Member
Points
0
That's OK, I never go for Greek. Who cares if other chumps end up paying for it? ... Wonder if that's the national attitude? :rolleyes:
 

Rudyboy

Diamond Member
Points
0
Funny thing was there was a huge increase in sales for artificial grass in Greece...then they realised the aircraft they flew over the better off areas looking for swimming pools so they knew who to target for tax, were reporting a distinct reduction in the number of pools to be seen...those smart tax evaders had rolled turf over the pool!
 
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