8 years ago
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How Eurocrats, Greeks, Germans, and Eastern Europeans View the Greek Crisis
The Syriza government in Greece just made the move of proposing a referendum on the creditors’ last (unacceptable) offer, so the Greek people can now choose a destiny from a set of unpleasant destinies to which history has brought them.
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http://www.ianwelsh.net
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Path to Grexit tragedy paved by political incompetence
Since our last episode, the crisis in Greece has escalated further. Negotiations between the government and its creditors collapsed over the weekend, and restrictions on bank withdrawals will now follow. The next step is for the government to issue the equivalent of IOUs... -
Why Is a Nation of 11 Million Causing Stock Market Losses Around the World Today?
Greece has just a tad more population, at 11 million, than New York City and its boroughs. But this morning, it has caused hundreds of billions of dollars to be erased from stock and bond markets around the world... -
Investors Across the Globe Run for Safety as Greek Negotiations Take a Turn for the Worst
A look around the world. [Autoplay]
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+5Submitted 8 years ago by AdelleChattre
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+4Submitted 8 years ago by spaceghoti
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+3Submitted 8 years ago by spaceghoti
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+3Submitted 8 years ago by spaceghoti
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+2Submitted 8 years ago by AdelleChattre
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Greece sure feels like a spoiled child at this point. They need to decide if they want to keep their economic integrity and quit holding on to the Euro as a currency, or if they want to keep at it and have their people starve some more, at the cost of "keeping up with the times".
We have this strange saying in my country, they wanna be "with a penis up their ass and their souls in heaven".
It's not their fault that the austerity crowd keeps insisting that Greece punish their citizens for their sins. There's no reason this crisis had to develop the way it did, except that Germany kept setting policy that has frankly devastated many EU nations like Spain, Italy and Greece. Ireland is supposed to be the poster child for the German economic way and they're barely staying above water. Compare them to Iceland who devalued their own currency, nationalized their banks and sold them back for a quick and painless recovery and you have to wonder why Greece hasn't existed the EU already.
It is entirely their choice if they listen to the crowd, though.
It's their responsibility. I am not perfectly aware of what the German policy implies, but they agreed to it at first (sheepishly, I feel), and now they find themselves unable to cope. The inefficient approach of the government towards a solution is costing the citizens, and it will be interesting to see how they will vote at the coming referendum.
They've been bound by EU rules which they've tried like hell to follow, to their detriment.
I've been following it from the beginning. The economic policy of the EU since the economic crisis began has been a disaster from the get-go. Austerity worked in Germany because they already had the means to support their citizens without crippling their economy, but it hasn't worked anywhere else. The IMF has acknowledged that austerity has failed in Greece but still the EU insists that Greece impose austerity rules and create a budget surplus that most economists consider punitive.
So if Greece is smart they'll vote to exit the EU.
I think they're just pondering the withdrawal from the Eurozone (currency-wise), and not the Union itself.
It does seem like that is the only way for them to go now, given that the creditors will not accept any more negotiations.