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Yes, there is (must be) a large black market in Greece. Otherwise we would have seen a bloody revolution by now, but even so these figures are terrible.

AEP is corrrect when he likens the EU policymakers to the generals at Verdun, Somme, Passchendaele. sending their youth straight into the barbed wire. Then, 100 years ago, it had a terrible continuation 30 years later. What will this gruesome policy give birth to this time?

But of course the European leaders blame..........the US! "You can only laugh or cry" as AEP exclaims.

1 posted on 08/08/2013 11:44:56 AM PDT by ScaniaBoy
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To: ScaniaBoy

If the Greeks were only brave enough to adopt real socialism, instead of the watered down version they have now, they would have real prosperity.


2 posted on 08/08/2013 11:46:50 AM PDT by Hardastarboard (Buck Off, Bronco Bama)
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To: ScaniaBoy

My personal theory is that the normal recession/high interest rates to normal/moderate to low interest rates cycle has been interrupted by the Fed putting borrowing rates near zero. People are not saving money because saving pays nothing and without savings to pump money in the bond market, the Fed is just digitally printing money and “buying” T-bonds.


3 posted on 08/08/2013 12:01:01 PM PDT by Blood of Tyrants (Inside every liberal and WOD defender is a totalitarian screaming to get out.)
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To: ScaniaBoy

IMHO, the Euro deserves most of the blame, in this instance.

Before the Euro, the Drachma would have risen or fallen, against other currencies, based on its relative performance. With the Euro, one of the main instruments of monetary-policy has been taken away from Greece, and other member nations. Britain kept the Pound, and their central bank. The British economy is thus able to find its own level, relative to the Eurozone. Greece does not have its own central bank, nor its own currency; therefore it can’t make those adjustments.


7 posted on 08/08/2013 12:32:43 PM PDT by USFRIENDINVICTORIA
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