Posted on 07/13/2015 3:22:29 AM PDT by familyop
Starting in the Eighties populist spending and cronyism became the norm for both main parties, PaSoK and the conservative New Democracy party, which followed Papandreou’s practices when it returned to power in the 1990s. The civil service became part of the spoils of government. There was no room for universal benefits or long-term strategies of assisting the poor. Everyone was out to secure the best short-term outcome for themselves. The big winners were the public sector unions, the utility companies’ unions and the professionals: doctors, lawyers, engineers, pharmacists. The economy remained closed and protectionist, working largely for the benefit of powerful special interests. The New Democracy government of Kostas Karamanlis excelled in this mismanagement, appointed an estimated 150,000 civil servants and finally lost control of public finances in 2007-2009.
(Excerpt) Read more at telegraph.co.uk ...
I doubt Greece’s problems stem from the fact that it failed to set up a welfare state based on the European socialist models. Obviously, the problem with Greece, like most failed economic states, is too little work and production and too much spending.
Greece's "New Democracy government" excelled in mismanagement...it appointed an estimated 150,000 civil servants......
These "civil servants" were cronies and political hangers-on.
When the Greek monetary crisis broke....one report showed that the Greek govt had some 528 agencies fully-staffed and highly-paid ...that had nothing whatsoever to do.
Sucking off the backs of hard-working taxpayers is the name of the Clinton game. The opportunistic Clintons grab anything that isn't nailed down. They became multi-billionaires overnight selling off US ntl security to the highest bidder.
The Clintons are lying in wait to duplicate the Greek debacle. They have an army of workers ready and waiting at the infamous foundation. All of them salivating over the prospect of high-pay govt jobs and endless pensions and perks....courtesy of the taxpayers.
Keep in mind the Clintons, and their suck-ups, are not content w/ six-figure govt salaries, expense accounts, housing and clothing allowances and free travel. It's Greece all over again---high-paid govt factotums w/ dollar signs dancing in their heads.
ONE EXAMPLE OF A CLINTON WH APPOINTMENT: long-time Clintonista, Sid Blumenthal.
<><> the Clintons announce Blumenthal was hired by the Clinton Foundation to "promote Bill's presidential legacy," (waiting for hysterical laughter to die down)
<><> at the same time Blumenthal was tight w/ American Bridge and Media Matters — two Democratic groups aiding 2016 Hillary,
<><> dollar-crazed Blumenthal was also a paid advisor to US businesses seeking Libyan contracts (marketing his influence w/ Hillary's State Dept);
<><> buckeroo Blumenthal was secretly advising Secy of State Clinton about Libya @ $320,000 per year;
<><> suck-up Sid also pocketed $200,000 a year from Clinton political fixer, David Brock's, media operations.
1) Ignore as you already know, the lying @ss media.
Just like we had a TARP over here in 2008.... Remember old George W Bush saying, “These Companies are TOO BIG TO FAIL”? He wanted the U.S. Tax Payers to bailout the Banks that made bad bets in Wall Street and lost. Most of that TARP money went to foreign banks that were hedging their bets, via the derivatives market and lost. Most of the bets were in the real-estate market with bad loans. It was a housing bubble and it burst.
During that time. Greece was asked the Central Bank of Europe to chip in help bail out the Euro. It was a collisional mistake on Greece's part. Greece followed what the Central Banks advised 3 times, and they kept falling further and further in debt. That is what happens when politicians listen to the Central Banks. The country will never get our of debt. It's happening to us, and we are way further in debt than Greece. This has nothing to do with them being lazy. That's a crock of $hit. The Central Bank is just making Greece, just like our Federal Reserve, into debt slaves.
Greece has finally done the right thing, and will not follow the Central Banks advise. Most of the Debt that Greece agreed to pay was not even theirs. It's a complete fraud. Same thing happened in Iceland in 2008. For the record, 93% of the debt was not theirs. Right now the Iceland economy is booming.
How do you classify debt that is not theirs?
The German date of retirement and death will be the same!
I classify it as the country of Greece did not Hedge the derivatives bets.
That was done by the banks that needed to be bailed out.
Here is an analogy for you.
1) I lose a bet on Wall Street, based on the fraudulent fractional reserve banking system, hedging a bet in the stock market on some bad loans in a real estate market.
2) A bank convinces you to bail me out because I’m too big to fail. Remember did you ever get a bail out when you mismanaged your money. Answer : No because that’s free market. You should have known better. However, that same through dose not apply to the banks. Nevertheless, they convince you that it will help me and you ultimately.
3) You decide to help me out, (kind of like a co signer of a loan), and then you have trouble paying it. Three times you follow, the banks advice, only to find yourself further and further into debt. Kind of like being upside down in a house or a car payment.
This is even though originally this was not your debt. So following the advice of the Central Bank has put you in a terrible position financially.
That’s basically what happened.
I see it a bit differently. Greece and many other entities have been using various structured products which causes them to enter into complex contractual obligations. I don’t believe that any of these parties were stupid enough to not understand what they were doing. These Derivative allowed them to live beyond their means without disclosing their exposure to their constituents. The Greek people may be somewhat innocent, but Greece is not.
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