Europe's Austerity Moment Is Ending (Greek election)

The Atlantic ^ | 25 January 2015 | Matt Schiavenza

[Lorianne]

Voting in Sunday's much-watched Greek elections has ended, and exit polls suggest that the far-left Syriza party has captured nearly 40 percent of the vote. While this may not be enough to ensure a parliamentary majority in Greece's electoral system, it's now clear that Alexis Tsipras, a fiery 40-year-old once considered too radical for national politics, will lead the next Greek government. Tsipras has promised to end Greece's "austerity program," a series of spending cuts and tax hikes designed to reduce the country's enormous bailout debt, which equals 175 percent of its GDP. Freed from this burden, Tsipras argues, the Greek government will implement policies to generate economic growth.

Since the 2008 financial crisis, Greece has endured an extreme version of the troubles plaguing Europe as a whole. One in four Greek adults do not work, and the unemployment rate for the country's youth exceeds 50 percent. The black market is estimated to comprise half of Greece's economic activity. More than 200,000 have voted with their passports and emigrated. Given these conditions, the appeal of Syriza—once considered a fringe leftist party—has grown markedly.

Tsipras' victory presents the troika—a consortium consisting of the European Central Bank, the European Commission, and the International Monetary Fund—with a series of unappetizing options.

[minnesota_bound]

If you were on an island with her and you were both drunk... ?

[minnesota_bound]

Ok then you have these to choose from...
http://i.dailymail.co.uk/i/pix/2015/01/26/250F3E9800000578-2926211-image-a-82_1422247046310.jpg

[catnipman]

“Tsipras has promised to end Greece’s “austerity program,””

Well, that’s nice. Bbut I wonder how he’s going to fund that? Greece can’t print Euros, only more bonds, and if he’s not going to pay back their existing bonds, who in their right mind will buy new ones?

This is going to be LOTS of fun to watch! Getting the ol’ popcorn popper tuned up right now!

[House Atreides]

I may have to give Miss Lebanon sanctuary since her countrymen are upset with her for standing next to Miss Israel. That is, of course, dependent upon my wive approving that action. I’m afraid to ask her as I’d like to live to vote in the 2016 election.

[Fungi]

Never, no no no and no again. “Never in a million years.”

P.S.: Being “drunk” would only make it worse.

[Fungi]

My advice to hollyweird (as if these poltroons will listen) : leave me alone and stop forcing ugly actresses and leftist movies down our throats. I do not see movies with the slut pictured, nor will I see a movie featuring DeCaprio Destupido and all the rest of your ilk. Money changes everyone—only for the worse if you have no rock to base you life on. Mine is Christ. ‘Nuff said.....

[Krosan]

Why are you all hating Jennifer? I think she was one of the prettiest actresses of the 90s.

[BobL]

“They can repudiate their existing debt, but who will buy their new bonds?”

You’re not very familiar with the banking industry then. Hell, they’re back to loaning money on houses to people they know can never pay it back. They are beyond hope.

Greace WILL NOT have a problem. They are simply going to do just what Iceland did - which is to tell Europe to SHOVE IT, wait a few months, and start seeing the money flowing in, yet again. At the same time, their people WILL NOT starve by trying pay it back (which they cannot) - they will do much, much, better...exactly as Iceland.

[BobL]

“They’ve run out of other peoples’ money...they’ll have a hard time finding other suckers to give them things in the future.”

Like I said just before, you guys don’t know bankers. Iceland told them to shove it, didn’t pay a penny back. Europe kicked and screamed...and then almost immediately started loaning money again. Argentina is on its third round of pulling this stunt.

Greace will be fine - they seem to understand international banking very, very, well. Yes, they’ll suffer for a short time, but not nearly as long as they would if they actually tried to pay back that money.

Think of it this way. If our creditors called-in our national debt, do you think we’d pay it back - could we pay it back? It’s like 5 years of government spending to pay it back...even obese people would be starving by then.

[SunkenCiv]

That should make The Atlantic writers happy.

• Arrest of Adams is 'an act against democracy' [2014]

  The European Left's candidate for the European Commission presidency, Alexis Tsipras, Friday called for the immediate release of Sinn Fein leader Gerry Adams who is been held for questioning in connection with the 1972 murder of Jean McConville. Tsipras called the arrest a "politically inflammatory act against democracy".

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• Russia may lift food import ban from Greece if it quits EU - Russian agriculture minister [2015]
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• Europe's Austerity Moment Is Ending (Greek election) [2015]
• Greek radical left leader Tsipras: asking for Greek people's vote to cancel the bailout [2012]
• Greece under the leftists: Debt-free, well-paid and a proud people [2012]
• Greece supports left-wing Syriza as Europe takes lurch to the right [2014]
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• Greece Scrambles To Prevent Deposit Run Goldman Warned About In Its "Worst Case" [2014]
• Greece Heading to Early Elections After Presidential Vote Fails [2014]
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• Greek Radical Left on the March [2015]
• As Euro Slides, Strategists Cut Forecasts [2015]
• Global economy hopes raised after European stimulus [2015]
• Greek leftists Syriza aim for landmark election win [2015]
• Greek exit polls suggest Syriza win [2015]
• Greece election: Exit polls signal big Syriza win [2015]
• Greece: Talks with troika the main test [2015]
• Greek Deposit Outflows Soar In Run-Up To Syriza Victory [2015]
• Greek Election Update: Leftist Syriza and Conservative Independent Greeks Will Form Coalition [2015]

[rbg81]

You could be right. The stupidity of the Banking industry has amazed me. However, some thoughts:

1. In the US, political pressure was no doubt put on the Banking industry to force them to make those bad loans (especially to “underserved” populations). Somewhere in there, there was a quid-pro-quo to make it worth their while, even with the potential losses.
2. Iceland is not Greece. People will give Nordics the benefit of the doubt before they would Greeks. The fact that Greece is going Commie may give even the bankers pause. But, time will tell.
3. Germany has lost a lot of $$ on the Greek experiment. If there burn their bridges by exiting the Euro, there ay well be payback.

[BobL]

1. True...to an extent. But the bankers NEVER COMPLAINED about being pushed into these loans - they seemed to really like the profits (and bonuses) at the time, and figured (correctly) that the government couldn’t touch them without having to explain a lot too. My point here is that the bankers had zero morals...I know that if I ran a bank that I would NEVER lend money to people that I knew could not pay it back - but then again, I’m not the type that runs banks.

2. Iceland may not be Grease (I love spelling it that way), but then Argentina is not Grease either...yet Argentina had no problems lining up a new batch of suckers after defaulting time and time again.

3. Yep, Germans may hold back for a while, but I have NO DOUBT that American bankers will step in...this would be nothing compared to what they did in the mortgage meltdown.

[Jimmy Valentine]

The Huns are getting awfully tired of carrying the Greeks maybe time to pitch them out of the EU

[Jabba the Nutt]

Let's define "austerity". You cut income support programs, then you raise taxes, fees and regulations, so that the economy stagnates. This throws people into poverty, so they turn to extremist parties, as those parties are the only ones opposing "austerity". Now, the extremist parties make everything even worse, as they are economic morons.

Now, the solution is freedom. No parties support the solution.

When you cut income support and government programs, you have to leave a way for people to earn a living. That means lower taxes, fewer regulations and make it easy to hire and fire people, so that there ARE JOBS for people to go to.

[Thunder90]

This will have a side effect of pushing oil prices even lower, as the dollar gets stronger against other currencies.

[Mad Dawgg]

Greece can't print funny money so they have to actually pay their debts or default.

They should learn from the real crooks like the US Congress and the Federal Reserve. That is how you play the game.

Step One: Spend

Step Two: Print

Step Three: Goto Step One

[rbg81]

rue...to an extent. But the bankers NEVER COMPLAINED about being pushed into these loans - they seemed tolike the profits (and bonuses) at the time, and figured (correctly) that the government couldn’t touch them without having to explain a lot too. My point here is that the bankers had zero morals...I know that if I ran a bank that I would NEVER lend money to people that I knew could not pay it back - but then again, I’m not the type that runs banks.

---

I have about 40 years of professional experience. In my first 10-15 years, the Adults were pretty much in charge. That is, if you proposed something that was just plain stupid in the mid-long term, you got shot down—maybe even fired if it was stupid enough. That has not been true for the last 25+ years. Now, it if looks good (is profitable) in the short term, you are golden, regardless of the possible long term consequences. In fact, if you are the guy who raises objections because of long term impact, you are made out to be a Jackass. The idea is to get promoted and let your scheme blow apart on someone else’s watch. It’s stunning really.

[RetiredArmy]

Guess ugly people got to have their ugly idols.

[minnesota_bound]

Now here are some nice photos of her.
http://www.dailymail.co.uk/tvshowbiz/article-2926150/Jennifer-Aniston-displays-lots-cleavage-low-cut-snakeskin-gown-SAG-Awards.html

[BobL]

That’s what I see too...