Posted on 02/06/2015 6:36:09 AM PST by C19fan
Shares in Greek banks crashed by more than a quarter yesterday as Athens urged Berlin not to go on humiliating a ‘proud nation’. Yanis Varoufakis, Greece’s new finance minister, issued an extraordinary defiant statement invoking the rise of the Nazis when Germany was crippled by debts between the wars. After a tense meeting with his German counterpart in Berlin, Wolfgang Schaeuble, he declared: ‘We didn’t even agree to disagree.’
(Excerpt) Read more at dailymail.co.uk ...
Well, actions have consequences. Looks like the consequences phase is beginning.
Leftist dictionary: Not giving unlimited money with no strings attached = “humiliating”.
MSNBC raised an interesting point. Somehow the euro banks inflated the notes the now want repaid. Either way it is an impossible mess. In order to grow, the economy needs capitalistic inspired growth. The bureaucrats only want capitalism after confiscatory taxes create the growth.
who do you root for? stupid leftist A or stupid leftist B?
A pox on both their houses comes to mind.
The economy of Greece (and a few other countries) with their irresponsible spending just wasn’t up to the standards of the rest of Europe. I hope that lesson will be learned by those advocating some North Americam Union. Our neighbor to the south just isn’t close enough economically to join with a common currency. Similarly a irresponsible, growing and crushing debt should scare Canada about their southern neighbor.
In 2010, the Greek state ceased to be able to service its debt. Unfortunately, European officials decided to pretend that this problem could be overcome by means of the largest loan in history on condition of fiscal austerity that would, with mathematical precision, shrink the national income from which both new and old loans must be paid. An insolvency problem was thus dealt with as if it were a case of illiquidity.Actually, the critique of EU and ECB policy given in the sentence, "An insolvency problem was thus dealt with as if it were a case of illiquidity," shows a degree of economic literacy rare enough even on the right, and vanishingly rare on the left.
In other words, Europe adopted the tactics of the least reputable bankers who refuse to acknowledge bad loans, preferring to grant new ones to the insolvent entity so as to pretend that the original loan is performing while extending the bankruptcy into the future. Nothing more than common sense was required to see that the application of the 'extend and pretend' tactic would lead my country to a tragic state. That instead of Greece's stabilization, Europe was creating the circumstances for a self-reinforcing crisis that undermines the foundations of Europe itself.
My party, and I personally, disagreed fiercely with the May 2010 loan agreement not because you, the citizens of Germany, did not give us enough money but because you gave us much, much more than you should have and our government accepted far, far more than it had a right to. Money that would, in any case, neither help the people of Greece (as it was being thrown into the black hole of an unsustainable debt) nor prevent the ballooning of Greek government debt, at great expense to the Greek and German taxpayer.
The notion that Greece was being "bailed out" by the EU, ECB and IMF is unsupportable -- what were being bailed out were the banks, private investors, governments, and (oh, did I mention) banks who had been foolish enough to lend money to the profligate Greek state in the first place. They all should have taken a haircut back during the first Eurozone crisis.
Whoever said money won't buy happiness was a liar or a fool. The Germans will be very happy when the Parthenon is sitting up there in Berlin.
The Greeks should have thought of all this before they decided to go to the beach instead of the workplace.
If you shoot yourself in the foot ,it’s going to hurt
Leftists are Hitler’s “Mein Negger”. They collaborate against jews, saying jews are just like Hitler, and the. they have this sense of superiority.
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