Posted on 07/12/2015 8:41:53 PM PDT by tcrlaf
As European Union leaders push Greece for more austerity reforms, Athens enters political crisis and social media erupts in response.
A two-day emergency meeting on Greece’s economic future ended Sunday with strict conditions from the European Union, including contentious austerity reforms, if it wants a new bailout and keep the euro.
To meet the conditions for fresh aid packages and a third bailout that Greece needs to avoid bankruptcy, European finance ministers want Greece to pass a series of austerity measures--including tax and pension reforms-- through Parliament and put them into law by Wednesday.
Greece will also have to lose fiscal sovereignty as part of the austerity measures, implying that the troika- the International Monetary Fund, the European Commission and the European Central Bank- would be in charge of all legislation relevant to austerity. This also includes changes to legislation already passed by the Syriza government since it took power this year.
In addition, they must amend the Constitution to allow unelected EU Bankers, known as "The Troika", to control all matters relating to Greec's economy.
People paying attention, especially on Twitter, are going nuts, as evidenced by the world-wide trending "Thisisacoup" hashatag. Even Krugman has weighed in with an Opinion.
Greece is finding out what Margaret Thatcher said: “The problem with socialism is that you eventually run out of other people’s money.”
You have not anchored Germany to Europe; you have anchored Europe to a newly-dominant unified Germany. In the end, my friends, you will find that it will not work.Would have thought this to be an equally poignant Thatcher quote with respect to this situation. It’s part of the speech that lost her the prime ministership thanks to the pro-EU traitors in her own government.
if they don’t like it, perhaps they can find some other way to pay their bills. Otherwise, the entire country is on welfare.
POLONIUS: (Sings) Neither a borrower nor a lender be,
Do not forget: Stay out of debt; Think twice, and take this
good advice from me, Guard that old solvency. There’s just one other thing you ought to do. To thine own self be true.
[Enter entire cast]
ALL:
(Sing)
Neither a borrower nor a lender be,
Do not forget: Stay out of debt;
Think twice, and take this good advice from me,
Guard that old solvency.
There’s just one other thing you ought to do,
To thine own self be true.
http://www.gilligansisle.com/hamlet.html
Apt.
I don’t feel sorry for either side, frankly.
Foolish creditors are finding out why the Bible warns against being a surety for others’ debts. I have zero pity for the fools who continued to lend to a known deadbeat, knowing that Greece couldn’t possibly ever repay. And those same fraudsters got a big cut from each transaction. Screw them all!
It’s too bad Greece put itself in this position.
Until Greece stops spending 56% of its GDP on governance, there is no way to slow the waterfall of debt. Greece manufactures pensions.
And I’m not sure what you might call that kind of spending, but it’s not austerity.
“There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.” - John Adams
They will get “austerity” either way they go.
The Greek Society is built on Other Peoples Money.
Way past time to ween them.
We have a Central Bank and Wall Street dictatorship, why shouldn’t they?
The Bankers don’t want to just get paid.
They want to HUMILIATE Greece for daring to stand up against the unelected EU Bureaucrats, and send a clear message to anyone else thinking about taking a stand on the debts, namely Spain and Portugal.
They tried to do the same thing to Iceland, if you recall, but they went with the painful way, and kicked out the EU/IMF.
I hadn’t heard that quote, but recall considering similar observations at the time.
When their economy collapses, I wonder if they will have a civil war? When it happens here, with deficit spending the way it is, and with a far more volitile population, I think it is an iron clad guarantee to happen in America.
I don't care what Krugman says. Even if he agrees with me (fat chance in hell) he's still wrong. A broken clock is right more than he is.
“I have zero pity for the fools who continued to lend to a known deadbeat, knowing that Greece couldn’t possibly ever repay.”
Unfortunately, that would also include you, since you are a US Taxpayer and this international banking cabal to which we are a party, has been making a portion of the loans to Greece and the other PIIGS countries as I understand it. But you are right, this is a fool me once shame on you, fool me twice shame on me situation with Greece. They’ve been deadbeats for years and still the productive sector of the world gave them a line of credit that they didn’t deserve.
Actually, I think putting Greece into international bankruptcy is a good thing, because we will all get to see how the process is going to work when they get around to us.
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