Posted on 07/05/2015 1:25:08 PM PDT by SamAdams76
Apparently there was a "referendum" in Greece and the results are surprising. The Greeks rejected some sort of measure to impose "austerity" in exchange for EU bailout.
It is being seen as a "shocking rebuff" to the European leaders and the Euro is taking a tumble on the markets.
Drudge says "EU on brink." Others say Greece is a "beleaguered country."
Is this what happens when socialism runs out of "other people's money."
I must regret to say I have not been following this story as much as I should have on account of the summer routine. So I'm hoping that some more astute Freepers will fill me in on whether or not we in the United States should worry.
I do know one thing. I'm buying my olive oil from domestic sources. I used to get olive oil from Greece but no more.
What else does Greece export to the United States besides olive oil? Other than short politicians with garlic breath who are for big socialist government (i.e. Mike Dukakis).
The Greeks can not blame Syriza for their troubles. The Syriza party took over just recently, I believe in January. But Greeks have been living beyond their means for decades on borrowed money from Europe.
Greece will be better off declaring bankruptcy, get rid of the loan sharks, and take short term pain for long term gain. Borrowing more money required for bailouts is short term pleasure and long term pain.
Cut off the gravy train in the U.S. and cities will burn over night.
Greece has taken too much money already from countries that actually produce something. Kick them out of the EU.
What does it mean?
Greece is going to need some KY Jelly.
Honestly, I was kinda rooting for them to vote NO. It will provide a great reminder to the world of what happens to entitled Socialists when the $$ runs out.
Of course, the Marxists among us will learn nothing from this and come up with hundreds of BS reasons WHY Socialism will work fine under the “right” conditions. And the brainwashed sheeple will just lap it up.
Greece has lavish social welfare programs, everything you can think of (think Obamacare, Social Security, Foodstamps etc. on steroids), they also have a large portion of the working population employed in the public sector with just as lavish benefits and handouts.
For a long time Greece has been having to borrow to keep the gravy train rolling, this worked out ok as long as they could make their debt payments, unfortunately during the worldwide recession of 2008, the gravy train went off the rails, and they could no longer make their debt payments.
Since they are part of the EU, the other members came in with a bailout plan, which boiled down to, "We'll give you the money to make your debt payments but in return you need to trim all the generous welfare handouts."
Well Greece did take steps to cut some of their welfare programs, in response the Greek people through a hissy fit and kicked the government out and elected a bunch of socialists who basically ran on keeping the welfare state as is and screw the other members of the EU.
Well the EU responds, "Screw us? Ok, we'll just stop paying your bills unless you implement the cuts to welfare state you already promised as part of the bailout."
That fast forwards us to today, "The Greek people have essentially just told the EU to take their bailout terms and piss off." Unfortunately they don't seem to realize that keeping the generous welfare state is not an option, and Greece is bankrupt. The only option at this point is for Greece to start printing their own currency (they are currently on the Euro, but banks are essentially out of money because the EU is no longer handing out Euros to them). Basic economics, when a bankrupt country starts printing money, bad things happen (think a wheel barrow of money to buy a loaf of bread). So they might "keep" their generous welfare handouts, but now it won't be so generous as it will only be worth pennies on the dollar.
Excellent!
Weimar Republic all over again.
i've seen a better looking mouth with a hook in it...
I guess police, fire fighters and emergency medical personnel have to work til 60-65.
Your post 12 is a pic off an album cover from the 70’s but I can’t remember from what band.
“Strange Days” by The Doors. Great album.
Cirque Soleil?
BTW, Al Jazeera is the only news entity reporting “NO”. So far.
Ah yes-—the Doors. Our days are strange now too, ehehehe.
Robbie Krieger keyboards—just awesome.
I suspect a mandate to buy 2% federal bonds to reduce the volatility in people’s 401Ks, not a direct 30% haircut. Then they slowly ratchet up the federal bond percentages, under the fiduciary obligation rules to give people sound financial advice.
We probably never will know the truth of it either way. Such is life with liberals running the planet.
No wonder the aliens won’t land. Who can blame them?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.