🇪🇺 Discussion: The European Union

[chaseter]

I can't feel bad. It just seemed that nobody cared until they were 1 inch from the edge of the cliff and they could see over.

Now this is my perspective from US news outlets. I don't know what Greece was doing 3 years ago or how the people over there were acting.

 

[hippie_hunter]

I can't feel bad. It just seemed that nobody cared until they were 1 inch from the edge of the cliff and they could see over.

Now this is my perspective from US news outlets. I don't know what Greece was doing 3 years ago or how the people over there were acting.

The Greek people thought that everything was okay because their government was lying to them about their financial state and they lied to get into the Euro. That's the biggest problem, their government was flat out lying.

Won't be surprised to see the Socialists get kicked out of government since they were the ones who lied to the European Union to get into the Euro, and were the ones who mostly piled on the debt.

 

[Dr. Evil]

I wonder if Greece would still be in this bad of shape if they still had a monarchy. Or does it not matter?

 

[Paradoxium]

Liechtenstein is a libertarian Monarchy hellhole of a thousand exploding Warner Brother wallets

 

[StorminNorman]

I wonder if Greece would still be in this bad of shape if they still had a monarchy. Or does it not matter?

I would assume it would be in better economic position.

 

[Paradoxium]

Papandreou Faces Confidence Vote That May Decide Greece’s Fate

Greek Prime Minister George Papandreou faces a confidence vote in his government today that may determine whether Greece becomes the first euro-area country to default.

Tonight’s vote caps a week of turmoil for Papandreou, who fended off a revolt from the ranks of his ruling socialist Pasok party in parliament last week. That came after opposition parties rejected his call for a national unity government. European Union leaders have insisted Papandreou secure multi- party support for austerity measures that are a condition of the aid needed to avoid default as soon as next month.

 

[Marvolo]

If Greece defaults what exactly does that mean?

 

[chaseter]

SALE SALE SALE

They may be kicked out of the EU.

 

[Dr. Evil]

Doesn't Greece also have massive debt occured from when they hosted the 2004 Summer Olympics?

 

[hippie_hunter]

Yep.

 

[Dr. Evil]

Papandreou Faces Confidence Vote That May Decide Greece’s Fate

Well, then, he better see if he can get his US Citizenship back.

 

[Belvedere]

Strange that in Greece it's the socialists arguing for austerity and the Conservative party that's arguing against them, it's pretty much the other way around in every other case around Europe.

 

[Paradoxium]

Survived the confidence vote. For those wondering.

 

[Paradoxium]

They won't be able to see austerity measures if past action is any indication. The Greeks don't have to balls for real cuts, and since half their economy is dependent on government spending now, any cuts is going to hurt like hell. As they say, don't put all your eggs in one basket. Greece did it.

Now would be a good time to get the **** out of any banks with exposure to Greek bonds. Or evaluate your situation if you especially live in France and Germany, since their banks have an insane exposure.

Personally I think bankruptcy would be better, instead of throwing good money at bad. Everyone knows they will default.

 

[Marvolo]

SALE SALE SALE

They may be kicked out of the EU.

Whats going to happen to poeple of greece? Are we looking at something along the lines of the Great Depression but only centered in Greece?

 

[Dr. Evil]

Whats going to happen to poeple of greece? Are we looking at something along the lines of the Great Depression but only centered in Greece?

The Greeks will probably demand early elections, so that they can throw the Socialists out of office early.

 

[chaseter]

Greece will survive but they will be an awful country for a while investment wise. They will have to turn inwards into their own economy instead of importing a lot of styff and try and produce something worth of value to export.

They likely will default and be on their own for a while. Worst case scenario is they allow another country to buy up land or own a lot of their country.

 

[Marvolo]

Greece will survive but they will be an awful country for a while investment wise. They will have to turn inwards into their own economy instead of importing a lot of styff and try and produce something worth of value to export.

They likely will default and be on their own for a while. Worst case scenario is they allow another country to buy up land or own a lot of their country.

That would suck having to sell part of your country tp some other country.

 

[Dr. Evil]

Croatia will join EU in 2013:

http://news.yahoo.com/s/ap/20110624/ap_on_re_eu/eu_eu_croatia_accession

 

[chamber-music]

If Greece defaults what exactly does that mean?

They don't get the next lot of European/IMF bailout money which means they can't pay their debts and probably go bankrupt.

If Greece go Bankrupt their banks and econemy collapses this causes a trigger with every bank or finacial institution that loaned or invested money in Greece losing money.

That isn't the worst part though. Like the real estate bubble burst in the last recession banks and finacial institutions have also been buying and selling the insurance on the loans to greece and selling it on like they did with debts before.

That means all that debt will become toxic again and finacial institutions around the world will directly and indirectly be vulnerable to that debt.

 

[Paradoxium]

82 Million Soon To Be Very Angry Germans, Or How Euro Bailout #2 Could Cost Up To 56% Of German GDP

Germany has directly onboarded the risk associated with terminal failure of this latest and riskiest "bailout" plan and in doing so may have jeopardized anywhere between 32% and 56% of its entire annual economic output. One wonders if the risk of runaway inflation is worth offsetting the risk of a plunge into the worst depression in the nation's history? It sure isn't for the Fed.

The most ironic outcome would be if the eurozone, in an attempt to prevent further contagion at the periphery, simply invited the vigilantes to bypass Italy (recall how everyone was shocked that instead of attacking Spain, it was Italian spreads that got destroyed in a manner of days), and head straight for the country on whose shoulders lies the fate of the entire EUR experiment?

 

[Paradoxium]

And it is official.

Fitch calls default, Greece pledges no let-up on debt

 

[8wid]

GREEK BAILOUT IS REALY A DEFAULT.

 

[Kelly]

Doesn't Greece also have massive debt occured from when they hosted the 2004 Summer Olympics?

Most countries end up in debt after they have hosted the Olympics because the idiotic Olympic Committee chooses cities that have very little IF ANY (China) infrastructure for a large athletic event. So these countries have to spend billions building the infrastructure and there is no way that they will be able to break even in the end.

 

[Paradoxium]

Looks like everyone is throwing in the towel on Greece.

Good news for protesters and rioters, no worries about austerity over pensions and overpaid public jobs.

Bad news? No pensions and jobs. Enjoy the decline.