News Thread 2015: Page 72 - The Arsenal discussion forum and community: One More in the Tolly

News Thread 2015

lorddulaarsenal

Bin them. They are a third world country who have lived as if they are first world off they back of our shilling. They've not held their end of the bargain, and folk their continue not to pay tax and retire when they're 35.

You won't see the money either way.

Worry is the queue of similar nations behind them, and the impact to law and order.

Burnwinter

Be better off binning the City first, unless it plans to hand back the £500bn-1tn it's had in bailouts.

Greece is likely to bin itself if the current direction of talks continues.

It's all a result of history, scale and structure. Greece is wearing this, and will continue to wear it because it's the weakest economy in the EU. Meanwhile being pegged to the euro keeps German exports strong.

lorddulaarsenal

Big thing which bugs ze Germans is the prospect of printing more Euros to recapitalise the banks

jones

jones wrote:
Strange turn of events indeed, I can't imagine the last leaked proposal being sent to Tsipras' government without the IMF's consent. The idea of a grace period is a good one and was shown to have an immense effect on alleviating the pressure of debt ridden economies in the past but I'm still highly skeptical seeing how their statement fails to address the actual causes of the crisis.

I'd say it's incredible how brazenly Martin Schulz explicitly calls for a democratically elected government to be ousted from power but I'd be lying if I said I was expecting anything different. Embarrassing to think this man calls himself a social democrat.

And here's the explanation, the IMF report wasn't supposed to see the light of day if it was up to Schäuble and co: http://www.reuters.com/article/2015/07/03/us-eurozone-greece-imf-idUSKCN0PD20120150703

This is politically anathema in Germany, the biggest creditor country, and most other euro zone states, where no leader wants to explain to taxpayers that the money they lent to Athens will never be coming back.

Seems like not even for this exclusive article the journalists making their reports could be bothered to look up where those monies went (certainly not Athens) or even just how a central bank works.

Burnwinter

A young Greek man visits the Australian consulate in Athens and asks for a work visa. “Why do you want to leave Greece?” asks the official.

“For two reasons,” replies the Greek. “First, I am worried that Greece will leave the EU, which will lead to new poverty and chaos in the country . . .”

“But,” interrupts the official, “this is pure nonsense: Greece will remain in the EU and submit to financial discipline!”

“Well,” responds the Greek calmly, “this is my second reason.”

y va marquer

The "conditions to begin new talks are not present" says Angela ie we're still waiting for the new plan from Greece.
Given that it's ECB emergency funding that's currently the life support for the banks you'd hope that they actually have a plan that's palatable.

lorddulaarsenal

What do you make of the prospect of recapitalisation of the banks y?

y va marquer

My feeling is that it needs to be done to prevent complete and utter chaos in Greece.
How will that be engineered?
I have no idea, but the deal has to include measures to force the Greek government into accepting their obligation to behave responsibly and bring their spending under control.

lorddulaarsenal

How would they prevent or control the flow of Euros currently circulating Greece into the rest of Europe?

y va marquer

I'm neither an economist nor an accountant - I won't burden my mind searching for an answer to that question 🙂
You should have a better idea of how they would do that than me anyway!

A euro is a euro only if it can circulate freely in the entire monetary union.
With capital controls, the Greek euro will be worth less than the French or German euro and therefore ceases to be a euro

The limits of monetary union are the limits of political union

lorddulaarsenal

Could become Disney dollars

I'm so pleased we didn't join the Euro

y va marquer

Indeed. You'd never cope with the roller coaster ride of going from being a tiger economy to a bankrupt nation controlled by the troika .
All part of the survive, live, learn and move on for us tougher types 🙂

lorddulaarsenal

It's not a case of toughness or who is tougher. That sounds very much like small country syndrome. Besides toughness is not being needy enough to want to join the Euro in the first place

y va marquer

We are a small country though, a relatively new Republic, clearly we've had to develop certain coping skills and ways of adapting to circumstances that are different to those of people living in a larger, more populous, long established nation and former empire.

lorddulaarsenal

You do what you gotta do. I'm still glad we didn't join the Euro

Rex

Feel the same way as Dula.

y va marquer

Imagine being in a situation of being asked to vote, without any great debate or discussion preceding the vote, where you had absolutely zero idea of what voting "no" would ultimately deliver to your doorstep.
What a mess.

Biggus

Well thats what I always said Y, its bad enough being ignorant and uninformed but imagine a situation like we have in Australia where not only these people but also the apathetic and resentful are actually forced to vote, you have a grotesque perversion of democracy.

Burnwinter

I'd guess a typical Greek is probably more concerned about the austerity measures being applied to them than the confusion of being asked to vote.

It'd suck being 20 in Greece right now—coming up through five years of economic contraction while trying to start a career, with every prick in Europe threatening to hold you responsible for decades of bad governance you had nothing to do with.

Biggus

It was the same for my generation Burnsy, and at least they can also get on a airplane and not a leaky boat.

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