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Quite fascinating in 2009 all the Eurosceptics were predicting Greece would collapse and it was impossible to recover whilst they stayed in the Euro. Unemployment has fallen significantly and the stock market is soaring.
Remind me again, how much do they owe Germany?
His heart is in the right place - shame we can't say the same about his brain...
Why? Greek house prices crashed. The almost halved in value.
How is this bad for the poor ?
With 30% unemployment, house prices are somewhat irrelevant. Greece should never have been allowed anywhere near the Eurozone, and while they might be turning a slight corner, their debt is approaching half a trillion Euros, and they were only bailed out for political reasons, not economic ones. Greece can't be allowed to fail, so Germany digs deep. They'll need very deep pockets if Italy, Spain and Portugal fall down the holes they seem to be digging...
His heart is in the right place - shame we can't say the same about his brain...
With 30% unemployment, house prices are somewhat irrelevant. Greece should never have been allowed anywhere near the Eurozone, and while they might be turning a slight corner, their debt is approaching half a trillion Euros, and they were only bailed out for political reasons, not economic ones. Greece can't be allowed to fail, so Germany digs deep. They'll need very deep pockets if Italy, Spain and Portugal fall down the holes they seem to be digging...
Greece runs a budget surplus. In other words their outgoings which includes interest payments on their debt is lower than their income, and they're growing, their unemployment is coming down sharply.
At some point you have to admit whatever happened in 2008 they've got over it.
Greece runs a budget surplus. In other words their outgoings which includes interest payments on their debt is lower than their income, and they're growing, their unemployment is coming down sharply.
At some point you have to admit whatever happened in 2008 they've got over it.
Exactly!!!
At least Ireland, Portugal and Spain already overcome most of their economical problems. Greece is also getting on track... Italy is a slightly different situation due to political instability. People can't keep using this argument forever!
Greece runs a budget surplus. In other words their outgoings which includes interest payments on their debt is lower than their income, and they're growing, their unemployment is coming down sharply.
At some point you have to admit whatever happened in 2008 they've got over it.
Only because the bulk of their EU debt is deferred to 2032. At some point you have to admit they haven't got over it, and they won't be over it for the best part of never...
His heart is in the right place - shame we can't say the same about his brain...
Only because the bulk of their EU debt is deferred to 2032. At some point you have to admit they haven't got over it, and they won't be over it for the best part of never...
By the time 2032 comes along the debt will not be much of a burden, the Greek economy is growing. I don't hear anyone complaining about the huge burden of WWII debt.
By the time 2032 comes along the debt will not be much of a burden, the Greek economy is growing. I don't hear anyone complaining about the huge burden of WWII debt.
We paid the WWII debt off within the last 10 years (meaning it took us nearly 70 years), and it wasn't anything like the % debt to GDP that Greece has now. In 2032 they'll have to start defaulting again (simply due to the size of the debt) and what happens then? The Greeks would have to discover oil, gold or diamonds in mahoosive quantities to make their debt "not much of a burden". Interest is still accruing, and most of it is being rolled into the debt.
Greece may not be the one which brings down the Eurozone (I think that will ultimately be Italy) but it will cause so much pain that the Germans finally pull the plug.
His heart is in the right place - shame we can't say the same about his brain...
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