EU demands answer on EU bill within 5 days

[woohoo]

Greek debt was spread globally and German banks weren't the only ones holding Greek debt, UK and US banks held just as much. If any particular bank was responsible it was Goldman Sachs for massaging the figures and arranging the finance. Believing this rubbish about Germans causing their debt crisis is what happens when you're educated by the Sun or the Daily Express.

give me strength. Ok I officially give up, you just can't argue with stupid.

[BlasterBates]

give me strength. Ok I officially give up, you just can't argue with stupid.

I think we're in agreement.

[sasguru]

give me strength. Ok I officially give up, you just can't argue with stupid.

Yup. Go and read about bonds then come back and you might be able to make some assertions that rise above the deeply puerile..

[sasguru]

Greek debt was spread globally and German banks weren't the only ones holding Greek debt, UK and US banks held just as much. If any particular bank was responsible it was Goldman Sachs for massaging the figures and arranging the finance. Believing this rubbish about Germans causing their debt crisis is what happens when you're educated by the Sun or the Daily Express.

Actually I've read a lot about this and GS, while they did exaggerate the level of Greek solvency so they could join in the Euro ( yes surprise, surprise it was entirely the Greek's decision, the Germans didn't force them to) did so by a non-material amount -I think it was only about 2.5%

[Mordac]

Not a terribly intelligent statement.
You need to distinguish between the reporter and the reported.
The growth (or lack thereof) figures don't come from the media organisations, but from the ONS and other respected statistical bodies.

At least you can get your Brexit good-news stories on here, eh?

(You won't find anything positive at politico.eu or in the Graun)

[BlasterBates]

Actually I've read a lot about this and GS, while they did exaggerate the level of Greek solvency so they could join in the Euro ( yes surprise, surprise it was entirely the Greek's decision, the Germans didn't force them to) did so by a non-material amount -I think it was only about 2.5%

Greece has been running an unsustainable deficit since the 1990's, without some serious reform this problem was inevitable. They ran a 10% budget deficit in the early 1990's. They had to go through some serious austerity.

https://tradingeconomics.com/greece/government-budget

Being inside or outside the Euro would have made no difference at all.

[woohoo]

Actually I've read a lot about this and GS, while they did exaggerate the level of Greek solvency so they could join in the Euro ( yes surprise, surprise it was entirely the Greek's decision, the Germans didn't force them to) did so by a non-material amount -I think it was only about 2.5%

It's really quite simple, Greece has had major problems for years. Banks ignored the underlying issues and lent money to them. Greece enjoyed borrowing money at rates applicable to Germany.

Greece is found out - well what everyone knew anyway. They couldnt pay back the money they owed.

Germany and French banks owed billions.

Greece bailed out - most of the money goes to the banks.

Germany forces through austerity plans and basically runs the country.

[sal]

Actually employers do have a duty of care to safeguard their employees and in the situation described they would be expected to provide support.

As usual bremainer analogies aren't worth the toilet paper they are imagined on.


Knowing the state Greece was in , there are off course detailed records of public expenditure and earnings available to almost anyone, Germany decided to loan very significant amounts to them. A decent analogy would be I walk into bank as a serial bankrupt and ask them to loan me a few million so I can go on a drinking spree.

There is evidence that the Greek Government "cooked the books" when joining the Euro and in the following years. So those detailed records were false.

Most of the Greek economy relies of syphoning euro subsidies and mountains of debt, borrowed from trusting EU banks. They have no chance of surviving outside the EU and they know it. But it's their own doing not the Germans or the French. The current generation is paying for the sins of the previous.

[woohoo]

Greece has been running an unsustainable deficit since the 1990's, without some serious reform this problem was inevitable. They ran a 10% budget deficit in the early 1990's. They had to go through some serious austerity.

https://tradingeconomics.com/greece/government-budget

Being inside or outside the Euro would have made no difference at all.

No that's not true. They do have major issues but they managed to borrow billions at rates applicable to Germany and UK.

Being part of the EU actually hid the amount of borrowing to an extent.

[BlasterBates]

It's really quite simple, Greece has had major problems for years. Banks ignored the underlying issues and lent money to them. Greece enjoyed borrowing money at rates applicable to Germany.

Greece is found out - well what everyone knew anyway. They couldnt pay back the money they owed.

Germany and French banks owed billions.

Greece bailed out - most of the money goes to the banks.

Germany forces through austerity plans and basically runs the country.

Germany offered them billions but with some conditions attached. Greece now can live within its means, which is more than you can say for the UK

In the UK Eurosceptic politicians hid under the table nervously holding their wallets, when in fact they could have intervened and made an alternative offer, had they really wanted to. Can you imagine the Daily Express headlines had they done so ? I'm sure they could have shown pictures of scrounging Greeks to go alongside the scrounging Romanians they regularly published

Do you know any leave voters who would have been prepared to handover some of their tax to Greece ?