Reply to: Greek Election

[DodgyAgent]

When Tspiras was elected he threw out the "Troika" and gave fiery speeches about how he threw out the Troika and kept his election promise.

Right now what should he do next.....

I know ...lets invite them back

Greece agrees to talk to creditors in EU debt progress | Reuters

Like all socialists who end up having to take responsibility he is beginning to understand the harsh realities of markets and that money does not grow on trees.

[BlasterBates]

When Tspiras was elected he threw out the "Troika" and gave fiery speeches about how he threw out the Troika and kept his election promise.

Right now what should he do next.....

I know ...lets invite them back

Greece agrees to talk to creditors in EU debt progress | Reuters

[DodgyAgent]

Some additional insightful analysis here:
Guide to the Eurozone crisis

The worry is the Mash might well be right

[Platypus]

Some additional insightful analysis here:
Guide to the Eurozone crisis

[DodgyAgent]

They are better off staying in eurozone.

For that they'll have to repay the debts they owe.

Euro is a great success - only 2nd reserve currency in the world.

If Greeks choose to get out of eurozone and have their own currency then they are guaranteed to have very high inflation and in the first year it will be crazy, they'll also have to default on their euro denominated debts, so nobody will lend them money for a very very long time, chances are their assets will arrested, so they might need to get out of EU altogether.

I am afraid that is nonsense Germany faces impossible choice as Greek austerity revolt spreads - Telegraph
The agenda to preserve the Euro and its high and mighty (self) "importance" has prevailed at the expense of economies in the EU ("WE ARE THE SECOND RESERVE CURRENCY IN THE WORLD" ! MY AREN't we important!!) . The rise is happening of extreme parties and Greece will go cap in hand to Russia if it has to.

Pushing the Greeks into a nothing to lose situation will backfire on the rest of the EU

[BlasterBates]

Well after all those fiery speeches here is Mr Tsipras's "radical" demand...

......bond swaps to reduce the country's debt, and cutting the primary budget surplus from the 3% demanded by creditors to 1.49%.

http://www.professionaladviser.com/p...ten-point-plan

Of course he realises he won't get these so he'll proabably agree to less of the debt being reduced by bond swaps and a primary budget surplus of 2.9%, and then go round giving Greece giving more fiery speeches.

[DodgyAgent]

In the 90s Europe had war within its borders in place which in the past helped start 2 world wars.

Poor eastern states were joinining in after decades of Soviet occupation.

Single currency plays very important role because it made much harder to print money in each individual states in order to solve economic problems by screwing it's trading partners on one hand and shafting their own voters who were stupid enough to believe that this would solve thier problems.

Greece should not have been accepted into eurozone in the first place - should it leave? It's the question for the Greek, but they will certainly be much worse off outside of eurozone unless they magically agree debtors to write their debt off - default on the debt in euros and going with their own currency would doom them for many decades to come.

Euro is what provides European states with LEVEL PLAYING FIELD. No more currency wars to gain unfair advantage. And also together the currency is stronger so importing stuff (oil, materials) is better value for everybody. What's not to like? Only people who white are those who TOOK DEBT AND DON'T WANT TO REPAY IT. Send 'em to Australia...

I am really not impressed by your desire for "a level playing field". It smacks as a precursor to "command and control" economics. Your "level playing field" has already imposed the EURO on the EU that has undermined the sovereign independence of each and every country within it - benefitting only the Germans.
It is 70 years since the uncovering of Auschwitz the creation of which was brought about by economic collapse and the rise of an extreme political party leading to a complete loss of democratic accountability.
With little or no prospect of EU states breaking away from the straightjacket of monetary Union it is no coincidence that we see the rise of extreme political parties (I include UKIP).
We do not need your precious "level playing field" beyond harmonised qualifications and certifications of workers across the EU. What the EU needs more than anything is sovereign democratic accountability and free trade. It needs these far more than it needs the Euro

[DodgyAgent]

They are better off staying in eurozone.

For that they'll have to repay the debts they owe.

Euro is a great success - only 2nd reserve currency in the world.

If Greeks choose to get out of eurozone and have their own currency then they are guaranteed to have very high inflation and in the first year it will be crazy, they'll also have to default on their euro denominated debts, so nobody will lend them money for a very very long time, chances are their assets will arrested, so they might need to get out of EU altogether.

That is a bizarre way to judge the success of a currency.

[AtW]

Point meet missed. What has the Euro, specifically, got to do with Europe being a great place to live? Was it not a great place to live in the 1990s? Has the Euro made Europe a better place to live, fundamentally (beyond the convenience of monetary union)? Would Europe be in a situation of economic stagnation now without the Euro? These are the questions that need answering.

In the 90s Europe had war within its borders in place which in the past helped start 2 world wars.

Poor eastern states were joinining in after decades of Soviet occupation.

Single currency plays very important role because it made much harder to print money in each individual states in order to solve economic problems by screwing it's trading partners on one hand and shafting their own voters who were stupid enough to believe that this would solve thier problems.

Greece should not have been accepted into eurozone in the first place - should it leave? It's the question for the Greek, but they will certainly be much worse off outside of eurozone unless they magically agree debtors to write their debt off - default on the debt in euros and going with their own currency would doom them for many decades to come.

Euro is what provides European states with LEVEL PLAYING FIELD. No more currency wars to gain unfair advantage. And also together the currency is stronger so importing stuff (oil, materials) is better value for everybody. What's not to like? Only people who white are those who TOOK DEBT AND DON'T WANT TO REPAY IT. Send 'em to Australia...

[jamesbrown]

And which other region of the world you'd like to personally live - Africa, Asia, Latin America?

It's great life here in Europe, it's a pity so many don't appreciate how lucky they are.

Point meet missed. What has the Euro, specifically, got to do with Europe being a great place to live? Was it not a great place to live in the 1990s? Has the Euro made Europe a better place to live, fundamentally (beyond the convenience of monetary union)? Would Europe be in a situation of economic stagnation now without the Euro? These are the questions that need answering.

[AtW]

The EU as a political union, sure. The EZ as a monetary union, not a chance. It's the only region of the world without growth at present, and it was always going to be hobbled (doomed, to take a less optimistic view) by the reality of the complete lack of fiscal integration of the participating countries. It's all very well when the business cycle is up, but when it's down, the structural problems become all too clear.

And which other region of the world you'd like to personally live - Africa, Asia, Latin America?

It's great life here in Europe, it's a pity so many don't appreciate how lucky they are.

[jamesbrown]

Euro is a great success - only 2nd reserve currency in the world.

The EU as a political union, sure. The EZ as a monetary union, not a chance. It's the only region of the world without growth at present, and it was always going to be hobbled (doomed, to take a less optimistic view) by the reality of the complete lack of fiscal integration of the participating countries. It's all very well when the business cycle is up, but when it's down, the structural problems become all too clear.

[AtW]

What 1000% inflation?

Are you saying they are better off now than they were before they joined the euro?

You don't give up on your love of the euro do you. Anyone with any fiscal intelligence - not even an expert - realised from the start it would be a crock of sh***.

They are better off staying in eurozone.

For that they'll have to repay the debts they owe.

Euro is a great success - only 2nd reserve currency in the world.

If Greeks choose to get out of eurozone and have their own currency then they are guaranteed to have very high inflation and in the first year it will be crazy, they'll also have to default on their euro denominated debts, so nobody will lend them money for a very very long time, chances are their assets will arrested, so they might need to get out of EU altogether.

[jamesbrown]

He has got a point, though. Greece isn't a model of fiscal or monetary restraint, and any new currency they replaced it with would quickly go the way of Argentina's or Venezuela's.

Perhaps ironically, given the German's fear of hyperinflation that goes some way to explain their attitude to QE.

[Zero Liability]

What 1000% inflation?

Are you saying they are better off now than they were before they joined the euro?

You don't give up on your love of the euro do you. Anyone with any fiscal intelligence - not even an expert - realised from the start it would be a crock of sh***.

He has got a point, though. Greece isn't a model of fiscal or monetary restraint, and any new currency they replaced it with would quickly go the way of Argentina's or Venezuela's.