Financial Crisis in Greece

[Bill77]

Greece will re-build, there is no doubt in my mind.

Quite possible Risto......but not in Voltron's life time.

Anyway, i think its obvious Greece will recover to some degree given the fact that they have hit rock bottom and can't get worse, therefore the only way is up.

But lets get clear on what we mean by "Recover". Does this mean Greece will recover to a level anywhere near the situation they were at prior to the EU entry? I think not. Why, because they are not hardened people. They have been fed with a silver spoon and used to it for a long long time. The only ones that will not feel the effects might be the poor villagers mainly around the Lerin region who have been neglected by the government and are used to self supporting them selves. Its business as usual for them.

So if we think jumping out of a Mercedes (previously), walking (currently), then having to settle with a mule (future), is a acceptable form of recovery, then i guess you can call it recover. But i don't know how those fluffy dice would look on a donkey. And where would one put the other ass (the mother in law).

[Voltron]

Like I said before the ppl that live in rural areas have it quite nicely than us that live in cement blocks of Athens. You dont know what your talking about Bill.

Also, we live nicely because we have the sun & sea, and the climate is just impeccable. Ppl are of course jealous of this and call it a " lazy " lifestyle, how else can they call it when they are slaving away 60+ hours a week in a less hospitable climate zone.

Here are good honest Tax Paying Americans, and where they are going.
You still think not paying taxes is the real issue here ? Open up your eyes a little bit. Here, is what I have been saying all along:

Who defaults first: Greece or the US?

http://www.bbc.co.uk/news/business-14025485

Raising the ceiling

By now you may be wondering how a serious country like the US could get into such a mess. Here's a brief recap.

Unlike most countries, the US has a legal limit on the amount the federal government can borrow, legislated by Congress, which is independent of the regular budget approval process.

Congress has raised that debt ceiling at least 75 times in the past 50 years, most recently at the start of 2010, when the limit was raised to $14.29 trillion (£8.92tn).
On 16 May, Treasury Secretary Tim Geithner declared that limit had been reached, and he was starting to implement "extraordinary measures" to limit the government's need for additional borrowing.

For example, he's not been issuing new debt to replace the bonds maturing in various federal employee savings funds, and he's retiring existing debt to pay certain civil service benefits, both of which give the government a little more headroom.

This kind of juggling ought to get them through to 2 August. After that, nothing is certain.

[makedonche]

Like I said before the ppl that live in rural areas have it quite nicely than us that live in cement blocks of Athens. You dont know what your talking about Bill.

Also, we live nicely because we have the sun & sea, and the climate is just impeccable. Ppl are of course jealous of this and call it a " lazy " lifestyle, how else can they call it when they are slaving away 60+ hours a week in a less hospitable climate zone.

Here are good honest Tax Paying Americans, and where they are going.
You still think not paying taxes is the real issue here ? Open up your eyes a little bit. Here, is what I have been saying all along:

Who defaults first: Greece or the US?

http://www.bbc.co.uk/news/business-14025485

Raising the ceiling

By now you may be wondering how a serious country like the US could get into such a mess. Here's a brief recap.

Unlike most countries, the US has a legal limit on the amount the federal government can borrow, legislated by Congress, which is independent of the regular budget approval process.

Congress has raised that debt ceiling at least 75 times in the past 50 years, most recently at the start of 2010, when the limit was raised to $14.29 trillion (£8.92tn).
On 16 May, Treasury Secretary Tim Geithner declared that limit had been reached, and he was starting to implement "extraordinary measures" to limit the government's need for additional borrowing.

For example, he's not been issuing new debt to replace the bonds maturing in various federal employee savings funds, and he's retiring existing debt to pay certain civil service benefits, both of which give the government a little more headroom.

This kind of juggling ought to get them through to 2 August. After that, nothing is certain.

Voltron
May I suggest you check the US gold reserves and those of Greece and then let me know who is likely to default first!

[Voltron]

still tough call Makedonche...

Europe's Elusive Gold Reserves: Are Greece, Portugal Sitting on Billions of Dollars?

http://www.time.com/time/world/article/0,8599,2080813,00.html#ixzz1RPMjfhyv

[Ottoman]

lol European union is a joke!

They rejected us too many times and now they must clean up the diapers of Greece and Portugal.

We Turks are just enjoying watching this.

[Bill77]

Like I said before the ppl that live in rural areas have it quite nicely than us that live in cement blocks of Athens. You dont know what your talking about Bill.

Obviously neither do you chook, since you are somewhat agreeing with me regarding ppl that live in rural areas.

Also, we live nicely because we have the sun & sea, and the climate is just impeccable.

And olives......you can't forget the olives.

But if you read my post carefully to what was said by this Greek demonstrator who wants out of the EU, he said,

"we have nothing to offer except for sun, a handful of vegetables and olives"
so it was intended to be more of an insult, not a boast.

Now do you seriously think the sun and sea will rebuild your nation? this demonstrator obviously thinks Greece has sweet FA.

[Voltron]

Bill, the demonstrator is only half right. If we look to the future of renewable energy than its a different story altogether. Dont confuse our govt incompetency to what Greece can actually deliver. Those are two completely different stories.

We have young talent that is leaving this country to other places simply because our governments cant provide them the room to grow and excel. Its not Greece per se, its the system of nepotism, corruption and rotten politicians that do not care for the ground they walk on. We may not have enough resources to become Global Superpower but we have enough to live real nice. And for many of us, that is enough.

[George S.]

why are we comparing greece to america.America has a lot of resouces at it's disposal.Unlike greece has used up it's 9 lives there is no way that anyone would committ funds with adequate measures.I just had someone come back from a holiday in greece & they are saying with photos in athens there are a lot of stray dogs everywhere.Dog shit all round arhens.They said there is nothing to see unless you go to the ancient buildings.There they said you have to pay for the privelege of taking a snap.But they forgot about zoom lens that allows you to take free pictures.

[Daskalot]

I saw two different article in Turkish media about the corruption in Greece. One of them was so funny;
According to the ethnos daily newspaper in Greece, more than 1000 retired army officials have gone under penile prosthesis operation for free in the last year in state hospitals by using falsified papers to show it as like some other type of surgical operation to be able to leech money from social security!!! And their wives was also doing same for cosmetic surgeries!!! According to the newspaper, this was so common thing for the doctors too

And this is an article from German media. This is a google translation;

This is unsustainable, every Greek must undertand this, or maybe not.

[Stojacanec]

Voultron, we too have the sun and the sea in Aust. Most of the population is settled around the coast. You'll find it difficult to make people jealous of what they already have around the world.

Its all about balancing the books and not living off someone else's credit card.

[Risto the Great]

Voultron, we too have the sun and the sea in Aust. Most of the population is settled around the coast. You'll find it difficult to make people jealous of what they already have around the world.

Its all about balancing the books and not living off someone else's credit card.

Good point, the beach is a short walk for me .... but I go to work instead. Might sound strange to Greeks.

[makedonche]

still tough call Makedonche...

Europe's Elusive Gold Reserves: Are Greece, Portugal Sitting on Billions of Dollars?

http://www.time.com/time/world/artic...#ixzz1RPMjfhyv

Voltron
As at December 2010:-
USA - 9,300 tonnes
Greece - 111.7 tonnes
Source:- World Gold Council

What do you think the Americans were doing with all that money gathered from overseas investors and put into the US mortgage market?

[Bill77]

Its just The beginning of Turkish occupation in Greece

Turkish Mogul to Buy Greek Islands

The chairman of a leading Turkish construction company has said he wants to buy at least three Greek islands the debt-ridden nation plans to sell, in what may be termed a fire sale, because of the latest agreement it made with its international lenders, the European Union and the International Monetary Fund (IMF).

“Some real estate firms are intermediating in the sale of those islands. We are now in talks with those firms. We are considering six islands. I want to buy at least three of them,” said FİYAPI A.Ş. Board Chairman Fikret İnan in an interview with the Anatolia news agency. He said the islands they take an interest in are called Lichnari, Kaltsonisi, Mikri Amorgos, Kardiotissa, Nausika and Vouvalo, which he added are of various sizes ranging from 10,000 to 2 million square meters.

İnan intends to construct a hotel chain on the islands. He already bought a mid-size Turkish island measuring 400,000 square meters for $35 million off the country’s western province of İzmir in 2010 and started building a luxurious hotel and 50 villas which he wants to be the first link of the chain he said he would call the “Richa Island.”



“There is still speculation as to whether the islands will be sold to Turks, but we have not received any official information in that regard.
The intermediary institutions told us there is no such problem, which makes no sense. They may still introduce some [obstacles in our way] but I will then establish a company in Greece and buy those islands via that company,” said İnan, explaining how determined he is to acquire those islands. “If we ever, God willing, do such business, a bridge between Turkey and Greece will have been established. We will then be able to receive guests at both our island in Turkey and those in Greece. We will also provide ferry services between them,” he added.

According to the Turkish businessman, the prices of each of those six islands are between 3 million and 20 million euros. He also said they have earmarked 20 million euros to buy three of those six islands and to invest another 80 million euros to construct the planned touristic facilities there.
http://macedoniaonline.eu/content/view/18549/1/

[Voltron]

Dont get your hopes up Bill, It wont happen anytime soon. ^
There are laws against this, then after our laws there is our ppl.
Turks can dream though. lol.


No islands for sale, Greek minister says

http://www.hurriyetdailynews.com/n.php?n=no-islands-for-sale-greek-minister-says-2011-07-07

[Voltron]

Good point, the beach is a short walk for me .... but I go to work instead. Might sound strange to Greeks.

Stojanecec & Risto.
You cant compare the beaches of Greece to Australia.
The beach you have over there is the ocean not a sea like the Aegean. In fact I would say there are very few remote places on our planet that comes close to our beaches.

How many hours you guys work ? Just to see if we work any less than you.