Financial Crisis in Greece

[Onur]

With the greek economy currently at zero growth and probably about to fall into negative territory in the New Year it seems to be just a matter of time...

Greece`s GDP shrinks for 3 consecutive years, so they are already in negative territory since 2009. Greek GDP fell by 8.1 percent in the first quarter of this year and 7.3 percent more in the second quarter;

http://online.wsj.com/article/SB10001424053111903285704576558112140424614.html

According to Greece`s own statistics institute, a positive growth in Greek economy recorded last time in 2008.

[George S.]

wikileaks my sentiments exactly.I have been saying how such a country could be allowed to get away with it for so long & expect to be bailed out.That's why they call them the basket case of europe.I think once they are booted out of the eu market they will have to go back to the drachmas.Also the eu should take anything of value as a downpayment on the huge loan.The other problem is on greece defaulting how many other countries is it going to take with her.THe eu like a pack of dominoes is destined to crumble & soon.

[makedonche]

I would argue that modern greece has NEVER experienced democracy as it is known in any corner of the civilized world.

The latest news is that some major western banks (mainly British and US) will buy some European debt so as to relieve pressure on greece and the European banking system.

It seems to be the latest reshuffle of the deck chairs on the Titanic for these fools. greek debt is currently in the order of 350 billion euro and growing, meanwhile I was watching the deluded folk in athens walking arm in arm in some deranged show of 'defiance' against the latest austerity measures.
With the greek economy currently at zero growth and probably about to fall into negative territory in the New Year it seems to be just a matter of time...

Phoenix
Absolutely correct.....just a matter of time! The deckchairs analogy is quite appropriate, they will also be sunk for a similar amount of time as the Titanic as well!

[makedonche]

Greece`s GDP shrinks for 3 consecutive years, so they are already in negative territory since 2009. Greek GDP fell by 8.1 percent in the first quarter of this year and 7.3 percent more in the second quarter;

http://online.wsj.com/article/SB10001424053111903285704576558112140424614.html

According to Greece`s own statistics institute, a positive growth in Greek economy recorded last time in 2008.

Onur
I hope for their sake they recorded that economic growth event, it will serve as a keepsake, because they are unlikely to see that sort of event for many years to come! What I can't wait for is the "troika" to finish their audit or at least get an accurate indication of where Greeces debt actually does stand - it's no use asking the Greeks as they appear to be coveniently clueless!

[Onur]

Horrifying moment a small business-owner sets fire to himself outside bank after he was left riddled with debt in Greece’s failing economy
This is the terrifying moment a man set himself on fire outside a branch of Piraeus bank in the northern Greek city of Thessaloniki.



The unnamed 55-year-old was heard to shout out that he was in debt as he covered himself in petrol today.

Cost-cutting measures in Greece have caused a host of business failures and record employment and the country is now in its third year of recession.

Its finance minister said he fully expects the country to stay in recession during 2012.

Greek Finance Minister Evangelos Venizelos told a parliamentary committee the sheer depth of the recession had to be understood: 'It has to be grasped that the Greek people are paying a cost, that there is a cumulative recession of three years, which will now be four years.

'It is not possible for all of us to say we believe in growth and support the real economy without taking that into account,' he added.

16th September 2011

Read more: http://www.dailymail.co.uk/news/arti...g-economy.html

[Bij]

Why would they? They may experience smaller profits in Greece as a result of pay cuts in the public sector, but other than that they are in no way tied to the Greek state. We have to remember that we're talking about the Greek Government here, not the "whole" of Greece, lock, stock and barrell. The only impact on the private sector may be increased taxes and less services.

If you're employed in the private sector and your government went bankrupt tomorrow, that would not necessarily affect you in any significant way. You may experience shortages in state funded services, but your private sector employer is not bankrupt, its still paying your salary, particularly if it has investments overseas which are not affected in any way, shape or form by the domestic government's bankruptcy.

increased taxes, less services, but wouldn't their currency changing from euro to drachma cripple their economy?

[Bij]

Bijj are you in macedonia at the moment everyone is saying it's so hot there.?

No George, I'm back, sadly. Spoke to my fiance and he said it's very hot, 35 degrees and above every day.

[Valmir]

Horrifying moment a small business-owner sets fire to himself outside bank after he was left riddled with debt in Greece’s failing economy
This is the terrifying moment a man set himself on fire outside a branch of Piraeus bank in the northern Greek city of Thessaloniki.



The unnamed 55-year-old was heard to shout out that he was in debt as he covered himself in petrol today.

Cost-cutting measures in Greece have caused a host of business failures and record employment and the country is now in its third year of recession.

Its finance minister said he fully expects the country to stay in recession during 2012.

Greek Finance Minister Evangelos Venizelos told a parliamentary committee the sheer depth of the recession had to be understood: 'It has to be grasped that the Greek people are paying a cost, that there is a cumulative recession of three years, which will now be four years.

'It is not possible for all of us to say we believe in growth and support the real economy without taking that into account,' he added.

16th September 2011

Read more: http://www.dailymail.co.uk/news/arti...g-economy.html

What a stupid man,Burning yourself won't solve any Economic Porblem!

[George S.]

people will be forced to take drastic measures as there is no way out.This was bought on the people by greed.the politicians are responsible for it they have literally destroyed greece financially.

[julie]

No George, I'm back, sadly. Spoke to my fiance and he said it's very hot, 35 degrees and above every day.

Congratulations on your engagement

[George S.]

also congrat's on your engagemnt bijj.

[Phoenix]

Just watched an interview with Dr Marc Faber and he was asked whether he thought the 'greeks' will default...

http://en.wikipedia.org/wiki/Marc_Faber

His advice to the 'greeks' was that they should default on their 400 billion euro debt, leave the EU and start all over again...

[cultea]

Onur, makedoche
I WILL mark your words (again):
-Greece will have defaulted by September 22, 2011 X
-Greece will have returned to drachma by July 12, 2012 ?
-Papandreou will have resigned by February 28, 2012 ?
-Samaras will be the next Prime Minister by May 31, 2012 ?

Anyone else?

Any updated forecasts are welcome. Bets are still on.

[Onur]

Cultea, you can be sure that i will quote you too, very soon, maybe next month, next IMF loan release date, if it ever happens...

By the way, why you are so thrilled about that??? This table above is your only salvation. Do you want Greece to remain in that comatose state forever??? Don't you want your government take measures to save Greek people instead of implementing the measures dictated to you by the troika for one and only purpose, to save German, French banks???

Don't you support your people at front of the parliament in Athens?

[Zarni]

cultea just displayed the mindset of denial that guarantees Greece will default

1-3 years or mere months in my time frame
The fact we are putting bets on a date is enough said