Financial Crisis in Greece

[The LION will ROAR]

Foreign Correspondent - Coming Acropolis

Foreign Correspondent - Coming Acropolis

http://www.abc.net.au/foreign/content/2010/s2866624.htm

Quote"
“There’s an old saying here in Greece: the more money you steal the better off you are. If you steal a few hundred euros you go to jail. If you steal thousands of euros, we’ll talk about it. If you steal a few million euros, you become a hero”
CHRISTOS KYRIAKOUSIS Athens cabbie


I saw a short clip on Foreign Correspondent last Tuesday which they will broadcasting next week on ABC 13th April 10...I think everyone should watch it...it's about Greece's financial crisis and their lifestyle...

[Mikail]

Thanks TLwR

[Spartan]

I already spoke about Greece`s stupid "12 nautical miles" claim here;

It may be stupid to you, but thats irrelevant

The width of the territorial waters. Both sides currently possess 6 nautical miles (11 km) off their shores in the Aegean Sea. Greece claims a right to unilateral expansion to 12 nautical miles, based on the International Law of the Sea.

Therefor, Greece will NEVER EVER achieve stupid "12 nautical miles" goal.

Maybe they wont, but it is within their rights to do so.
You can call it 'stupid'..... but what you think is meaningless.
These are international laws.

So, 1974 wasn't the start of problems as you claim. It was the end of crimes and atrocities created by the actions of Greek Junta generals, following a coup d'état engineered by them in Greece at 196.

You are missing the point.
I dont care who started what.
My point was to show that tensions have been high forever, and thats why Greece spends what it does on its military.

IMHO, Greece should thank us because, Their Cyprus failure ended the 7 years reign of USA supported fascist and non-democratic Junta generals regime who also arrested and murdered 1000s of people in Greece.

hahahahaha
compared to the numerous slaughters of Greeks over the years, and violations that occur to this day.... I would welcome the Americans, even the devil himself, ahead of the turks.
Hell will freeze over before you get a 'thank-you'.
dont hold your breath.

you need weapons to defend yourself just in case of Turkish attack?????

Bravo!!!!!!!!!



You're getting there
slowly, but surely......

[Spartan]

Pardon my ignorance, but isn't this just like a Greek to blame others for their well cultivated
blunders?

Not blaming them for our blunders, or our current financial crisis.
Greece only has themselves to blame for that.
Its just that these problems are a little more difficult to deal with, with a neighbor like Turkey

[julie]

Interesting article in UK Telegraph

http://blogs.telegraph.co.uk/news/danielhannan/100033502/barely-noticed-in-britain-greece-is-moving-towards-a-bail-out/

Barely noticed in Britain, Greece is moving towards a bail-out

By Daniel Hannan

Meanwhile, at the opposite end of the EU, Greece is crumpling. The markets have now decided that a bail-out is more or less inevitable. Bad news for freedom, bad news for the EU and, of course, bad news for Greece. Unable to price itself into the markets, Greece will be condemned to a generation of deflation and poverty. A handful of contractors and oligarchs will grow fat on Brussels subsidies, while thousands of their countrymen are pushed into emigration.

It may not be Britain’s problem this time. But, as the EU moves inexorably towards establishing a European Debt Agency and a European Monetary Fund, it soon will be. It is becoming clearer by the day that bailing out the banks was a mistake. So is bailing out whole countries.

Here’s a thought, though. Greece is as opposed as ever to its northern neighbour being called Macedonia. Why not drop that objection for a fee? Just a suggestion.

[Spartan]

Julie,

Thank you for getting this thread back on track
It was turning into a shitshow......

[julie]

Julie,

Thank you for getting this thread back on track
It was turning into a shitshow......

cheers Spartan, some posts seem to have gone off topic.

[Onur]

Barely noticed in Britain, Greece is moving towards a bail-out

By Daniel Hannan

Here’s a thought, though. Greece is as opposed as ever to its northern neighbour being called Macedonia. Why not drop that objection for a fee? Just a suggestion.

This is just plain stupid. Why would Macedonia pay for something that is already its own rightful demand.

IMHO, this suggestion is even more laughable than "selling Aegean islands" to get money. Selling islands is more viable option tbh.

[julie]

The suggestion was not mine, its the writer of the article daniel Hannan.

I agree, it is stupid, buying land that belongs to us allready.
Seems the Brits are forgetting they sanctioned the partitioning of Macedonia

[indigen]

Greek tragedy still in session

By Stephen Long

Updated April 8, 2010 12:51:00
Greece is still facing the prospect of paying a crippling price for the credit it needs to fund its sovereign debt.

The classical Athenian tragedy was traditionally performed in March and April. It's a strange coincidence that the modern Greek drama, of a Dionysian debt binge leading to economic demise, is playing out now.

After the European Union pledged 22 billion euros in financial support for Greece at an emergency meeting last month, investors appeared to breathe a sigh of relief.

The assumption was, apparently, that the Greek problem was fixed.

Not so.

[...]

http://www.abc.net.au/news/stories/2010/04/08/2867407.htm

An informative insight by an economic analyst. Check it out!

[Mikail]

Interesting article. So the Greeks aren't home free and the EU pledge is subject to conditions.... conditions they can't meet.

Nice.

[fyrOM]

I could not decide to add this post here or not but seeing its slightly along the same lines Ill call this post B PIgS.hahaha

Bulgaria delays eurozone application as deficit soars

http://www.idividi.com.mk/English/World/593315/index.html

Sofia, April 10 (MIA) - Bulgaria's public deficit for 2009 will be way above expectations and accordingly the country would not be able to apply for euro membership this year, Finance Minister Simeon Djankov says.

The deficit for 2009 would likely top 3.7 percent of Gross Domestic Product, instead of 1.9 percent, as established by European Union calculations, the AFP quoted Djankov as saying to reporters.

The Bulgarian calculation of the deficit was originally 0.8 percent of GDP, Djankov said.

He blamed the blow-out in the deficit on recently discovered contracts signed by the previous government worth 2.14 billion leva (EUR 1.09 billion, $ 1.46 billion) which had not been funded.

"We have just found 148 annexes to contracts (signed under the previous administration) ... These annexes will have an effect on the 2009 budget," Djankov said.

As a result, Bulgaria would not apply this year to begin the process of adopting the euro.

"We are officially giving it up ... It would be insolent with this deficit to apply."

Djankov noted that Sofia had informed the European Commission that its 2009 budget would be revised.

A report due next week from Brussels on Sofia's convergence programme to join the eurozone will also be amended, he added.

The government, which came to power last July, had said earlier that it aimed to join the Exchange Rate Mechanism II process early this year, with a view to entering the eurozone two years afterwards.

Bulgaria has had since 1997 a currency board arrangement with the IMF, obliging the government to keep a tight fiscal policy and avoid budget deficits.

After a visit to Germany in February, Prime Minister Boyko Borisov admitted that beginning the euro membership process was no longer realistic.

[julie]

what is never mentioned is greeces overall debt, its the 5th largest in absolute terms in the world. the state debt is only the tip of the iceberg.

the whole west, possibly except germany including my two favorite hypocrites the usa and britain are hocked to their eyeballs and i for one cant wait for the fall out.

we have the same favourites, and ditto

[Onur]

Wow!

A small country as Greece with 10 million population has the worlds 5th biggest debt value? I didn't know that!

Well, I have no idea how a country with 10 million people with virtually no agriculture or industry can pay this amount of debt but i wish patience and luck to them.

Actually, the incapability of EU vs Greece surprised me 1st because Greece is not a big country in terms of economy and i was thinking that EU can save them easily.

Now i think, If EU cant manage the crisis of Greece properly, then its impossible for them to handle if a country as big as Spain goes into trouble because it would require 5x more money and effort to help them. Also Spain still has political problems with Basques and Catalan people. The economic crisis can possibly cause other major problems there.


I think EU might come apart if a 2nd member goes in crisis after Greece. Possibly England can leave it 1st, since there are strong opposition to it among British people. Already, if 3 big guns leave it, then EU goes in the pages of history books.

Check the speech of British representative of EU parliament vs the Belgian president of EU after the crisis of Greece, February 23,2010;

YouTube - Who are you Mr President? Nigel Farage asks Van Rompuy

Same guy warns of euro meltdown at the 10th anniversary of the Euro, January 11, 2009;

YouTube - Nigel Farage warns of euro meltdown

[Prolet]

Onur, Theres plenty of Maslinki (Olives) in Greece, they make alot of Olive Oil too. I thought Greece has plenty of Agriculture? We have more then enough on our end, enough for the dogs and cats to eat to be honest.