Financial Crisis in Greece

[Onur]

Cultea, what has been denied was the official announcement of your default in this weekend but the fact is Germany is trying to make their banks ready for the aftereffects when this actually happens. This means that your official announcement of default is near.

Besides that why you call this "ridicules rumors"??? Your announcement of default and returning to drachma will be the very first step to your salvation. So, you should be happy about that. All the steps has been taken for Greece so far, was for the salvation of EU big guns in any case of aftereffects. They didn't take any positive steps for Greek people yet. You think they did?

[cultea]

Onur,
Your comments (as well as makedonche’s comments) show full ignorance of Greek political scene and also of European Union’s policy.

Default and return to drachma is not something that can just be announced by Greek Prime Minister in… the next Saturday. The Greek Government has neither the power, the interest nor the reason for such a move. It’s like expecting Gruevski announcing that he will invade Bulgaria.
Such a decision cannot be taken by Greece unilaterally (as a member of EU) and cannot be taken by George Papandreou cause it’s totally against his beliefs, the beliefs of his party and of about 90% of the political scene in Greece.

Also, the aftereffects in Greece would be harsh (don’t want to think about them). It’s like two scenarios of impoverishment (a slow controlled and a fast uncontrolled one). I’m all for exiting Eurozone, but that can’t be realistic within less than 10 years.

[Komita]

Atleast the greek people protest and demonstrate for their rights and what do we do? We can learn from them.

[Onur]

Default and return to drachma is not something that can just be announced by Greek Prime Minister in… the next Saturday. The Greek Government has neither the power, the interest nor the reason for such a move.

Who said that this will be decision of your PM? and i didn't said that the eurocrats wanna dump you out either. They don't want that but they will have no other choice soon because both Merkel and Sarkozy will be in a painful dilemma like "let Greeks leech more money from their taxpayers and loose the local elections in their own countries or let Greece go out". So the eurocrats will just dump you out from eurozone due to pressure upon them.

Soon, there is a performance criteria check of IMF/ECB for Greece, under the supervision of troika. It`s obvious that Greece will fail on that check and at least IMF (probably some EU members like Finland will join IMF on that) will refuse to pay the next sum of your loan and troika leaders will order Greece to leave eurozone. Thats it.

I’m all for exiting Eurozone, but that can’t be realistic within less than 10 years.

What? 10 years? I say much less than 10 months. Wanna bet on that?

I wanna play some futurism too;
I bet they will dump you out from eurozone in less than 10 months (definitely not 10 years, i don't even think Papandrue can survive this winter as a PM), then your PM will call for an early elections for next spring and you will select Karamanlis`s party again, just as you always did for the past century (!!!)

[Daskalot]

http://www.bloomberg.com/news/2011-09-11/germany-readies-surrender-in-fight-to-save-greece-euro-credit.html

Germany pulls the plug on Greece, no more bailouts.

[Bij]

I have a legitimate question. If Greece defaults on their loan/s and are potentially out of the EU, what are the consequences for the economy of Macedonia?

If we're to speak realistically, Greece has a major share in the Macedonian economy, and a lot of jobs rely on Greek companies. Where do we go from there?

[George S.]

if it defaults totally then the germans will take over..Greece will not be allowed to use the euro in their economy it will be back to the drachmas.

[Risto the Great]

I have a legitimate question. If Greece defaults on their loan/s and are potentially out of the EU, what are the consequences for the economy of Macedonia?

If we're to speak realistically, Greece has a major share in the Macedonian economy, and a lot of jobs rely on Greek companies. Where do we go from there?

There is no doubt whatsoever that the consequences for Macedonia would be far worse if Macedonia was in the EU.

I think it is more of an opportunity (than a threat) for Macedonia if Greece defaults. The Greek owned businesses in Macedonia will be the only ones that can potentially escape all the austerity measures imposed on the ones located in Greece. The businesses may well have to be sold to other investors.

Either way, Macedonia will still be a cheaper place for EU countries to shop and create industries than any EU country.

[Vangelovski]

I have a legitimate question. If Greece defaults on their loan/s and are potentially out of the EU, what are the consequences for the economy of Macedonia?

If we're to speak realistically, Greece has a major share in the Macedonian economy, and a lot of jobs rely on Greek companies. Where do we go from there?

As far as I'm aware, most of the Greek investment in Macedonia is from private firms, not public ones. Though I may stand corrected.

[makedonche]

Onur,
Your comments (as well as makedonche’s comments) show full ignorance of Greek political scene and also of European Union’s policy.

Default and return to drachma is not something that can just be announced by Greek Prime Minister in… the next Saturday. The Greek Government has neither the power, the interest nor the reason for such a move. It’s like expecting Gruevski announcing that he will invade Bulgaria.
Such a decision cannot be taken by Greece unilaterally (as a member of EU) and cannot be taken by George Papandreou cause it’s totally against his beliefs, the beliefs of his party and of about 90% of the political scene in Greece.

Also, the aftereffects in Greece would be harsh (don’t want to think about them). It’s like two scenarios of impoverishment (a slow controlled and a fast uncontrolled one). I’m all for exiting Eurozone, but that can’t be realistic within less than 10 years.

Cultea
Ignorance is living in denial, while the rest of the world can clearly see Greeces problems!
Onur gives your country 10 months before default, I'm not so generous, I think Greece will be lucky to last 10 more days - the reason for this is the suspended investigation/report into Greeces finances by the EU-IMF before the release of more bailout funds, the reason it is suspended is because they have found more anomalies and more expenses and less income than Greece has been reporting - therefore any plans and agreements that have been made to bailout Greece will have to be revisited and changed again, prompting more funds needed than planned for - how much longer do you think the EU & IMF are going to tolerate incorrect figures? How much longer do you think theyr'e going to keep updating their plans and rescue funds/budgets? I'll tell you - NO LONGER, that's it - times up! Mark my words - WITHIN 10 DAYS!

[Bij]

As far as I'm aware, most of the Greek investment in Macedonia is from private firms, not public ones. Though I may stand corrected.

are you saying privately owned firms will have no problems if the greek economy goes to shit?

[George S.]

how can private firms be accountable for the greek debt it's only the greek govt & anything public.If the greek govt owns the investments then the eu would be after them.If it were in the private hands then how can they be responsible for it.

[George S.]

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

[julie]

left Macedonia with 35-39 degree days

[Vangelovski]

are you saying privately owned firms will have no problems if the greek economy goes to shit?

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.