Financial Crisis in Greece

[Jankovska]

No one can help Greece. They can only help themselves. Wake up, stop spedning money on military that they will never use, stop spending millions on a propaganda against Macedonia,start living within your means and get of your arses and do some work.

[osiris]

No one can help Greece. They can only help themselves. Wake up, stop spedning money on military that they will never use, stop spending millions on a propaganda against Macedonia,start living within your means and get of your arses and do some work.

exactly jankovska well said

[Napoleon]

The European Union has shown its righteous wrath by stripping Greece of its vote at a crucial meeting next month, the worst humiliation ever suffered by an EU member state.

http://www.telegraph.co.uk/finance/f...vereignty.html

Considering that Greece has now temporarily lost their EU voting rights together with the general anti-Greek attitutes prevailing in Europe lately, I hope the politicians in Macedonia are taking advantage of this situation. This is the perfect time for lobbying EU members for recognition of Macedonian under its constitutional name.

The council of EU finance ministers said Athens must comply with austerity demands by March 16 or lose control over its own tax and spend policies altogether. It if fails to do so, the EU will itself impose cuts under the draconian Article 126.9 of the Lisbon Treaty in what would amount to economic suzerainty.

While the symbolic move to suspend Greece of its voting rights at one meeting makes no practical difference, it marks a constitutional watershed and represents a crushing loss of sovereignty.

"We certainly won't let them off the hook," said Austria's finance minister, Josef Proll, echoing views shared by colleagues in Northern Europe. Some German officials have called for Greece to be denied a vote in all EU matter until it emerges from "receivership".

The EU has still refused to reveal details of how it might help Greece raise €30bn (£26bn) from global debt markets by the end of June. Investors are unsure whether this is part of Kabuki play of "constructive ambiguity" to pressure Greece and keep markets guessing, or reflects the deep reluctance by Germany to be drawn deeper in an EU fiscal union. Greek bonds sold off as ten-year yields jumped to 6.42pc, but the euro rallied to $1.3765 against the dollar as broader issues resurfaced in currency markets.

Jean-Claude Juncker, head of the Eurogroup, hinted that ministers have already agreed on a support mechanism, should it be necessary. It will most likely involve by bilateral aid by eurozone states. He said proposals for an IMF bailout - backed by Britain - were "absurd" and would shatter the credibility of monetary union.

Many Germans disagree, including Otmar Issing, once the backbone of the European Central Bank. He said an EU rescue for Greece would be fatal, arguing that unflinching rigour is the only way to hold monetary union together without political union.

Tuesday's EU verdict amounted to a thumbs down on Greece's earlier austerity efforts, viewed as too reliant on one-off measures and too light on spending cuts. Greece must reduce its deficit from 12.7pc of GDP to 3pc in three years. Greek customs officials expressed their anger by kicking off a three-day strike, the first of many stoppages set to culminate in a general strike next week.

However, premier George Papandreou has won support from key political parties and a majority of the people. Greece may yet surprise critics by mustering its Spartan Spirit.

[Risto the Great]

If we take away the name of the country "Greece" ... I feel sorry for any country that signs up to the EU and then suffers the following fate:

The council of EU finance ministers said Athens must comply with austerity demands by March 16 or lose control over its own tax and spend policies altogether. It if fails to do so, the EU will itself impose cuts under the draconian Article 126.9 of the Lisbon Treaty in what would amount to economic suzerainty.

How badly does any country want to give up its sovereignty?

[makedonche]

Originally Posted by Risto the Great

If we take away the name of the country "Greece" ... I feel sorry for any country that signs up to the EU and then suffers the following fate:



How badly does any country want to give up its sovereignty?

RTG
Good find!!! - I read last week in FT or some other online source that if Greece is bailed out they stop damage to Euro, if Greece is not bailed out the greenback will surge/strengthen, I can't see US backing any bailout, what do you make of it?
PS - take their vote away is a minimum requirement in my view, kick them out of EU for corruption & dishonesty is my preffered option otherwise EU is laughing stock of world!!

[Risto the Great]

Makedonche, Napoleon has a habit of finding interesting articles for us. He is our favourite ladyboy.

[makedonche]

Originally Posted by Risto the Great

Makedonche, Napoleon has a habit of finding interesting articles for us. He is our favourite ladyboy.

Napoleon
Apologies and all credit to you!!!!
RTG
Your thoughts on the greenback and it's demise or rise based on Greece's impact on Euro?

[Risto the Great]

Euro down, Greenback up by a bit, Aussie up by more against both. None of this is necessarily good.

[Bill77]

Originally Posted by Napoleon

http://www.telegraph.co.uk/finance/f...vereignty.html

Considering that Greece has now temporarily lost their EU voting rights together with the general anti-Greek attitutes prevailing in Europe lately, I hope the politicians in Macedonia are taking advantage of this situation. This is the perfect time for lobbying EU members for recognition of Macedonian under its constitutional name.

If i am reading this corectly, Its only a one off situation for some meeting next month, as you say Napolean, "temporarily".

But, this tells me that the EU can at any stage block any EU member state from voting. We get many EU politicians stating suport for Macedonia. Yet, they do not take this option to block Greece from voting when it comes to Macedonia's entry.

So these monkeys in the EU feel that, blocking Greece from voting next month, for no other reason than to give them a slap on the hand or as they put it "symbolic", as a more deserving and nesesary reason, Than the security of the Balkans, stability of a Nation, Human rights, Justice, and protecting a ethnicity from instinction.

[Bill77]

Originally Posted by makedonche

RTG
Good find!!! - I read last week in FT or some other online source that if Greece is bailed out they stop damage to Euro, if Greece is not bailed out the greenback will surge/strengthen, I can't see US backing any bailout, what do you make of it?PS - take their vote away is a minimum requirement in my view, kick them out of EU for corruption & dishonesty is my preffered option otherwise EU is laughing stock of world!!

makedonche,
RTG would be better at answering this. Evan though it was not directed at me, I would like to give my point of view briefly with out diverting from the topic to much. This is a economic question that i have a little knowledge of. But i understand just enough to help my currency trading (Forex).

Just a few points, USA do not want a worthless Dollar. It hurts there importing. They do not want a strong Dollar, it hurts there exporting. so what they look for is a balance. The curent situation of the Green back is very sick. At one stage, there was rumours going around that USA were themselves going to introduce the euro (which was far fetched). But many US stores at one stage last year started to eccept/prefered Euros, thats how sick the Green back became. China and Russia at one stage produced and showed the world an example of a newly created world major currencie that would replace the USD. China and Russia both pushed for this change. So curently, its in USA best interest, for the Green back to strengthen.