please log in to view this image IMF says Greece needs extra €60bn in funds and debt relief . With days to go before Sunday’s knife-edge referendum that the country’s creditors have cast as a vote on whether it wants to keep the euro, the IMF revealed a deep split with Europe as it warned that Greece’s debts were “unsustainable. Voting "Yes" in the referendum has so many implications to the rest of Europe. UK not part of the European currency can get away with some of the problems, but not all. We tax payers have to contribute more.
Sterling was big enough not to. It's not a big deal Smart.. yeah but done for political capital not really anything else. New labour and all that Gordon Brown etc. The problem was day one anyone with a brain knew this day would come as countries like Italy and Greece and tiny ones should never ever have been let in. The German and French federalist ****ed themselves and have ****ed the little guys time and again with bad calls for the little guy but every ecb decision done to suit Germany and France. The bank of England can decide tomorrow to devalue the pound if it feels the weak euro hurts us. None of the small euro countries could when the high euro killed them. My own company has serious currency issues now the euro is dropping like a stone as it hedged for this and nextvyear . But hey it's only money right. The Greeks ****ed themselves too with retirement at 55 and golden pensions. Again civil service picking it's own benefits = pigs at a trough
Bah, all the money given to greece is just to pay creditors. The money they were already given went to save European banks, including German banks and to serve payments of US hedge funds so they weren't showing negative balances on reports. None of the money lent to greece goes to greece and they are being asked to sell chunks of greece to pay off the IMF and ECB Austerity guarantees Greece cannot rebuild it's economy and compete. Of course lets not forget, US banks helped hide Greece's debt in derivatives so Greece could get into the EU and fool investors and make hedge funds fortunes as well as the IMF now getting Greek assets at pennies on the pound or as is cents on the Euro. Greece needs to let itself collapse, economy contract and keep it's assets and rebuild, otherwise taking this money and selling the country means there will actually be no greece. The IMF want them to sell islands ffs. yes that would mean the next few years or decade would be tough, but they would be infinitely healthier coming out the bank end. Imagine being a farmer in woes, so you borow and sell your farm to pay the loans, wtf do you do then after your debt is cleared, you got no ****ing farm, simple analogy but it applies. They need to default, take the hit as a nation, and recover as a nation with assets intact. Then once out of the quagmire they will actually have something to compete with. The IMF is a financial trojan horse. Look at what they have done to Ukraine and Ireland.
Isn't UK debt on the whole greater than Greek debt? But the UK can service it's debt mainly cos it has a big economy, can print money and control its own interest rates, whereas Greece cannot cos the Euro is controlled by the Germans, and folk don't think it is financial occupation of Europe by Germany So yes, be glad you didn't take that **** monopolised currency
It's just Germany's third attempt at taking Europe over after the two world wars failed. Only this time Europe has welcomed them with open arms and propelled them to the pinnacle of Europe.
Bankers are far better at this than the military ever was EU menbership is a ****ty fiction if you are not in the currency. The money and interest rates are the real control that can make and break countries and enforce perpetual debt. Greece will never get out of that debt unless they default and get the **** out of the Euro. BBC interviewed the new government minister Yanis Varoufakis and they attacked him but he owned the bitch Katya Adler, then she resorted to bringing up antisemitism ffs, as if that has something to do with the economy Ministry of Truth
Being honest is not cynical. The EU is about privatisation, once that is performed on European states the TTIP gets signed completing the corporate takeover. It is as simple as that even if the process is complicated. Austerity is about making government services and such more competitive so private corps can take them over. It has nothing to do with "balancing the books"
Yanis Varoufakis wants to raise minimum wage end austerity and stop privatisation of greek infrastructure and services. You can see why Merkel and the right wing fascist bankers are against this. She talks about "making greece competitive" but she means sell their assets and lend them money to pay creditors, how the **** is that making greece competitive? I'll tell you, "competitive" for take over by private corps, that's what she really means. Greek Austerity means greek land and assets for pennies on the pound for the capitalist vultures.
Of course which government helped install the right wing racist ****ers that destroyed the country, right after WWII? Yep,, Britain Churchill helped the far right slaughter the lefties. Now the lefties are back in power, so watch this space I smell "intervention" acoming
the greek debt is mostly but not all bank debt. same as ireland and spain. The issue is nobody cares hwo much uk or italy have in debt as they just service interest and get away with it but italy is getting close. The greeks has no gold in reserve, no way to get any and if they default then its 140mil of EU money... the ****ing EU will print that to by italian government bonds in 2 months at the current rate of going. That is happening is that the orindary greeks and yoth are being squeezed until they break. the probelm is when you give yourself pensions at 55 and retire and have too many in the public service plus nepotism and corruption as well this is what happens. they collapsed cos they should never ever have been let into the euro day 1. the eurocrats wanted as many of anyone in as they could to make a fedral europe.
Not true, Goldman Sachs helped greece hide the extent of their debt to get them into the EU http://www.spiegel.de/international...ed-greece-to-mask-its-true-debt-a-676634.html
c'mon sisu. you know the eurocrats in brussels and the leaders of france and germany actively aided italy and greece and cyrus get in as they want their grand fedral vision. the italians were never suited either. in fact logically not one of the PIGS states were suited. but they were all actively encouraged to get on board.
Also @moreinjuredthanowen The bank debt was not Greece's debt it was private bank debt. Greece was forced to take loans to pay this bank debt to save German French banks like Ireland was as well as hedge fund vultures in the US. The greek people didn't own any of that debt, the EU forced states to transfer the bank debt onto the heads of populations. It was theft. Private debt nationalised just like in the UK
I agree in principle mate, that the ECB probably worked hand in hand with Goldman Sachs to fraud Greece into the EU. The international banking cartel includes the ECB IMF world bank and all major banks
Ukraine is financially part of the EU now, your tax £ is going to Ukraine and you don't even realise it and they are spending it on US weapons
BBC's Katya Aldler does her best to to try make Yanis Varoufakis look like a left wing clueless looney and **** fails, this is your "ministry of truth. The guy is making a lot of sense. She knows nothing of finance and economics so why is she interviewing him on such matters. When she fails to make him look insane, she brings up antisemitism and again fails BBC propaganda at work
yes but not all of it. you can't tell me they had no sovereign debt before nor didn't run a deficit cos their economy also tanked. you cannot ignore their basket case economy full of civil servants with guilt edged pensions from 55... IMO even without the bank debt which is totally unfair an unsustainable to be sovereign debt they were always going to end up in a huge hole. Irleand narrowed it tax base year on year and ended up utterly dependency on property so their economy tanked the moment it ended and they had to reintate tax and slash and burn. both iraldna dn greece's amin problem NOW is unsustainable interest on unpayable debts. If the ECB bought both countries debts up and said hey that bank you own. £1 for it and the debts gone both states would take the deal. The ecb won't though will it? In the end the states who got themselves worst in trouble were the ones acting worst. But the whole eurozone is still designed to be german centric and has hurt them all for joining.
Almost every country on earth has sovereign debt MITO, your own UK debt is almost 100% of GDP Furthermore the money greece is given is going to creditors. It is not going into developing a greek economy to enable it become economically viable. So paying creditors who took private risks, and implementing austerity which makes an economy contract fixes what? Much of the sovereign debt came from nationalising bank debt at the behest of the EU after all. The loans went to servicing this debt taken on by the state. Greece wants to avoid the completely destructive policies the Troika set out. They are right ot do so because it means if they follow Troika plans it will mean the future ability of greece to create and maintain an effective sustainable economy will be impossible, especially after selling anything and everything that can turn a buck for the greek economy, for cents on the Euro.
