Greek Crisis - A Good Thing For Europe?

[chesters1]

They already can force fiscal measures on members it goes hand in hand with the thousands of other "directives" every year

If your lucky your government argued an opt out but wben you need something from the EU those opt outs can be. Bargained away

Edited July 12, 2015 by chesters1

[Now there's a right un.]

Once again we have Germany at the centre.

Everyone, with a brain cell, knew that at the very start it was the initial stages of the formation of a federal Europe under German eyes and domination. This is why Germany lent to Greece so freely. I mean who lends 65 billion to a country that cannot prove it can pay back unless you have another motive.

Once indebted Greece has no choice but to toe the line, no matter how much they protest and behave because beyond that it would be the complete collapse of the Greek economy and way of life. The bag is drawn ever closer and the strings are drawn even tighter.

Maybe this is the beginning of the Fourth Reich?

Look at all the European economies, who has the strongest, who dictates?

[Steve Walker]

They already can force fiscal measures on members it goes hand in hand with the thousands of other "directives" every year

If your lucky your government argued an opt out but wben you need something from the EU those opt outs can be. Bargained away

They have some measures to restrict structural deficits and debt levels relative to GDP (not that they appear to work) but they don't have direct powers to dictate taxation and spending policies. That's what they want.

[chesters1]

They have some measures to restrict structural deficits and debt levels relative to GDP (not that they appear to work) but they don't have direct powers to dictate taxation and spending policies. That's what they want.

you forget VAT the eu dictate the range of VAT a member can charge and take a bit for themselves ,the uk couldnt remove VAT if it wished

[Phone]

All,

 

As to the question - Not sure if it will be good for the EU but it seems sure as 'ell it was good for the Greeks. They received a couple hundred BILLION, give or take a billion with no intention of paying it back. Better than Bernie Madoff and that's saying something.

 

Phone

[Vagabond]

"Beware the Greeks bearing gifts" said Homer.

 

Right.

 

...and most certainly, "Beware the Greeks borrowing money"

[chesters1]

Them simpsons knew stuff

Rather than the EU bailing out greece in reality its paying back the krauts and frogs loans and the greeks gain little

Edited July 12, 2015 by chesters1

[Steve Walker]

There is a narrative that the bail-outs all went to the banks - erm, if I pay off someone's credit cards for them the money all goes to the bank, doesn't mean I'm not doing him a favour!

 

Actually what happened is that the private creditors took a lot less than they were owed to write off the debt, and the difference was paid by issuing bonds from the European Financial Stability Fund. The repayments on those bonds are guaranteed by the other eurozone countries, if Greece can't pay they will have to. The actual bonds were sold into the money markets, and now more than half of them are owned by EU countries.

[barry luxton]

Do like this summery and what will happen if they remain in the club, a greek tragedy : http://www.bbc.co.uk/news/business-33503330

 

Here in Athens, all I detect from government members, bankers and others is fatalism that they're ruined, more or less whatever happens - which makes their behaviour unpredictable.

 

There would in effect be a takeover, for years, of Greece by Berlin, Brussels and the IMF in Washington.

 

Monitors, from the IMF, would be permanently stationed in Athens, to prevent backsliding by the administration.

 

Privatisation proceeds would be put into some kind of escrow account, possibly in Luxembourg.

 

Athens would be deprived of even a figleaf of national economic autonomy.

Edited July 13, 2015 by barry luxton

[gozzer]

Don't worry Barry, it couldn't happen here. They couldn't take over our infrastructure, industry, or our business institutions. They've been sold off already.

 

John.

Edited July 13, 2015 by gozzer