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Looks Like Syriza Will Win The Greek Election At The Weekend
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As they are anti austerity, ie we'll carry on spending someone elses money as long as poss, will the bubbles end up "grexiting"? .. and if they do, how will they avoid complete financial collapse?
As they are anti austerity, ie we'll carry on spending someone elses money as long as poss, will the bubbles end up "grexiting"? .. and if they do, how will they avoid complete financial collapse?
Answers
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The vast majority of Greeks want to stay in the EU and keep the Euro. Something Syriza are well aware of, as their statements and policies and statements reflect. On the other hand they are fed up with austerity and the other parties and so are willing to give someone else a try.
Syria if they win will of course face a huge and probably irreconcilable dilemma. It seems inconceivable that they will be able to square that. Greece cannot survive without EU bailouts and there is a orizr to pay for that. If they can wage war on the Greek oligarchs (in a country which gave us the word) then they'll have done some good and achieved something before they likely get booted out again
Syria if they win will of course face a huge and probably irreconcilable dilemma. It seems inconceivable that they will be able to square that. Greece cannot survive without EU bailouts and there is a orizr to pay for that. If they can wage war on the Greek oligarchs (in a country which gave us the word) then they'll have done some good and achieved something before they likely get booted out again
The Greeks should have left the euro in 2012 in a controlled and dignified manner. (Actually, they should never have been allowed to join it and further actually the euro should never have been established in its current form at all, but they are both different arguments).
Greece was given too many euros for its Drachmas, was encouraged to accumulate debt in a currency it could not afford to use and was denied the traditional cure for debt of devaluation. Now it cannot afford the repayments. That's the story for many of the euro participants and it will only get worse, not better. This is because the euro is fundamentaly flawed in that it is a currency used by a collection of individual nation states each with their own problems and own priorities. The ECB is not a "lender of last resort" (because the Germans won't hear of it) so it will continue to stumble from crisis to crisis.
Of course most Greeks want to remain in the EU and the euro. I'd love a joint bank account with Bill Gates.
Greece was given too many euros for its Drachmas, was encouraged to accumulate debt in a currency it could not afford to use and was denied the traditional cure for debt of devaluation. Now it cannot afford the repayments. That's the story for many of the euro participants and it will only get worse, not better. This is because the euro is fundamentaly flawed in that it is a currency used by a collection of individual nation states each with their own problems and own priorities. The ECB is not a "lender of last resort" (because the Germans won't hear of it) so it will continue to stumble from crisis to crisis.
Of course most Greeks want to remain in the EU and the euro. I'd love a joint bank account with Bill Gates.
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sooner we get out, the less we stand to lose when this empire building experiment collapses
sooner we get out, the less we stand to lose when this empire building experiment collapses
Good summary NJ.
You've forgotten one bit - the Greek Government of the day lied and lied again over the performance of the drachma by falsifying the measures used to judge their currency. So now payback for the false good times occurs.
Tough though it is for the everyday person, if you don't like the last-chance deal offered any more, you have to leave the club.
You've forgotten one bit - the Greek Government of the day lied and lied again over the performance of the drachma by falsifying the measures used to judge their currency. So now payback for the false good times occurs.
Tough though it is for the everyday person, if you don't like the last-chance deal offered any more, you have to leave the club.
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