MSE News: Chancellor hails Greece bail-out package

Former_MSE_Guy

This is the discussion thread for the following MSE News Story:

"George Osborne welcomed the new bailout package, commending eurozone leaders on their 'decisive economic action' ..."

Read the full story:
Chancellor hails Greece bail-out package

Old_Wrinkly

Why is this thread on the Budgeting & Bank Accounts board?

In fact, why is there even a discussion thread about this Press Association article (dressed-up as an "Official MSE News Article")?

jamesd

Perhaps because the problem for Greece has been budgeting badly and lying to creditors and those problems have been coming home to roost. Get the budgeting right, don't lie to creditors and there wouldn't be a crisis.

Deepfatfriar

jamesd wrote: »

Perhaps because the problem for Greece has been budgeting badly and lying to creditors and those problems have been coming home to roost. Get the budgeting right, don't lie to creditors and there wouldn't be a crisis.

I heartily agree with Jamesd.

The statements above equally apply to the UK.

When were mortgage rates previously around 8-10 times the bank rate ?

That artificial indicator of inflation the CPI is an absolute joke and bears no relation to reality as we all know.

Look at the real rises in utility costs.

We as a country borrow money to give away and pay the interest on it.

Exactly how much UK money is being put in the IMF ? Osbourne seems to have omitted that.

Our politicians and financial "wizards" couldn't work out the real impact of changing 10% tax rates to 20%.

The UK is probably no better than Greece but maybe our polticians are better liars.

MoneySaverLog

I cannot believe that the UK, being in such a bad way financially itself, with talks of 12p increases to income tax are now putting their hand in their pocket again to bail out Greece.

It will be the tax payers that will foot this bill yet again.

I think we should get our own house in order first, cut our own debts first, and then look at helping other countries.

Deepfatfriar

MoneySaverLog wrote: »

I cannot believe that the UK, being in such a bad way financially itself, with talks of 12p increases to income tax are now putting their hand in their pocket again to bail out Greece.

It will be the tax payers that will foot this bill yet again.

I think we should get our own house in order first, cut our own debts first, and then look at helping other countries.

How about an additional contribution of £9.2 Billion...

This is in addition to the £12.5 billion we promised to EU bailout fund.

Like you I am utterly baffled as to how and who is funding this (us of course).

In my book if you have no money then you have no money....

You certainly do not borrow to give it away.

WE fire policemen but bailout the Greeks where tax evasion and tax avoidance is endemic, hardly any one pays tax at all, public servants retire at 55 and we extend our retirement age while the Greeks slug down oozo...

Paulgonnabedebtfree

On the basis that we are all in this together, I reckon that I should get the same deal. Halve my monthly minimum repayments and give the whole lot a borrowing rate of 3.5%. My mortgage would cost a bit more but that would be easier to sustain as my other repayments would be a lot cheaper.
I wonder how many people would be spared bankruptcy, IVAs or DMPs if the state took over the lending from the private sector and let us have such a deal. I know there would be other repercussions (perhaps higher taxes/more QE and/or more spending cuts) but at least the lenders would not have so many people defaulting.
Fanciful? Too right it is but I've been a damn sight more honest than the Greek government and I will get sweet FA (nor do I expect anything).

Credit-Crunched

Greece are in this crazy predicament due to:

i) Obscenely generous benefits system

ii) Hugely bloated Public sector system that does little but pays a lot

Luckily we have neither of the above.........................:o

Credit-Crunched

Paulgonnabedebtfree wrote: »

On the basis that we are all in this together, I reckon that I should get the same deal. Halve my monthly minimum repayments and give the whole lot a borrowing rate of 3.5%. My mortgage would cost a bit more but that would be easier to sustain as my other repayments would be a lot cheaper.
I wonder how many people would be spared bankruptcy, IVAs or DMPs if the state took over the lending from the private sector and let us have such a deal. I know there would be other repercussions (perhaps higher taxes/more QE and/or more spending cuts) but at least the lenders would not have so many people defaulting.
Fanciful? Too right it is but I've been a damn sight more honest than the Greek government and I will get sweet FA (nor do I expect anything).

Stop looking at blaming elsewhere, YOU sign the credit agreements for a new TV, Car, Holiday etc. When it all goes belly up people look for someone to blame, sadly this does not go further than your own doorstop.

Take some responsibility for your actions and stop blaming the banks for the countries debt problem!

michaelvintner

Credit-Crunched wrote: »

Stop looking at blaming elsewhere, YOU sign the credit agreements for a new TV, Car, Holiday etc. When it all goes belly up people look for someone to blame, sadly this does not go further than your own doorstop.

Take some responsibility for your actions and stop blaming the banks for the countries debt problem!

The poster was not trying to lay blame for their actions on others. They were pointing out that if Greece can get these terms then why can't other people.

The poster was probably a lot more honest when they applied for credit than the Greek Government was.

donkingkong

michaelvintner wrote: »

They were pointing out that if Greece can get these terms then why can't other people.

They shouldn't have, Greece should have been allowed to implode. The whole "system" is a pile of corrupt crap.