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2 Trillion (2,000,000,000,000) bailout fund and 50% Greek Haircut - will it work?
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Problem is though I bet the likes of you and I on PAYE do pay tax and it is the self employed builders, doctors etc who don't - raising tax rates hit those who really have paid their taxes and 'done nothing wrong' and make those who avoid taxes even more likely to do so. Plus if you have never paid your taxes it would seem to be pretty pointless to do so now when the country is about to default - just like an individual about to declare BR - you might as well spend every penny first!I think....0
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In a way they're actually lucky to be in the Eurozone, they get the help they need to stop them bringing down the rest of the zone.
Default with the Drachma and there would be absolute chaos with little outside help.
If they weren't in the Eurozone they wouldn't have gone on a spending spree based on German interest rates.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Agreed but also agree with RJP33 - owe the bank £1m and you have a problem, owe the bank £1tn and the bank has the problem - witness what happened with the Wilson's property empire, they held a gun to the bank's head and basically said if you don't reduce our borrowing costs we will default and you will have half of Ashford on your books to sell at fire-sale prices, and the bank blinked first.If they weren't in the Eurozone they wouldn't have gone on a spending spree based on German interest rates.I think....0
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The Germans have this knack of bringing out the rebelliousness in people.Going4TheDream wrote: »At the end of the day the Greeks have to show willingness to change and as yet I dont really see any evidence that that is actually happening, on any level."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
They were able to borrow at German interest rates because people thought their credit had some sort of backing. So what happened?If they weren't in the Eurozone they wouldn't have gone on a spending spree based on German interest rates."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
Agreed but also agree with RJP33 - owe the bank £1m and you have a problem, owe the bank £1tn and the bank has the problem - witness what happened with the Wilson's property empire, they held a gun to the bank's head and basically said if you don't reduce our borrowing costs we will default and you will have half of Ashford on your books to sell at fire-sale prices, and the bank blinked first.
What came first the chicken or the egg
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
They were able to borrow at German interest rates because people thought their credit had some sort of backing. So what happened?
I guess they borrowed too much.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
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Always best to stock up on things when they're cheap, including money. Somebody offers you 3% fixed for 20 years, grab it. Borrow as much as you can.I guess they borrowed too much."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
If they weren't in the Eurozone they wouldn't have gone on a spending spree based on German interest rates.
I think they still would have, it's a cultural thing. Over there people are given jobs for life no matter how useful they actually are to the state, and they have an extreme problem collecting tax.0
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