Referendum: Epic bailout fail

worldtraveller

It makes me laugh, yet again, at the media commentary last week that was indicating, for some unearthly reason, that the European issues were on their way to being resolved. The can was kicked, yet again, a little further down the street. The Greeks will not accept more austerity, just as the Italians won't, preferring to make prosciutto out of PIIGS. Meanwhile the uber-elite of corrupt, unelected, and largely unaccountable, politico-technocratic autocrats will continue to map out their own destination at any cost - a one way street!

Wookster

I think the recently heralded "comprehensive" bailout has just failed.

Epic Fail!

ILW

Guess they will vote for keeping the retirement age a 55 and not paying any tax to speak of. EU should just work a way of cutting them loose and use them as an example of what overspending causes.

michaels

The Greeks see value in their hand - basically that they are 'too big to fail' in sovereign turns just as some banks were but are they overplaying it?

I guess for Papendreou there is nothing to lose - win the vote and he has some traction to implement the reforms, lose it and it just shows that the reforms could never have been implemented anyway. Meanwhile it is another card to use in the funding negotiations.

Wookster

michaels wrote: »

I guess for Papendreou there is nothing to lose - win the vote and he has some traction to implement the reforms, lose it and it just shows that the reforms could never have been implemented anyway. Meanwhile it is another card to use in the funding negotiations.

Yes - and with the very fabric of Greek society falling apart its pretty clear that austerity will not work. With Greek labour costs 30-40% higher than Germany's there are only 2 methods for Greece to regain competitiveness - internal devaluation or exiting the Euro. Neither or which are pleasant...

ILW

I do wonder what the average Greek person thinks the answer is.

Joe_Bloggs

I see the referendum as a back me or sack me issue. If the referendum is lost then there will be a general election. All sides will have to come up with credible proposals.

The Greeks invented democracy. They have yet to master responsible government finance.

J_B.

The_White_Horse

the EU will NOT stand for this type of democracy. How dare they ask the people.

If the people vote "NO" then the EU will demand another one and another one until they get their "YES" vote.

If there is one thing the EU cannot abide, it is democracy.

Mary_Hartnell

Yes these people have "rights" not obligations to pay their bills due to the rest of the world.
Though this situation does rather smack of "Its the rich what gets the pleaseure; it is the poor what gets the blame...............".

Pity they have not got a rich neighbour, prepared to bail them out, in exchange for agreeing to an act of union?

Mind you in these days of electronic communication, you don't really need to upgrade the A1 to Roman standards, to stay in touch.

OK Greeks, what do you fancy, Anschluß or greater China as a partnership.

Joe_Bloggs wrote: »

They have yet to master responsible government finance.

J_B.

Most democratic politicians[STRIKE]They[/STRIKE] have yet to master responsible government finance. In fact I doubt that many of them could pass a GCE in book-keeping.

michaels wrote: »

Meanwhile it is another card to use in the funding negotiations.

Meanwhile it is another card to use in the [STRIKE]funding[/STRIKE] fudging negotiations.

Niksan

Couldn't this just be a big gamble to try and ease the current civil unrest within Greece? When the people realise yeah, it's uber crap at the moment and then realise it could be a magnitude worse then they would be able to just get on with it?