Do Greek voters think they can just go on spending more than they earn forever?

gailey_2

Graham_Devon wrote: »

Greek PM about to resign.

Pressure from the Eurocrats must be immense.

Means that the referendum will be cancelled and Sarkozy etc will be able to make the changes they want for Greece, in effect.

Wouldent be so sure

g pap resigns-no referndum
but co-alition governemt with the oppoisition who oppose current current bailout deal and want to renegocaite,.
But germany already made it clear like it or lump it!

Nothings certain,
more unceratinty means more trouble in markets.

julieq

Does look like Europe is playing hardball properly, and I think the chances of avoiding armageddon just decreased greatly.

This isn't about dictatorship incidentally. The Greek government (elected by the people) has been irresponsible and it's being offered an escape route. It's up to them whether they take that or not, but the gamble seems to have been that the rest of Europe is so scared of the domino effect they could get better terms. It was pretty cynical. As I said yesterday, it seems like the tactic has been to make it clear that they would be removed from the EU as well as the Euro and left to disintegrate, and sense has prevailed.

gagahouse

julieq wrote: »

Does look like Europe is playing hardball properly, and I think the chances of avoiding armageddon just decreased greatly.

This isn't about dictatorship incidentally. The Greek government (elected by the people) has been irresponsible and it's being offered an escape route. It's up to them whether they take that or not, but the gamble seems to have been that the rest of Europe is so scared of the domino effect they could get better terms. It was pretty cynical. As I said yesterday, it seems like the tactic has been to make it clear that they would be removed from the EU as well as the Euro and left to disintegrate, and sense has prevailed.

Yep, Merkozy called his bluff, the ECB has just cut rates, they are planning for Greek euro exit and how to contain it. I think Papandreou is a goner anyway, there will be no referendum, more likely we will see snap elections or a national unity govt formed with former ECB member Papademos at the helm.

Graham_Devon

Either way, the markets seemed to like the sound of him resigning. FTSE100 jumped 50 points.

How dare the people of Greece have a say!

Ahh, having just seen the interest rate cut, could have been more to do with that.

julieq

Everybody can breathe out again until next Tuesday when something else happens.

Berlusconi is the next big wild card. Never trust a man who dies his hair that colour.

julieq

Graham_Devon wrote: »

Either way, the markets seemed to like the sound of him resigning. FTSE100 jumped 50 points.

How dare the people of Greece have a say!

They can have a say Graham, when they're picking up the tab themselves. If they want to trash Europe so they can sit in the sun and avoid paying tax, then many of us would suggest that isn't exactly playing by democratic rules.

Graham_Devon

julieq wrote: »

They can have a say Graham, when they're picking up the tab themselves. If they want to trash Europe so they can sit in the sun and avoid paying tax, then many of us would suggest that isn't exactly playing by democratic rules.

Erm, thats part of having their say. They know the consequences.

julieq

To be honest I doubt they do know the consequences. Most of their leaders do, which is why they've decided that taking Europe's money is probably better for everyone than economic disaster and bankruptcy. As I've pointed out, Greece is not Argentina.

What the EU made clear today was that they were prepared to make an example of Greece. That is a very important step. The Greeks will have their say probably at an election, but it's clear that if they don't mend their ways they'll be kicked out of the EU altogether rather than being allowed to negotiate better terms. That removes some of the uncertainty and allows the two futures to be presented accurately to the Greek electorate: so far that hasn't happened.

Democracy is NOT about allowing voters a say on all issues - on many they are very poorly informed - but to elect leaders on general principles and allow them to decide issues. General elections are the ultimate referendum, and there will probably be one.

Really2

julieq wrote: »

Berlusconi is the next big wild card. Never trust a man who dies his hair that colour.

Good job his expenses don't get published. ooop they do only £30M lat year

Ill give him one thing, his expenses are a bit more exciting than a duck house.

Really2

julieq wrote: »

To be honest I doubt they do know the consequences.

I have to agree, one of their main gripes seems to be public sector austerity.
I think that cuts would be far deeper should they default ?