Greece...

antrobus

Graham_Devon wrote: »

.....Full and detailed report here:
http://www.theguardian.com/business/2015/jul/02/imf-greece-needs-extra-50bn-euros

No, that's a link to the Guardian.

Here's an actual link to the real full and detailed report;
http://www.imf.org/external/pubs/ft/scr/2015/cr15165.pdf

Or just read the summary here
http://www.imf.org/external/pubs/cat/longres.aspx?sk=43044.0

At the last review in May 2014, Greece’s public debt was assessed to be getting back on a path toward sustainability, though it remained highly vulnerable to shocks. By late summer 2014, with interest rates having declined further, it appeared that no further debt relief would have been needed under the November 2012 framework, if the program were to have been implemented as agreed. But significant changes in policies since then—not least, lower primary surpluses and a weak reform effort that will weigh on growth and privatization—are leading to substantial new financing needs.

Which I think roughly translates as, 'Greece was OKish last time we looked, but those darned Greeks voted in a bunch of idiots who have really messed things up, and now they need some more money.'

Graham_Devon

antrobus wrote: »

Which I think roughly translates as, 'Greece was OKish last time we looked, but those darned Greeks voted in a bunch of idiots who have really messed things up, and now they need some more money.'

Which roughly translates to 'Damned democracy'.

If the austerity regime hadn't have been as harsh under Samaras, it's unlikely Syrzia would have gained power.

There is a reason for everything. You can't simply lay the blame for everything at Syrzia's door. Cripple people and they will revolt.

antrobus

Graham_Devon wrote: »

Which roughly translates to 'Damned democracy'.

That's the way democracy works. People are free to vote for idiots if they so choose. Of course, there is often a price to pay further down the line, but so it goes.

antrobus

Graham_Devon wrote: »

....If the austerity regime hadn't have been as harsh under Samaras, it's unlikely Syrzia would have gained power.

There is a reason for everything. You can't simply lay the blame for everything at Syrzia's door. Cripple people and they will revolt.

I don't really understand why you are so keen to apportion 'blame'. What does it matter?

DTDfanBoy

Thrugelmir wrote: »

The UK media jumped on the bandwagon about the amount of cash that could be withdrawn from an ATM 's. Yet that daily allowance is amounts to twice what an average Greek earns in a month.

I think you've got your figures confused, I realise they're not the biggest earners in the EU but I'm sure that the average Greek earns more than €30 per month

Graham_Devon

antrobus wrote: »

I don't really understand why you are so keen to apportion 'blame'. What does it matter?

LOL!

Sorry? You were the one who came along in response to my post regarding the IMF and started calling the greeks "idiots" for "messing it all up"

And you have the audacity to then claim I'm keen on aportioning blame? Good grief!

My post on the IMF didn't aportion blame to anyone. It was your follow up post highlighting one paragraph and calling people idiots that did that!

Thrugelmir

DTDfanBoy wrote: »

I think you've got your figures confused, I realise they're not the biggest earners in the EU but I'm sure that the average Greek earns more than €30 per month

It's €60 a day and on the basis of 30 days in a month. That's €1,800 (£1,300) of cash a month.

Generali

Thrugelmir wrote: »

It's €60 a day and on the basis of 30 days in a month. That's €1,800 (£1,300) of cash a month.

I suspect that's your lot, no direct debits or electronic transfers. Still, these sorts of debt crises tend to wipe out the middle class. The poor have nothing anyway and the rich are so diversified that only something like the GFC can wipe them out.

Thrugelmir

Generali wrote: »

I suspect that's your lot, no direct debits or electronic transfers. Still, these sorts of debt crises tend to wipe out the middle class. The poor have nothing anyway and the rich are so diversified that only something like the GFC can wipe them out.

I'm sure there's plenty of cash under the mattress. Greece is hardly renowned for tax collection. Greece will be exposed to the differential between the have and have nots. If you have nothing. Then you have nothing to lose. Takes a crisis to cause fundamental change.

purch

Thrugelmir wrote: »

It's €60 a day and on the basis of 30 days in a month. That's €1,800 (£1,300) of cash a month.

February's going to be a bit grim :eek: