Greece...

mystic_trev

Outside of Athens Greece was virtually a third World Country when I traveled there in the 70's. The Countries come a long way since then, unfortunately by spending other peoples money.

remorseless

seven-day-weekend wrote: »

I feel sorry for them because the present situation is not of the ordinary person's doing. Most people don't understand economics, they just took what was offered.

Same applies to any ordinary people in any country.

You're right, very unordinary, even in the UK many folks would not be able to withdraw that much!

antrobus

remorseless wrote: »

...Do you feel sorry about fellow Slovakians or Latvians or Lithuanians? Their pension is often barely 1/3 of a Greek one...

One really ought to feal sorry for the Slovakians since they will be amongst the biggest loosers if Greece defaults. Luckily for the Latvians and Lithuanians, they only joined the Euroclub after the second bailout, so they have dodged that bullet so far.

worldtraveller

Check out the results later from the official Greece "Greferendum" results site HERE.

Froggitt

seven-day-weekend wrote: »

I feel sorry for them because the present situation is not of the ordinary person's doing. Most people don't understand economics, they just took what was offered.

Same applies to any ordinary people in any country.

Wonder who they thought would be funding their second cars with the even/odd number plates when Athens introduced the even/odd restrictions on alternate days?

jacko74

The Greek situation really is the ultimate example of what happens when the greedy, !!!!less, self indulgent boomer generation are given the keys to the sweet shop...

jacko74

And someone at MSE needs to learn that f.e.c.k.less isn't a swear word!

seven-day-weekend

lvader wrote: »

There have to be consequences for voting in governments that don't keep public finances in check and more importantly decades of excess can't be wiped away by voting in the silly party.

Greece is a very sobering lesson for all countries.

I agree with all the points you have made, but still feel sorry for the ordinary Greek.

Perhaps people will now begin to understand why some of us voted Conservative in the General Election - we wanted the economy kept in check.

worldtraveller

Deutsche Bank have mapped out the various permutations of the referendum. Their thoughts below:

A No vote:

N1 – Soft deal: The most unlikely scenario is that the euro-area partners offer a much softer programme to Greece.

N2 – Default-and-stay: Moderately less unlikely is a scenario where Greece defaults but stays in the euro thanks to a direct recapitalisation of Greek banks by the euro-area partners, with the Greek government using only domestic resources for the country’s fiscal needs.

N3 – New deal: The third scenario is one in which the rising economic and political cost of a closed banking system results in the Syriza government being replaced by a new government of national unity and a new deal with creditors being reached.

N4 – Grexit: In our view, Grexit and Scenario N3 are the most likely – with about equal probabilities. That said, we see the probability of Grexit increasing the larger is the margin of victory of the NO vote. Even with a NO vote, the cumulative probability of the first three scenarios still exceeds that of Grexit.

A Yes vote

We see two main scenarios following a YES. We think the first scenario is the least likely but its probability is not negligible.

Y1 – Political deadlock & Grexit. With a ‘YES’ vote the likelihood of Grexit will fall significantly. However, in our view it will not be negligible due to implementation risk and lack of trust. Grexit could still materialise if there a political dead lock because either (i) Syriza government remains in office but there is no agreement with creditors or (ii) Syriza resigns but a new government cannot be created in the current parliament or after new elections.

Y2 – A short-term funding deal and a more balanced third programme are agreed, yielding a higher probability of medium-term success. This scenario could also be reached via several paths, but the most likely is the formation of a new government.

Irrespective of the referendum outcome, it is unlikely that there is an immediate resolution to the crisis the next day. A YES vote would be significantly more likely to lead to a quicker agreement with the creditors, but not without risks. Nevertheless, any agreement would likely require changes to re-build trust. Ultimately, the economic emergency will remain a key catalyst.

Yolina

worldtraveller wrote: »

with the Greek government using only domestic resources for the country’s fiscal needs.

Uh-oh... people would have to pay their taxes, imagine the panic :eek: :rotfl: