Greece...

antrobus

HAMISH_MCTAVISH wrote: »

As expected.....;)

Well quite.

HAMISH_MCTAVISH

Graham_Devon wrote: »

Theres a humanitarian aspect to all this.

Syria doesn't affect me. I'm concerned about that too - .

I'm curious.... enlighten us.

Cyberman60

Is somebody confusing Syriza with Syria.... ?

chucknorris

Cyberman60 wrote: »

They've only kicked the can down the road. They have four months !!

But European economies (incl. us) are in recovery, even in just 4 months they will be in a better position to tell the Greeks where to stick it (it might not come to that of course) than they are right now. If they then decide to 'kick the can down the road' in 4 months time for another 4-6 months, then even better.

Cyberman60

chucknorris wrote: »

But European economies (incl. us) are in recovery, even in just 4 months we will be in a better position to tell the Greeks where to stick it (it might not come to that of course) than we are right now. If they then decide to 'kick the can down the road' in 4 months time for another 4-6 months, then even better.

They are stuck in a recession due to austerity. Maybe things will pick up due to QE. Time will tell. :eek:

chucknorris

Cyberman60 wrote: »

They are stuck in a recession due to austerity. Maybe things will pick up due to QE. Time will tell. :eek:

So there economy was doing fine otherwise was it? I think not! It isn't about Greece, they are stuffed, its about everyone else (i.e. will they drag anyone else down with them).

mystic_trev

The problems with Greece will almost certainly never be solved whilst they stay in the Euro. The Greeks paying taxes is a lifestyle choice, which is why so few pay them. If the Taxman comes calling you give them the old 'brown envelope' or Fakelaki as the Greeks call it, and off they trot.

http://en.wikipedia.org/wiki/Tax_evasion_and_corruption_in_Greece

Corruption and the failure to pay their Taxes is endemic in Greece, and no promises by Syriza will change that. It can only be a question of time before the rest of the EU has had enough and boot them out.

antrobus

mystic_trev wrote: »

The problems with Greece will almost certainly never be solved whilst they stay in the Euro. The Greeks paying taxes is a lifestyle choice, which is why so few pay them. If the Taxman comes calling you give them the old 'brown envelope' or Fakelaki as the Greeks call it, and off they trot.

http://en.wikipedia.org/wiki/Tax_evasion_and_corruption_in_Greece

Corruption and the failure to pay their Taxes is endemic in Greece, and no promises by Syriza will change that. It can only be a question of time before the rest of the EU has had enough and boot them out.

It is true that Greece has an issue with the size of its shadow economy and the resulting evasion of taxes; its shadow economy is 24% of GDP, compared to our figure of 10%.

On the other hand, it's 24% in Poland as well, 26% in Latvia, 28% in Romania, Lithunia, Estonia, and 31% in Bulgaria. What's worth noting about these countries, is whilst all of them have a 'tax evasion' problem that's at least as big as Greece, if not bigger, all of them appear to be quite solvent. Like Bulgaria for example, where government debt is apparently 17.3% of GDP. Or Estonia, where it's 10%, and the even manage to cope with the Euro as well.

http://www.atkearney.com/documents/10192/1743816/The+Shadow+Economy+in+Europe+2013.pdf

wotsthat

Graham_Devon wrote: »

So because it doesn't effect me I shouldn't be at all concerned? Theres a humanitarian aspect to all this. .

Who are the humans you are so concerned about? Those that are lending knowing they'll never be repaid or those borrowing without any intention of paying it back?

At worst once the Greeks default the UK will step forward to send humanitarian aid to both Germany and Greece - you'll be delighted I'm sure.

Graham_Devon wrote: »

Syria doesn't affect me. I'm concerned about that too - do what you must to provide a put down.

I suspect Syria will affect us more directly than the first world 'problems' of Greece's debt levels ever will.

Greece is nothing. It's the growing pains of a currency union. There are massive transfers of wealth in the Sterling currency union and no one bats an eyelid. That's all this is - a growing realisation of what currency union really means.

If it doesn't work out Greece will go back to the Drachma and Germany the DM - we'll get over it.

Thrugelmir

chucknorris wrote: »

But European economies (incl. us) are in recovery,

I didn't realise that our economic and financial problems had been fixed. Must have missed the news tonight.

The ECB wouldn't be pumping QE in to the system if deflation wasn't a concern.

What I did pick up from the news today.

Consumer prices across the European Union fell in January at the fastest rate since records began in 1997, increasing the risk that the 28-member bloc will slide into deflation.

Separate data released at the end of last month showed that consumer prices in the eurozone, comprising 19 countries that use the euro as their currency, fell at the fastest pace since July 2009.

Eurostat on Tuesday said consumer prices in the 28-nation bloc fell 0.5% in January from a year earlier, and confirmed data that showed prices in the eurozone were 0.6% lower.

http://www.wsj.com/articles/deflation-threat-grows-in-europe-1424772001