Greek Rioters

wellused

A large part of the Greek economy must be its tourism trade by devaluing its currency it would see a massive growth in tourism, whether the whole of Greece could prosper just relying on tourism is another matter.

ILW

CLAPTON wrote: »

The trioka offer nothing except austerity (deflation, negative growth and no timescale for improvement)


if the greeks pull out of the euro, default on their debts and re-adopt their own currrency, then they have very realistic opportunity to stabalise their economy and have some hope for economic growth in the not too distance future[/QUOTE

What happens in the period between full default and the pick up. Where does the cash come from to pay wages etc?

wellused

They would have to shrink the state, sack public employees, and slash the minimum wage, much the same as they will have to do to get the EU/IMF loan now but at least they would be doing all that for themselves instead of a means to save the Euro.

mcfisco

Can anyone tell me if such austerity measures have ever lifted a country back into being a vibrant and booming economy?

I can't think of any

cogito

The Greeks (amongst whom I now live) are suffering greatly because of the actions of their corrupt politicians who have acted for years as though they own the country. It's no good saying that they deserve what they got because they elected them. The same applies to one degree or another everywhere you look. The fact that a large percentage of the UK population wants to get out of the EU cuts no ice whatsoever with the major parties. If you're opposed to the EU, who do you vote for? UKIP or the BNP and who would want that? It's exactly the same here in Greece.

Greece faces years of hardship but that is not the fault of the average Greek. It is entirely the fault of the Brussels elite who are prepared to force the Greeks down this avenue to preserve their precious Euro project not to mention their own inflated salaries and benefits. The only sensible thing for the Greeks to do is do what Iceland did - default. Some pain would inevitably follow but eventually, there would be light at the end of the tunnel. Unlike now when the only light is another train coming the other way.

CLAPTON

ILW wrote: »

[QUOTE=

What happens in the period between full default and the pick up. Where does the cash come from to pay wages etc?

well two things
what happens now if they don't?

but the answer is they print money; it will be massively devalued from the euro but that's part of the cure

mcfisco

Of course the irony of it all is that Germany is the powerhouse that it is - to a great extent - due to debt relief on a massive scale

On the other hand, look what happened to them [and the rest of Europe] when they were bled dry

The_White_Horse

i am sure they are overstating the consequences of default to protect the precious euro. people should not be surprised by it, the eurozone does not like democracy or freedom.

MrRee_2

The Greeks are, in general, a bunch of lazy lard ar5es ........ and they want it all without earning it.

The Germans are working hard while the rest of Europe sits on its corporate backside! I'm staggered that the Germans are not rioting instead!!

AndyGuil

The_White_Horse wrote: »

i am sure they are overstating the consequences of default to protect the precious euro. people should not be surprised by it, the eurozone does not like democracy or freedom.

The markets will move on to focus on Italy and Spain, and Europe will collapse. It is very bad for us all if they do default.