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Panorama: Greece
Comments
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There was another program on BBC Three earlier in the week, where a reporter visited different parts of Greece to look at the social impact.
She visited a shipping port where the unemployment rate was 80% !
At that sort of level of unemployment, you could be skilled and exercise sobriety and still find yourself out of work.
The people interviewed did seem honest enough, and genuinely embarrassed about having to receive food parcels. They didn't want to rely on handouts.
The reporter also interviewed a wealthy rich Greek guy, at a shooting range (well...where else?!).
His defense was, shall we say unusual. He said that EVERYBODY avoided paying taxes, rich and poor alike. But it was ok, because from NOW ON, the spirit to contribute would be there. Basically, a tax debt amnesty then.
Hmm, that's not much of a consolation to a Greek government so short of working funds it is running month to month on empty.
She was a Jolly little reporter though wasn't she? "Oooh how exciting I've never been in a riot before". It would have really irked me to have someone quite so young and positive being so very excited over my shame and humiliation. Still, she was ever so nice - at least the Greek lady who lost her job didn't plunge to her death. I'm not sure exactly how that would have helped her hungry kids but I guess you dont think straight when it seems that it only gets worse all the time and that light at the end of the tunnel, it's a train.0 -
Doubt if exports to Greece were of that much significance to German growth.
No but the Euro would have been pegged back by the presence of Greece as a member thus allowing cheaper German exports to the world.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
No but the Euro would have been pegged back by the presence of Greece as a member thus allowing cheaper German exports to the world.
Clearly that's right at the margin but I can't imagine that in the boom years when Greece was borrowing at 20bps (0.20 percentage points) more than Germany that there was a material effect on the price of the Euro.
Whether you or I are right is just conjecture of course.
It's worth looking at flows in the FX market to see what part is 'Portfolio flows' (traders gambling) and what part is 'trade flows' (that is people buying currency to buy goods and services from abroad).
I think many people would be surprised by how much portfolio flows outnumber trade flows. Trade flows are basically insignificant in daily FX market movements, although they do change things on a minute-by-minute basis.0 -
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Norfolk_Jim wrote: »She was a Jolly little reporter though wasn't she? "Oooh how exciting I've never been in a riot before". It would have really irked me to have someone quite so young and positive being so very excited over my shame and humiliation. Still, she was ever so nice - at least the Greek lady who lost her job didn't plunge to her death. I'm not sure exactly how that would have helped her hungry kids but I guess you dont think straight when it seems that it only gets worse all the time and that light at the end of the tunnel, it's a train.
She did remind me of an over excited girl guide0 -
Question Could the same happen to the other PIIGS?
Spain is not too pretty. Portugal I know little about. Italy seems to be in a mess. Eire, where I have friends who are reporting pretty scary stuff. Is it some kind of domino effect?0 -
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Thrugelmir wrote: »Interest rates which were too low was a contributory factor in Greece, as elsewhere in Europe including the UK.
I am merely explaining how Germany benefited by the exchange rate link to weaker economies and the fact it is not all 'one way' subsidy by The Germans.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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