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The problem with socialism
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Greek inability to pay enough Tax to cover their spending, is somehow the responsibility of German tax payers.
The loony left employs the old comrades and justice diatribe that implies Greece is merely a victim, but personally I suspect German and Dutch tax payers feel pretty screwed over.
It was just another bank bailout. BNP and Deutsche Bank had lent Greece huge sums of money and were screwed if it wasn't repaid.
Rather than bail out the banks they bailed out the debtor by lending more money while getting the debts off the banks' books as quickly as possible.
These idiots were lending to Greece at 0.2% more than they were lending to Germany. Greece would have been mad to turn the money down quite frankly, especially given their history of default and repudiation of debts.0 -
....In terms of Labours loss he makes a compelling case and notably says 'FISCAL CONSERVATISM IS THE FOUNDATION FOR POLITICAL SUCCESS' lol...
Oddly enough, Fiscal Conservatism is exactly what the Attlee government (1945-1951) practiced. Good old Stafford was known as Austerity Cripps for a reason.
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It was just another bank bailout. BNP and Deutsche Bank had lent Greece huge sums of money and were screwed if it wasn't repaid.
Rather than bail out the banks they bailed out the debtor by lending more money while getting the debts off the banks' books as quickly as possible.
These idiots were lending to Greece at 0.2% more than they were lending to Germany. Greece would have been mad to turn the money down quite frankly, especially given their history of default and repudiation of debts.
Were they idiots though? Have the bankers responsible for the loans suffered any deleterious consequences at all, or did they just make a shed load of cash then palm the losses onto taxpayers?0 -
Greek inability to pay enough Tax to cover their spending, is somehow the responsibility of German tax payers.
Those loonie lefty greeks are pretty close to running a primary surplus, despite the cost of 25% unemployment; the fiscally responsible tories in the UK have not run a deficit of less than 5% since they have been in power.I think....0 -
ruggedtoast wrote: »Were they idiots though? Have the bankers responsible for the loans suffered any deleterious consequences at all, or did they just make a shed load of cash then palm the losses onto taxpayers?
I'm not convinced that one can argue that bankers can be said to be reponsible for loans to a sovereign state, in that sense. It's not as if someone like Greece was required to approach Deutsche Bank and fill in an application form detailing, inter alia, their income and commitments before getting the money. Sovereign states simply sell debt instruments into the market.
Banks tend to end up holding the darned things, because sovereign states (who make the rules) insist that they do. There isn't really that much of a profit to be made by holding government debt even if you can squeze an extra few basis points out of the book.0 -
Those loonie lefty greeks are pretty close to running a primary surplus, despite the cost of 25% unemployment; the fiscally responsible tories in the UK have not run a deficit of less than 5% since they have been in power.
Greece was actually running a primary surplus before the "loonie lefty" got in. If, as you say, they are now only "pretty close" to doing so, then things have got worse.
Besides, are you really trying to argue that the previous Coalition government should have tried to cut public spending faster than it did?0 -
Greece was actually running a primary surplus before the "loonie lefty" got in. If, as you say, they are now only "pretty close" to doing so, then things have got worse.
Besides, are you really trying to argue that the previous Coalition government should have tried to cut public spending faster than it did?
Not at all, just questioning the portrayal of the greeks as govt spending junkies who pay no tax when compared to us they run a much tighter ship.I think....0 -
Can anybody please explain this to me: is bailing out the TBTF banks capitalism? Is quantitative easing capitalism? Is Help to Buy (Votes) capitalism? Are tax breaks for the multinationals capitalism?0
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ruggedtoast wrote: »Were they idiots though? Have the bankers responsible for the loans suffered any deleterious consequences at all, or did they just make a shed load of cash then palm the losses onto taxpayers?
Ask their shareholders, that's where the bankers' fiduciary duty lay.0
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