What buying options will a NO vote bring?

KGriff

There is little doubt the Greek Banks will run out of money soon, particularly if the European Central Bank maintains a position that it will not become 'a lender of last resort'.

With no money in the Banks to pay wages, then people will be laid off work. Many old established businesses will disappear, probably forever.

Imports will stop and 'emergency supplies' of food and medicine will need to be sent to help the people, particularly the elderly and sick.

The tourist trade will quickly diminish and there will be clashes between the 'yes' voters and the 'no' voters, particularly if Europe stands fast against them. There will be a general breakdown in infrastructure, disruption to services, waste collection, blackouts and water shortages.

It is a situation not worth thinking about for the Greek people if Europe decides to call its bluff.

It's not really a time to think about making money. The consequences of them leaving Europe are a tragedy in the making.

It may take them many generations to recover.

As a person aged 55, I don't see Greece or their situation, as an investment vehicle, in my lifetime, nor do I want to make money from other people's suffering, albeit the 'No' decision is that of the Greek people. I wonder if they 'truly' realise what they maybe letting themselves in for?

I think Europe, particularly Germany, may have to cave into their demands. None of us, including Britain, should standby and watch this potential tragedy unfold.

Voyager2002

KGriff wrote: »

There is little doubt the Greek Banks will run out of money soon, particularly if the European Central Bank maintains a position that it will not become 'a lender of last resort'.

With no money in the Banks to pay wages, then people will be laid off work. Many old established businesses will disappear, probably forever.

Imports will stop and 'emergency supplies' of food and medicine will need to be sent to help the people, particularly the elderly and sick.

The tourist trade will quickly diminish and there will be clashes between the 'yes' voters and the 'no' voters, particularly if Europe stands fast against them. There will be a general breakdown in infrastructure, disruption to services, waste collection, blackouts and water shortages.

It is a situation not worth thinking about for the Greek people if Europe decides to call its bluff.

It's not really a time to think about making money. The consequences of them leaving Europe are a tragedy in the making.

It may take them many generations to recover.

As a person aged 55, I don't see Greece or their situation, as an investment vehicle, in my lifetime, nor do I want to make money from other people's suffering, albeit the 'No' decision is that of the Greek people. I wonder if they 'truly' realise what they maybe letting themselves in for?

I think Europe, particularly Germany, may have to cave into their demands. None of us, including Britain, should standby and watch this potential tragedy unfold.

I share your sympathy for the Greek people, and I agree that this is more important than the chance to make money.

I disagree with your analysis: over the last 30-odd years there have been plenty of examples of countries that could not pay their debts and so went into some kind of "conciliatory default", and almost certainly were better off as a result than if they had simply accepted the terms offered by their creditors. In this case the demands of the creditors were that Greek follow economic policies that did not make any kind of sense, so in strict economic terms 'no' was the correct answer. While Greece is certainly in for a bumpy ride, with the kind of imaginative leadership that they now enjoy it should certainly be possible to avoid the route to disaster that you outline.

Worst case: Greece could follow a path similar to that of Cuba. Not a comfortable option, but most certainly not a disaster.

colsten

Voyager2002 wrote: »

Worst case: Greece could follow a path similar to that of Cuba. Not a comfortable option, but most certainly not a disaster.

:eek::eek: Have you been to Cuba? It's a beautiful country but the poverty is shocking.

redmalc

Cuba is in a better state than a lot of other places now.
Greece needs to get a grip with Tax Evasion and it may find its self in a better position than it is in now.
The people have voted no to Austerity so they have signed their own sick note,no body likes paying taxes etc etc but the consequences are catastrophic and they will soon find out with the Government they voted in because they never had any intention of making the payments to the IMF.

Gadfium

redmalc wrote: »

Cuba is in a better state than a lot of other places now.
.

Where? North Korea?

EdGasket

A cheap holiday?

keiran

Cuba has one of the best healthcare systems in the world, free at the point of delivery. It has a free high quality education system, up to the level of any citizen's abilities/aspirations. Low rent properties are guaranteed for residents. And yes, it's a beautiful country steeped in great architecture and culture.

Of course, 50 years of trading embargo by the USA has had its effects and disposable incomes are low, with a 2 tier economy, whereby anyone with dollars can buy virtually anything whilst basic foodstuffs are rationed (though note that when the UK had rationing, the overall health and nutrition of the population was the best it's been, without the variation in the ranges of malnutrition and obesity)

Gadfium

keiran wrote: »

Cuba has one of the best healthcare systems in the world, free at the point of delivery. It has a free high quality education system, up to the level of any citizen's abilities/aspirations. Low rent properties are guaranteed for residents. And yes, it's a beautiful country steeped in great architecture and culture.

Yep..highly educated people with zero abilities to use those skills. That's why you find lawyers and doctors working in bars and cleaning hotel rooms.

Here's the view from the Capitolio in the centre of Havana. Look at the "derelict" building across the way. Look the part of the building where the wall has collapsed. See the clothes hanging up to dry? That's typical living conditions in Havana for a lot of people.
I hope that the recent changes and relations will help, though nothing much will change until they change their government.

Thrugelmir

Reaper wrote: »

It might fall further if the EU refuse to re-open negotiations, but only 1-2% is my guess.

Ball is in Greece's court. There's been months of negotiations. The Greek people have in effect vetoed the last proposal. Difficult to see what options are actually left.

Voyager2002

colsten wrote: »

:eek::eek: Have you been to Cuba? It's a beautiful country but the poverty is shocking.

Yes I have.

While there are many problems (as some posters here have pointed out and illustrated), anyone like me who has travelled around the 'third world' will be struck by the ABSENCE of "shocking" poverty. Being at the bottom of the heap in Cuba is a great deal better than in the USA; being an ordinary low-income worker is very much better in Cuba than in a comparable country like Dominican Republic or Philippines.