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Wait a minute...WHat have Italy, Portugal or Spain anything to do with this ?Portugal, Spain, Italy, are next. Good bye Eurozone. Britain is toast. Good bye EU.
A whole lot of the problems in Greece are as a result of possibly deliberately targeted lines of credit from US sources with the intent of Greece being the Trojan Horse of the Eurozone.
.The EU is seen with alarm by the US, especially the Eurozone, because a stable and solid Euro would make a very good replacement for a massively exploited and hugely overvalued dollar as the petro-currency of the world
Greece has been stupid and greedy and dishonest. In my opinion Greece should not be ejected from the Eurozone, that let's the Greeks off too easily. Instead Greece should now face years of austerity while they repay what they have spent and squandered.
It won't be nice for them and it won't be easy but like with a credit card, enjoy the spending but don't think you can escape the bills. Just a shame the population didn't realise what the government was delivering was on the national credit card.
No, think back to the legend of the first Trojan Horse. The intent then was not to see what was in Troy, it was to break into and destroy Troy.A Trojan horse for what ? Do they want to find the secret behind the euro ?
But it is still massively overvalued based on where it should be if it were not the universal petrocurrency, a thing that more than any other has kept it as the reserve currency of first choice.The dollar is overvalued ? It's never been so low for so long !
Japan's public debt nears 200% of GDP. Nobody is saying Japan is bankrupt. Why ?
The big problem is that Greece has no credibility left after cooking the books to enter the Eurozone and relying on financial alchemy to create the impression that its debt figures were substantially lower than they actually were. The Greek government is primarily to blame for this unprecedented fiasco, but what were the watchdogs in Brussels doing when all these unscrupulous machinations were taking place in Athens?
Greeks are protesting because Greeks (the people) didn't cause the problem. The problem was caused by greedy politicians and now the people must pay for their mess. No one from the current government is trying to find out who were the ones that created this mess to punish them and the financial plan they proposed to get the country out of the crisis includes salary reduction only in middle and lower class without any increase in taxes for the upper class and politicians....
The worse part is that most of Greeks don't understand seriousness of their county's financial situation and protest against any sacrifices. At least this is what I'm getting from watching BBC news about Greece...
I have read a huge problem for the 'PIGs' (I won't use this again) countries is the huge economic disparity across the EU. In the fact that the best and brightest in countries like Greece are looking at 5 years plus of economic stagnation, meaning less opportunities and lower wages.
If your fresh out of university why would you hang around when your free to move to more prosperous parts of the EU and earn more money. Loosing these kind of people are only going to make the economic situation worse.
Greeks are protesting because Greeks (the people) didn't cause the problem. The problem was caused by greedy politicians and now the people must pay for their mess. No one from the current government is trying to find out who were the ones that created this mess to punish them and the financial plan they proposed to get the country out of the crisis includes salary reduction only in middle and lower class without any increase in taxes for the upper class and politicians.
And yes I know people voted for those politicians in the past (the ones who did all that) but you never know it in advance right? The people are the last to be informed in such situations and they were only informed now...
The way I see their "solution" to the problem is similar to wearing glasses instead of doing laser surgery. Wearing glasses only covers the problem temporarily but it doesn't solve it.
As for the question of the thread, if Greece gets kicked out of EU it will only show to the markets how weak the EU is and it will have a negative effect on euro. EU should help Greece and later on Portugal, Spain and Ireland (the PIGS as they call us when they refer to weak economies) solve their financial problems if we want to have a future as a union.
After all no one from the EU and especially Germany is giving money to Greece as a present. I don't call it "help" when Germany is borrowing money with 2% interest and demands strict politics against the Greek people just to lent us money with 5-6% interest. I call this stealing your "friends" and try to make huge profit out of their problems.
How can Greece not make the higher earners share the pain? Why would the E.U. allow a deficit reduction structure where the lower and middle classes bear the greatest part of the burden?
Because among the higher earners are the ones who vote for these laws...
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