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It is probably about time to separate politics from economy in general. After 100 years or more of experimentation we know what works what doesn't. Too much socialism never worked for a long run. I'm not sure why it is still tried? Recent examples are Greece and Venezuela to provide addition proofs that it doesn't work.Of course, people in any country can stay in current state if they deny to accept and implement change. But no eternally.
Linking for bad Status quo can only making things worse, changes sooner or later, will happen in one way or another.
All Europe can learn from German and other successful economies in Euro zone, and why not, they are role models and leaders.
If systemic change and introducing new institutions can solve situation for better, why it is utopia. I think something different, we speak about novelty, something new to be built, term utopia is different, it is society which posses perfect qualities.
Nope, it is the Greeks, nobody from the outside. Stop blaming the world, look inside for problems and outside for solutions.
http://www.nytimes.com/interactive/2015/business/international/greece-debt-crisis-euro.html?_r=0
I've been listening to all the talking heads on the Sunday news shows in the U.S. Conclusion is that the only lasting way out of this mess for Greece is growth and that severe austerity measures will make that highly unlikely. Somebody tell that to the Eurozone negotiators.
Do you mean that Greeks like children didn't know what they were doing?Greeks have their share of responsibiltiy. But when blaming Greeks we shouldn't spare also those who pushed Greece into the EURO trap in anticipation of "rescue" by our tax money and subsequent shopping spree as a measure of austerity, despite the many warnings.
Do you mean that Greeks like children didn't know what they were doing?
Isn't that what the 'looneys' are trying to explain all the time? (sorry, I couldn't resist)
The austerity is idiotic, because it spares the most corrupt networks and kills the remnants of healthy economy. Now as Germany seems to approach it's end of capacity+patience, US is aligning with Tsipras because they want Greece to remain in the EURO. Schäuble on the other hand wants to rip Greece out of the EURO for 5 years, which is once more devastating for Greece after it was in the EURO trap already for so long. He wants to stop wasting tax money, that's nice, but what then? I'm afraid that Merkel and Schäuble are facing a dilemma.
If Greeks had decent economy, they wouldn't need to invent "creative accounting" to cheat their way into the debt. Fix your economy first and you have a great future, either with Euro or Drachma.guys
do we understand that through Greece, EU saved G-Sachs?
do we understand after Liehman, a collapse of G-Sachs?
do we understand that deposits 'fly' from Greece-Cyprus to West Europe?
if we understand, then we know where tax pay money go
As numerous economists have pointed out, part of the debt should be written off. It's what's been done in the past and it's what makes the most sense. Most of the financial types I know propose that. They also think that austerity measures that are so stringent that they throw a country into a recession don't make any sense. This needs, and needed, a balanced approach. All this crew in Greece have proposed is a continuation of the same old system they've always had. I don't think Tsipras et al have any clue what on earth they're doing. It's as if we had elected the "Occupy Wall Street" crowd to run the country. I had to pass their encampment everyday, and they couldn't even organize toilets for themselves.
However, the rigidity and shortsightedness of thinking of Merkel and co. is beginning to rattle the financial people here. She's playing with fire. Greece's economy is too small to bring the world economy crashing down, but they think she's mistaken if she believes this won't effect the rest of Europe. If nothing else it's exposed the flaws in the Eurosystem, and more countries could eventually follow suit.
There will be other failed financially states or cities, it is just a matter of when and who. It is important to have prevention and protection against built into the system. Greeks is the first one and a learning curve.However, the rigidity and shortsightedness of thinking of Merkel and co. is beginning to rattle the financial people here. She's playing with fire. Greece's economy is too small to bring the world economy crashing down, but they think she's mistaken if she believes this won't effect the rest of Europe. If nothing else it's exposed the flaws in the Eurosystem, and more countries could eventually follow suit.
There are interesting implications in case Greece is kicked out. If Greece do well economically by themselves, though with limited credits and no production economy it will be almost impossible, this can encourage others to drop of the burden of debt, go bankrupt and secede. However, if they are stuck in slow economic growth, trade barriers, traveling and working visas to EU, lower standard of living, this will work as a deterrent and keep all in EU. This all might need 5 year window to be clear to others after Greek secession. If Greece leaves now, I don't think any other would follow yet. It will start wait and see game.Yes, the economic significance of Greece is one of the minor problems. It's significance is in a complex of finance, intra-EU calamities, geopolitics, laws and principles. Other south-euro countries are also closely watching what is happening to Greece, because it might affect them later.
If Greeks had decent economy, they wouldn't need to invent "creative accounting" to cheat their way into the debt. Fix your economy first and you have a great future, either with Euro or Drachma.
I wasn't attending the negotiations, neither do I know which internal obstacles there are in Greece. Thus I avoid judging Tsipras too rigidly, but for now he doesn't seem to be worse compared to the others before. A least he makes a point that the current path was wrong.
Yes, the economic significance of Greece is one of the minor problems. It's significance is in a complex of finance, intra-EU calamities, geopolitics, laws and principles. Other south-euro countries are also closely watching what is happening to Greece, because it might affect them later. Germany's credibility is also at stake. EU wants to push centralization. Positions in the equity markets, etc.
There are interesting implications in case Greece is kicked out. If Greece do well economically by themselves, though with limited credits and no production economy it will be almost impossible, this can encourage others to drop of the burden of debt, go bankrupt and secede. However, if they are stuck in slow economic growth, trade barriers, traveling and working visas to EU, lower standard of living, this will work as a deterrent and keep all in EU. This all might need 5 year window to be clear to others after Greek secession. If Greece leaves now, I don't think any other would follow yet. It will start wait and see game.
Isn't that what the 'looneys' are trying to explain all the time? (sorry, I couldn't resist)
The austerity is idiotic, because it spares the most corrupt networks and kills the remnants of healthy economy. Now as Germany seems to approach it's end of capacity+patience, US is aligning with Tsipras because they want Greece to remain in the EURO. Schäuble on the other hand wants to rip Greece out of the EURO for 5 years, which is once more devastating for Greece after it was in the EURO trap already for so long. He wants to stop wasting tax money, that's nice, but what then? I'm afraid that Merkel and Schäuble are facing a dilemma.
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