For some strange reason I am drawn to all things political and financial and have been watching the Greek situation unravel with fascination. There are no right answers here as everyone is in the wrong; The Greeks should not have been allowed to enter the EU/Euro until they had fixed their economy but with the help of Goldman Sachs they fudged their accounts and were allowed in.
Furthermore the Greeks ignored all fiscal responsibility as soon as they were members of the EU and borrowed more and more money whilst awarding better pensions, earlier retirement and bigger wages.
They also have a ridiculously laissez-faire approach to tax collecting.
Having said that, it's not the Greek people's fault that they became members of the EU and were showered with goodies by successive governments who thought the largesse would ensure re-election.
The contraction of the Greek economy in recent years is staggering but a case can be made that they are only back to where they were before they got into the EU.
They still haven't come up with a plausible system of to collect tax which surely should be a priority.
Having said ALL that I like Tsipras because he's giving the EU, IMF and European Bank a succession of bloody noses and they don't know how to handle him.
Greece needs to reform BUT they will never be able to re-pay the full amount owing and a debt right off should be on the table. Spain, Portugal and Ireland will not be happy because they also borrowed heavily and didn't get a debt right -off and I have no idea how these countries can be assuaged if Greece does get a right-off of some of the debt.
I was amused to see this today https://www.indiegogo.com/projects/greek-bailout-fund#/story basically a crowdfunding website for Greece (I donated €10....you're welcome AthensR 🙂
It would be funny if they even came remotely close to the target but it would certainly be a wonderful show of people power and show the politicians up for being the useless pack of fannies they are.
Furthermore the Greeks ignored all fiscal responsibility as soon as they were members of the EU and borrowed more and more money whilst awarding better pensions, earlier retirement and bigger wages.
They also have a ridiculously laissez-faire approach to tax collecting.
Having said that, it's not the Greek people's fault that they became members of the EU and were showered with goodies by successive governments who thought the largesse would ensure re-election.
The contraction of the Greek economy in recent years is staggering but a case can be made that they are only back to where they were before they got into the EU.
They still haven't come up with a plausible system of to collect tax which surely should be a priority.
Having said ALL that I like Tsipras because he's giving the EU, IMF and European Bank a succession of bloody noses and they don't know how to handle him.
Greece needs to reform BUT they will never be able to re-pay the full amount owing and a debt right off should be on the table. Spain, Portugal and Ireland will not be happy because they also borrowed heavily and didn't get a debt right -off and I have no idea how these countries can be assuaged if Greece does get a right-off of some of the debt.
I was amused to see this today https://www.indiegogo.com/projects/greek-bailout-fund#/story basically a crowdfunding website for Greece (I donated €10....you're welcome AthensR 🙂
It would be funny if they even came remotely close to the target but it would certainly be a wonderful show of people power and show the politicians up for being the useless pack of fannies they are.
