Are you watching Greece implode?

[Exterous]

http://news.yahoo.com/s/ap/20100422/ap_on_bi_ge/eu_greece_financial_crisis

It ain't getting any better...

Just inflate the Euro already! (I swear this has nothing to do with us planning a trip to Ireland next year :sneaky

On a more serious note they really need to cut back on government spending and the US leaders should take note of their problems....

 

[StageLeft]

http://news.yahoo.com/s/ap/20100422/ap_on_bi_ge/eu_greece_financial_crisis

It ain't getting any better...

haha

 

[StageLeft]

Greek bonds are now junk.

http://money.cnn.com/2010/04/27/markets/markets_newyork/index.htm

 

[tommo123]

the BBC article also mentions portugals bonds going down the drain - although not at greek levels

 

[StageLeft]

Spain knocked down today. This has been talked about for months, these three being issues, but they're not the only ones. They have been running high deficits, just like most of the West is at the moment.

http://www.telegraph.co.uk/finance/...-prevent-Southern-European-debt-collapse.html

“We have gone past the point of no return,” said Jacques Cailloux, chief Europe economist at the Royal Bank of Scotland.“There is a complete loss of confidence. The bond markets are in disintegration and it is getting worse every day.

Mr Cailloux added: “This feels like the banking crisis in late 2008 post-Lehman, though it has not yet spread to other asset classes. The ECB will have to act it if does.”

These countries have overspent for too long. Who's next? Ireland? Celtic pussy cat more than a tiger now, and it's sick.

 

[highland145]

It will be o.k. p-bo is on the job.

http://www.reuters.com/article/idUSN2812312720100428?type=hotStocksNews

 

[Specop 007]

And so the entitlement mentality breaks another country. Love those social programs, good thing we dont have them here......Err.......

 

[Modelworks]

The problem with Greece is they just didn't spend enough. The more the government spends the better the economy , or at least that is the way Washington math works.

 

[PricklyPete]

For the love of god, I hope the American public actually acknowledges this as a warning sign of things to come if we don't get our spending under control.

 

[nick1985]

For the love of god, I hope the American public actually acknowledges this as a warning sign of things to come if we don't get our spending under control.

The debt levels are starting to wake people up here. Its too bad it took this long. Hopefully enough people are woken up by November.

 

[TruePaige]

I was listening to some of the Greek demonstraters / representatives, etc.. today and..Wow.

Just Wow.

They called Germany "Economic Nazi's" and said that the banks deserve to suffer the losses and that the Greek people are being oppressed, et. al.

What a bunch of babies. Go find your own money then Greece, with your Junk status.

P.S. Conservatives above stop being ignorant douchebags, if you don't understand how the capabilities of controlling our financial systems are far more powerful than that of Greece (who doesn't have control of their currency, a key point) you are too ignorant to make a viable point.

 

[ElFenix]

The debt levels are starting to wake people up here. Its too bad it took this long. Hopefully enough people are woken up by November.

unfortunately none of them (or at least no where near enough) are running for office

 

[BoberFett]

They called Germany "Economic Nazi's" and said that the banks deserve to suffer the losses and that the Greek people are being oppressed, et. al.

Yeah, they do sound a lot like Democrats.

 

[TruePaige]

Yeah, they do sound a lot like Democrats.

What a fucking hack.

Does it feel good being a tool? Throwing one liners? Damn the GOP should take it all in November if enough Americans have IQ's as low as their representatives on this board.

Can't believe how few independent thinkers patronize these parts.

 

[lsquare]

http://www.nytimes.com/2010/04/28/opinion/28iht-edbuhrow.html?ref=global

I just read that article today and I totally agree with the author. I'm not European nor German, but I agree that it's unfair that fingers are being pointed at Germany and accusations of it being intransigent. Give them a fucking break here. Why should Germany be expected to cover any major bailout for irresponsible countries like Greece? Again, if Greece is bailed out, what about Spain, Portugal, and etc.? Enough is enough here. It sickens me when people accuse Germany of being selfish or bring up the past against Germany. They've done their fair share if not more for Europe. I honestly do believe that Germany has been one of the major participants in this European project.

The Greeks are retarded and I say this again and again because it's true. Their country's finances are fucked up. Even if the Germans agree to a bailout (most likely going to happen given the immense pressure not just from the EU, but also the US), what kind of measures would be put in place to prevent another crisis like this from happening again? Is Germany ever going to get its money back with interest? Greece not only has implement massive fiscal austerity measures, but they also need to do more to go after the tax evaders.

 

[lothar]

Piigs.

 

[Mursilis]

For the love of god, I hope the American public actually acknowledges this as a warning sign of things to come if we don't get our spending under control.

That's an unrealistic expectation. Look how many people can't even control their own finances!

 

[StageLeft]

For the love of god, I hope the American public actually acknowledges this as a warning sign of things to come if we don't get our spending under control.

Too arrogant or ignorant ("This is America not Greece") to care.

The debt levels are starting to wake people up here. Its too bad it took this long. Hopefully enough people are woken up by November.

Wouldn't really count on it. I simply base that statement on history; Americans do not care about debt, not government or personal debt.

P.S. Conservatives above stop being ignorant douchebags, if you don't understand how the capabilities of controlling our financial systems are far more powerful than that of Greece (who doesn't have control of their currency, a key point) you are too ignorant to make a viable point.

You really can say that after the biggest recession in decades just hit the US?

 

[Exterous]

http://www.nytimes.com/2010/04/28/opinion/28iht-edbuhrow.html?ref=global

I just read that article today and I totally agree with the author. I'm not European nor German, but I agree that it's unfair that fingers are being pointed at Germany and accusations of it being intransigent. Give them a fucking break here. Why should Germany be expected to cover any major bailout for irresponsible countries like Greece? Again, if Greece is bailed out, what about Spain, Portugal, and etc.? Enough is enough here. It sickens me when people accuse Germany of being selfish or bring up the past against Germany. They've done their fair share if not more for Europe. I honestly do believe that Germany has been one of the major participants in this European project.

The Greeks are retarded and I say this again and again because it's true. Their country's finances are fucked up. Even if the Germans agree to a bailout (most likely going to happen given the immense pressure not just from the EU, but also the US), what kind of measures would be put in place to prevent another crisis like this from happening again? Is Germany ever going to get its money back with interest? Greece not only has implement massive fiscal austerity measures, but they also need to do more to go after the tax evaders.

I can't believe how Greece is acting. Now I don't have the greatest expectations of politicians but this is pretty low. If someone needed money from me badly and started calling me a Nazi I would say 'Fuck that.' and move on.

I forget where I read it but I completely agree with the 52 year old news anchor in Germany who said "Why should I have to continue working to pay a 50 year old Greek newsanchor to retire." in response to the Greek bill allowing news anchors to retire at 50 on the governments dime due to the bacteria in microphones. This was shortly after the Greeks resorted to name calliung in an attempt to get their way (Seriously - if you don't get your way try acting like you are 4 years old?)

 

[KMFJD]

I can't believe how Greece is acting. Now I don't have the greatest expectations of politicians but this is pretty low. If someone needed money from me badly and started calling me a Nazi I would say 'Fuck that.' and move on.

I forget where I read it but I completely agree with the 52 year old news anchor in Germany who said "Why should I have to continue working to pay a 50 year old Greek newsanchor to retire." in response to the Greek bill allowing news anchors to retire at 50 on the governments dime due to the bacteria in microphones. This was shortly after the Greeks resorted to name calliung in an attempt to get their way (Seriously - if you don't get your way try acting like you are 4 years old?)

Entitlement mentality of the greeks is mind blowing....

 

[sandorski]

This is a complicated situation and somewhat frightening. To Bail Out or not? What we see in Greece is what could have been the situation in the US recently (within the last 2 years)and in fact was exactly the case. You now have Greeks acting Irrationally and clashing with the Police, a relatively stable Democracy flirting with Self Destruction. Ironically the causes(Taxes and Economy) are fairly similar to the US Tea Party concerns, although more extreme and in the Tea Party's defense it is more concerned with avoiding the Greek situation, albeit not actually being inspired by the Greek situation. Greece has merely conveniently occurred showing the precariousness of National Debt/Deficit and how it relates to Economy.

What is causing the Greek irrationality? A crappy Reality. That being the convergence of Bad Economic Times with past Bad Fiscal/Economic Policy that now puts the National Economy at risk of total collapse. Now to avoid Bankruptcy the Government has to implement Austere measures and a combination of drastic Cuts in Services/Programs and drastic Increases in Taxes. It's a double whammy that would piss any Sane person off. However, that's the Reality of it and there's nothing the Greek Government can do about it now. They certainly could have avoided it, but that possibility passed by Years ago.

Should Greece be Bailed out? I think, Yes. Not just to help Greece stabilize and deal with Domestic upheaval, but also because(as noted in Thread)there's a line up of other Nations heading toward the same fate. It's one thing to have 1 Nation Fail and possibly descend into violence, but quite another to have a half dozen or so likely joining into that as well. We're not discussing inconsequential Nations here(sorry for the terminology) either, but some of the Wealthier Nations of the World whose Meltdowns ultimately spread beyond their Borders. We've been down this path before and as we learned it leads to things such as Communism and Fascism when People have become desperate enough.

It may seem expensive and I'm sure many will cling to their Black/White views regarding it, but we all know that eventually the Economy will recover and that we can get past these difficulties, in fact that seems one of the prime reasons some people would oppose Bailout. So my point is, since that's the case, it's best to smooth over potential situations that can bring the Global Economy Down, if the ability to do so exists. Let them get by for now and when the danger has passed, they'll be better able to correct their situation.

 

[Infohawk]

Why bail out the Greeks? It will just make them less likely to be fiscally responsible. This is not a similar situation to the 1930s. The Germans were being financially fucked by the Allies. Greece only has itself to blame.

 

[CanOWorms]

Why bail out the Greeks? It will just make them less likely to be fiscally responsible. This is not a similar situation to the 1930s. The Germans were being financially fucked by the Allies. Greece only has itself to blame.

Perhaps you've heard of this thing called the euro...

 

[Infohawk]

Perhaps you've heard of this thing called the euro...

How do you know Euro can't handle a Greek default?

 

[CanOWorms]

How do you know Euro can't handle a Greek default?

The worry is that it will lead the other PIGS to fall since they're not in great shape either.