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Greek Bailout Extension Refused
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The Eurogroup are playing hardball here and tightening the noose another notch.
Perhaps as well as avoiding Tunisia, Brits should be thinking seriously about abandoning plans to fly out to Greece now, as it looks as if the sticky stuff is about to hit the fan.
The Eurogroup are playing hardball here and tightening the noose another notch.
Perhaps as well as avoiding Tunisia, Brits should be thinking seriously about abandoning plans to fly out to Greece now, as it looks as if the sticky stuff is about to hit the fan.
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I've been going to Zakynthos for years, any trouble is usually on the main land, not the islands. Have seen a protest at the airport once, but they tend to hide their troubles from the holidaymakers. Without tourism, the small islands would not survive the winter.
PP - it is so confusing, ochi is no, nai is yes.
PP - it is so confusing, ochi is no, nai is yes.
AlwaysConfused....if the banks don't open tomorrow morning, even the Islands are going to feel the heat. Your money, and that of the other Tourists may be the only currency that they have to use, as no more will be coming from Athens. I wish you luck. I suppose we could all help the Greeks by spending as much as possible when we are there.
My late Mum used to love Zakynthos, and like you, went every year.
My late Mum used to love Zakynthos, and like you, went every year.
The referendum is smoke and mirrors and is an effort by the Greek government to deflect the blame from itself to the people. Having said that, the electorate knew what it was getting when it voted the current lot in and there is no need for a referendum. Tsipras was elected to do precisely what he has done – to refuse to agree to any meaningful reform of Greek finances whilst continuing to insist that Greece is supplied with lorry loads of euros each month. In any case the referendum is disingenuous because the Greek people are being asked to vote on an offer which will no longer be on the table by next Sunday.
The Greek administration has gambled and – it seems – lost. The EU and the ECB cannot now realistically back down. However there are still rumblings that Greece can default and remain in the euro. Quite where they are going to get their euros from is a little unclear. But all is never as it seems (or should be) when the Euromaniacs get to work and I would not be surprised to be surprised!
The Greek administration has gambled and – it seems – lost. The EU and the ECB cannot now realistically back down. However there are still rumblings that Greece can default and remain in the euro. Quite where they are going to get their euros from is a little unclear. But all is never as it seems (or should be) when the Euromaniacs get to work and I would not be surprised to be surprised!
NJ...I am almost in complete agreement with you, but not quite.
To be fair to Greece, it has already slashed Government pensions. I was listening to the Today Program this week, and there was a University Lecturer ( I think ) that had her pension cut by over 40%.
Its been a long time since I backpacked around the Cyclades in my teens and twenties but the Islands were mostly desperately poor back then, and relied 100% on the tourists and travellers, to make enough money in the summer months, to last them over the winter. If it really goes pear-shaped over there, then we could see tremendous hardship ahead, especially for the old and sick.
To be fair to Greece, it has already slashed Government pensions. I was listening to the Today Program this week, and there was a University Lecturer ( I think ) that had her pension cut by over 40%.
Its been a long time since I backpacked around the Cyclades in my teens and twenties but the Islands were mostly desperately poor back then, and relied 100% on the tourists and travellers, to make enough money in the summer months, to last them over the winter. If it really goes pear-shaped over there, then we could see tremendous hardship ahead, especially for the old and sick.
As I said, I'm not surprised. However, it is not clear from the article what this really means. If Robert Peston cannot get to the bottom of it, I’m sure I can’t.
Greece's problem, Mikey, was that it could not cope with the recession. It enjoyed good growth from 2000 to 2007 (over 4%pa). But when the recession hit it borrowed heavily. This borrowing was disguised (with the connivance of some of the major banks) and because of the deceit it appeared that Eurozone deficit limits were being maintained.
Had it not adopted the euro (which it should never had been allowed to do because it did not meet the criteria) these borrowing facilities would not have been open to them. If They were locked into (and heavily borrowing) a currency that their economy did not support, and were unable to control its exchange rate or the interest rates required to maintain control.
Their plight is 99% due to their euro membership. Once again, adequate warnings of the single currency’s fundamental flaws were highlighted but brushed aside. They need to leave the euro now. They need to reintroduce the Drachma and devalue. It will be a big hit for the Greeks who will see their savings and capital go down the Swanee. But continual fudging is doing nobody any good. If only politicians would do what is right for once instead of trying to save face and salvage their precious flawed project we’d see some progress. There's been none of that from the Greeks' point of view for at least three years.
Greece's problem, Mikey, was that it could not cope with the recession. It enjoyed good growth from 2000 to 2007 (over 4%pa). But when the recession hit it borrowed heavily. This borrowing was disguised (with the connivance of some of the major banks) and because of the deceit it appeared that Eurozone deficit limits were being maintained.
Had it not adopted the euro (which it should never had been allowed to do because it did not meet the criteria) these borrowing facilities would not have been open to them. If They were locked into (and heavily borrowing) a currency that their economy did not support, and were unable to control its exchange rate or the interest rates required to maintain control.
Their plight is 99% due to their euro membership. Once again, adequate warnings of the single currency’s fundamental flaws were highlighted but brushed aside. They need to leave the euro now. They need to reintroduce the Drachma and devalue. It will be a big hit for the Greeks who will see their savings and capital go down the Swanee. But continual fudging is doing nobody any good. If only politicians would do what is right for once instead of trying to save face and salvage their precious flawed project we’d see some progress. There's been none of that from the Greeks' point of view for at least three years.
//They need to leave the euro now. They need to reintroduce the Drachma and devalue.//
it won't happen. the euro-philes continually point to the "success" of the economic adjustment plan for cyprus, maintaining that the situation is directly transferable to greece. the will continue to "make it work", in the same way that felix the frog was instructed to learn to fly.
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it won't happen. the euro-philes continually point to the "success" of the economic adjustment plan for cyprus, maintaining that the situation is directly transferable to greece. the will continue to "make it work", in the same way that felix the frog was instructed to learn to fly.
http://
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