Greek debt

[Khandro]

On December 31st 2006, the UK paid the final instalment of £45.5 million to the USA, thus discharging the last of its Word War II loans, some 50 years after contracting them. Why should the Greeks be let off from their debts so quickly and easily ?

[Khandro]

Jake, I too am not an expert on Greece, or on finance either, for that matter. But a few points; when the first cheap air travel and packaging of holidays appeared and before "anyone" went to Turkey, the Drachma was so cheap and Greece was heaving with tourists, I haven't been back for some time, but I gather that things are no longer so, due to large price rises. You are quite right about the tax avoidance; when I asked why so many concrete houses had rusty reinforcing bars projecting from their roofs, I was told it was because they are "not finished", and as such the owners were tax exempt! Many of the world's oil tankers are owned by Greeks, true, but they are registered in places like Liberia, and don't pay tax into the Greek economy. I certainly don't want the EU to fail but I believe most strongly that it must be re-structured.

[VHG]

I know not directly related to Greece, but some debate here about the UK debt after World War 2.

I watched the "World At War" TV series when it was on a few months ago, but as I watched it I began to wonder if WE had really won the war.

We had British (and Commmonwealth) soldiers fighting on all fronts, in Europe, in Burma and the Far East, in North Africa etc while certain other countries had surrendered.

Our country was battered by German bombs leaving our cities destroyed, we went in debt to pay for the war, and thousands of our men were killed and injured.

The USA became very rich during the war, with huge arms companies building military supplies for themselves, and for others (they did lose a lot of men fighting on European soil I will agree).

At the end of the war the USA helped rebuild Japan, other countries in Europe helped rebuild Germany, and nobody helped us.

For example when France and Germany rebuilt their railways after the war they went from straight from steam trains to electricification. We could not afford it so stayed with steam trains (then diesel) years before we could afford to go electric.

We were the so called "winners" but were left to sort ourselves out while we helped rebuild German docks and industries.

Now they have BMW, Bosch and many other high quality companies while we have lost a lot of our traditional industries (not all the fault of the war I will agree).

We also had to spend decades paying back our debts.

We may have been the "winners" but I think it was a hollow victory.

[flip_flop]

I have to agree Khandro - Greece is, without a shadow of a doubt, my favourite holiday destination, but I haven't been back for the past two years and (currently) have no future plans to go.

My last visit was in 2009 - the price of everyday items had gone through the roof (thankfully beer was still cheap!).

For a family of four, two of whom are young children, we were struggling to have a meal for less than 60 Euros - just prior to the Euro, and prior to the children, Mrs Flop and I could eat out handsomely in Greece for about £5 each. Part of the attraction of Greece was always that it was so damned cheap.

There must be thousands like me who have decided Greece is now too expensive.

[DTCwordfan]

Lighten up Jake - if that is racism, then there's an awful lot of it on AB.

Absolute garbage.

[kinell]

someone has bubbled jake apparently.......

the core of his argument about the lazy greeks and thick irish however is not for debate,

harsh but grounded in truth

[Khandro]

Tonight, the word on the streets seem to be, that when Merkel and Sarkosy have finished bickering, a massive haircut will take place and the banks will write off maybe 50% of the Greek debt, as I write, the Germans are saying 60% and the French 40% which will inevitably be passed on to us. All of this is a product of greed and dishonesty on the part of Politicians and bankers. No one will go to jail for this gigantic fraud, just as no one went to jail from Goldman Sachs who betted against the positions they had themselves pushed on to their customers. The world's gone mad!