Greek government facing vote of confidence

PM George Papandreou is hoping the government will survive the vote, and that MPs will on June 28 back new austerity measures, worth EUR 28bn, the BBC reported.

B92


So according to the EU,IMF junkie Papandreou the people of Greece must privatize everything, make cuts that will only effect the workers, because the 'independent' IMF are worried about the loss of profit to big business, a weak euro means you cannot afford to buy American goods and the 'independent' IMF does not like that scenario.

I just hope that my countrymen stick two fingers up to the gangsters of the IMF and the ECB.Default now and save yourselves from the slavery of unpayable debt.
Let their whole ponzi scheme come crashing down

Hard working people in Greece should not have to sacrifice so risky investors secure their profits. Default and bring back drachma. I hope they can do it though as I have a suspicion not everything is up to people or the government. Big banks already control too much

Denis I have been to Greece, in fact I was there last summer on vacation and I have seen the Greeks work.
I also said "hard working people in Greece" implying all of them - there are other people also - working even harder in Greece beside the Greeks themselves - which don't deserve this. Blaming the population in Greece for the downfall of their economy is too simplistic. I know about the problems with the inflated public sector and the tax evasion but the situation appears to be more complicated than that, and in any case, when it comes between the people and the banks I just can't bring myself to blame the people.
(Mini Giraffe, 21 June 2011 19:20)

Don't expect the Albanians to say something positive about the Greeks despite the fact that Greece allowed thousands of them to enter the country illegally earn a living and send their untaxed euros back to Albania.

Every posting of Denis is focused on the laziness of Greeks which are the cause of the financial crisis of the country.Based on his theory it follows the Irish,Portuguese and Spanish are lazy as well since their countries are experiencing the same difficulties.Yet he still cannot tell us how the lazy Greeks still manage to achieve a GDP of $340 billion.
He talks about tourism in Greece then he forgets that other countries such as France,Italy,Spain Portugal had reduced number due to the strength of euro.

Of course Greece has got problems with inefficient state industries and a bloating state sector which need to reform in order to survive but to sell them on the cheap as the EU and IMF demand its criminal.Rational people realise you can't deflate your way out of debt.This idea that austerity can 'cure' a national debt crisis is literally bonkers.

The question now is can Greece get out of the crisis?My hunch is that neither Greece nor the other bailed out countries can get out of it.The EU/IMF expect the Greek national debt to reach 200% by 2015 and servicing of this debt will require 12% of GDP.They also expect the loss of 150000 to 200000 jobs in the public sector bringing unemployment rates to 17%.Greece will still be bankrupt by 2015.The new loans will be used solely to reduce the exposure of foreign banks.

Greece has to default and bring back its own currency.It will be difficult for the first two or three years and combine this with reform they will be able to stand on their own feet again.

Is default going to happen?I am afraid not, once you're in euroland there is no way out.

And yeah as usual is the fault of Big Banks, not of "hard howrking" greeks. Anyway, despite of my personal opinion, I wish them best of luck.
(Denis, 21 June 2011 18:30)

Denis I have been to Greece, in fact I was there last summer on vacation and I have seen the Greeks work.
I also said "hard working people in Greece" implying all of them - there are other people also - working even harder in Greece beside the Greeks themselves - which don't deserve this. Blaming the population in Greece for the downfall of their economy is too simplistic. I know about the problems with the inflated public sector and the tax evasion but the situation appears to be more complicated than that, and in any case, when it comes between the people and the banks I just can't bring myself to blame the people.

Hard working people in Greece should not have to sacrifice so risky investors secure their profits. Default and bring back drachma. I hope they can do it though as I have a suspicion not everything is up to people or the government. Big banks already control too much
(Mini Giraffe, 21 June 2011 17:04)


Maybe you are the first person I know that puts the word "hardworing" and "greeks" in one sentence. Apparently you have never been to Greece. Hard working people, especially in capitalist societies, do not protest in favor of parazitic state run and owned enterprises.Only in Greece people want the Governement to run companies and services that loose money, and are not paid for by Greeks. Even in US these companies are known for their inefficency and money wasting.In Greece this is the norm.

But the culture of lazyness has been cultivated for years now in Greece. Greeks were convinced that they can live wealthy only through tourism and trade, two non-producing industries. So when they entered the euro-zone and faced a more competitive environment, instead of adapting to the new reality and training its workforce to compete, they preferred to sheltered it through government borrowing and employement in money-loosing Gov run enterprises. As tourism flurished in the neigbouring countries and other nations like China competed sucessfully in merchant shipping business, Greeks are left only with theis state run, EU financed enterprises which they apparently love cuz, of course, is free money.

And yeah as usual is the fault of Big Banks, not of "hard howrking" greeks. Anyway, despite of my personal opinion, I wish them best of luck.

"Is default going to happen?I am afraid not, once you're in euroland there is no way out.
Leonidas

Leonidas, I think you are absolutely right. Once you are in euroland there is no way out. This reminds me of an old American commercial about the "black box" to capture cockroauches. Those "can check in but never check out". Because of the low quality of medical service in most Hungarian hospitals due to budget cuts and emmigration of good doctors this commercial always comes to my mind whenever I hear that some acquiantances - still relatively young and many times not with a life treatening problem - checked in but never checked out.
I heard that in many ex-communist countries the situation is similar.
Back to Greece I wish you good luck. I think the next few years will be hard.

PM George Papandreou is hoping the government will survive the vote, and that MPs will on June 28 back new austerity measures, worth EUR 28bn, the BBC reported.

B92


So according to the EU,IMF junkie Papandreou the people of Greece must privatize everything, make cuts that will only effect the workers, because the 'independent' IMF are worried about the loss of profit to big business, a weak euro means you cannot afford to buy American goods and the 'independent' IMF does not like that scenario.

I just hope that my countrymen stick two fingers up to the gangsters of the IMF and the ECB.Default now and save yourselves from the slavery of unpayable debt.
Let their whole ponzi scheme come crashing down

Hard working people in Greece should not have to sacrifice so risky investors secure their profits. Default and bring back drachma. I hope they can do it though as I have a suspicion not everything is up to people or the government. Big banks already control too much
(Mini Giraffe, 21 June 2011 17:04)


Maybe you are the first person I know that puts the word "hardworing" and "greeks" in one sentence. Apparently you have never been to Greece. Hard working people, especially in capitalist societies, do not protest in favor of parazitic state run and owned enterprises.Only in Greece people want the Governement to run companies and services that loose money, and are not paid for by Greeks. Even in US these companies are known for their inefficency and money wasting.In Greece this is the norm.

But the culture of lazyness has been cultivated for years now in Greece. Greeks were convinced that they can live wealthy only through tourism and trade, two non-producing industries. So when they entered the euro-zone and faced a more competitive environment, instead of adapting to the new reality and training its workforce to compete, they preferred to sheltered it through government borrowing and employement in money-loosing Gov run enterprises. As tourism flurished in the neigbouring countries and other nations like China competed sucessfully in merchant shipping business, Greeks are left only with theis state run, EU financed enterprises which they apparently love cuz, of course, is free money.

And yeah as usual is the fault of Big Banks, not of "hard howrking" greeks. Anyway, despite of my personal opinion, I wish them best of luck.

And yeah as usual is the fault of Big Banks, not of "hard howrking" greeks. Anyway, despite of my personal opinion, I wish them best of luck.
(Denis, 21 June 2011 18:30)

Denis I have been to Greece, in fact I was there last summer on vacation and I have seen the Greeks work.
I also said "hard working people in Greece" implying all of them - there are other people also - working even harder in Greece beside the Greeks themselves - which don't deserve this. Blaming the population in Greece for the downfall of their economy is too simplistic. I know about the problems with the inflated public sector and the tax evasion but the situation appears to be more complicated than that, and in any case, when it comes between the people and the banks I just can't bring myself to blame the people.

Denis I have been to Greece, in fact I was there last summer on vacation and I have seen the Greeks work.
I also said "hard working people in Greece" implying all of them - there are other people also - working even harder in Greece beside the Greeks themselves - which don't deserve this. Blaming the population in Greece for the downfall of their economy is too simplistic. I know about the problems with the inflated public sector and the tax evasion but the situation appears to be more complicated than that, and in any case, when it comes between the people and the banks I just can't bring myself to blame the people.
(Mini Giraffe, 21 June 2011 19:20)

Don't expect the Albanians to say something positive about the Greeks despite the fact that Greece allowed thousands of them to enter the country illegally earn a living and send their untaxed euros back to Albania.

Every posting of Denis is focused on the laziness of Greeks which are the cause of the financial crisis of the country.Based on his theory it follows the Irish,Portuguese and Spanish are lazy as well since their countries are experiencing the same difficulties.Yet he still cannot tell us how the lazy Greeks still manage to achieve a GDP of $340 billion.
He talks about tourism in Greece then he forgets that other countries such as France,Italy,Spain Portugal had reduced number due to the strength of euro.

Of course Greece has got problems with inefficient state industries and a bloating state sector which need to reform in order to survive but to sell them on the cheap as the EU and IMF demand its criminal.Rational people realise you can't deflate your way out of debt.This idea that austerity can 'cure' a national debt crisis is literally bonkers.

The question now is can Greece get out of the crisis?My hunch is that neither Greece nor the other bailed out countries can get out of it.The EU/IMF expect the Greek national debt to reach 200% by 2015 and servicing of this debt will require 12% of GDP.They also expect the loss of 150000 to 200000 jobs in the public sector bringing unemployment rates to 17%.Greece will still be bankrupt by 2015.The new loans will be used solely to reduce the exposure of foreign banks.

Greece has to default and bring back its own currency.It will be difficult for the first two or three years and combine this with reform they will be able to stand on their own feet again.

Is default going to happen?I am afraid not, once you're in euroland there is no way out.

Hard working people in Greece should not have to sacrifice so risky investors secure their profits. Default and bring back drachma. I hope they can do it though as I have a suspicion not everything is up to people or the government. Big banks already control too much

"Is default going to happen?I am afraid not, once you're in euroland there is no way out.
Leonidas

Leonidas, I think you are absolutely right. Once you are in euroland there is no way out. This reminds me of an old American commercial about the "black box" to capture cockroauches. Those "can check in but never check out". Because of the low quality of medical service in most Hungarian hospitals due to budget cuts and emmigration of good doctors this commercial always comes to my mind whenever I hear that some acquiantances - still relatively young and many times not with a life treatening problem - checked in but never checked out.
I heard that in many ex-communist countries the situation is similar.
Back to Greece I wish you good luck. I think the next few years will be hard.