EU leaders write off half of Greece’s debt

The EU leaders still don’t get it.The big issue in the Mediterranean periphery is one of competitiveness which cannot be solved with those countries sticking with the euro.Whether the debt is reduced or not is irrelevant because those countries will still find themselves in the same situation with time.
On the bright side Bankers are laughing all the way to their bank deposits.They have just been handed 1 Trillion Euros to pay out maturing Ponzi scheme bonds for another few months with a huge slice left over to gamble on stocks and shares in time for Christmas bonuses .The resulting inflation of this money printing and the austerity caused by removing 1 Trillion Euros from the budgets of nation states should soon turn the stagnation from a small upward tick into a major global depression with demands for more bailouts following soon after.

Greece is dead also with this 50 % haircut...soon all the Med countries will follow ...wait for the Germans to take over what remains ...Sturm fuhrer Angela has began the iv reich...

Ouch. I wonder if they are going to write off half of Italy's debt too? French banks alone are on the hook for around 260 billion Euros tied up in Italy.

It's not an exaggeration to say that there isn't a single week without Albanians being involved in armed robberies,drug dealing,prostitution,abductions etc.Thats the Albanian legacy.
(Leonidas, 27 October 2011 20:30)

Not a single week?I would rather say not a single day.I remember very well pre-91 Athens.It was a pleasent and clean city.Albanians brought with themselves dirt,stink and crime only.It is terrible to see how they destroyed the area between Omonia sqr and Larissa railway station.Also it is very unpleasent when you bump into albanian beggars almost at every step in the district around Monastiraki.I hope EU is over soon and stupid regulation will not be binding and you can send those troublemakers back to where they belong wheather that place is inner Anatolia or some caves in Albanian Alps.Long live Hellas the home of great people and beutiful nature.

As to your jibe about Greeks coming to Albania to find a job is not worth replying.Albania is still a s...h... and will be for the next 100 years.Your compatriots still carry Enver Hoxha's siege-bunker mentality and old habits die hard.
(Leonidas, 28 October 2011 11:40)
Next 100 years?I do not think they will ever get rid of their mentality which existed long before Hoxa.

Greece is dead also with this 50 % haircut...soon all the Med countries will follow ...wait for the Germans to take over what remains ...Sturm fuhrer Angela has began the iv reich...
(Luigi, 27 October 2011 16:28)

It's refreshing to see Luigi abandoning his long-held view that the problem of the Euroland was confined only to Greece.He must've seen what the Germans held in store for Italy-pretty similar what they held for Greece.The only difference is that whereas they can throw few billions to Greece in order to avoid contagion to the rest of the periphery they cannot do the same with Italy-too big to bail out.It wasn't surprising then listening to Madam Merkel yesterday talking about war and peace in Europe.

I think Italy will put the nail on the coffin of the EU project.

A dream come true. The bums of Europe are rescued..... again, just like they have been over and over, for the last 200 years. Now they will go back to their buzuqis and coffee shops, to drink ouzo and dance till 5am. Willing to bet in 5 yrs they will need another $100B, any takers?
(Denis, 27 October 2011 17:50)

I know exactly where an Albanoturk is coming from.Always biting the hands that feed them.The Greeks will argue that Albanian and illegal immigration in general continues to be a huge drain to the Greek economy with high crime rates and billions of Euros of untaxed remittances going to Albania,Pakistan and other countries.The Greeks can thank moron Samaras for allowing the Albanians in back in 1991 and moron Papandreou for signing the Dublin treaty in 2003 thus obliging Greece to process asylum applications from immigrants that arrive in the country because Greece is the first EU entry point .Since those immigrants arrive with no documents and are not asylum seekers Greece is stuck with hundreds of thousands of illegal immigrants unable to find jobs and revert into crime.It's not an exaggeration to say that there isn't a single week without Albanians being involved in armed robberies,drug dealing,prostitution,abductions etc.Thats the Albanian legacy.

Anyhow like it or not your economy will NEVER be as it was. You will revert to the average Balkan style economy. And most likely your areas of north will come to work in Albania just as your grand parents were doing in the past. They are (and even from Athens) with the last € in their popcket coming to Albania for summer holidays so soon will start looking for jobs as well. What comes arround goes arround.
(ben, 28 October 2011 10:28)

On the contrary two of Greece's largest and most important industries,shipping and tourism that contribute significantly to the economy are flourishing.In fact tourist levels are up 10% this year.Exports are also up on last years levels.

Greece's problems stem from the public sector and poor governace.The Greek goverment and the corrupt civil service have been siphoning money through non-existent jobs,or perks for health,travel ect.Tax evasion within the upper professional classes is rampant with billions of euros escaping to Swiss and offshore accounts.Untaxed remittances from immigrants is another problem for the Greek economy.

What Greece needs is a decisive leadership to screw hard its core corrupt state apparatus which has kept Greece a closed uncompetitive economy and built new market structures based on meritocracy.

As to your jibe about Greeks coming to Albania to find a job is not worth replying.Albania is still a s...h... and will be for the next 100 years.Your compatriots still carry Enver Hoxha's siege-bunker mentality and old habits die hard.

A dream come true. The bums of Europe are rescued..... again, just like they have been over and over, for the last 200 years. Now they will go back to their buzuqis and coffee shops, to drink ouzo and dance till 5am. Willing to bet in 5 yrs they will need another $100B, any takers?

All Serbia's allies happen to be losers and thieves.

Italy is the second largest manufacturer of Europe. It is twice as reach as Spain. It is the third economy of EU. So don't compare Greece with Italy in any respect.

And Leonidis you can't be baggers of Europe and still be mad with Albanians or Gremans or whoever. In your good days (just 5 years ago) you were thinking of yourselves as sort of spiritual leaders of teh orthodox nations. Getting involved in strategic (including military) cooperation with Russia and other orthodox countries. Yet when your ass was down you turned to EU/IMF=US as the orthodox world that you wanted to lead is more bancrupt than you are. And you know I hope that technically you are bancrupt for over a year, do you???

Anyhow like it or not your economy will NEVER be as it was. You will revert to the average Balkan style economy. And most likely your areas of north will come to work in Albania just as your grand parents were doing in the past. They are (and even from Athens) with the last € in their popcket coming to Albania for summer holidays so soon will start looking for jobs as well. What comes arround goes arround.

Very well, but they should have written of 100% instead, that wouldn't have been such a big deal for the taxpayers of Germany and FRance to pay.
If they want to rule the world, well Europe anyway, they have to pay for the privilige!
I hope that the Germans will have to bail out Italy and Spain also soon, why should they be forced to pay THEIR debts? That would probably send Germany into a well deserved recession!

All Serbia's allies happen to be losers and thieves.

A dream come true. The bums of Europe are rescued..... again, just like they have been over and over, for the last 200 years. Now they will go back to their buzuqis and coffee shops, to drink ouzo and dance till 5am. Willing to bet in 5 yrs they will need another $100B, any takers?

Italy is the second largest manufacturer of Europe. It is twice as reach as Spain. It is the third economy of EU. So don't compare Greece with Italy in any respect.

And Leonidis you can't be baggers of Europe and still be mad with Albanians or Gremans or whoever. In your good days (just 5 years ago) you were thinking of yourselves as sort of spiritual leaders of teh orthodox nations. Getting involved in strategic (including military) cooperation with Russia and other orthodox countries. Yet when your ass was down you turned to EU/IMF=US as the orthodox world that you wanted to lead is more bancrupt than you are. And you know I hope that technically you are bancrupt for over a year, do you???

Anyhow like it or not your economy will NEVER be as it was. You will revert to the average Balkan style economy. And most likely your areas of north will come to work in Albania just as your grand parents were doing in the past. They are (and even from Athens) with the last € in their popcket coming to Albania for summer holidays so soon will start looking for jobs as well. What comes arround goes arround.

Greece is dead also with this 50 % haircut...soon all the Med countries will follow ...wait for the Germans to take over what remains ...Sturm fuhrer Angela has began the iv reich...

The EU leaders still don’t get it.The big issue in the Mediterranean periphery is one of competitiveness which cannot be solved with those countries sticking with the euro.Whether the debt is reduced or not is irrelevant because those countries will still find themselves in the same situation with time.
On the bright side Bankers are laughing all the way to their bank deposits.They have just been handed 1 Trillion Euros to pay out maturing Ponzi scheme bonds for another few months with a huge slice left over to gamble on stocks and shares in time for Christmas bonuses .The resulting inflation of this money printing and the austerity caused by removing 1 Trillion Euros from the budgets of nation states should soon turn the stagnation from a small upward tick into a major global depression with demands for more bailouts following soon after.

Greece is dead also with this 50 % haircut...soon all the Med countries will follow ...wait for the Germans to take over what remains ...Sturm fuhrer Angela has began the iv reich...
(Luigi, 27 October 2011 16:28)

It's refreshing to see Luigi abandoning his long-held view that the problem of the Euroland was confined only to Greece.He must've seen what the Germans held in store for Italy-pretty similar what they held for Greece.The only difference is that whereas they can throw few billions to Greece in order to avoid contagion to the rest of the periphery they cannot do the same with Italy-too big to bail out.It wasn't surprising then listening to Madam Merkel yesterday talking about war and peace in Europe.

I think Italy will put the nail on the coffin of the EU project.

Ouch. I wonder if they are going to write off half of Italy's debt too? French banks alone are on the hook for around 260 billion Euros tied up in Italy.

A dream come true. The bums of Europe are rescued..... again, just like they have been over and over, for the last 200 years. Now they will go back to their buzuqis and coffee shops, to drink ouzo and dance till 5am. Willing to bet in 5 yrs they will need another $100B, any takers?
(Denis, 27 October 2011 17:50)

I know exactly where an Albanoturk is coming from.Always biting the hands that feed them.The Greeks will argue that Albanian and illegal immigration in general continues to be a huge drain to the Greek economy with high crime rates and billions of Euros of untaxed remittances going to Albania,Pakistan and other countries.The Greeks can thank moron Samaras for allowing the Albanians in back in 1991 and moron Papandreou for signing the Dublin treaty in 2003 thus obliging Greece to process asylum applications from immigrants that arrive in the country because Greece is the first EU entry point .Since those immigrants arrive with no documents and are not asylum seekers Greece is stuck with hundreds of thousands of illegal immigrants unable to find jobs and revert into crime.It's not an exaggeration to say that there isn't a single week without Albanians being involved in armed robberies,drug dealing,prostitution,abductions etc.Thats the Albanian legacy.

It's not an exaggeration to say that there isn't a single week without Albanians being involved in armed robberies,drug dealing,prostitution,abductions etc.Thats the Albanian legacy.
(Leonidas, 27 October 2011 20:30)

Not a single week?I would rather say not a single day.I remember very well pre-91 Athens.It was a pleasent and clean city.Albanians brought with themselves dirt,stink and crime only.It is terrible to see how they destroyed the area between Omonia sqr and Larissa railway station.Also it is very unpleasent when you bump into albanian beggars almost at every step in the district around Monastiraki.I hope EU is over soon and stupid regulation will not be binding and you can send those troublemakers back to where they belong wheather that place is inner Anatolia or some caves in Albanian Alps.Long live Hellas the home of great people and beutiful nature.

Anyhow like it or not your economy will NEVER be as it was. You will revert to the average Balkan style economy. And most likely your areas of north will come to work in Albania just as your grand parents were doing in the past. They are (and even from Athens) with the last € in their popcket coming to Albania for summer holidays so soon will start looking for jobs as well. What comes arround goes arround.
(ben, 28 October 2011 10:28)

On the contrary two of Greece's largest and most important industries,shipping and tourism that contribute significantly to the economy are flourishing.In fact tourist levels are up 10% this year.Exports are also up on last years levels.

Greece's problems stem from the public sector and poor governace.The Greek goverment and the corrupt civil service have been siphoning money through non-existent jobs,or perks for health,travel ect.Tax evasion within the upper professional classes is rampant with billions of euros escaping to Swiss and offshore accounts.Untaxed remittances from immigrants is another problem for the Greek economy.

What Greece needs is a decisive leadership to screw hard its core corrupt state apparatus which has kept Greece a closed uncompetitive economy and built new market structures based on meritocracy.

As to your jibe about Greeks coming to Albania to find a job is not worth replying.Albania is still a s...h... and will be for the next 100 years.Your compatriots still carry Enver Hoxha's siege-bunker mentality and old habits die hard.

Very well, but they should have written of 100% instead, that wouldn't have been such a big deal for the taxpayers of Germany and FRance to pay.
If they want to rule the world, well Europe anyway, they have to pay for the privilige!
I hope that the Germans will have to bail out Italy and Spain also soon, why should they be forced to pay THEIR debts? That would probably send Germany into a well deserved recession!

As to your jibe about Greeks coming to Albania to find a job is not worth replying.Albania is still a s...h... and will be for the next 100 years.Your compatriots still carry Enver Hoxha's siege-bunker mentality and old habits die hard.
(Leonidas, 28 October 2011 11:40)
Next 100 years?I do not think they will ever get rid of their mentality which existed long before Hoxa.