Talk about deja vu, I was (prompted by this thread) just chatting to the better half and we agreed pretty much on everything you said (almost verbatim).
The thrust of the deliberation was would Greece be better if it was out of the euro, or has the damage already been done i.e. would a few years down the line (without the euro) improve things with the drachma inflation making the foreign currencies more attractive bring back the tourism.
I think once the genie is out of the bottle it can be hard putting it back. Would the people want to go back? It would hard having once tasted a more affluent 'inclusive' lifestyle to go back to the way things were.
Message posted by janmanessi on 18áJuneá2011 at 3:10pm - IP Logged
LESK Would the people want to go back? It would hard having once tasted a more affluent 'inclusive' lifestyle to go back to the way things were.
Fair comment, but if things get really rough it is the 'primitive' societies who are better equipped to survive. We have had all our natural instincts bred out of us- try getting a westerner to manage without a fridge or a washing machine, or grow or even gather their own food!
"I do wonder if defaulting and being thrown out of the Euro would not, in the long term, be a blessing in disguise"
Lets hope and pray that Greece doesn't default because to default would mean the Greek banks would close and all ATM'S in Greece would be closed and thats just for starters, then there is Greece's Army, Navy and Air force, where is the money coming from to keep them functioning...this is just one reason why the EU and America will not let it happen.
The banks in Britain, France, America and Germany hold most of Greece's debt and if Greece were to default that would throw the banking system worldwide into turmoil..
Greece is not some south American country, she is a very impotant country in Europe.
And like I said before, the EURO ZONE and the rest of the EU and that includes the UK plus America will trump up what ever it takes to keep Greece afloat.
To default would send Greece crashing back into the 1930's
PS Greece: Merkel and Sarkozy urge bail-out
Message posted by C4owner on 18áJuneá2011 at 4:25pm - IP Logged
Quote: Originally posted by SusieH on 18áJuneá2011
To be honest, if Greece had not joined the Euro I believe they would be OK now
...I look back at Greece pre Euro and think, I wish they could turn the clock back. They are no longer in control. The ordinary people are suffering. Greece will never be a truly modern Western Country, it has not got the industry or the population and the modern culture of being totally regulated goes against everything they know and the code by which they have lived for generations
Talking to several local people whilst on holiday last week your comments actually reflect the way they feel.
Greece, in their opinion, has become 'too European' and they fear for their children's future
I had an explanation of the tax rises over the past months and how they are impacting on business owners this season and you really do have to feel for them as it is beyond their control.
Weather here is dull and damp and I wish I was back in sunny Kassiopi doing my bit for the local economy.
I am not sure any one can really say whether Greece would have been better off in or out of EU... personally I think the political impetus to one Europe must outweigh everything else after the endless European wars.
The whole of the world has had one huge crisis brought about by the incompetant and corrupt banks. If Greece is now in debt to so many banks over so many years the question now is surely "where was the banks expertise in money lending" and "what controls did they impose on those loans"?
Blame and punish the bankers not the man in the street - many of whom pay PAYE and have no opportunity to benefit from bribery and other corrupt practises.
Message posted by entrus10 on 18áJuneá2011 at 4:58pm - IP Logged
Germany and France because their banks will loose money if Greece defaults, and if that happens their politicians will come under fire from their respective electorates.
Politicians in both governments desperately want to stave off the inevitable until they have left office and retired.
Where is the difference in this situation from when the UK banks and credit card companies offered credit to borrowers they knew could never pay off the debt incurred.
This practice was outlawed in the UK, so why is the EU trying to do exactly the same with Greece.
The sad news this morning that despite having just gone through a year's austerity, the Greek debt has risen and not dropped as predicted, is proof positive that the only ones really suffering in this are the Greek people, not the politicians or bankers.
All the proposed new loans will mean just more debt to be repaid to the EU and the IMF by current and future generations of Greeks.
Greece must default and come out of the Euro, if only to protects its people. It will be a bitter pill to swallow, but when set against the alternative of decades of high interest repayments, the pain will be worth it.
J&L, the problem is at the end of the day the only person that CAN foot the bill is the man in the street. Never forget the only place the money comes from for all these things - is us!
I think my concerns are closer to home in terms of my imminant move to Corfu in that how will the local economy cope and how best I can manage my affairs. I am also interested in how people who are financially and residentially committed to Corfu feeling, or is this too sore a point?
I'm still new to this forum so not sure how much in-depth discussion really takes place here. If I'm out of order please step on me
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