The only winners in this will be Germany and France who it has become clear have been protecting their own interests at a cost to everyone else including Greece. Just like the change from the Old money to the New money in the UK, prices increased by at least 2.5 times what they were and the same has happened in Greece since joining the failed Euro but prices have increased much more.
Message posted by tully on 25 September 2011 at 3:27pm - IP Logged
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Greece defaulting and going back to the drachma has its good points and bad points.
The good being tourism, more appealing to business to base themselves there, thereby creating a stable economy
The bad the years in between for the people in the villages, where every day staples increase and pensions decrease.
But she has to do something to keep her dignity and taking the hit of a few bad years against a lifetime of being controlled by the other member states. Lets hope she makes the right decision and gets whats best for Greece.
Message posted by razaker on 25 September 2011 at 4:02pm - IP Logged
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If Greece goes back to the drachma and becomes more competitive in industries that are already well established such as tourism, it will help it on its way to a new start. Compared to the old days of the drachma, the population is now much better-educated and some of the younger people, at least, have the potential to compete in new technologies such as solar energy.
As the imagination displayed in the opening to the Olympics and the beautiful new museums e.g. the Acropolis museum, Greeks are capable of rivalling Italy in the design field. And Korres is an example of a company that has prospered in the competitive beauty industry by highlighting the use of natural products produced in Greece.
But they have got to to get rid once and for all of the old system of patronage and nepotism that has sapped creativity and entrepreneurship!! Greeks are hard workers and high achievers outside Greece, but inside the country are hobbled by corruption, bureaucracy and closed professions.
Let's hope this painful period will lead to a rebirth of the Greek economy and enable the country to get back on its feet and take pride in having overcome this huge challenge.
Message posted by Susanna on 25 September 2011 at 5:24pm - IP Logged
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I still believe that, no matter what we hear on the news, Greece will stay in the Euro. I'm not convinced that it will be a good thing, but am fairly certain that a return to the drachma would be a disaster, mostly because I do't think there are ANY cash reserves to fall back on, so the state would literally be unable to pay salaries/pensions/unemployment, etc.
Stuck between a rock and a hard place, in other words!
Sid Ari, I think you are absolutely right about the way Greece has been squandering its EU hand outs, but many many of us have been well aware of this for years and quite unable to do anything about it. Politicians are horrendously corrupt and when the "top" is corrupt it lends a helping hand for the bottom to follow suit. You cannot fully blame the man-in-the-street for fiddling his taxes when he knows full well that the bosses are doing just that and worse. You seem to be particularly upset about the situation that you are having to live with, but it might be worth considering that most of us (and I do think of myself as Greek having lived here for so long) feel very much the same. It isn't fair, it isn't right, but we have to deal with it or leave! You, at least, do have that option. In the long term your house will not lose its value, whatever happens to the euro or drachma. You can afford to sit it out. Lots of us do not have that luxury.
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