Greece Is Grim

[Saved7]

Wow, I knew things were bad for Greece and I haven't been keeping up on the news lately, so this article really blew my mind. It paints a pretty grim picture foe Greece.
http://m.yahoo.com/w/news_america/an...us&.lang=en-us

[student of the Lamb]

Wow, I knew things were bad for Greece and I haven't been keeping up on the news lately, so this article really blew my mind. It paints a pretty grim picture foe Greece.
http://m.yahoo.com/w/news_america/an...us&.lang=en-us

I just tried your link a couple different ways and could not get it to work. Nevertheless, it will be a miracle if Greece avoids bankruptcy. The amount of austerity measures that will be necessary I believe must add up to around 172 billion dollars. The people don't even want any of the cuts that have already taken place. It is a definite indication of what can be expected here in the U.S. in the possibly near future. We are now in debt equal to our Gross domestic product. It will now become much more difficult to pay the debts and pay the bills unless we start austerity measures of some sort now, or even last year for that matter.

[Dravenhawk]

And therin lies the fundamental problem of LIBERALISIM... Eventually you run out of other peoples money. - - - - Dravenhawk

[Adstars]

And therin lies the fundamental problem of LIBERALISIM... Eventually you run out of other peoples money. - - - - Dravenhawk

Yes eventually reality forces its presence over delusion and it's arrival is crushing. Reality is going to be visiting more people then just the Greeks in the coming years. May God preserve us or take us home.


All Praise The Ancient Of Days

[Brother Mark]

And therin lies the fundamental problem of LIBERALISIM... Eventually you run out of other peoples money. - - - - Dravenhawk

And in this case, it also shows a problem with the gold standard. Even though this is the euro standard, the principles are the same. Greece is much more limited in what it can do to correct the problem.

I suspect they will eventually leave the Euro. Or, the Euro countries will have to agree to keep the money flowing to Greece. Or they will all become One in sovereignty. I think Greece leaving is the most likely long term scenario.

[Faithful One]

And therin lies the fundamental problem of LIBERALISIM... Eventually you run out of other peoples money. - - - -

Yes eventually reality forces its presence over delusion and it's arrival is crushing.

You guys are right on...It not about currency and all that nonsense. Its about learning that you really DO have to pay back what you borrowed....Well, in the case of Greece....about half of what they borrowed. .....

[Brother Mark]

You guys are right on...It not about currency and all that nonsense. Its about learning that you really DO have to pay back what you borrowed....Well, in the case of Greece....about half of what they borrowed. .....

It is partly about the currency because Greece tied their currency to the Euro. When they did that, it enabled them to get loans at really cheap rates. If the currency hadn't been backed by all of Europe, Greece would not have been able to borrow like they have.

What you say is true. But another truth is that without the pegging of the currency, Greece would not have been able to get this far into debt.

[Faithful One]

It is partly about the currency because Greece tied their currency to the Euro. When they did that, it enabled them to get loans at really cheap rates. If the currency hadn't been backed by all of Europe, Greece would not have been able to borrow like they have.What you say is true. But another truth is that without the pegging of the currency, Greece would not have been able to get this far into debt.

...Nope;Have you ever heard the phrase: "The borrower is servant to the lender" ?....Apparently, like the Greeks, you don't believe it.You can use the world's logic to manipulate rates and currencies and tie it to whatever you want, and you STILL won't be able to get around God's Word....""The borrower it STLL SERVANT to the lender".

[Brother Mark]

Nope:....Have you ever heard the Phrase: "The Borrower is servant to the lender"? ...You can use the world's logic to manipulate rates and currencies and tie it to whatever you want and you STILL won't get around God's Word."The borrower is the STILL SLAVE to the lender" [/b].. Its that simply

I am not justifying what Greece did. What I am saying is that without the Euro backing, Greece would not have been able to borrow the money they borrowed. The interest rates would have risen higher already.

Good thing for Greece, God's word also has a Jubilee year for bankruptcy!

[tango]

...Nope;Have you ever heard the phrase: "The borrower is servant to the lender" ?....Apparently, like the Greeks, you don't believe it.You can use the world's logic to manipulate rates and currencies and tie it to whatever you want, and you STILL won't be able to get around God's Word....""The borrower it STLL SERVANT to the lender".

Brother Mark is right, had Greece not been a member of the eurozone its interest rates would have been higher so it couldn't have borrowed so much.

Nobody is disputing that the borrower is servant to the lender, it's just that with higher interest rates this particular borrower couldn't have borrowed so much.

[Adstars]

It is partly about the currency because Greece tied their currency to the Euro. When they did that, it enabled them to get loans at really cheap rates. If the currency hadn't been backed by all of Europe, Greece would not have been able to borrow like they have.

What you say is true. But another truth is that without the pegging of the currency, Greece would not have been able to get this far into debt.

Well to be exact they didn't peg their currency to the Euro they abandoned their currency "the Drachmar" and adopted the Euro.


All Praise The Ancient Of Days

[Bede]

Whatever the rights and wrongs the people of Greece are in dire trouble.

I heard this morning that some hospitals have no heating and are running out of drugs and supplies.
Youth unemployment is 48%

They are being reduced to third world standards.

If all goes to plan they will still have a public debt of 120%GDP by 2020 and it's unlikely that it will do to plan. It hasn't so far.

[Brother Mark]

Whatever the rights and wrongs the people of Greece are in dire trouble.

I heard this morning that some hospitals have no heating and are running out of drugs and supplies.
Youth unemployment is 48%

They are being reduced to third world standards.

If all goes to plan they will still have a public debt of 120%GDP by 2020 and it's unlikely that it will do to plan. It hasn't so far.

It's very sad indeed. It shows the dangers of a socialist society gone haywire as has been mentioned above. I think that Greece will either leave the Euro or they will declare bankruptcy. There are problems with both. But I don't think austerity will work without the rest of the Euro nations sending money to Greece on an ongoing basis.

[RevLogos]

It's very sad indeed. It shows the dangers of a socialist society gone haywire as has been mentioned above. I think that Greece will either leave the Euro or they will declare bankruptcy. There are problems with both. But I don't think austerity will work without the rest of the Euro nations sending money to Greece on an ongoing basis.

These "austerity" measures seem to be mainly cutting pensions and raising taxes. As socialists they probably cannot conceive of anything else to do.

I understand Greece already has a very large underground economy, estimated from 25-40% of GDP. These measures are probably only going to drive more underground and result in lower tax revenues.

Bankruptcy is inevitable. But the EU can kick the can down the road for a long while, just making things worse.

[Adstars]

It's very sad indeed. It shows the dangers of a socialist society gone haywire as has been mentioned above. I think that Greece will either leave the Euro or they will declare bankruptcy. There are problems with both. But I don't think austerity will work without the rest of the Euro nations sending money to Greece on an ongoing basis.

Throwing good money after bad is what is happening now in the EU. The best thing that could happen for the Greek people would be for the nation to be declared bankrupt and they leave the Euro zone and start again with a new currency that can float in value. They would need a lot of basic foreign aid life food and clothing for a year or two and many of the young would leave. But with conditions now the young who can will leave anyway and they will never return to a Greece that is in a permanent state of indebtedness slavery.

The more money that lets say Germany throws at Greece the more debt the German people will have to pay. The German people who have been wise with money should not be turned into debt slaves by their government throwing billions and billion of their tax payers money into a basket case like Greece. The longer this madness goes on the more and more people will fall under the bankers chains.


All Praise The Ancient of Days