Greece

[EdReed4Prez]

What's gonna happen with them? Talk to me like I don't have a degree in economics, because I don't.

 

[Spike]

I still have a stash of dracs somewhere, they might be worth something soon.

It's a game of chicken


EU leaders have warned Greeks that rejecting creditors' proposals in a referendum called for Sunday would mean leaving the euro.

Greek Prime Minister Alexis Tsipras has urged a no vote but insists he wants Greece to stay in the euro."They will not kick us out of the eurozone because the cost is immense," he said

German Vice Chancellor Sigmar Gabriel said the vote would be "yes or no to the eurozone".

http://www.bbc.com/news/world-europe-33319917

 

[Ron Burgundy]

What's gonna happen with them? Talk to me like I don't have a degree in economics, because I don't.

I do.
They will probably end up leaving the Euro and printing their own money. For too long Greece spent far more than came in because of generous government pensions and benefits, plus their high taxes and generally poor attitude toward work chased jobs out of the country. It isn't so much that they spend too much as it is that they just don't generate enough wealth that there is much left to tax. Germany is the most productive country in Europe and they are getting tired of sending their hard-earned money to prop up Greece. Grecians didn't like the formula (you see what I did there) of higher taxes and less government spending in order to pay back the other Eurozone countries. Government spending means more there than it does here because there is much less private sector spending. Greece doesn't make cars, steel, shoes, or much of anything. Last year they elected a new prime minister who is a Communist and ran on a platform of "**** the Germans, **** the Euro, we'll print our own money and not pay the sons of ******* back". Of course they can then print their own money and have an exchange rate against the Euro but the problem is that they will continue to print more and more to have to hand out and that will cause a high rate of inflation. Which will lead to printing even more money. Lather, rinse, repeat. They will vote on a referendum later this week to leave the Euro. Now for example, if they do, at first a Euro will be worth say 100 dracmas, but within six months it will take 1000 dracmas to buy one Euro. Thing is, Greece has been anti-business and anti-wealth for so long that no one knows how to fix the problem.
Hope this helps.

 

[Punxsutawney]

They'll vote to accept the additional austerity, so they can stay in the Euro, even though the Euro is their problem.

The party in power in Greece is a cowardly disgrace. They ran on the platform of reversing the austerity, and the best they could do was negotiate a proposal with creditors requiring additional austerity.

Instead of owning the epic failure, they're putting it to a public vote to deflect criticism off themselves.

 

[Tibs]

I'm getting kinda nervous, set to take the fam to Crete in about a week and a half. Got everything booked, will be hard to back-out. Looks like things could blow-up soon. Banks are basically shuttered, huge lines at atm's, pensions not being paid out. We're doing an airbnb, will bring cash, the beach & Mediterranean Sea will still be there (hopefully) so main thing is, are shops & restaurants gonna be open? Will there be full-on mayhem & rioting in the streets? Probably not the most ideal time for a visit...I think I goofed on this one..

 

[Spike]

I'm getting kinda nervous, set to take the fam to Crete in about a week and a half. Got everything booked, will be hard to back-out. Looks like things could blow-up soon. Banks are basically shuttered, huge lines at atm's, pensions not being paid out. We're doing an airbnb, will bring cash, the beach & Mediterranean Sea will still be there (hopefully) so main thing is, are shops & restaurants gonna be open? Will there be full-on mayhem & rioting in the streets? Probably not the most ideal time for a visit...I think I goofed on this one..

Nice timing dude!

Better bring an extra suitcase loaded with cash, just in case. ATM's and banks could be empty.

I'd still see if they can give you a refund, blame the government.

 

[Tibs]

Nice timing dude!

No kidding, lol! Note to self: never let the wife talk you into vacation destinations....

I spoke to the lady in Crete, she said it's business as usual, nearing peak tourist season, everything's normal, a-ok. The trouble is brewing in Athens et al, but vacation resorts ie Crete should be operating as normal. And I actually allowed that to calm my nerves....there's a sucker born every minute!

 

[Ron Burgundy]

The party in power in Greece is a cowardly disgrace. They ran on the platform of reversing the austerity, and the best they could do was negotiate a proposal with creditors requiring additional austerity.

That, plus they have been conditioned to hate people and corporations with a lot of money and fail to realize that that is where jobs come from. The top three contributors to Greece's GDP are shipping (which doesn't employ a lot of Greeks), agriculture, and tourism, both of which don't really generate much money. Picture the Mon Valley in Pittsburgh as a country and you've got Greece.

 

[DBS1970]

Greece is what always happens when socialism runs amok. Imagine Greece as California only without the rest of the USA to bail them out. Greece is about to be a huge **** show.

 

[IndySteel]

My batshit ex is 1/2 Greek and that's where the crazy came from. **** 'em. Let Turkey take the country over.

 

[GRBman]

I do.
They will probably end up leaving the Euro and printing their own money. For too long Greece spent far more than came in because of generous government pensions and benefits, plus their high taxes and generally poor attitude toward work chased jobs out of the country. It isn't so much that they spend too much as it is that they just don't generate enough wealth that there is much left to tax. Germany is the most productive country in Europe and they are getting tired of sending their hard-earned money to prop up Greece. Grecians didn't like the formula (you see what I did there) of higher taxes and less government spending in order to pay back the other Eurozone countries. Government spending means more there than it does here because there is much less private sector spending. Greece doesn't make cars, steel, shoes, or much of anything. Last year they elected a new prime minister who is a Communist and ran on a platform of "**** the Germans, **** the Euro, we'll print our own money and not pay the sons of ******* back". Of course they can then print their own money and have an exchange rate against the Euro but the problem is that they will continue to print more and more to have to hand out and that will cause a high rate of inflation. Which will lead to printing even more money. Lather, rinse, repeat. They will vote on a referendum later this week to leave the Euro. Now for example, if they do, at first a Euro will be worth say 100 dracmas, but within six months it will take 1000 dracmas to buy one Euro. Thing is, Greece has been anti-business and anti-wealth for so long that no one knows how to fix the problem.
Hope this helps.

Huh...now this sounds familiar...

 

[scstillerfan]

You are getting a vision of the future USA if things don't change soon. And they won't.

 

[Coach]

What's gonna happen with them? Talk to me like I don't have a degree in economics, because I don't.

They might have to sell their islands and women.

Jokes aside Greece is in deep trouble and has little to barter with in terms of natural resources or the ability to make things. . If they default on what they owe, which is likely, they will be kicked out of the EU monetary system, and print their own money which will be quickly experienced inflation and become devalued.

If they allow Germany and the creditors to run the nation, their government has been over taken.

Greece is an example of an over funded Government hand out system that collapsed under its own weight.

 

[Troglodyte]

Wasn't, or isn't, the retirement age in Greece 55?

Not that I'm confident in our fiscal policy, but at least the U.S. has already grandfathered in a higher retirement age (Im sure the majority of people here got screwed by that).

I'm waiting for the day they decide that people who saved for their own retirement weren't so much responsible, but rather able, and they make social security means based.

 

[Shane Falco]

To put it simply, this is what 'social justice' and 'equality' brings. You would think this would be an education for those believing in socialism...

I do.
They will probably end up leaving the Euro and printing their own money. For too long Greece spent far more than came in because of generous government pensions and benefits, plus their high taxes and generally poor attitude toward work chased jobs out of the country. It isn't so much that they spend too much as it is that they just don't generate enough wealth that there is much left to tax. Germany is the most productive country in Europe and they are getting tired of sending their hard-earned money to prop up Greece. Grecians didn't like the formula (you see what I did there) of higher taxes and less government spending in order to pay back the other Eurozone countries. Government spending means more there than it does here because there is much less private sector spending. Greece doesn't make cars, steel, shoes, or much of anything. Last year they elected a new prime minister who is a Communist and ran on a platform of "**** the Germans, **** the Euro, we'll print our own money and not pay the sons of ******* back". Of course they can then print their own money and have an exchange rate against the Euro but the problem is that they will continue to print more and more to have to hand out and that will cause a high rate of inflation. Which will lead to printing even more money. Lather, rinse, repeat. They will vote on a referendum later this week to leave the Euro. Now for example, if they do, at first a Euro will be worth say 100 dracmas, but within six months it will take 1000 dracmas to buy one Euro. Thing is, Greece has been anti-business and anti-wealth for so long that no one knows how to fix the problem.
Hope this helps.

 

[Coach]

Wasn't, or isn't, the retirement age in Greece 55?

Not that I'm confident in our fiscal policy, but at least the U.S. has already grandfathered in a higher retirement age (Im sure the majority of people here got screwed by that).

I'm waiting for the day they decide that people who saved for their own retirement weren't so much responsible, but rather able, and they make social security means based.

One can retire in Greece with full government pensions at age 42.

 

[Ironcitysteelers]

I liked the first one the best.

 

[Ron Burgundy]

http://blogs.wsj.com/briefly/2015/0...greeces-referendum-the-short-answer/?mod=e2fb

 

[Spike]

I spoke to the lady in Crete, she said it's business as usual, nearing peak tourist season, everything's normal, a-ok. The trouble is brewing in Athens et al, but vacation resorts ie Crete should be operating as normal. And I actually allowed that to calm my nerves....there's a sucker born every minute!

The Bright Side of Greece: Lower Prices, Fewer Tourists

Frankly, this is a great time to travel to Greece. The financial crisis — while making life difficult for most Greeks — is a boon for budget travelers.

https://www.ricksteves.com/watch-re...ht-side-of-greece-lower-prices-fewer-tourists

--------------------


How the Greek financial crisis could affect your holiday plans

How much cash should I take with me?

Withdraw a large amount of euros in cash before heading to Greece (and avoid it all being in high denomination notes). The official advice from the Foreign Office is: “Make sure you have enough euros in cash to cover emergencies, unforeseen circumstances and any unexpected delays.”

It adds that you should have more than one means of payment with you, so take your debit card and credit card as well.

However, the government adds that card processing services “could potentially become limited at short notice”. In other words your card may be rejected, forcing you to deal in cash only. If you haven’t pre-paid for your hotel or car, and will be buying petrol or other pricey items, you’ll want to have rather a lot of euros in your pocket.

“I would make sure I had enough to cover my entire trip – whether it was seven, 10 or 14 days,” he says. He advises small notes – €5s, €10s and €20s – as traders may not have much cash for change.

http://www.theguardian.com/money/20...isis-holiday-plans-holidaymakers-difficulties

 

[Steeltime]

My take on the old joke ...

Q: What's a Grecian urn?
A: Nothing - he gets government handouts.

Hey, liberals have assured us for decades that taxing the rich, giving **** away from government coffers, government spending in a sum far more than the government receives in revenue, basing an economy on government jobs and handouts, and refusing to trim public spending will lead to prosperity for all.

How's that working out, Greece?

 

[SteelChip]

What's gonna happen with them? Talk to me like I don't have a degree in economics, because I don't.

I got this, in addition to the good explanations we already got.



Regardless, they won't have it as easy as Puerto Rico, Illinois, New Jersey and Chicago. These places will end up with financial support from the US taxpayer, in one form or another.

http://www.marketwatch.com/story/th...-turn-us-cities-states-into-greece-2015-06-30

http://www.marketwatch.com/story/pu...threat-to-us-investors-than-greece-2015-06-30

 

[EdReed4Prez]

http://www.washingtonexaminer.com/us-projected-debt-headed-toward-greek-levels/article/2567326

So we got that to look forward to.

 

[Spike]

**** all that **** Tibs

Greece is a party - the beaches are topless, ya know

 

[Ron Burgundy]

**** all that **** Tibs

Greece is a party - the beaches are topless, ya know

Aren't the women all 4'11" with mustaches and hairy pits?

 

[Spike]

You're forgetting all the Brits and Norwegans on holiday