Greek Art ...then
Economic destruction. Greece flirts with it -- daily. And it is being prolonged by the Eurozone. Countries willing to make enormous loans may never be repaid. If the euros were not injected into this failing state, would this financial contagion spread?
Greece suffered with almost 26% unemployment, in the first quarter of 2015.
On the other hand, recent tourism influxes, less imports, and more exports, are painting a rosier picture picture. In a Wall Street Journal article by Gabriele Steinhauser, Greece might do better if it could obtain just a bit more cash, say another 40 billion euros?
A Brussels 'Think Tank' indicated that this might be in order. Recent budget surpluses aside, Greece may have an insurmountable economic problem, coupled with a surmountable social problem.
Do you think Greece will Exit the Euro by 2016?
Send in the Euro's - Please?
Greece will seek the easy way out, if it continues to obtain loan after loan. But such a move might destabilize markets in the Eurozone, if not create more friction between Eurozone partners. This could eventually result in a fractured "Euro."
The easy way out, for Greece, would be to monetize the debt, issue bonds, or perhaps do as Alexis Tsipras (Leftist Opposition Leader) has suggested, and that is write off the loans. Perhaps 60% of the loans.
Greek property values continue to drop, as much as 32% in recent years. Sales of homes/property in Athens continue to plummet.
It has become something of joke to own property in Greece. Tax increases appear to burden to homeowner. Why would one pass such a burden onto one's children?
The Real Grexit
Emigration levels in Greece are the highest they have been since 1998, according to EnetEnglish of the Independent Greek Press. In fact, the country had a net loss of about 5.5% in 2012 alone.
Some of this loss can be attributed to 'Brain Drain' with suggestions that over 46% of Greek PhD holders are living abroad.
Salaries Cut as much as 50%
In an interview for BBC with Chris, John Humphry's son, who has lived in Athens for about 20 years the “Destruction of the Middle Class” was mentioned. In some cases salaries have been cut as much as 50% and such a thing has become almost normalized. Chris himself has not been paid on occasion.
'Greek Culture' appears to be suffering.
Gone are the days of enjoying the night air at a Cafe - because there is just no money left or what remains is saved. Although, there appears to be a certain amount of fear, regarding certain groups, the return of fascism or some other type of social breakdown is a new worry.
Chris thinks that the Greeks are a resilient people with close family ties, however. Both John and Chris hope that this measure of resilience maintains the Greeks through these troubled times. The interview took place downtown in a nearly empty restaurant.
According to an article dated 6 FEB 2014, for the Ludwig von Mises Institute of Canada, the “EU” is a welfare system for entire nations.
Population of Greece -- last count: 10,812,467, but there are recent influxes of immigrants...
Greece, with a population of about 11 Million people has received about 240 Billion Euros. That is almost $30,000 a person.
National Debt per Greek citizen stood at almost 29,224 per person.
The Greek National Debt stands at approximately 315,000,000,000 euros.
Crime is also increasing in Greece. The US Department of State has issued warnings about the many types, including the run-of-the-mill pickpockets, to the well organized gangs preying upon tourists.
Violent crimes appear to be less in Greece, than in other European nations, but burglaries are on the rise.
Terrorism in Greece is not necessarily new. Groups like the Fire Nuclei, have claimed responsibility for bombings and have been associated with bank robberies.
'Shisha' is yet another nail in the Greek coffin. It is referred to as the poor man's drug of choice. Alcohol consumption is on the rise, as one would expect in this situation. But this new homemade drug 'shisha' is an apparent substitute for cocaine. There is a photograph of a Shisha Smoker below. Smoking this substance can make one aggressive, some reports indicate.
Aside from terrorism and 'shisha' problems, there is the odd political party called the Golden Dawn. Odd would be a kind name. It has been labeled a Neo-Nazi Party, but not akin to the home grown ones here in the USA.
The fact that these people now hold office is troubling.
A Party Leader named Nickos Michaloliakos of Golden Dawn said last year, that he did not believe that the Nazis used gas chambers to exterminate the Jews. These Golden Dawn Nazis should be taken at their word and be removed from office post haste - be voted out.
Banks in Greece have now lost 66% of their of their value - in 2015.
BBC News – Business: www.bbc.co.uk/news/business 19 FEB 2014
www.greekcrisis.net: “Bruegel Think TankSays Greece Needs New 40 Billion (Euro) Bailout” Wall Street Journal, Gabriele Steinhauser, 20 FEB 2014
Reuters US Edition: “Greek leftist seeks negotiated debt write-off” by Paul Taylor 04 FEB 2014
www.theguardian.com/world/2014/feb/28/home-ownership-greece-property-market The Guardian: “Home ownership in Greece 'a sick joke' as property market collapses” by Helena Smith 28 FEB 2014
www.enetenglish.gr/?i=news.en.article&id=1631 “Greece records rapid increase in net emigration levels”, EnetEnglish, 21 NOV 2013
http://www.bbc.co.uk/news/world-europe-24502342 “John Humphrys' son on life in Greece”, BBC News Europe, 12 OCT 2013 (Page Removed)
Www.mises.ca/posts/blog/more-money-for-greece-why-not/ “More Money for Greece...why not?”, Ludwig von Mises Institute of Canada, Patrick Barron, 6 FEB 2014
http://www.keeptalkinggreece.com/2013/05/22/2-bailouts-1-haircut-greek-public-debt-at-e309-4-billion-in-1q-2013-as-much-as-in-2010/ by keeptalkinggreece in Economy 5 MAY 2013
www.osac.gov/pages/ContentReportDetails.aspx?cid=13731 United States Department of State Bureau of Diplomatic Security, Overseas Security Advisory Council, 10 MAR 2013
www.theguardian.com/world/2013/may/16/greek-addicts-sisha-drug-crisis Greek addicts turn to deadly shisha drug as economic crisis deepens, The Guardian, Helena Smith, 16 MAY 2013
www.israelnationalnews.com/News/News.aspx/167265#.UxOuqvn16MM Israeli National News, Council of Europe: Greece Could Ban Neo-Nazi 'Golden Dawn', April 19, 2013
Mehreen, Khan, "Greece Fails at First bail-out Hurdle as new creditor stalemate beckons", The Telegraph, November 9, 2015