Apparently, all of the billions of Euros just transferred to Greece to ease its "crisis" will go directly to the banksters to cover outstanding interest payments, and will do nothing whatsoever for the country or its people.
The situation is clearly unsustainable, and there are other European countries sinking fast.
Should Greece simply stop paying the interest on its debts, and have them rescheduled or cancelled altogether?
What do you think?
http://theflucase.com/index.php?option= … mp;lang=en
The people of Greece ought to wake up! I'll tell you the folks here in the USA weren't happy about the bank bail outs and we're going to be less happy about sending our tax dollars to bail out the Greeks.
Ex-Bundesbank Chief Says Greece Will Never Repay Debt, Says Bailout All About "Rescuing Banks And Rich Greeks"
http://www.zerohedge.com/article/ex-bun … ing-banks-
We've already discussed this on another thread. You can't address a debt problem by lending it more money. That only postpones and worsens the pain. What is happening in Greece is that the bailout goes to the Institutions but the Austerity is devolved straight to the people.
To him that hath, shall it be given. From him that hath not, shall it be taken away, even that which he hath.
It would be worth Greece defaulting just to see the look on Angela Mekel's face when she found out! Probably would also be the start of the collapse of the Euro, although Greece would be a lot better off if they took the short-term pain and reverted back to the drachma. Ditto Spain, Italy, Portugal and Ireland - all would be better off if they ditched the Euro and control of their currencies again. One size does not fit all!
Neither does One Government, which is the hidden reason behind the formation of the EU in the first place.
I think Greece should default, take the pain, and return to some sense of reality.
People will accept austerity measures if they believe in the reasons behind them (defending their country in times of war, for example).
But not when it is becoming more and more evident, even to the average man in the street, that these artificially created paper debts serve only to enrich the banksters, impoverish the people, and allow the countries assets to be stolen by the banks and the IMF.
People will accept austerity measures if they can see that their short term pain is leading to growth and the rebuilding of their country's economy. Unfortunately, just like when an individual is in debt, a country in debt spends all its time paying off interest and none of the capital, so ordinary people reap no benefits.
I agree with your assessment. I also suspect that the Financiers may have picked the wrong target in Greece. The people there are not known for 'taking it lying down'.
Especially since most of the toxic financial 'products' that are rampaging through the world's economies originate from ???
You make a good point. Why not just let it fail now? Clearly the people are not going to be better off burdened with even more debt.
Borrowing to get out of debt is like drinking to cure alcoholism.
At some point the default will not be a matter of if it should happen, it will just happen under it's own weight.
Iceland bailed out European Bankers, now Greece.
Ultimately the people have got to wake up to the FACT that Fractional Reserve Banking serves a very few in society - those at the very top who print the money, and creates debt slaves out of the masses.
Currency needs to be backed by something of value or the system will eventually collapse.
Yes. The downfall of any economy is the notion that failure is a bad thing. We often mistake compassion for common sense. We prop up what logically should fail in order to clear the way for something better. This same philosophy has bled its way into every facet of our lives from sports to government. This idea that there can only be winners. God forbid we damage an individual's or country's self esteem by allowing them to fail and learn. Greece will continue down the same unsustainable path as long as they believe there's a money pit to bail them out.
Economists urge Greece to return to drachma and default on its debts to banks
http://theflucase.com/index.php?option= … d=64〈=en
by mio cid 7 years ago
The republican position is that under no circumstance will they allow any tax raise as part of the negotiations to raise the debt ceiling.They also want spending cuts, right now,significant in quantity,and across the board except on defense , when asked if the only way an agreement could be reached...
by jerryl 8 years ago
What's your opinion, and the reasoning behind it?
by Dave McClure 7 years ago
Greek Prime Minister George Papandreou has decided that the Greek people should be asked whether or not to accept the rescue package negotiated by the Eurozone leaders. The 'rescue' package, of course, came with strings attached: further austerity measures for a people already suffering. And...
by ThunderKeys 6 years ago
Is there anyone reading who can explain the global economic crisis simply and objectively in just a few paragraphs? When I try to find information to understand what's going on with the Euro and with the US economy, there is so much biased nonsense. Everything from unhelpful off-topic political...
by Judy Specht 5 years ago
If the government doesn't raise the debt limit we are going into default according to the mainstream media and the Democratic Party. Default according to the dictionary: a failure to make a payment (such as a payment on a loan). Where did all the tax money, the government collected, go?
by CMHypno 6 years ago
Austerity, people committing suicide, 25% unemployment in some parts of the Eurozone, yet these vast sums can always be found to bail out banks? If this kind of money is available, why not inject it directly into local areas to create jobs and stimulate...
Copyright © 2018 HubPages Inc. and respective owners. Other product and company names shown may be trademarks of their respective owners. HubPages® is a registered Service Mark of HubPages, Inc. HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.
|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|