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The Farcical Greek Bailout
July 15, 2015

Joined: May 12, 2014
Posts: 683
The Farcical Greek Bailout

July 15, 2015

I predict the Greek bailout will not last one year. I predict the Greeks will not put up with the increased austerity measures; imposed mainly by Germany who are the Greeks biggest loan creditors. There is economic chaos there at present as people struggle with the austerity measures already in place. Once the true effects of the new measures start to really bite the Greeks will likely oust the present Govt, tear up the bailout agreement and start again with the Drachma as they should have done a year or so ago.

I am under no illusions that the Greeks are the authors of their own economic downfall. their national pastime of tax evasion, the decades of corrupt Governments, the huge and wholly unaffordable public spending levels, the massively generous early retirement with full and overly generous state pensions all coupled to low productivity was always a recipe for eventual economic disaster.

BUT; whilst accepting that the Greek creditors want to safeguard the loans they have made and prevent the collapse of the Euro, nobody in their right mind can even begin to believe the Greeks can sustain the new bailout criteria for any length of time. The IMF has said exactly that this morning!!

So; I predict it will all go to ratsh*t sooner rather than later. For those thinking about taking advantage of the low cost holiday options that the Greek economic malaise has presented I would just warn that current reports state the Greek hospitals are failing as they have no drugs, staff are leaving because they can't be paid and people are not being treated.

I hope I am wrong in my prediction, I wouldn't bet against myself though!!

 

July 15, 2015

Joined: May 8, 2014
Posts: 1203
The Farcical Greek Bailout

July 15, 2015

David watching Sky News on the Greek parliament ....I don't think it ( agreement) will pass let alone be put into place by the Greek P M .............................there's a lot of  posts about the Germans on face book ....silly one's at that ,there is a fund being talked about the UK lending the Greeks a few bob ( I M F ) but Cameron has stated any monies will be ''ring fenced '' what ever that means.....but as you said David the clock is ticking ,personally I think come Xmas we will have the Drachma in operation.....cheap hols next year ???????????

July 16, 2015

Joined: May 12, 2014
Posts: 683
The Farcical Greek Bailout

July 16, 2015

Well it got through Bob, surprisingly easily given the predicated rebellion expected from their PM's own backbenches. It's all academic though it will simply NOT last, the Greeks can NEVER repay the loans or their debts within the agreed terms and time scales. In fact I doubt they can EVER repay them!! The almost £1 billion being asked of the UK is a farce; it is some esoteric EU regulation dragged up from nowhere that says an emergency fund, from the EU rather than the Euro zone, can be called on to bail EU members out. Osborne and Cameron are saying piffle let the Euro zone countries shoulder the euro zone problems....RIGHTLY SO!! The proverbial ratsh*t  will hit the ceiling within 6 months mark my words. As an aside; all the FB Scheisse about the Germans is nonsense. I have read they are being likened to the Nazis again. They weren't being called that when they lent Greece between, (the figures vary according to what paoer you read) 40 and 60 BILLION euros!! Schaueble, the German finance minister, is interestingly enough backing Cameron's refusal to pay the £1 billion he has been asked for.

July 16, 2015

Joined: May 14, 2014
Posts: 977
The Farcical Greek Bailout

July 16, 2015

Since we are NOT members of the Euro, nobody can suggest, never mind dictate, that we should provide funds for a bail out of any failing Euro members of the EU, and if Cameron and co agree to ANY payment to bail out Greece or any other member state in the Euro zone, whether the amount is small or bloody massive, since we are not in the Euro group, and have no influence in Euro only matters, the EU can go and boil their heads. However, I doubt if boiling their heads would have any effect, since their brains are both minimal and worthless. I would rather support any suggestion my daughter's pet rabbit may wish to offer to Merkel and co. But he will not since he like us is not in the Euro thank the lord. And he is extremely clever..... unlike the members of both the Euro and the rest of the EU. They are like the Crazy Gang and Laurel and Hardy mixed together... If the situation was not so highly critical it would be farcical.


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