greek economy

PukPuk

This one has an interesting array of outcomes. Firstly, the problem stems from greed in there is a lot of taking from the pot but very little contributions or insufficient to break even at least. The No Vote is expected if a short term view is taken, ie no adjustment to government expenditure or a move away from a cash under the counter economy to help pay for the government services. The reluctance to correct an unsustainable drain on the country's fiscal resources has long past the point of easy recovery. Another way to look at it is the party has gone on for too long and drunkenness has meant there is now not enough sobriety to attend to the necessary clean up so the place moves further into squaller. Secondly, have a look at what could be an outcome and then decide whether the No vote was a good idea to keep partying. Russia could payout the Greek debt, but imagine the conditions including no discussion on pensions etc. This is the potential economic reality of not paying their debts instead of in effect taking each of the past assistance tranches and go party some more. On the positive side, for those outside of Greece, the countryside and islands are still fantastic and there is a good opportunity for bargaining with much needed cash for cheap holiday stays. In the long term, that cash appropriately taxed (and paid) could see a long term turnaround or a visible sign of trying to work on the debt. This problem will not be fixed immediately. it is a very long term situation that the current generations who created it have to work on and accept responsibility and not pass on even a greater burden or hardship on future generations.

Ingi

Would be good if that simple but the global economy complicates it. Greece is facing the same as say a household deciding it cannot afford the real world so shuts its doors and windows and try to...

It won't be easy and it will take a long, long time, greed is today's downfall of a lot of people, companies etc. Maybe you are right who knows how they will approach it? Regards.

PukPuk

I reckon that they should get out of the EUROS and have their own money the Drachma, tax their people, do not borrow anymore....it will take a long, long time.......

Would be good if that simple but the global economy complicates it. Greece is facing the same as say a household deciding it cannot afford the real world so shuts its doors and windows and try to be self sufficient. Good in theory but in the end no one wants to go back to caveman (person to be politically correct these days). Greece has to interact globally and has got themselves so out of control that even going back to isolationism with their own currency, its value would be so useless it couldnt get anyone to accept it. Other countries, corporations etc would want USD or Euro and even if Greece found someone short term to lend it to them, they would still have to settle out with something other than Drachma and hence where their problem lies. Whilst in the Euro, thay can at least still get some resources for their people that the oountry does not have adequate natual supply. But they have to accept the fact they have to bear a lot of pain to correct past ineptitude fiscally (greed).

Ingi

This one has an interesting array of outcomes. Firstly, the problem stems from greed in there is a lot of taking from the pot but very little contributions or insufficient to break even at least....

I reckon that they should get out of the EUROS and have their own money the Drachma, tax their people, do not borrow anymore....it will take a long, long time.......

Rossissmellingtheroses

This morning, I heard an interesting interview with the Secretary of the Greek Australia Assn. Somehow, the corruption in Greece must be addressed at all levels. The entire tax system should be overhauled, & lastly, I was amazed at this. A Greek person is entitled to the pension from age 40!
Frankly, I am amazed that Greece was ever admitted into the EU.

david

This morning, I heard an interesting interview with the Secretary of the Greek Australia Assn. Somehow, the corruption in Greece must be addressed at all levels. The entire tax system should be...

thanks rossisselingtheroses.thanks mate some good information from you

Wise Woman

Perhaps if the Greek Government made people pay the taxes they should have they would not be in this position. From what I have heard the rich have gotten their money out of the country years ago and act as if they have no responsibility to society. I have also read that the Greek economic problem is not new. Apparently they should never have been admitted into the European Union as they "fudged" their accounts to gain admittance. The various governments have never tried to make people pay the taxes they should have. They also have a very early retirement age which the German workers find very annoying as their retirement age rises and the Greek debt keeps rising. This is not the first time that Greece has not paid their debts the last time was in 1932.

david

Perhaps if the Greek Government made people pay the taxes they should have they would not be in this position. From what I have heard the rich have gotten their money out of the country years ago...

thanks wise woman.a very interesting answer

Mr.

David,

A tragedy for most Greek people but a self imposed tragedy.

First thing to do is agree to the EU proposal.

Second, review the tax system and then start actually collecting some tax.

Spending has to be cut. You cannot spend what you do not have.
Why should banks and other countries lend huge amounts of money when they look like simply wasting it (again)

marybell

David,

A tragedy for most Greek people but a self imposed tragedy.

First thing to do is agree to the EU proposal.

Second, review the tax system and then start actually...

It is truly sad that humans life beyond what they can make it takes everybody to do their part and not just the governments to mend this ..

david

David,

A tragedy for most Greek people but a self imposed tragedy.

First thing to do is agree to the EU proposal.

Second, review the tax system and then start actually...

thanks mr