Greek Election (4 Viewers)

[Cronios]

Baroufakis is finally a part of history!
The new guy cant even speak Greek right and also has his savings deposed in Us$, (in blackrock and JPMorgan investments and would become multimillionaire in a grexit event) but at least he speaks in an acceptable tone and accent.
Interesting to note that Baroufa in Greek stands for BS!
So the former eccentric minister insisted on writing his name with a V
The new f.mininster's surname stands for jackal-made, but I doubt that the synonymy holds any water...
I expect them to fail the negotiations tomorrow.

 

Buy on AliExpress.com

[ReBeL]

....

 

[GordoDeCentral]

http://news.yahoo.com/latin-america...5cXVuBGNvbG8DYmYxBHBvcwM2BHZ0aWQDBHNlYwNzcg--

What is the moral of this story, @Bjerknes?

moral of the story, populists are the isis of politics

 

[ReBeL]

Nice one

 

[Bjerknes]

http://news.yahoo.com/latin-america...5cXVuBGNvbG8DYmYxBHBvcwM2BHZ0aWQDBHNlYwNzcg--

What is the moral of this story, @Bjerknes?

That nobody should take economic advice from South Americans.

I'd think they'd remain in the EU, just not in the Eurozone.

But essentially, that's the million dollar question nowadays. Greece would actually get a currency that reflects their economic capabilities, has a lot of onseuquences, some good, some bad, but no one can really claim to know exactly what will happen.

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In a nutshell:
1. Greek exports would rise
2. Greek consumption of domestic goods would rise
3. Greek inflation would be much higher
4. Greek debt would be much higher effectively (they're mostly in Euro)
5. Greek purchasing power would be much lower.

But the overall effect largely depends on the extent of each of these consequences, the reaction of the people, consumers, investors, politicians, economic development of Europe and the world as a whole,...

Right. But overall, it should lead to a healthier economy in the long run from trade and tourism.

But that's the problem:
1. The private sector won't invest.
2. They can't base themselves on exports due to the (compared to their capabilities) very strong euro
2.1. Even without the Euro they'd still be uncompetitive due to their overall relative lack of competitive industry
3. Consumers won't spend much 'cause they ain't got much left and wages/penions are abysmal.

Ergo, the only one who can invest and change the fate of the country is the state. That's why saving in recession (austerity) is so dumb economically speaking.

That's the problem with the people pressing for austerity

It's not dumb economically if the problems are based on excess debt. You cannot spend your way out of a spending problem, just like gamblers can't gamble their problems away or alcoholics can't drink them away. Likewise, if I have a spending problem on a personal level, austerity is the only solution. Governments run deficits regardless of the economic climate and hope the day of reckoning never comes. That's horrible policy.

If the state is the economy then you don't have one. The Greeks should take the austerity and rebuild away from the Euro, capitalizing on the cheaper tourism and business in general. Once they begin to rebuild investors will rise from the ashes.

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http://www.zerohedge.com/news/2015-07-06/greece-coming-your-neighborhood-marc-faber-warns

 

[Völler]

Greeks apologise with huge horse

THE nation of Greece said sorry to the European Union with a present of an enormous wooden horse.

Left outside the European Central Bank in the dead of night, the horse has now been moved into the ECB’s central lobby where it is proudly on display.

A gift tag attached to the horse, which is surprisingly light for its size and has small holes along the length of its body, suggested that it should be placed in the bank’s vaults overnight to avoid it being targeted by thieves.

Mario Draghi, President of the ECB, said: “How nice of the Greeks to acknowledge the trouble we’ve been put to on their behalf with this wonderful horse, handmade and so large it could hold a dozen double-decker buses.

“The card with it, which had a teddy bear dressed as a hobo on the front, explained that Greece made us this because they don’t have enough money for a present, which brought a tear to my eye.

“However, unless they can somehow find billions overnight then austerity measures must continue.”

Oddly, Greek representatives in Brussels have hinted that they may soon be in a position to settle their debts and have puzzled the French and German banks that hold their loans by asking if there is any discount for cash.

The government of Spain has reacted angrily to the gift, accusing the Greeks of trying to bribe the ECB and redoubling their own efforts to weave a gigantic sombrero-wearing straw donkey.

http://www.thedailymash.co.uk/news/international/greeks-apologise-with-huge-horse-2012051527146

Brilliant.

 

[ReBeL]

....

 

[swag]

Brilliant.

Awesome

 

[Fred]

Brilliant.

Haha

 

[Lapa]

That nobody should take economic advice from South Americans.

Hmm...are you guys any better if we think who started the economy crisis back in 2007 or when was it? Wasn't it your banks that were giving money to everybody?

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In this case it's more about culture. Greeks don't want to pay taxes, they want government to give them a million euros when they retire at the age of 52, and the government is OK with that since they get even more money. And when they should pay their debts they go voting and celebrate when they vote for "we shouldn't pay back one dime". Greece should be nuked, that's how I see it, fucking scums!

 

[Cronios]

Shame for the beaches man, just exile the bublic labourers, unionists and left politicians and problem solved!

 

[Elvin]

Looking forward to an easier visa regime. It's the most beautiful country in the world IMO.

 

[Nzoric]

Hmm...are you guys any better if we think who started the economy crisis back in 2007 or when was it? Wasn't it your banks that were giving money to everybody?

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In this case it's more about culture. Greeks don't want to pay taxes, they want government to give them a million euros when they retire at the age of 52, and the government is OK with that since they get even more money. And when they should pay their debts they go voting and celebrate when they vote for "we shouldn't pay back one dime". Greece should be nuked, that's how I see it, fucking scums!

Funny how you got almost everythinh wrong in that post yet you probably still feel entitled to it.

 

[ZoSo]

they should elect this guy

 

[Fr3sh]

Hopefully France is next.

 

[Lapa]

Funny how you got almost everythinh wrong in that post yet you probably still feel entitled to it.

That's how I roll.

 

[piotrr]

Once again, the Poles have stepped in to save Europe.

Marathon negotiations on Monday morning led to a breakthrough deal that will likely see Greece stay in the eurozone — for now. What is perhaps most interesting is not the deal itself, however, but the saviour who made it happen.

The Financial Times reports that at around 6 a.m. in Brussels, both German Chancellor Angela Merkel and Greek Prime Minister Alexis Tsipras were heading for the door and ready to call it quits. At that moment, it seemed a Greek exit from the eurozone was all but assured.

But before either of them could leave the room, Donald Tusk, former Polish prime minister and current president of the European Council, stepped in front of the door.

“Sorry, but there is no way you are leaving this room,” he’s reported to have said. :boss::boss:

It is not the first time the Poles have pulled off a last minute save of Europe. Tusk may have been channeling some of the heroics of King John III Sobieski, who in 1683, arrived just in time to attack and destroy a massive Ottoman force besieging Vienna — then seen as a gateway to Western Europe. Without his crushing rout of the Turks, it was very likely Ottoman forces would have gone on to conquer much more of Europe than they did.

Will Tusk go down in history as a saviour the same way Sobieski did? Maybe not, but he certainly pulled off a miracle salvaging a summit that had become a total mess.

Monday’s negotiations between Greece and the eurogroup were apparently the most exhausting of any so far, and also the most hostile. The Financial Times highlights a number of outbursts during the session, including the Finnish finance minister lashing out that the Greeks haven’t been able to make any reforms for half a century and the German finance minister telling off Mario Draghi, head of the ECB.

“It was extremely hard, violent even,” one source told the Financial Times.

http://business.financialpost.com/i...ister-for-saving-the-eurozone?__lsa=8b1a-13c8

 

[Martin]

pics or you know what happens

 

[Fred]

Syriza, the Greek oligarchs, and the role of Greek culture and social norms in their crisis.

http://www.w-t-w.org/en/wp-content/uploads/2015/02/Syzria-and-the-Greek-Oligarchs.pdf

Decent article, it's similar to the political and social problems in Arab Spring countries. We were all excited about the toppling of long time dictators, but often, the problem is not as simple as a change of leadership, but much more deep rooted than that. I fear that Greeks will find that out the hard way with Syriza.

 

[Hængebøffer]

Saw this one on Twitter

European Commission confirms $7.16 bn loan paid to Greece so they can now pay ECB & IMF (see gif for explanation)