Greek Referendum on IMF/Troika deal

[Clarko95 📚💰📈]

Holy sh*t it might actually happen this time

[Clarko95 📚💰📈]

Since Greek banks have a large presence in the rest of the Balkans, and Greek companies invest a lot in other Balkan countries, what effect would/could a Grexit have on the rest of the Balkans? Could we see a domino-effect, partial or widespread?

[Clarko95 📚💰📈]

Do you know what's the truth?
Greece refused a deal that was more acceptable of what the Italy and other countries suffered in 2011.
In Italy, people leave work at 67 years. In Greece, it's 57 years.
Tsipras, the left hero, refused cut the defense only because of ANEL, a right-wing party.

Honestly, I doesn't want that my country give money to a country that refused an acceptable deal. And I'm sure Chancellor Merkel agrees with me.

Italy was forced to loan Greece 32 billion or so Euros when Italy was also facing problems, right? I really don't understand the logic of this.

But to respond to your post, Greece is in far worse shape than Italy. That probably is why the terms were so favorable compared to Italy. Additionally, I don't know why another round of austerity would be any different in 2015 than from what happened in 2010 and 2012, when it only made the problem worse.

Honestly this whole Euro thing was a disaster, can we all finally admit this?

[Clarko95 📚💰📈]

But to respond to your post, Greece is in far worse shape than Italy. That probably is why the terms were so favorable compared to Italy.

Greece was in far worse shape than Italy only because of its projected revenues and spending.  In terms of net debt to GDP Greece and Italy were similar at the 2009-2010 period with Greece perhaps a bit higher.  What made the Greek situation far worse was the spending trajectory Greece was on relative to Italy.  Greece has not yet addressed this yet and it seems unlikely it will.  Being cut off from international funding in case it does not followed by the massive economic dislocation would "address" this problem, one way or another.

I meant more in macroeconomic terms than just budgetary, sorry for not being clear. Italy's economy is more dynamic and suffered less of a fall, compared to Greece's economy which was/is heavily reliant on tourism and shipping, which are hypersensitive to changes in the global economy. And on top of this, Greece has nearly twice the number of people out of work as Italy does.

Italy could and can still be salvaged; Greece was a lost cause from the beginning.