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| | |-+  Greek economy implodes further (Q2) (search mode)
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Author Topic: Greek economy implodes further (Q2)  (Read 1735 times)
opebo
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« on: September 10, 2011, 03:01:27 pm »

Well, that's austerity for you.

It has nothing to do with austerity, and everything to do with the musical chairs stopping in the debt/fraudulent government accounting game.

The word you're looking for is austerity - more concise.
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opebo
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« Reply #1 on: September 10, 2011, 03:41:19 pm »

The Greeks have been fraudulently living beyond their ability to tax. They also appear to be unable to stop doing it, as the Greek people keep expecting Brussels to send them more money. As bad as things are now, they will get worse when the rest of Europe stops lending them money, which could happen any day now.  If Merkel's government collapses there will be a European paralysis for a couple of months, and there is a good chance that whatever government is elected will have pledged itself to no longer prop up the PIIGS.  It's only a couple of years at most before we see the reemergence of at least one and maybe both of the drachma and the mark.  Either Greece is kicked out of the Eurozone for its inability to meet the conditions or Germany decides it's no longer go be part of the farce.

Actually it is Germany which is to blame for the troubles, not Greece.
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opebo
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« Reply #2 on: September 11, 2011, 05:09:18 am »

Actually it is Germany which is to blame for the troubles, not Greece.

True, Germany should never agreed to having Greece be in the Eurozone, but they foolishly thought they could trust Greek politicians to be at least somewhat honest.

No, Germany is a prime example - along with China and a few others - of the problem.  They pursue destructive, deflationary 'competitive' policies.  They should be increasing their wages and government spending to pull their fair share.. instead they're little more than pickpockets.
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