Greek Deal

[cronus]

The IMF has triggered a 'political earthquake' in Greece's bailout negotiations

Read more: http://uk.businessinsider.com/imf-repor ... z3futCI0ie


Back to square one, deal or no deal?

[Hermit]

Which is exactly what Merkel and the Troika were aiming for. Conservatives have a long and consistent record for pumping more money into other nations' economies than they could afford to repay, then insisting on austerity measures and the selloff of state owned enterprises to reach a settlement, and they succeed with that two card trick every fucking time.

Agreed, but there is also no denying that years of extremely poor governance, letting tax evasion, corruption and feather-bedding go on at a far bigger scale than most other countries played a part. Greece as a country was run very poorly.

The real point I was making is that, wherever the blame is apportioned, the burden of the financial consequences will fall disproportionally on the very poor, who can scarcely be blamed in any sense.

Your reply looks as though you had found something in my post that disagreed with yours in some way.

[JimC]

Not really, just re-emphasisng the point about who will be harmed. Arguments can be made for apportioning blame to international financiers (which you emphasised), Greek bureaucrats or anyone else; the reality is undoubtedly a mixture of some kind. My initial post focused on the consequences rather than cause or blame, although I also wanted to indicate that there are other potential causes to add to (not replace) the rapacious nature of financial institutions...

[rainbow]

Clearly now the Greek people will start paying their taxes, and be satisfied with lower pensions.

Meanwhile in Lalaland ...

[mistermack]

The real point I was making is that, wherever the blame is apportioned, the burden of the financial consequences will fall disproportionally on the very poor, who can scarcely be blamed in any sense.

They are to blame, for being gullible, and voting the wankers in.

The same thing happened in Ireland during the boom. People all over were saying that this is crazy, and this can't go on, and this will end in tears. But come election time, they still elected people who would keep stoking the flames.
The same was happening in Greece. Everybody knew it couldn't last. But nobody did anything.
Well now, what they all knew would happen, has happened.
You get what you vote for.

If I was Greek, I'd be putting my money in donkeys. Because that's what they'll be driving, in the end.

What I still don't get, is why banks have to be bailed out? If they are insolvent, they should be taken over by the government, without any money going to shareholders. Shareholders are meant to be risk-takers, and to oversee the running of the thing. If it goes bust, you've lost your gamble.
The government should sack all the top managers, claw back their salaries, and cancel their pensions. Then put new people in, get it back up running properly, and sell it off again.