An insider view on the Greek economic crisis 2

A thorough explanation of the Greek economic crisis and how it ties to the Global economic crisis.

Category:

News & Politics

Tags:

• Greek
• economic
• crisis
• explained
• insider
• information
• derivatives
• goldman
• sachs
• financial
• weapons
• failure
• of
• european
• union
• revert
• to
• national
• currency
• economy
• Kostas
• Simitis
• Karamanlis
• George
• Papandreou
• debt
• global
• too
• much
• dividends
• structured
• bonds

[cmorganis]

@Annafin62

thank you for the kind words annafin I try to speak good english but i make mistakes. In Greece nobody has been prosecuted for the creative accounting on our debt and we are suffering from the crisis badly. A lot of people are unemployed and I am sad to see young people very poor with an education living so badly. I wish we could be like Finland a country with good economics and companies that produce valuable products like Nokia. I wish you the best and for your country.

[cmorganis]

@sleepwell

you are probably correct. Although I am not sure how well debt is reported in any country any more. There is too much "creative accounting" going on internationally...

[serialkiller1990]

The milk can't be expensive because of a international market, because that just lager competition. It is much easier to sustain monopoly in a isolated market. What you need to do is get the government out of the economy. If politicians in all the western countries wait till its to late instead of doing something, and if you don't expect this to change diametrically then you can't trust the government with such power. Or at least impose a gold standard.

[serialkiller1990]

Inflating currency will not rejuvenate the economy. It will destroy the economy on the short run, but will inflate away the debt, and allow for an correction. And i don't think taxing is a good way to go, but the so called "austerity" measures are laughable. As far as i remember the most recent agreement was to decrees the level of debt from 130 to 110% in 10 years? Its nothing, not cuts. And if wages were supported by debt, then how do you imagine sustaining them?

[lamentate07]

I'm not saying you are wrong exactly, but i think a lot of the problems in Greece are to do with the attitudes of Greeks. The whole 'then birazi' mentality is holding the country back imo.

Greece has the potential to be so much more than what it is, but there is such an inefficient allocation of resources. Cronyism runs deep at all levels of their society.. As a result, Greece's best and brightest are either forced to go abroad, or accept a low paying job. It's unfair.

best of luck

[lamentate07]

Problem with this explanation is that it tries to blame too many external forces, without addressing Greek entitlement. Greece's pension system has been a ticking timebomb for well over a decade. The public sector is bloated. Greeks are notorious tax dodgers. Government has no efficient tax collecting agency to deal with the problem. So it keeps borrowing money to fund the public sector and retirement of civil servants.

Greece also has weak exports.

A crisis was only inevitable.

[TheDickPuller]

Thanks for your insight, it's very refreshing to see the inside view. I like many, are viewing the developments in Greece with great interest, not just on the financial front but also looking out for the wellfair of the Greek people. Here in the UK we are not in the Euro, but our plight is no less woeful than any other part of Europe.

Your English is very good & thanks again.

[Soooozdog]

Indeed this is financial warfare and terrorism brought by design to bring down sovereign states and their economic base, for the implementation of a one world order with a central bank in control of all commodities. To hedge bets on a failure of a sovereign state is unfriendly and diabolical to say the least.

[economakis]

mpravo re morfh