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How Much Does A Grecian Earn

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Ouch - those of us wishing for a total collapse should read that.

Having said that, what's happening to house prices there? :)

Who's wishing for a total collapse (bar gold bugs obviously)?

As fellow EU members I can see us paying to sort out most of that. Great.

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My Portuguese gf was telling me about a young couple she knows back home, they have been living with their parents while they save up a deposit (very common). They both work, and their combined take home pay comes to around €1500-1800 a month. They are very frugal and have managed to save almost €30k between them. Apparently they went to an estate agent who advised them they could probably borrow enough to buy a €200k place. How is this possible? A 50 year mortgage! Portugal sounds like the UK in 2006, everybody totally convinced that property always goes up and you better buy fast before you miss the boat.

Btw Portuguese house prices fell by about 1% last month (or possibly the month before), don't know if it was asking or selling prices as I don't really keep track of it.

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Austerity measures are doing the trick in Greece.

It is all very scary. But those who advocate more borrowing to 'avoid a depression', should remember that it is excess borrowing and spending which caused the Greek economy and many others to be in such a parlous state in the first place. If they had lived largely within their means then the present scenario would not be taking place.

The UK has barely even started to put the intended cuts into practice - the spending review is going on to October and much of the pain is deferred to the end of this year and next. It WILL cause a down draft here. The scale of the cuts required cannot simply be covered by sudden growth in the private sector - some will but it is too complex a situation to suggest that it can be a painless transition. The HPC beginning now will certainly be encouraged by the forthcoming austerity, with little exception.

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Sounds nasty but what did they seriously expect?

They got drunk on cheap credit and they're now they have on hell of a hangover. Just think what could have happened if the party that fudged the books stayed in power for another term?

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Sounds nasty but what did they seriously expect?

They got drunk on cheap credit and they're now they have on hell of a hangover. Just think what could have happened if the party that fudged the books stayed in power for another term?

But who are "they" though? It's politicians, civil servants and other public sector workers who got the easy money and the early retirement.

I bet they weren't doling it out to car mechanics and shopkeepers.

I'd smash up the town hall if I was one of the 70% unemployed.

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But who are "they" though? It's politicians, civil servants and other public sector workers who got the easy money and the early retirement.

I bet they weren't doling it out to car mechanics and shopkeepers.

I'd smash up the town hall if I was one of the 70% unemployed.

I know a 30something Greek guy who has been working here for about ten years, he said after he'd been away awhile he couldn't believe the way his friends were living when he went back to visit. Buying lots of new consumer goods, wearing fashionable clothes, paying a lot to eat out, and all this despite minimal real wage increases. Sound familiar? I think ordinary Greeks (not all of them of course, but a significant chunk) have been on the same credit-fuelled binge Britain was on.

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  • 201 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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