Sunday, March 7, 2010

The Debt Colossus of Rhodes

Get up earlier, Germans tell Greeks

If this open letter is not merely tabloid fantasy, then it seems Greece could be compared to certain African states. Hence its problems.

Posted by letthemfall @ 11:24 AM (2513 views)
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13 thoughts on “The Debt Colossus of Rhodes

  • Regarding the proposed sale of Greek islands, historic buildings etc., how do we know that Greece hasn’t already packaged (with the kind help of Goldman Sachs) the expected future income from these assets into bonds which they have already sold?

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  • Is gordans economic miracle much different from the Greek tragedy? We have an economy with huge debts and workers with non jobs and gold plated pensions.

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  • According to one account, tax collection in Greece is corrupt, 95% of individual tax returns show incomes of under €30k, only a few thousand have earnings of over €100k, and many rich doctors pay little or no tax.

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  • The arguments put forward by this tabloid are over simplistic. It claims that since joining the euro Germany has given Greece €50bn. All countries of the club-Med got grants from EU to make their economies more competitive. Since Greece joined the EU the imports of German goods increased considerably. That surely benefited Germany. Also German and French supermarket chains, such as Aldi and Carrefour spread like wildfire to most Greek cities, whilst the less competitive Greek ones closed. That also benefited the wealthier EU countries.
    It is true that Greeks working in the public sector don’t do much and there are far too many of them. Nepotism is the order of the day in the public sector. In sharp contrast those working in the private sector are extremely hard working. Also, the state makes it very difficult for anyone to be entrepreneurial in Greece. Greeks do exceedingly well in countries where there are rules. That’s why US has more billionaires of Greek origin than any other country. The easyJet’s Stelios Haji-Ioannou and the retail entrepreneur Theo Paphitis, both from Greek Cypriots backgrounds, are two such examples in England.

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  • penny pound 3 – Yes. If the major EU economies knew the failings of the later entrants you have to ask why they wanted them in. Those uncollected Greek taxes increase individual Greek purchasing power that is available for capture by German and French manufacturers and retailers.

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  • Good luck to the Greeks in fleecing the EU for what they can I say. And then default on their debts! Just think, cheap holidays for years to come!

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  • They should listen to Nana (Mouskouri) Guardian 6.iii.10.”The main thing is to get everybody to pay taxes.”
    Gives something for those anti-tax Libertarians to think about:Greece is their can pay/won’t pay system in action.

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  • once the defaults start – iceland, greece, dubai, ukraine – so will the ‘fun’

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  • check into the work of Vladimir Bukovsky and Rodney Atkinson

    then compare to this story

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  • Perhaps we could help the Greeks by auctioning the Elgin marbles and sending the proceeds to them.

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  • “Gives something for those anti-tax Libertarians to think about:Greece is their can pay/won’t pay system in action.”

    Hello?

    “It is true that Greeks working in the public sector don’t do much and there are far too many of them. Nepotism is the order of the day in the public sector. In sharp contrast those working in the private sector are extremely hard working.”

    Too much state.

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  • Ianbe, 9 – The Elgin marbles are not yours or England’s to auction. They belong to Greece and they should be returned to the specially constructed museum, next to the Parthenon. Plundering another nation’s sacred monument is not something you should make fun of.

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  • PP
    No doubt you can show us the evidence.

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