Sunday, February 12, 2012

Another Failure of the System

Greek protestors greet bailout vote with fire-bombs

"Fire-bombs and tear gas greeted negotiations at Greek Parliament on Sunday over the contraversial loan and austerity package to avoid the country facing financial meltdown and being thrown out of the euro-zone". (Even with a bail-out, many commentators think that Greece is doomed). "Contingency plans for a return to the Drachma have been drawn up in Athens, Berlin and Brussels". (There are no lack of views on how this will play out, economically, in the UK).

Posted by alan @ 10:24 PM (1217 views)
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4 thoughts on “Another Failure of the System

  • Population approx 10 million, population of working age 49.5% unemployment rate (2011) 21.5% leaves a working population of 3.9 million of whom roughly 33% are employed directly by the state. This leaves roughly 2.6 million and falling to service the interest payments on the countries debt. Greece has no chance even with the latest round of cheap money, acceptance of the terms dictated by the Franco-German axis will only go to enrage the population who will turn on their spineless and corrupt politicians who are effectively in the pocket of foreign powers. The cradle of democracy has just witnessed its death at the hands of its own politicians.

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  • Greece’s welfare system is bonkers though.

    Most people expect to retire with a better income than when they worked.

    My top tip: Go to your nearest Greek restaurant, have a slap-up meal, smash the plates saying “AMMMA DEFAULTING!” and run off without paying.

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  • Sky says: “The Greek parliament has approved an austerity bill”.

    “Greece needs the latest bailout before March 20 to meet debt repayments of 14.5bn euros, or suffer a chaotic default which could shake the entire eurozone. Greece hopes it will be combined with a massive bond swap to write off half the country’s privately held debt”

    Most commentators suggest Greece will not honour its obligations. They predict that after more “delayed meetings” more trouble lies ahead. This means uncertainty for most of Europe over the next few months, knocking on to the UK and its banks.

    At least it gives time for the plans to re-introduce the Drachma to unfold. Many Greeks have moved cash to German banks in anticipation a few news articles suggest.

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  • @Alan “This means uncertainty for most of Europe over the next few months, knocking on to the UK and its banks.”

    Any thoughts on which UK banks will be worst affected, or are they all in it up to their necks?

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