Greece what now

[blueoval]

Originally Posted by Bluey-GT

I don't care whose fault it is. The ripple effect means the Aussie market has closed 17bn down on opening. Not all is due to the EU debt and some is FX variance but it in part it means my super and investments are likely to take a hit of sorts with more likely to come.

The creditors , the Germans , the IMF all gambled and lost big time. The warning signs have been there since 2010 so this should not have been unexpected. 5 years of austerity measures have done SFA to manage the debt or to change the habits of the Greek people. What it did do was shrink their economy even further and cause greater unemployment further fuelling an already basket case economy.

So who's next ? Portugal , Spain , Italy ?

I reckon this is only the beginning and more to come as there may be fewer and fewer countries able to float the Euro whilst maintaining their own living standards.

Someone bet big and lost and now we'll all likely pay down the line somehow.
Capitalism at its best ( and worst )

Or (puts tin foil hat on) someone is trying to collapse the economy on purpose in an attempt to direct in the new world order?

[marty351]

Lots of purple valiants appearing on our roads soon.

[Denim]

Well put jpblue1000, but this whole scenario started many years ago, public servants filling their pockets, getting relatives to work in the public sector, when the royals were ousted many years ago, they took a whole heap of money with them, the government tried to extradite them from France, an take em to court to get the money back, but couldnt, the government was very inefficient in collecting taxes, it was the governments at the time that destroyed Greece.. so please stop acusing the greek people of whats happening now, read up on a little history, Germany DID NOT rebuild itself, by the one person, as stated by one.. after the war, it was rebuilt by the financial help of various countries, if some of you guys think Greece has a financial problem, maybe you should read on what other countries owe who, and how much, Greeces debt is TRIVIAL, in comparison, the ONLY reason there is a massive stink over Greece now, is because if Greece goes ahead, and not pay the debt, THAT could place ideas into other countries heads, and they could do the same, NOW.. because Greece HELPED Germany, with financial aid many years ago, and did not get repaid, like some other countries did also, the Greek government now feels, that they shouldnt have to be paying the debt back, now, we are talking about GOVERNMENTS, not the general public, so please stop trying to degrade the public, for what the PREVIOUS governments created.. the general public in Greece, have been VERY unhappy, with how the previous governments were so corrupt.. theres more to the story, but this might give some of you an idea, of whats happened over the years.. that brought Greece to this..

[CJR09]

I thought the banks have been closed for a week now to prevent the bank runs? due to open tomorrow our time?


From what I read they are looking at 30% loss on deposits over 8000euro - edited for accuracy - source was zerohedge

[gcg2503]

I love AFF.

So many Economics savants here.

[superyob]

Originally Posted by gcg2503

I love AFF.

So many Economics savants here.

Could one of you 'economics savants' explain to an economics unsavant how Greece's problems affect our shares and super...

[Stefan]

Shops still had Greek yoghurt...love that stuff.

Bought two big tubs just in case.

[Yellow_Festiva]

This may be a dumb question...

All this money crossing shores to prop up certain economies. What is the security / guarantee against it?

If I want a $mil from the bank, I need to put something of value against it as security, and also have to have a good and stable income to pay it back.

Greece doesn't have a good / stable income it seems, so what has Germany and France got other than a bit of paper with 'I owe you' on it???

Can they ask for physical assets as part payment? Government owned companies / services etc etc etc?

[CJR09]

as far as i am aware they do not require any - as zilo eluded to the frac res is at about 10% but I am fairly sure that this is for public deposits only not private sector - they can basically do as they please?

hence the greek issue - they can just say no, which they have had a democratic vote on - this is what germany in fact did to them 1953




Like I said - "as far as I am aware" - happy to stand corrected upon the savant's arrival...

[marty351]

Originally Posted by superyob

Could one of you 'economics savants' explain to an economics unsavant how Greece's problems affect our shares and super...

This shouldn't be the case, small economy in a big world.

But Valiants.............. $$$$$$?

[Denim]

Originally Posted by marty351

This shouldn't be the case, small economy in a big world.

But Valiants.............. $$$$$$?

Nothing wrong in purple chargers..

[CoupeKing]

2004 Olympics is where the downfall started.

[buggerlugs]

http://www.news.com.au/finance/econo...-1227430761673
Will this be worse than the Greece crisis ?

[Freiherr]

Originally Posted by marty351

This shouldn't be the case, small economy in a big world.

But Valiants.............. $$$$$$?

Didn't Effie's boyfriend have a purple Monaro?

[duaned]

All this stuff in Greece is doing my head in!!!!

[MethodX]

Turkey can reclaim its lost colony.... Turkiye....

Its not socialism in Greece, its rampant nepotism and corruption.
After all Greece has had conservative governments too, including a far right dictatorship.

Kind of like you know the far right fascist one that came to power in Germany in the 30's

[Polyal]

Originally Posted by gcg2503

I love AFF.

So many Economics savants here.

Rightly or wrongly I think its great that we can "discuss" such a wide range of topics on AFF!

[Dash_XR]

I would say capitalist chickens coming home to roost but looks like Chinas starting to fumble too?

We have allot in common with Greece to dont we? Ridiculous welfare system, no manufacturing/dying commodities, growing youth unemployment. Probably a fair way off though.

[Yellow_Festiva]

Originally Posted by Dash_XR

I would say capitalist chickens coming home to roost but looks like Chinas starting to fumble too?

We have allot in common with Greece to dont we? Ridiculous welfare system, no manufacturing/dying commodities, growing youth unemployment. Probably a fair way off though.

You forgot the love for a yeeros / gyros of an evening.

[superyob]

Originally Posted by Dash_XR

I would say capitalist chickens coming home to roost but looks like Chinas starting to fumble too?

We have allot in common with Greece to dont we? Ridiculous welfare system, no manufacturing/dying commodities, growing youth unemployment. Probably a fair way off though.

So which is it? Without the capitalist system, socialists can't spend other people's money....

[Dash_XR]

Dunno, both are unsustainable and both spend other people's money.

Originally Posted by Yellow_Festiva

You forgot the love for a yeeros / gyros of an evening.

Nah my place shut down 12 or so months ago and I still haven't found a suitable replacement. Damn they were good 30-45min wait at 3am lol.

[XD 351 Ute]

Originally Posted by Dash_XR

I would say capitalist chickens coming home to roost but looks like Chinas starting to fumble too?

We have allot in common with Greece to dont we? Ridiculous welfare system, no manufacturing/dying commodities, growing youth unemployment. Probably a fair way off though.

I reckon it's closer than we think....

Ed

[Dash_XR]

I wouldn't stress, the system is to entrenched to do anything about it now, we're all just passengers.

[Polyal]

Well this got depressing.

While true an individual as little control over global economics you just have to make sure you have your finances in order...all these people credited and maxed out on equity are the ones that should be worried. And rightly so, what a stupid position to put yourself into.

[jpblue1000]

Originally Posted by superyob

So which is it? Without the capitalist system, socialists can't spend other people's money....

Both systems spend other peoples money, why spend your own, capitalism is designed to benefit the lender, Investment is spending other peoples money, those people hoping, gambling or taking a risk that they will see a profitable return on their money.

According to the OECD Greece's social expenditure as a percentage of GDP is less than that of Germany and France (305) and closely follows the USA (20-25%) all bastions of capitalism!
Australia's is actually substantially less than al of them having remained stable at sub 20% for the last few years and is predicted to remain steady, and is mostly old age pension, not the dole bludging mothers and unemployed the media hate so much
http://www.abc.net.au/news/2014-02-0...-claim/5215798

Net government debt
Greek government debt to GDP 155%
Japanese government debt to GDP 134%
USA government debt to GDP 87%
USA government debt to GDP 11.6%
Norway government debt to GDP -165% yes negative

So Australia is not really much like Greece at all

JP

[xwgs302]

This is funny, my folks(immigrated here from Greece in the 60's) and have opposing views on this yes/no vote when I talk to them... They separated 20 odd yrs ago!
I read somewhere on MSN recently that all the major banks here made good profits(except Westpac i think) while everything else slid.
Anyway,
What are peoples thoughts on this article below, is it all tinfoil or true??? Not wanting to start any arguments here, as all types of media is great power to our spongy minds. I don't know who to believe sometimes...
http://www.nationofchange.org/2015/0...-by-the-media/

[The Yeti]

The Greece situation is explained simply in this short video

https://www.youtube.com/watch?v=Aa1Megzxf8g

[blueoval]

Originally Posted by The Yeti

The Greece situation is explained simply in this short video

https://www.youtube.com/watch?v=Aa1Megzxf8g

[Stefan]

Originally Posted by The Yeti

The Greece situation is explained simply in this short video

https://www.youtube.com/watch?v=Aa1Megzxf8g

GOLD!!!!

[Trump]

Originally Posted by xwgs302

This is funny, my folks(immigrated here from Greece in the 60's) and have opposing views on this yes/no vote when I talk to them... They separated 20 odd yrs ago!
I read somewhere on MSN recently that all the major banks here made good profits(except Westpac i think) while everything else slid.
Anyway,
What are peoples thoughts on this article below, is it all tinfoil or true??? Not wanting to start any arguments here, as all types of media is great power to our spongy minds. I don't know who to believe sometimes...
http://www.nationofchange.org/2015/0...-by-the-media/

Have a read of "Confessions of an Economic Hitman", it will go and detail the methods used by the banks to destroy the economy of Greece (and the other countries mentioned by Chris Kanthan).