The magnitude of Greece’s fiscal challenge was painted in sharp relief on Wednesday as Athens unveiled new budget projections exceeding the worst-case scenarios envisioned by international lenders when they agreed a €174bn rescue eight months ago.
Update – New link here.
One out of every four Greeks cannot find work, yet no one mentions lowering or eliminating the minimum wage. This would create huge new employment opportunities, increase tax revenue, shrink the underground economy, and drive down the cost of living because of lower labour costs. It would also drive down wages of existing workers – but that’s a good thing. They should share in the pain of this economic stagnation.
Minimum wage laws hurt the very people they are meant to help – young and inexperienced workers who need a job – any job, at any wage.
They need to have hope that their entire life won’t be spent on the dole.
Kate. I believe this is the same story and no requirement to register, which I am loathe to do because it always seems to bring more spam.
http://www.cnn.com/2012/10/31/business/greece-debt-forecast/index.html
This is all Stephen Harper’s fault for telling the Euros to get lost!!!1!!11
Well, somebody has to be the first to hit the skids and default. I wouldn’t want to be a young Greek person today – I do feel bad for those who actually went to school and got a good – relevant – education. It should be a lesson to all those who support the socialist movement/ideology but it won’t be. Only a few will learn. Far too few.
@ Brian M. at November 1, 2012 8:50 PM
” Only a few will learn. Far too few.”
By the time this is finished all of Europe will learn. Greece is just the first of the dominoes to fall with Spain waiting to go next.
All registered Western Liberal Progressives (Liberals, NDP, GP etcetera) should be forced to give half their income (after federal & provincial taxes) to support their socialist breather in Greece.
Much of the heartache in Greece can be attributed to the UN’s push on Agenda 21. Greece spent massive amount of money going green and employed tens of thousands in a green boondogle to rival Ontario. All with borrowed money of course.
http://www.un.org/esa/earthsummit/grec-cp.htm
Well, I still say socialism is a great idea whose time has finally come.
-1 to subby for sending her loyal readers to a “register” site.
USSR communism hit a brick wall and the wheels fell off the bandwagon, which will be next? EU socialism, US capitalism, or Chinese crony communism/capitalism? Faites vox jeux, messieurs!
What can I say? I prefer good news.
Al-Jazeera is getting the word out to their brothers throughout the Muslim world that thanks to the Golden Dawn, Muslims no longer have the run of Greece.
An election is inevitable in the next few months as coalition party members increasingly vote against further Romanianization—having finally deduced that whatever the French and German banksters have in store for them if told to go to Judas Iscariot can’t be any worse than what they can expect at the hands of Greek patriots.
The current government, fearing, correctly, that Golden Dawn will win anything resembling an honest election that is held any time soon, are finally getting around to deporting a few of the most troublesome “migrants,” hoping to buy a few votes now that Golden Dawn has done the real work—the rough equivalent of Ceausescu’s offering his comrades 200 lei each. Too little, far too late.
http://www.aljazeera.com/indepth/features/2012/10/2012102572921214294.html
First to default? Aye, and the first European nation to get her freedom back—and she won’t be the last.
Next Christmas in Bucharest!
My apologies! Not sure why it worked when I wrote the post, and not now.
Euroland is truly a house of cards and will fall apart, probaly next year. What is worse is the entire world financial system is built on a debt that cannot be paid let alone serviced.
Politicans of EVERY stripe continue the BS because the alternative is chaos. People can deal with politicans that don’t deliver on promises because that is been the case forever. Once the people lose faith in the currency then everything falls apart.
What is truly laughable is the absolute smugness of those looking at the disaster that is Greece. Little do they realize that they are at what will be happening here. I am actually hoping for an Obama win so that the crash happens that much faster and hopefully as a result the pit won’t be as deep.
@ ct
Smug is the last thing we should be, as little does the population understand that we are in the same sinking ship.
http://www.weeklystandard.com/blogs/americas-debt-greater-entire-eurozones-and-uks-combined-debt_636847.html