A radical left-wing party vowing to end Greece's painful austerity program won a historic victory in Sunday's parliamentary elections, setting the stage for a showdown with the country's international creditors that could shake the eurozone.[...]
The prospect of an anti-bailout government coming to power in Greece has sent jitters through the financial world, reviving fears of a potential Greek bankruptcy that could reverberate across the eurozone.
"The sovereign Greek people today have given a clear, strong, indisputable mandate. Greece has turned a page. Greece is leaving behind the destructive austerity, fear and authoritarianism. It is leaving behind five years of humiliation and pain," Tsipras told a crowd of rapturous flag-waving party supporters.
Greece waves goodbye to austerity. Says hello to no money whatsoever. pic.twitter.com/XTykjKKCx6
— ian bremmer (@ianbremmer) January 25, 2015
They don't want to leave their dire straits. Get your money for nothing and your cheques for free.
from the frying pan into the fire
"Now give us your money"!
Heh, no worries in time the lefties will open their borders a little wider and the righties will rise up in the streets.
It's not like Greece hasn't burned before, but this time it'll spread a little further afield.
Do we care? Ummm not really, think of it as a "canary in a coal mine".
This oughta be good....
Like all hard core commie/socialists, to whom honor, responsibility and morals are fleeting situational anomalies, they think that the credit/money loaned to them to urinate down some get elected entitlement sink hole - is not really money - debt should be written off as easily as new money is created - that's the lefty reasoning - it's kindergarden economics but that's a genetic trait with these utopian commies.
It never dawned on them that fiat issue credit/currency is only as valuable as the bond to repay - no moral virtue to repay credit, no currency value or credit rating - watch Greek currency hit the flusher within the month.
Champagne this evening!
Real pain in the morning.
Rumor has it that the Russians are offering a bailout. I hear they make harsh taskmasters.
I don't think even the Eurozone will bail them out after this. After all, there are limits...aren't there?
If they do bail them out once again, I look forward to vacationing in Europe with the Euro at par - with the Canadian dollar.
Their "wish list "
A major renegotiation of Greece’s debts and deep cuts in repayments on its £185billion international bailout. German opposition has led to predictions Greece could be forced to leave the single currency and possibly even the EU.
A major anti-austerity package, including free electricity, subsidised food and rents and the restoration of free healthcare.
Writing off the bank debts of people who can’t afford to pay – a move some experts fear could result in a run on lenders today.
Heavy new taxes on the rich including wealth taxes, new levies on luxury goods and an end to tax breaks for Greek shipping magnates.
A massive job creation scheme to tackle Greece’s 25 per cent unemployment rate, and a 50 per cent increase in the minimum wage
Deep cuts in defence spending and possible withdrawal from Nato
Of course thecEuroweenies will back down, its tradition!
My "Big Fat Greek Bankruptcy"...we will see who is laughing at the end.
Athens goes Weimar, what could possibly go wrong?
Whatever happened to the Onassis family? Oh yeah they shipped out long ago.
Bring on the greek salad...eat, drink, be merry; they'll figure it out in the morning.
Dancing Zorbas in street
https://www.youtube.com/watch?v=yvEIMrqZCjc
Cheers
Hans Rupprecht, Commander in Chief
1st Saint Nicolaas Army
Army Group 'True North'
All right. Let's see how well or badly the lefties will do, those geniuses of economic planning. If Russia comes to the rescue, you can count on a left wing dictatorship taking over totally.
"Democracy is the theory that the common people know what they want, and deserve to get it good and hard." ~ H. L. Mencken
This will be the perfect lab experiment for Canadians.
We will see first hand what a Justine government would be like in time for the next federal election.
Good work, Greece.
Occam, there is no Greek currency; they use the Euro. That's their problem; they're using a currency they can't afford.
Canuck66, quite right. Angela Merkel has already said there will be no Greek bailout. Greece had two choices: they rejected austerity, so now all that's left is default on debt, get kicked out of the Euro. They will have to go back to the drachma, which will promptly fall through the floor much the way Zimbabwe's currency did about 10 years ago.
The money lent to Greece in recent years apparently went directly to repaying loans. Greece itself had something like zero liquidity, making it very difficult to undertake any financial transactions. Presumably they will now leave the Euro zone, or will be forced out, and will presumably set up their own fiat currency. That is a miserable step to take, and miserable they will be. It still is probably the best course for the Greek economy to take. A monetary and currency union between Greece and Germany is insane.
The European customs union/Common Market worked tolerably well. The currency union is a very bad idea.
>Mystery Meat, if those 'suggestions' are part of their platform, they've been smokin' a lot of that funny stuff - not that there's anything wrong with that:-)
Justine would be proud.
"This fixes everything!" No doubt.
Another Venezuela coming up. Except Greece has nothing anyone wants to buy except yogurt and Greek statues.
This party vows to fix the Greek tax system and if that means making people paying their legally owed taxes than that's a good thing. Being who they are, however, this party might take this opportunity to impose a highly progressive tax rate that drives what few rich people are left out of the country.
Cyndi and her half hair band make it clear
https://www.youtube.com/watch?v=pp4suZ4jNXg
And the question comes immediately to mind - What have they won? Were it me that was elected I would decline the penalty!
A democracy will only survive until the people realize they can vote themselves largess from the public treasury. Thereafter they will elect those who promise them the most.
Socialism only works until you run out of other peoples money.
I guess it just hasn't occurred to Greek voters that a party who promises them the moon will not be able to deliver.
Socialists focused on nationality and waving red flags in Europe never ends well.
Greece, due to their chronic indebtedness, had to choose between two bad alternatives. They chose one. They are not alone.
Greece could fall off the face of the earth and have no impact on the EU.
The problem is they won't disappear. And if they are simply not allowed to use the Euro but still remain in the EU that will mean great hardship and chaos for the EUs ag sector and other sector as greek products will be far cheaper than say italian products.
Kicking them out of the EU entirely - essentially sets a precedent that any state the leaves the euro is similarly ejected from the EU. And that will be bad news for heavily indebted states like italy and portugal.
This is the resumption of a very much larger story - the disintegration of the EU.
You're chastising the Greeks? The Morontarians voted in Wynne...Zimbabwe here we come.
Good news all round. Greece may help to foment the collapse of the EU which, let's face it, is the only hope for the survival of Europe. Countries once again being able to control their own borders and stem the current uncontrollable flood of Muslims throughout the EU countries' borders.
Of course, Tsipras and his followers are nut cases - what else can you be to believe in Marxism in this day and age, nevertheless he may serve the purpose of helping to destabilize the EU.
Well at least one can hope, though in reality, the Greek economy is tiny and can easily be carried by the Krauts who will move heaven and earth to hold sway in the EU. Indeed Germany - in extremis - is even prepared to have a Muslim Europe to keep German control.
As Kissinger said, "Poor old Germany. Too big for Europe, too small for the world."
"Except Greece has nothing anyone wants to buy except yogurt and Greek statues."
And Retsina.
I predict reality will bite Greece hard within a month or two, tops.
Yet....I think the biggest fear the European common market has is that Greece may succeed if it casts off the shackles, tells the EU to shove it, brings out its own currency , tells the UN to stick agenda 21 where the sun doesn't shine and actually turns its economy around. I don't think it can happen as the new government was elected by promising more of those delectable freebees that the voter can never resist. But the nightmare and future survival of the UN as well as the EU is at stake and rests on political promises that look very doubtful at this point. Should be good entertainment.
Make no mistake, any & all Canadian Leftards who hear of this will be having wet dreams tonight! They're already planning to offer the electorate everything in the next election ... with absolutely no way to pay for it.
No pay, no stay! The Germans will really enjoy their new territory and they never had to move a tank.
Olive oil
I was wondering just what form of revenue they will use to finance their leap to prosperity?
"Occam, there is no Greek currency; they use the Euro. That's their problem; they're using a currency they can't afford."
Of course, they will be dropped by the Euro spider like they were spayed with Raid - they have to revert to the drachma (attached to the Bretton woods greenback valuation) but it will be devalued, Greek exports will be cheap and those Greeks with savings will see them plummet due to revaluation.
Greece may be in an enviable position IF they mobilize their idle work force and build their currency up by shipping lots of discount exports. Iceland did something similar when saddled with unpayable euro debt - But Greece isn't Iceland.
Greece. Like Britain, a stupid little country.
Fire sale on Greek islands coming up, but you need your own private army to keep the pirates off.
Its like I always say, you're never more than one good election campaign away from a Leftist tyranny. Watch what happens when these happy idiots who promised a chicken in every pot finally understand what "the cupboard is bare" really means.
Loan default with follow-on famine in 3, 2, 1...
I guess we will find out exactly how much business we really do with Europe pretty soon, eh? Because it will all come to a sudden stop.
Also, this is the preamble to the Great Mooselimb Death March. When times are good, Euro Leftists play the MultiCulti card. When times are harsh, they play the "JOOOOOOOOO!" card. Except the Jews all left already, so this time it'll be Mooselimbs. Hard times are comin', better get those sensible shoes ready.
Nothing a few years of hyperinflation, rioting and destitution can't fix.
Watching for the 10000000 Drachma banknotes to be printed; wonder whose portrait will be on the obverse.
Debts incurred by previous corrupt regimes, which may or may not conitunue in the Greek political culture. The choice is if Greeks want to give up short term access to external funds, then they can repudiate the debt. Likely the right answer and maybe the bankers that finded them will learn their lesson that sovereign debt cannot be relied on based on the government squeezing their population.
Refusal to lend is a powerful message.
Personally, I think Greece needs to leave the Euro and repudiate the debt. But the socialist party will work on wracking the debt up again, and someone is going to be stupid enough to lend it to them.
Bankruptcy is a normal part of these systems, allows for reality checks all the way round and isn't their something just a little disturbing about making a population continue to pay debts they clearly cannot just so bankers remain solvent.
Greece apparently is running at breakeven or surplus. Wipe out their debt, put a lending moratorium on them for 5 years. Then its their own situation. Bankers who were dumb enough to lend them those amounts.....oh well sucks to be you and stupid tax needs to be imposed in terms of writeoffs.
China will float a nice loan to Greece in trade of a few concessions as well as a few Islands. China has its eye on world domination and a few European countries are desperate for salvation. Any loyalty to other members in the EU is very weak. Chinese investment to the rescue. Chinese foot in the door to Europe. Still better than creeping Islam.
I hope the EU call their bluff, but it's unlikely.
Socialism works only as long as other peoples money lasts. Is there anyone left in Europe with money other then Germany? Shouldn't be long before the whole experiments fails.
They shouldn't have been granted standing in the EU scheme in the first place. Added bad luck of hosting the Olympics right after 911 and 11 March 04 in Madrid.
They tunneled though mountains to build new highways for the crowds that never came on top off all those vast game sites that now sit in ruins that will match their other ancient ruins in due time I suppose.
Who else but Obamalopoulous!
Sure Greece would be okay if they freed up their economy etc. But their new leader's economic viewpoint is exactly the opposite, a much bigger dose of the poison that's killing them. So it's down the tubes they go.