Other peoples’ money: The daily allowance of cash from many ATMs has already dropped from €60 to €50, purportedly because €20 notes are running out. Large numbers are empty. The financial contagion is spreading fast as petrol stations and small businesses stop accepting credit cards.
This is going exactly the way all of us here said it would. The bankruptcy has already started with food disappearing, factories shutting down and bank reserves down to less than 50 Euros per capita. The two bailouts gave Greece four years to restructure itself, start collecting taxes, trim government spending. And for four years, protesters clogged Athens’ streets demanding an “end” to austerity.
Well now, austerity has ended. It’s been replaced by poverty and bankruptcy. This is what happens when you elect a gang of far-Left socialists. The Greeks have sh!t the bed. Now they have to lie in it.
Ambivalent about this. They criticize the Germans but have been living off their money for years. It’s also not the first time Greece has defaulted, but the sixth time
http://www.investopedia.com/financial-edge/0911/the-history-of-greek-sovereign-debt-defaults.aspx.
Also, the amount of money is not that huge in relation to the world’s economies, so I’m not that worried.
Exactly! The Greeks have slowly worked towards this end ever since the Colonels handed power to the socialists (forget which decade).
Please don’t anyone say “Ontario take note”. Because it isn’t.
Apparently all they need is $50 billion to get them through 3 years. If the past is an indication, they would burn through that in 6 months and be back where they are today. At some point they must face reality. This isn’t the Greece of Alexander and Constantine.
The truly telling part of this affair is the refusal of socialists to rein in spending in their bribed entitlement constituents, despite the obviously and inescapably disastrous consequences to their failing economy. This should be a teaching point for statists everywhere, but it isn’t as they continue to live in denial with their “a little more from the rich.” Marxist nonsense. Canadian voters take note, along with the malfeasance currently happening here as the newly elected AB NDP assume absolute authority while bringing higher carbon taxes not mentioned in their platform and jetting in every radical watermelon activist they can import from outside the province. We can all witness what happens when “moderate” socialists are given unchecked power. When voters realize the federal NDP are cut from exactly the same cloth as their NDP brethren and fellow Greek socialists, they will reject their disastrous entitlement policies. I hope the PM stays far away from the “consortium” debates which can then be a discussion about who has the best and highest tax increases to offer Canadians.
and to those that are worried Greece may move towards Russia, I say let them. The Greeks should be able to bankrupt Putin in 2-3 years.
It won’t make the least difference to the way Canadians vote. Socialism really does work the Greeks just didn’t do it right! (sark)
Time will tell if enough Greeks get mad enough to sweep the socialist nightmare away. My guess is that they’ll just double down, hoping more socialism will work, you know, like it did in Venezuela.
How long before complete collapse and totalitarian dictatorship. My prediction is less than a year.
How long until their Rae Day’s start?
this is the greatest site ever!
Greek bank accounts to take a 30% haircut