Greferendum

[camberiu]

I paid over 600 euro directly to Greece through taxes. They can have it, I am over it. Just like Europe, I do not want to keep sending money to Greece, because it is "unfair" that the Greek state cannot spend more than it receives.

Dude, you are missing the point. Your bank. Your government. They took YOUR money and lent it to an irresponsible government, for their benefit. And when the Greeks default, YOU will foot the bill.

That is the reality of your situation. Not saying that you should send more money to Greece. I am saying that your government and your bank f#cked you in the ass.

 

[Rich One]

Talking about FMI/German Greed.

CFK suggested to Villa Lugano children to read the Merchant of Venice , where Shakespeare portrait ed extreme Greed . to understand the Vulture Funds . Who is Shylock and what Pound to pay?

http://www.infobae.c...s-fondos-buitre

The Jewish Argentine Community AMIA complained because CFK refereed to an Antisemitic work equating The Vulture Funds with Shylock the Money lender in Shakespeare's work.

 

[ajoknoblauch]

A compromise solution? http://www.project-syndicate.org/commentary/greece-debt-crisis-eurozone-by-jeffrey-d-sachs-2015-07

 

[camberiu]

A compromise solution? http://www.project-s...d-sachs-2015-07

Simple right? Just accept a haircut and write off the losses. Then why won't Germany accept it? Because most European banks, Germany's included, are insolvent and sitting on hundred of billions (or trillions) of Euros in bad loans. Merkel would have to use government funds to recapitalize the banks, which politically speaking would be disastrous for her. She literally would be baling out banks and investors at the expense of the German workers.

 

[ajoknoblauch]

Simple right? Just accept a haircut and write off the losses. Then why won't Germany accept it? Because most European banks, Germany's included, are insolvent and sitting on hundred of billions (or trillions) of Euros in bad loans. Merkel would have to use government funds to recapitalize the banks, which politically speaking would be disastrous for her. She literally would be baling out banks and investors at the expense of the German workers.

Perhaps Frau Merkel should try being a leader (without becoming a Führerin).

 

[Joe]

Euro zone countries tried in vain to stop the IMF publishing a gloomy analysis of Greece's debt burden which the leftist government says vindicates its call to voters to reject bailout terms, sources familiar with the situation said on Friday.

The document released in Washington on Thursday said Greece's public finances will not be sustainable without substantial debt relief, possibly including write-offs by European partners of loans guaranteed by taxpayers.

http://www.reuters.c...N0PD20120150703

Remember the ECB is just offering Extend and Pretend financing and has refused to discuss debt relief.

Rumour has it that the US forced the release of this secret IMF report to keep the Greeks out of the hands of the Ruskies.

...

Greek crisis: Alexis Tsipras urges "No" vote at Syntagma Square: http://www.telegraph...sHkgvEpyFYfjPQf
Greece: Drone soars over thousands of' NO' protesters as referendum looms: https://youtu.be/2zDjy9S4RQ4

 

[camberiu]

http://www.reuters.c...N0PD20120150703

Remember the ECB is just offering Extend and Pretend financing and has refused to discuss debt relief.

This is how the ECB views Greece:

 

[toongeorges]

Dude, you are missing the point. Your bank. Your government. They took YOUR money and lent it to an irresponsible government, for their benefit. And when the Greeks default, YOU will foot the bill.

That is the reality of your situation. Not saying that you should send more money to Greece. I am saying that your government and your bank f#cked you in the ass.

Are you one of these people who wants to sound smart? I do not need to respond to trolling, but anyway.

in 2012, Greek debt was largely at private banks and a default would trigger a banking crisis throughout Europe.

The debt was offloaded from the private banks towards the ECB, European governments, IMF, national bank of Greece and Greece got a significant haircut.

If Greece defaults now, it means that the European governments have more debt to repay themselves, but not that individuals lose money or banks will fail. European politicians were smart enough to contain the risks.

I already told you, through my government I paid over 600 euro and I do not care.

Personally I benefitted very much from the crisis, I bought a banking stock for 6,50 euro per share during the 2012 crisis. At the current crisis level 3 years later, it stands at 35.83 euro per share and I received netto 1,02 euro dividend. Next year, I will not get dividends, since the bank is repaying its last tranches of state aid, but from the year after, I am expecting to receive over 1,70 euro net dividend annually. In less than 5 years, I will have all my investments earned back.

So no, actually Greece did me a favour.

 

[camberiu]

in 2012, Greek debt was largely at private banks and a default would trigger a banking crisis throughout Europe.

The debt was offloaded from the private banks towards the ECB, European governments, IMF, national bank of Greece and Greece got a significant haircut.

If Greece defaults now, it means that the European governments have more debt to repay themselves, but not that individuals lose money or banks will fail. European politicians were smart enough to contain the risks.

Yes, those Eurocrats are really smart. The were smart enough to do a monetary union without doing a fiscal union. They were smart enough to lend money to the PIIGS at German yields. And now they are smart enough to contain the situation.

You are right, everything is under control. There is nothing to see here. Move along. move along.

 

[Bajo_cero2]

Well, we should separate what is good for Greece and for Germany. For Greece is better the default, to abandon de Euro, to print Dragmas and to follow the path of Argentina.