• Euro prompts Greek economic tragedy.
    21 replies, posted
[quote]The Greek finance minister is at the centre of a crisis that even our Labour Government may struggle to concoct. His office has been protected by baton-wielding police as riot-torn Athens, finds itself at the centre of a modern day Greek Tragedy of spiralling debts and job losses. And it's one that threatens to blow a hole in the future of the euro. Some economists claim Greece and Europe's other struggling economies - such as Ireland - may have to QUIT the single currency to prevent economic meltdown. They add that Mr Darling should thank his lucky stars Britain has not signed up and instead kept the Pound. Ruth Lea, a former governor at the London School of Economics, says: "The euro is a straightjacket. "If we'd have been in the euro, we'd have not been able to cut interest rates as aggressively and the Bank of England may not have been able to print money to put into the economy. There is no doubt our recession would have been worse. "Countries like Greece now face a choice. Do you let your economy go to pieces or do you accept political humiliation, get out of the euro and let your economy grow?" Every country in the euro has to observe strict financial targets - such as levels of debt - and interest rates are set by a panel in Brussels. far from a case of strength in numbers, the single currency is now proving a huge millstone to minnows such as Greece as ministers try to kick-start a recovery. Greece's debts are more than £270billion - lower than the UK's but bigger than the total economic output of the country. And their credit rating has been slashed. Typically in a recession, countries allow their currency to fall on world markets, which has the effect of making exports cheaper. The Pound has fallen more than 20 per cent in the past two years and the US dollar has also drifted. The euro is becoming more expensive all the time and while that has not yet proved a problem for Germany, it's a huge issue for Greece and others in the euro doghouse, such as Ireland, Portugal, Spain. Experts add the tensions can only rise next year as the Brussels-based European Central Bank debates what to do with interest rates. Here, the Bank of England looks at the housing market and business demand before judging whether to keep rates the same. Imagine trying to take into account the needs of 16 different countries? Countries such as Greece will want the interest rates to be kept low, while healthier economies such as Germany and France will want them to rise. Britain endured its own political humiliation in 1992 when, on "Black Wednesday", the Tories left Europe's Exchange Rate Mechanism. But now Bank of England governor Mervyn King claims the Pound's fall on world markets will boost our recovery. Gerard Lyons, chief economist at Standard Chartered, says Europe faces huge decisions next year. "I don't think countries like Greece will come out of the euro," he said. "But a deeper recession is the economic price they will pay for staying in it." [/quote] Source: [url]http://www.thesun.co.uk/sol/homepage/news/money/2772030/Euro-currency-prompts-Greek-economic-tragedy.html[/url] Yeah the sun, bite me. Though I'm interested into researching heavily more into such ideas as a mass one currency and whether it is actually a good thing. Thoughts on this?
The sun really needs to start referencing their sources.
Its the sun, I'm not exactly going to take it as fact automatically, been trying to look for other sources for a while but thats not going well. Though to be honest, I think there is some truth to it.
oh no a shitty country is in the shitter :rolleye:
[QUOTE=EnenehV2;18969379]oh no a shitty country is in the shitter :rolleye:[/QUOTE] Greece isn't shitty, its not exactly poor. Nice country, they also had Spartans and Spartans are cool.
The Sun is known for it's anti-EU stance, hardly a reliable source. Anyway the crisis in Greece is not solely because of the Euro. It's mainly because of poor management and social unrest.
Well our situation is really bad....people study hard and they go to universities and they can't find jobs.i am seriously thinking of going in the army.Also the sun sucks and any other ruler will suck too.
I can tell you one thing, Ireland isn't going to quit the Euro.
The Euro was made to benefit the [B]strong[/B] European economies, such as Germany, France, Switzerland...
From what I've been reading, I'm guessing the Sun is the UK's equal to :foxnews: ?
All the other stuff I can find about this just says "worries about Greek economy", not "THERE IS FUCKING ANARCHY IN GREECE, PEOPLE ARE RUNNING AROUND WITH MACHINE GUNS SHOOTING CHILDREN IN THE STREET. WE ARE GONNA BE POOR."
[QUOTE=EnenehV2;18969379]oh no a shitty country is in the shitter :rolleye:[/QUOTE] what are you doing
[QUOTE=smurfy;18971955]All the other stuff I can find about this just says "worries about Greek economy", not "THERE IS FUCKING ANARCHY IN GREECE, PEOPLE ARE RUNNING AROUND WITH MACHINE GUNS SHOOTING CHILDREN IN THE STREET. WE ARE GONNA BE POOR."[/QUOTE] My opinion is that people rage and start braking stuff and then fuckin Albanians get the change to brake and steal stuff and then get away with it.
"The Greek finance minister is at the centre of a crisis that even our Labour Government may struggle to concoct." #1 unbiased journalism
EU is Germany's sphere of influence. There, I said it.
[QUOTE=Xystus234;18973141]EU is Germany's sphere of influence. There, I said it.[/QUOTE] You know absolutely nothing/very little about the EU then. Of course what this article won't tell you is that the long term ramifications of not having the euro are huge. Devaluing the pound brought us short-term gain, but it will cause long term problems.
[QUOTE=Xystus234;18973141]EU is Germany's sphere of influence. There, I said it.[/QUOTE] the EU is actually the fourth reich :tinfoil:
There's truth to in the article though horrible passages. [quote]and the Bank of England may not have been able to print money to put into the economy.[/quote] Yeah, lets print 10000 trillion billion fadillion fantastizillion pounds so everybody will be rich! Printing money is THE solution to help the economy. Whoa, a bank going down? let's print the money they lost!
[QUOTE=Vasili;18969745]Greece isn't shitty, its not exactly poor. Nice country, they also had Spartans and Spartans are cool.[/QUOTE] In the Roman Empire, tourists would visit Sparta to watch how the Spartans lived. It was the ancient equivalent of going to an Amish village.
[QUOTE=Vasili;18969745]Greece isn't shitty, its not exactly poor. Nice country, they also had Spartans and Spartans are cool.[/QUOTE] Greece isn't an economically viable country though. It relies heavily on tourism, and it has historically had various economic problems regardless of the approach it took. From Mexetas to the Military Dictatorship to the current Democracy, to experiments with free market and total state control, everything's failed for them. If they don't have good tourism they'll have to rely on things like olives and novelty baklava. I can't trust the Sun with economic observations though. The EU's main concern with Greece currently is that it serves as a door to the rest of Europe for Turkish immigrants.
[QUOTE=MercZ;18979253]Greece isn't an economically viable country though. It relies heavily on tourism, and it has historically had various economic problems regardless of the approach it took. From Mexetas to the Military Dictatorship to the current Democracy, to experiments with free market and total state control, everything's failed for them. If they don't have good tourism they'll have to rely on things like olives and novelty baklava. I can't trust the Sun with economic observations though. The EU's main concern with Greece currently is that it serves as a door to the rest of Europe for Turkish immigrants.[/QUOTE] one day greece shall rise again. it will rise and create works that will be treated like god's word to western europeans, even though they are flawed, just like in the past. if that doesn't happen there will still be lots of hot greek women to jerk off to so everybody wins either way. well, except for the iranians if greece does rise again because everybody would ignore their achievements in favor of some stuff the greeks found 200 years later after the persians found it. oh well.
I wish American society was more like Europe's. Our bankers literally stole hundreds of billions of dollars from the taxpayers and put millions out of work, and what do we do? We go shopping at the fucking mall. Europeans man up and riot when stuff like this happens, we just ignore it and turn on Fox.
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