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Greece to go bankrupt?

Discussion in 'Off-Topic' started by Winner, Dec 9, 2009.

  1. Winner

    Winner Diverse in Unity

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    Not just the Greeks. Look at the demonstrations in pretty much any European country where the government had to cut expenses. It's funny that everyone agrees that cuts are necessary, it's just that nobody wants the cuts to touch his own particular interest group.

    Unless the country really goes down the toilet, it will be next to impossible to make major budget cuts.
     
  2. kronic

    kronic Deity

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    Not that I think that PASOK or any other Greek party is able to do this but you guys should keep in my mind that much if not most of the retrenchment in the public sector in Europe in the past decades was done by left wing parties in government. Stop being ideologists.
     
  3. Winner

    Winner Diverse in Unity

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    I am not, actually, I don't think a right-wing party would do any better.

    Heck, in my country we have an apolitical caretaker government, which means there is a wonderful opportunity to do major budget cuts with almost no responsibility to bear for it (since no party clearly rules), but even under there extremely favorable conditions the parliament is still too afraid to do that. It's pathetic, really.
     
  4. onedreamer

    onedreamer Dragon

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    They let in Romania and Bulgaria, I don't see why not Greece.
     
  5. Gelion

    Gelion Captain

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    What are your plans? London? NY? Sydney? ;)
     
  6. really

    really Deity

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    Quick graphic from the BBC.

    The new government has announced spending cuts.
     
  7. Karalysia

    Karalysia Deity

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    Nicely done Italy. Nicely done indeed .
     
  8. Navarre

    Navarre Legio XIII

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    Hey, do you think statues come cheap?

    UK's budget deficit makes 13% of the GDP? What's happening?
     
  9. GinandTonic

    GinandTonic Saphire w/ Schweps + Lime

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    Banking collapse. The cash cow's milk just turned sour. World financial services capital takes the biggest hit to the tax take, and has to spend a fortune propping up/ nationalising the lenders. Bast part of a decade of war hasnt come cheap either.
     
  10. Winner

    Winner Diverse in Unity

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    The only good thing about the banking collapse is that it didn't affect Czechia in the slightest. Whoever says that regulation doesn't work should take a good look.
     
  11. onedreamer

    onedreamer Dragon

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    Like I said from the beginning, Italy is next :D
    Or should it actually have been before ? The difference between Greece and Italy is that the italian gov. refuses to acknowledge the problem, the greek gov. instead asked for help.
     
  12. Winner

    Winner Diverse in Unity

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    Well, Italy is generally considered to be "too big to fail". Greece is much smaller and economically less important for the rest of Europe, whereas Italy is one of the core founding EU member states.
     
  13. kronic

    kronic Deity

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    Italy is in a much better position. Italy's debt has been relatively stable and actually falling for a while now. What's more important is the fact that Italy doesn't rely much on foreigners to buy their debt. Most of it is bought by Italians themselves. As long as that continues, Italy is much safer than Greece.
     
  14. onedreamer

    onedreamer Dragon

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    Italy's debt increases daily, it's not falling at all.
     
  15. kronic

    kronic Deity

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    At the moment, yes. But before the crisis it looked like this:



    That's a rather good record for the decade before the crisis, especially given Italy's low growth.
     
  16. onedreamer

    onedreamer Dragon

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    the only problem with these graphs is that they don't show the current situation. That's a history graph, the CURRENT situation with the current government is bad. I am not talking of the average of the last 10 years.
     
  17. ParkCungHee

    ParkCungHee Deity

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    Not to mention the Greeks.
     
  18. kronic

    kronic Deity

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  19. Winner

    Winner Diverse in Unity

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    Can't they just rename the country, reinstate the emperor and pretend that their debts aren't theirs?

    Sigh.
     
  20. RedRalph

    RedRalph Deity

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    So is Germant going to more-or-less own Greece now?
     

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