Patine
Deity
- Joined
- Feb 14, 2011
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Those protests are about a plan of the Greek government to hold about 25,000 auctions of houses owned by people not able to pay the mortgage.
(That's 0.1% of the roughly 2.7 million households living in their owned house(Greece has 3.6 million households) => affects 0.07% of the population)
The very poor owners not able to pay lawyers acoording to the Guardian article. (which raises for me the question: is there no (effective) pro bono lawyer right in Greece ?)
Those protests of the 25,000 involved can be simply ignored by the Greek government as long as other Greek people have no solidarity.
But Greece has a very special unit that is apparently deployed:
From that Jacobin article:
The govt back to the Junta methods.
That's where the solidarity for the people has to be found !
Also from that Jacobin article:
Greek economical growth, especially by selfemployed and small companies is stiffled by a lack of financing possibilities by banks.
Burdened by bad loans as explained above, being 45% of total bank loans, being roughly 90 Billion Euro, which is a staggering 50% of Greece's GDP !
https://www.reuters.com/article/us-...to-reduce-banks-bad-loan-burden-idUSKCN1NR21P
(Bad bank loans in healthy economies are currently between 1-5% of total bank loans. Total bank loans in healthy economies typical 150-200% of the country's GDP)
Total bank loans in Greece at about 100% of GDP is low. Indicating that not enough money from banks is financing growth of companies in Greece. => stiffled economy.
The investment catch up needed for Greece to have enough physical assets for a healthy economy without real unemployment is roughly 100 Billion Euro.
The real problem of Greece stays that since the end of the Junta in 1974, and especially since 1992, tremendous amounts of money has been pumped in the country by government and company borrowings that did not end up in a thriving economy for all, but was extracted by foreign lenders, by more luxury purchases by median and richer Greeks imported from other countries, by richer Greeks investing money international.
If that all would not have happened Greece should have by now a GDP of 215 Billion Euro (instead of 180 Billion Euro), an unemployment of 5% (instead of 20%), and a govt debt of 60% or 130 Billion Euro (instead of 325 Billion Euro), with enough physical assets (100 Billion Euro more), with only 5% bad bank loans, 10 Billion Euro (instead of 90 Billion Euro).
The money burned and extracted totals: 195 + 100 + 80 = 375 Billion Euro
Roughly 5-10% of GDP per year over that uncontrolled period since 1974.
Roughly 37,500 Euro over that period per Greek citizen of today.
Current average wealth per Greek citizen BTW 90,000 Euro.
What Greece governments fails to do is:
* to stop the corruption and mafia (that's where that special unit, “Department for the Protection of the State and of the Democratic Polity,” , should be deployed)
and NOT directed at the petty stuff, the informal economy of the lower income groups, making some money on the side. The old way of money redistribution by the poor.
and NOT directed at the poor who try to organise.
* to tax back the wealth that went to, was extracted by, the rich Greeks. These are the real ones laughing now.
* transform into an effective government.... a body that can govern a country and an economy !!!
What we have now is politics-unhappy people-politics-EU-politics-repression-politics.
Greece is obviously leaning more to inspiration from Draco than Pericles, at this time.