radical party wins Greek election

[The Infidel]

Oh Greece, it doesn't matter how many votes you hold, you may have invented democracy, but democracy can not over rule basic maths. You spend more than you earn and that is not sustainable.

You voted in Socialist governments, and now you must pay the price. Margaret Thatcher said it best,

the problem with socialism is you eventually run out of other peoples money

Let's hope the Greeks learn their lesson and the rest of the world learns the lesson, rather than saying "yes but our attempt at socialism will succeed this time"

 

[jayrachi]

Short of exiting the Euro (which in itself is not the best idea), I don't really know what else can be done. Granted, I know very little of economics.

At this rate, I feel it's likely that Greece will be ejected from the Eurozone, rather than them exiting.

Southern European countries are an anchor for the Euro, Greece entered the process through fraud about their finances in the first place.

 

[Morningstar]

Short of exiting the Euro (which in itself is not the best idea), I don't really know what else can be done. Granted, I know very little of economics.

At this rate, I feel it's likely that Greece will be ejected from the Eurozone, rather than them exiting.

Southern European countries are an anchor for the Euro, Greece entered the process through fraud about their finances in the first place.

So when that happens, are we free to make Greece's Pieces jokes?

Frankly I don't think they can dig themselves outta this hole.

Let's hope the Greeks learn their lesson and the rest of the world learns the lesson, rather than saying "yes but our attempt at socialism will succeed this time"

Unlikely, as there are people that are greedy and megalomaniacal, and they would be the the most likely to seek power in the first place, as opposed to people that might be smart enough to know what the people want and good enough to give it to them.

Short of exiting the Euro (which in itself is not the best idea), I don't really know what else can be done. Granted, I know very little of economics.

It's possible that going back to their old currency would help, but I don't think the chances are likely, granted I know as much about geoeconomics then you do. The exchange rate, I do know are gonna play heavily into how well this plan would work though.

 

[jayrachi]

Europe gives Greece 5 days to avoid bankruptcy - The Washington Post

Following a day of talks in Brussels aimed at finding a way out of months of bitter deadlock, European leaders were scathing in their assessments of Greece’s proposals, calling them inadequate and demanding that the Greek government return with a detailed plan by Friday morning. The leaders of all 28 European Union members will then meet on Sunday in what officials said would be the final chance to save Greece from economic oblivion.

E.U. leaders expressed anger that Greek officials offered only oral proposals, rather than presenting a detailed written plan to address concerns about the country’s debt crisis.

“The stark reality is that we only have five days to find the ultimate agreement,” said a visibly irritated European Council President Donald Tusk, the former prime minister of Poland. “Until now I have avoided talking about deadlines. But tonight I have to say it loud and clear — the final deadline ends this week.”

Standing at his side at E.U. headquarters in Brussels, European Commission President Jean-Claude Juncker of Luxembourg pounded the lectern as he announced that Europe has detailed plans for Greece’s exit from the euro zone — known as “Grexit” — and for delivering humanitarian aid to Athens.

"I’m strongly against Grexit,” he said. “But I can’t prevent it if the Greek government is not doing what we expect the Greek government to do.”

Greek Prime Minister Alexis Tsipras had a starkly different account of the meeting, saying it was “positive” and that he had outlined proposals for a “socially just and economically viable agreement.”

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The pressure on Greece intensified after the European Central Bank decided Monday not to expand its life support for Greek financial institutions, raising the prospect that they could be out of money by Wednesday absent an ECB reversal. That alone could force Greece off the euro, the common currency of 19 of the European Union’s 28 member states.

Greece — with a debt mountain of more than 180 percent of GPD — also owes billions of euros more to its creditors on July 20. Last week, the country became the first developed nation to miss a repayment to the International Monetary Fund.