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Nightmare foretold if Greece heads for euro exit
ekathimerini.com ^ | Saturday May 19, 2012 (14:03) | By Harry Papachristou & Giles Elgood

Posted on 05/20/2012 6:32:17 AM PDT by DeaconBenjamin

In Athens, the homeless are on the streets in growing numbers, soup kitchens feed twice as many people as a year ago, and the poor are diving into garbage bins in search of scrap they can sell.

Greece is close to breaking point as it struggles with austerity targets set by creditors, but this is just a foretaste of the nightmare of unrest, hunger and even anarchy that could engulf the debt-crippled nation if it is forced out of the euro.

If the exact economic impact of such a move is hard to nail down - newly issued drachmas devalued by up to 70 percent, runaway inflation, a banking meltdown, a collapse in trade - the implications for ordinary Greeks crushed by the debt crisis are even harder to predict.

Without international bailout cash, salaries and pensions would go unpaid and violence, political extremism and uncontrolled emigration could quickly follow.

After voting inconclusively for parties that opposed foreign-imposed austerity, including the neo-Nazi Golden Dawn, Greeks head to the polls again in a month's time. This election is being portrayed internationally as a referendum on the single currency, even if Greeks do not yet see it that way.

A Greek exit from the 17-nation euro zone, or «Grexit» as some economists have called the once unthinkable eventuality, risks turning the nation into what would be close to a failed state on the edge of the European Union, one of the most prosperous societies the world has ever known.

Greece imports 40 percent of the food it consumes, nearly all of its oil and natural gas and much of its medicine. It has long been clear to some commentators that there could be trouble ahead.

Confronted with post-exit turmoil, foreign suppliers would simply put up the shutters until the situation becomes calmer, leading to acute shortages of basic commodities, which could fuel serious civil unrest, according to Bank of Greece Governor George Provopoulos.

Even if Greece did manage to import limited amounts of food and other basics, they would be cripplingly expensive.

Provopoulos warned as long ago as December that a return to the drachma would be «real hell», with Greeks forced to resort to barter during the transition period between the two currencies, «trading a kilo of olive oil for three kilos of flour».

"NIGHTMARE SCENARIO"

"There will be shortages in basic staples. Without fuel, the army and the police would not be able to move their vehicles. After a long period, things will return to a better balance. But during the first transitional phase we would be experiencing a nightmare scenario,» Provopoulos said.

A former finance minister, Yiannos Papantoniou, saw trouble ahead nearly a year ago: «Greece would not be able to support 11 million people so there will be huge emigration flows,» he told Reuters Insider television last July. «Disruptions, social disruptions will come. I would say a regime of total anarchy."

Last year 23,800 Greeks emigrated to Germany alone, 90 percent more than the previous year, German data show and Greeks are queuing up to learn German.

Most economists agree the austerity measures Greece is laboring under offer it little hope of recovery near term, and some argue that if it leaves the euro, it could export its way back to health on the back of a vastly devalued currency.

But, barring tourism, it does not have businesses or industries that could drive such a recovery.

Even if freed of its debt-cutting targets, the fact the country runs a primary deficit - spending more than it takes in taxes - means it would have to continue austerity measures and, because it would be shut out of international markets, it would have no one to borrow from.

"Even if you strip interest payments, with a primary current account deficit at about 10 billion euros, it would mean economic life would grind to a halt,» said Yannis Stournaras, head of Greek think tank IOBE.

"Greece would have a hard time to import oil, foods, medicines and other primary inputs. Imagine the navy, police, without fuel. Natural gas spigots would close. GDP would be hurt by a battered banking system. Public debt would increase."

Greece's recent history gives a taste of the political turmoil that could follow.

After German occupation in World War Two, the country plunged into bitter civil war during the 1940s. Political turbulence in the 1960s was capped by a colonels' coup d'etat in 1967, with democratic elections not held until seven years later.

Conditions are already hard for business people in Greece, with the country in its fifth year of recession.

"The first shortages have begun to appear,» said Melina Ferousi, a businesswoman who imports paper and stationery items. «French and Spanish suppliers are still selling on credit but German ones are particularly strict and are refusing to do so."

Some German suppliers have said they could not extend credit to Greece even if they wanted to because their insurers are refusing to cover the merchandise.

Greek importers and exporters alike are finding it difficult to do business with foreigners, said Vassilis Korkidis, chairman of the retailers' union ESEE.

"It's not that they're not trusting their individual Greek business partners anymore, it's the Greek banks they no longer trust,» Korkidis said.

But business people do not see an exit from the euro as solving anything. Greece imports practically all its machinery, tools and software, so companies would be unable to grow.

"If we return to the drachma, nobody will be able to do business abroad anymore,» said Iraklis Megas, who imports animal food. «I'll have to shut down my company the next day and so will thousands of others."

How Greece would manage a transition from euro to drachma is unclear. A possible precedent is the split of Czechoslovakia into two countries with their own currencies in 1993.

All cross-border money transfers between them were halted and border controls were tightened. Stamps printed secretly in Britain were glued on 150 million banknotes, which were trucked around the country with the help of police and the army.

"DRACHMAGEDDON"

Greece would have to try something similar, with some suggesting euro notes might be stamped with a D for drachma, but there are doubts whether it could introduce a new currency in a short period of time.

"In my assessment, Greece does not have the strength of institutions to pull that one off in an orderly way. Instead, it's likely to be a slippery slope, which - through chaos and ruin - may then end the same way months or years down the road,» said Erik Nielsen, global chief economist at Unicredit.

In the end, since the International Monetary Fund, the European Central Bank and euro zone governments are now left holding most of Greece's 250 billion euro debt mountain, they may decide it is best to try and keep things going rather than drop the curtain on Greece's euro dream and face heavy losses themselves.

That is the calculation being made by the SYRIZA party, which had until recently been surging ahead in opinion polls with its radical anti-austerity platform that European leaders say will lead to certain bankruptcy and an exit from the euro.

But a poll on Thursday showed a return in support for the establishment parties that negotiated the bailout, a sign the nightmare scenario of life outside the euro may be sinking in.

Some have even been able to see the funny side. «Drachmageddon», on Radio Arvyla TV in November, told how the drachma, kicked into outer space in 2001, crashed back to earth as a meteor and destroyed everything.

"The main reason we expect Greece to stay in the union is that as bad as things are now, it will be worse out," said Marc Chandler, global head of currency strategy at Brown Brothers Harriman.

"It seems far too simple to think that a devaluation is all Greece needs."


TOPICS: Business/Economy; Foreign Affairs; Government
KEYWORDS: euro; eurocrisis; greece; greekcrisis
Navigation: use the links below to view more comments.
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1 posted on 05/20/2012 6:32:21 AM PDT by DeaconBenjamin
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To: DeaconBenjamin

No matter how you unite states, once joined they don’t like it when one or more of its members decide to walk away.


2 posted on 05/20/2012 6:35:19 AM PDT by DonaldC (A nation cannot stand in the absence of religious principle.)
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To: DeaconBenjamin

Good riddance to both Greece and the Euro.


3 posted on 05/20/2012 6:37:26 AM PDT by Lurker (Violence is rarely the answer. But when it is it is the only answer.)
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To: DeaconBenjamin

What’s interesting though, stripped of the jargon, what the experts are cautioning is that _now_ isn’t the time to quit borrowing money, because of the crisis, that was caused by, you guessed it - borrowing money. It’s kinda wacky.


4 posted on 05/20/2012 6:37:53 AM PDT by Freedom4US
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To: Freedom4US

Remember the commercial back in the 80’s about the guy who was justifying his use of cocaine?

“I do cocaine so I can I can work more hours and make more money. I use that money to buy more concaine, so I can work more hours and make more money, so I can buy more cocaine......”. something like that.

All the while the guy is spinning around in an ever tightening circle.


5 posted on 05/20/2012 6:41:48 AM PDT by Texas resident (November 6 - Vote Against obama)
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To: DeaconBenjamin

About six months ago...I was reading through Greek medical problems within the economy. If you were on insulin and tried to pick up your monthly supply...most pharmacy groups couldn’t get the stuff via their normal channels, with Greek health care paying. So you...the customer who desperately needed insulin...had to go down put down around $100 to get the stuff ordered from France. It’d be delivered five days later, and you were ok....except whatever was free via the gov’t health care program...was no longer free, and you had to find a $100 somewhere in your limited budget to pay for what was free before.

My feeling is that of eleven million people in Greece...by next summer, at least 500k will have packed up and left the country. I also think that most banks will end up closing shop or consolidating. The tourism trade? For 2012, I’d predict half the tourism trade that you’d typically expect in Greece, and it likely continues through 2013. They really took the country and made it into some Banana republic.


6 posted on 05/20/2012 6:42:06 AM PDT by pepsionice
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To: DeaconBenjamin

Greece is a dry run for what is coming.


7 posted on 05/20/2012 6:43:56 AM PDT by ecomcon
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To: Freedom4US

It’s kind of like trying to get off a bucking horse.No matter how you do it,there’s a good chance you’re going to get hurt.


8 posted on 05/20/2012 6:45:16 AM PDT by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: DeaconBenjamin
"Nightmare foretold if Greece heads for euro exit"

A harbinger of the future of Liberal America.

9 posted on 05/20/2012 6:52:27 AM PDT by chainsaw (Sarah Palin is still my first choice to save the USA. . .)
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To: DeaconBenjamin

Be interesting to see if the populace there riots against its lefty-regime, and to watch their reaction to it.


10 posted on 05/20/2012 6:53:21 AM PDT by P.O.E. (Pray for America)
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To: DeaconBenjamin

It is interesting that the quotations of impending doom come from importers who see no future. Stipulating that business is facing huge problems, why do they not attempt to source from domestic sources.


11 posted on 05/20/2012 6:58:57 AM PDT by I am Richard Brandon
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To: DeaconBenjamin

It seems to me that the people of Greece have chosen collapse over a little austerity. No one would give an inch so now they have to go the mile.


12 posted on 05/20/2012 7:01:22 AM PDT by tiki
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To: Freedom4US
I heard one "expert" put it this way:

"When you're in a hole, stop digging."

The only problem was that what he meant was: Europe is fragile and austerity is painful. Due to the crippling levels of debt in Europe, this was HARDLY the time to stop borrowing! Borrow more! Keep the economic engine running! Austerity is a hole! Stop that madness!

Amazingly backwards.

13 posted on 05/20/2012 7:03:23 AM PDT by ClearCase_guy (Like Emmett Till, Trayvon Martin has become simply a stick with which to beat Whites.)
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To: P.O.E.

This is the soil that Hitler grew from.


14 posted on 05/20/2012 7:05:47 AM PDT by jdsteel (Give me freedom, not more government.)
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To: ecomcon

>>Greece is a dry run for what is coming.<<

We’ll get a look in California in 2014 or so. I am one of the emigres...


15 posted on 05/20/2012 7:07:36 AM PDT by freedumb2003 ('RETRO' Abortions = performed on 84th trimester individuals who think killing babies is a "right.")
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To: pepsionice

There was an article yesterday saying that tourism is down a lot, primarily from people cancelling trips because of fear of unrest.

The article also said that if they scrapped the euro and reinstated the drachma, tourism would boom because tourists would get a lot more bang for their buck. But Greece has to show that it is a safe place in which travel.


16 posted on 05/20/2012 7:08:26 AM PDT by randita
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To: DeaconBenjamin
"this is just a foretaste of the nightmare of unrest, hunger and even anarchy that could engulf the debt-crippled nation United States if it is forced out of the euro the American people don't come to their senses--and fast!--and put an end to American decadence (also known as "Liberalism").

Its political machine--the Democrat Party--must be stopped.

17 posted on 05/20/2012 7:10:42 AM PDT by Savage Beast ("You can, in fact must, shout fire in a crowded theatre. It just has to be the truth. " J. Goldberg)
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To: DeaconBenjamin
"this is just a foretaste of the nightmare of unrest, hunger and even anarchy that could engulf the debt-crippled nation United States if it is forced out of the euro the American people don't come to their senses--and fast!--and put an end to American decadence (also known as "Liberalism").

Its political machine--the Democrat Party--must be stopped.

18 posted on 05/20/2012 7:10:42 AM PDT by Savage Beast ("You can, in fact must, shout fire in a crowded theatre. It just has to be the truth. " J. Goldberg)
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To: DeaconBenjamin
"this is just a foretaste of the nightmare of unrest, hunger and even anarchy that could engulf the debt-crippled nation United States if it is forced out of the euro the American people don't come to their senses--and fast!--and put an end to American decadence (also known as "Liberalism").

Its political machine--the Democrat Party--must be stopped.

19 posted on 05/20/2012 7:10:42 AM PDT by Savage Beast ("You can, in fact must, shout fire in a crowded theatre. It just has to be the truth. " J. Goldberg)
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To: jdsteel

Not just Hitler. Notice it’s a running theme among totalitarians - foment or bandwagon on a crisis with a “blame the (fill-in-the-blank)”.

Marxists blame capitalists, Islamo-nazis blame the Jews and America, “Mugabes” blame the white farmers, the list goes on. It’s a bait-and-switch that’s only the more terrifying because it works.


20 posted on 05/20/2012 7:11:25 AM PDT by P.O.E. (Pray for America)
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To: I am Richard Brandon
Stipulating that business is facing huge problems, why do they not attempt to source from domestic sources.

I suspect that trying to set up manufacturing in Greece is as futile as trying to do so in California. Any attempt results in swarms of bureaucrats and inspectors descending on you, fining you for infractions (and demanding payoffs).

The only way out for Greece involves eliminating 75% of government employees, and terminating much of the welfare state. Doing so will result in riots.

It's like being a drug addict: it's easier to try to get one more fix, than to contemplate the pain of going through withdrawal.

21 posted on 05/20/2012 7:13:23 AM PDT by PapaBear3625 (If I can't be persuasive, I at least hope to be fun.)
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To: DeaconBenjamin

If the American people had the good sense to elect a fiscally responsible President and Congress who would (1) abolish the capital gains tax, (2) abolish corporate taxes, (3) abolish inheritance taxes,(4) secure property rights, and (5) abolish all unnecessary regulations, foreign (and domestic) capital would flow into the United States like Niagara Falls!


22 posted on 05/20/2012 7:14:49 AM PDT by Savage Beast ("You can, in fact must, shout fire in a crowded theatre. It just has to be the truth. " J. Goldberg)
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To: DeaconBenjamin

If the American people had the good sense to elect a fiscally responsible President and Congress who would (1) abolish the capital gains tax, (2) abolish corporate taxes, (3) abolish inheritance taxes,(4) secure property rights, and (5) abolish all unnecessary regulations, foreign (and domestic) capital would flow into the United States like Niagara Falls!


23 posted on 05/20/2012 7:14:51 AM PDT by Savage Beast ("You can, in fact must, shout fire in a crowded theatre. It just has to be the truth. " J. Goldberg)
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To: Lurker
Good riddance to both Greece and the Euro.

___________________________________

Not that I necessarily disagree, but would you please expound beyond the bumber sticker...

24 posted on 05/20/2012 7:15:08 AM PDT by wtc911 (Amigo - you've been had.)
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To: Savage Beast
>"Its political machine--the Democrat Party--must be stopped. "

DNC I and DNC II (formerly known as the RNC).

25 posted on 05/20/2012 7:15:39 AM PDT by rawcatslyentist ("Behold, I am against you, O arrogant one," Jeremiah 50:31)
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To: DeaconBenjamin

But if they had that much sense, we wouldn’t be in this mess in the first place.


26 posted on 05/20/2012 7:15:44 AM PDT by Savage Beast ("You can, in fact must, shout fire in a crowded theatre. It just has to be the truth. " J. Goldberg)
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To: rawcatslyentist

Yes.


27 posted on 05/20/2012 7:16:34 AM PDT by Savage Beast ("You can, in fact must, shout fire in a crowded theatre. It just has to be the truth. " J. Goldberg)
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To: ClearCase_guy

One of my drill sergeants used to yell something, forget what it was exactly, “don’t write checks your body can’t cash”, something like that.

Greece as a country has defaulted many times, and there is in hindsight a clear realization they were never in compliance with the terms for entry into the EU to begin with.

Some have argued what’s happening now, or some variant at least, was the plan to begin with. There is technically no provision for exit of the EU, and the calls by the technocrats is to exert political control via Brussels. Neat trick, huh?

In recent decades Greece received a lot of aid from other Western countries as a bulwark against the communists.


28 posted on 05/20/2012 7:22:27 AM PDT by Freedom4US
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To: pepsionice

...and seeing into the future, if you are not among the “chosen” when the Affordible Care “Act” becomes fully implemented, the bother of providing you (me) with the drugs to treat our diabetes is above and beyond what the State is willing to provide. So we die. Which is the plan...


29 posted on 05/20/2012 7:24:09 AM PDT by Shady (The undeniable truth of the Obama Administration...The numbers do not lie.)
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To: tiki
It seems to me that the people of Greece have chosen collapse over a little austerity. No one would give an inch so now they have to go the mile

well put - free market capitalism is, boiled down to its essence, economic & societal cooperation. As government gets bigger, it convinces people not to cooperate so much. Forget the stupid Jeremiah Wright commercials - start filming a series of ads in Greece.

30 posted on 05/20/2012 7:24:14 AM PDT by ghost of nixon
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To: pepsionice

...and seeing into the future, if you are not among the “chosen” when the Affordable Care “Act” becomes fully implemented, the bother of providing you (me) with the drugs to treat our diabetes is above and beyond what the State is willing to provide. So we die. Which is the plan...


31 posted on 05/20/2012 7:24:22 AM PDT by Shady (The undeniable truth of the Obama Administration...The numbers do not lie.)
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To: DeaconBenjamin

Greece has a smaller GNP than Indiana. How can it cause all this trouble? Just let it go!


32 posted on 05/20/2012 7:29:41 AM PDT by xkaydet65
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To: DeaconBenjamin

“Watching Greece” should become a didactic exercise for all the other Western nations. It illustrates what can happen — or more correctly, what WILL happen - when socialism collapses and nations are forced to recover and reconstruct themselves “cold turkey”.


33 posted on 05/20/2012 7:45:43 AM PDT by Road Glide
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To: Road Glide

I could give a sh1t about Greece and I could give a sh1t about the Euro......Just please Lord, lets get rid of Barry Soetoro.


34 posted on 05/20/2012 7:52:27 AM PDT by Fred911 (YOU GET WHAT YOU ACCEPT)
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To: ClearCase_guy

“When you’re in a hole, stop digging.”

Nothing wrong with this observation.

But...

The problem with socialists is that after getting into the hole, their only “solutions” are to dig deeper and dig faster.

Also playing right now in Illinois, Maryland, and California...


35 posted on 05/20/2012 7:54:55 AM PDT by Road Glide
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To: jdsteel

“This is the soil that Hitler grew from.”

A prediction:
Within five years, the Golden Dawn party will be running Greece.

And - for better or worse - conditions may actually improve there as a result.

Just speculation...


36 posted on 05/20/2012 7:56:40 AM PDT by Road Glide
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To: Road Glide

But one must also define “the hole” in a useful way. If an expert says that “spending less” or “responsible budgeting” is “a hole” then the expert’s advice that we should stop digging that hole, is simply bad advice.


37 posted on 05/20/2012 8:02:13 AM PDT by ClearCase_guy (Like Emmett Till, Trayvon Martin has become simply a stick with which to beat Whites.)
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To: P.O.E.

A few rewrites to the “Communist/Socialist” authors original writing is needed for a better understanding of what the authors are saying.

“Without international bailout cash, salaries and pensions would go unpaid and violence, political extremism and uncontrolled emigration could quickly follow.”

This need to be rewritten as follows - “Without you (Not Greek) idiots (rich - take your pick, Americans, British, etc)giving your money to the Greeks there will be trouble, This we the authors can promise.

the next section needing a rewrite

“After voting inconclusively for parties that opposed foreign-imposed austerity, including the neo-Nazi Golden Dawn, Greeks head to the polls again in a month’s time.”

This needs to be re-written as follows - We the Stalinist Authors do not wish to share any of the booty we steel from the idiot population with our skinhead brothers. Since out skinhead brother beat us up when we were children


38 posted on 05/20/2012 8:03:59 AM PDT by DanZ
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To: Freedom4US

I believe what your DI said was something like “Don’t let your mouth write a check your ass can’t cash”


39 posted on 05/20/2012 8:12:18 AM PDT by galloway15
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To: DeaconBenjamin

They should collect up all the money that’s left and go to Las Vegas and put it all on number 5.


40 posted on 05/20/2012 8:13:12 AM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: I am Richard Brandon
Stipulating that business is facing huge problems, why do they not attempt to source from domestic sources.

Quote No 1:

"Greece imports 40 percent of the food it consumes, nearly all of its oil and natural gas and much of its medicine"

Quote No 2:

"But, barring tourism, it does not have businesses or industries that could drive such a recovery"

Quote No 3:

""Greece would have a hard time to import oil, foods, medicines and other primary inputs. Imagine the navy, police, without fuel. Natural gas spigots would close"

Include software, computers, raw materials etc....spare parts for existing factories.

41 posted on 05/20/2012 8:16:27 AM PDT by spokeshave (If Obama is Lenin....who are Trotsky and Stalin...?)
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To: DeaconBenjamin

“A former finance minister, Yiannos Papantoniou, saw trouble ahead nearly a year ago...”

Why didn’t he see trouble ahead when he was Finance Minister and, no doubt, contributing to the problem ?


42 posted on 05/20/2012 8:24:13 AM PDT by PLMerite (Shut the Beyotch Down! Burn, baby, burn!)
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To: DeaconBenjamin

Banker BS. The only reason Greece got bailouts because behind the scenes the EU and US bankers did not want to pay the price for making wrong bets on Greek bonds. So they spin the story that the world would come to an end if Greece defaults (just like TARP). Where did all the EU bailout money go? It went to the Greek banks so they can cover any money they owe EU banks. The people of Greece did not get any bailout except decades of austerity.
Iceland defaulted and went back to the Krona. Everything hit true bottom, prices adjusted to true value and investors are coming in. Iceland GDP is one of the few EU (former) that is increasing while most of the world is stagnating or contracting. We don’t hear about this in the MSM because the central banks and EU/US banks don’t want anyone to know except the bail me out or the economy will implode. This way affected nations will go to the central bankers and scream bailout and nations with the means to provide the bailout money think this is a necessary evil.
Greece should declare bankruptcy and return to the drachma. Greek people will suffer inflation and prices of assets will hit true bottom. Greek labor will be extremely cheap and foreign investors will come in to buy assets and even build factories and service industries to take advantage of the Greek low cost labor. Iceland already prove bankruptcy and going back to their national currency was not the end of the world. Only the EU advocates, central bankers and US/EU bankers don’t want it for their own political/financial selfish reasons.


43 posted on 05/20/2012 8:24:28 AM PDT by Fee
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To: DeaconBenjamin

To my mind there hasn’t been nearly enough focus put on how much blame for all this the Greek people, themselves, deserve.

I read somewhere today that tax evasion is the national credo, but everyone expects the government to provide for them.

The Greeks, it would appear, are a nation of takers who need other people in other countries to be the makers.

Now, how long is that going to go on? And how does leaving the Euro solve that problem for the Greeks?

And I reckon there is no acknowledgment of this within the Greek polity.

It seems they would have to change their entire world view to even begin to solve their problems. I don’t really see that happening. I suppose they will just sink into a morass of want and corruption.


44 posted on 05/20/2012 8:27:11 AM PDT by jocon307
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To: Texas resident

“Remember the commercial back in the 80’s about the guy who was justifying his use of cocaine?”

I never actually saw that commercial, but hubby always remembers it as being very powerful and true.


45 posted on 05/20/2012 8:41:49 AM PDT by jocon307
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To: Travis McGee; Squantos; Noumenon; Jeff Head; SLB; wardaddy; Larry Lucido; MileHi; archy
Although there are many differences between the political & economic systems of the U.S. and Europe, I submit there are also enough similarities to warrant a close eye on this whole situation. It's a living laboratory for us, as well as our own political classes here. Of course, one could make the argument that our elites are watching; problem is, they want things to go off a cliff.

If I read history correctly, these things can go bad very slowly, bad very quickly, fizzle out... you name it -- in other words, no way of knowing. Aspects of this are unprecedented in world history, but that's not uncommon. Of course, we must keep in mind that one does not make history, as the phrase goes, one merely survives it.

Click the Gadsden flag for pro-gun resources!

46 posted on 05/20/2012 8:57:08 AM PDT by Joe Brower (Sheep have three speeds: "graze", "stampede" and "cower".)
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To: DeaconBenjamin
"A Greek exit from the 17-nation euro zone, or «Grexit» as some economists have called the once unthinkable eventuality..

Or maybe it's "HellExit" or "Hexit" for Hellenos.

47 posted on 05/20/2012 8:58:21 AM PDT by cookcounty ("We're all born idiots, and we only get over that condition as we get less young." -J Goldberg)
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To: Fee

Thanks for the interesting update on Iceland.


48 posted on 05/20/2012 9:30:51 AM PDT by khelus
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To: Freedom4US
Greece as a country has defaulted many times, and there is in hindsight a clear realization they were never in compliance with the terms for entry into the EU to begin with.

The Eu knew from the get go what Greece is about...this is no news to them and I doubt if they will let Greece leave the EU. It's all part of the show IMO. They'll continue to prop it up even if it does leave the EU. Greece is basically a welfare country...always has been the one to borrow and not pay...then cry victim-hood.

49 posted on 05/20/2012 9:44:40 AM PDT by caww
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To: Fee

I would hope that the Greeks could perform as well as the Icelanders if Greece exits the euro. There is a lot of ingrained socialism and sloth among the Greek people. I was in Greece last summer and one of the tour guides admitted, without shame, that during the low season (Nov-April), the tour guides are heavily subsidized by the government when there is little or no work. Tourism is serious business and these guides are certified by the state and unionized.


50 posted on 05/20/2012 9:52:13 AM PDT by grumpygresh (Democrats delenda est; zero sera dans l'enfer bientot.)
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