Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Greece’s ailing economy grinds to a halt
The Financial Times ^ | 6/19/12 | Joshua Chaffin

Posted on 06/20/2012 5:03:32 AM PDT by Kartographer

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/e79024a2-ba28-11e1-84dc-00144feabdc0.html#ixzz1yKmsdeNG

Last week, Medical Service Limited, a small Athens’ supplier of medical equipment that can no longer afford to pay its employees, received what should have been a blessing: an order from one of the city’s hospitals for a heart monitoring machine. But after thinking it over, Yannis Stamos, the company’s co-founder, turned the customer away. Filling the order would have meant reaching into Medical Service’s own pockets to cover the €35,000 cost of such a machine, since Greek banks have stopped lending and the company’s German suppliers now demand pre-payment in cash.

(Excerpt) Read more at ft.com ...


TOPICS: Business/Economy; Foreign Affairs; Government
KEYWORDS:
Future business plan for many.
1 posted on 06/20/2012 5:03:36 AM PDT by Kartographer
[ Post Reply | Private Reply | View Replies]

To: Kartographer

Coming soon to a city near you (all of us).


2 posted on 06/20/2012 5:21:05 AM PDT by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kartographer
But wait! Chuck Schumer is promoting Greek yogurt for public school lunch menus! It could be just the stimulus Greece needs!

I guess last year's Greek solar initiative didn't quite bear fruit...

3 posted on 06/20/2012 5:45:14 AM PDT by the invisib1e hand (they have no god but caesar)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kartographer

The Drachma would fix all for these poor people...but the Germans wouldn’t get paid for the ‘Bimmers they slipped across the border to the politicians in Greece-now getting in the way of the needs of their constituents.


4 posted on 06/20/2012 5:52:41 AM PDT by mo (If you understand, no explanation is needed. If you don't understand, no explanation is possible.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: mo
Are you suggesting that some politicians can be bribed?
5 posted on 06/20/2012 5:55:25 AM PDT by Pecos (Constitution? Oh, you mean that thing we USED to have.)
[ Post Reply | Private Reply | To 4 | View Replies]

To: Pecos

Naaah!! /s

but Germany...Germany has finally “won” WW II..they enslave the Greeks and others to a debt mill which churns to purchase German goods....


6 posted on 06/20/2012 6:10:18 AM PDT by mo (If you understand, no explanation is needed. If you don't understand, no explanation is possible.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: mo

well, no one forced the Greeks to get into it and remember also that the Euro was France’s condition under Mitterand to allow the Germanys to get reunited


7 posted on 06/20/2012 6:33:38 AM PDT by Cronos (**Marriage is about commitment, cohabitation is about convenience.**)
[ Post Reply | Private Reply | To 6 | View Replies]

To: Kartographer

YOU HAVE TO REGISTER TO READ THIS ARTICLE! Do not wast your time.


8 posted on 06/20/2012 6:55:05 AM PDT by Flavious_Maximus
[ Post Reply | Private Reply | To 1 | View Replies]

To: mo

If they go back to the drachma, their debt can be quickly cut in half, with the bad German (and French) banks getting the haircut.


9 posted on 06/20/2012 7:08:37 AM PDT by expat2
[ Post Reply | Private Reply | To 6 | View Replies]

To: Flavious_Maximus

Always makes me furiuos when I get a brief excert to an article I can’t read. Just leaves me wanting to slap the OP for stupidity.

Don’t point me to an article I am deeply concerned with and then pull the rug out from under me. That’s just crap. If you don’t have a source where I can read the article, then don’t post it.


10 posted on 06/20/2012 10:17:38 AM PDT by Freedom_Is_Not_Free (REPEAL OBAMACARE. Nothing else matters.)
[ Post Reply | Private Reply | To 8 | View Replies]

To: Freedom_Is_Not_Free
I found a full version of the article at a blog Verminous Blog Here.

The blog is a financial type and it gives zero credit to FT and the real author claiming the text as its own. Mumph!


11 posted on 06/20/2012 12:18:47 PM PDT by Mycroft Holmes (<= Mash name for HTML Xampp PHP C JavaScript primer. Programming for everyone.)
[ Post Reply | Private Reply | To 10 | View Replies]

To: mo

“Germany has finally “won” WW II...”

The Greeks did it to themselves, just like we are doing it to ourselves. Stating otherwise is vapid thinking and misdirection propaganda.

These NAZI comparisons are tiring and insulting. History is MORE than just the 7-years of WWII. We are so historically ignorant as a nation. It’s embarassing.


12 posted on 06/20/2012 12:24:41 PM PDT by Owl558 ("Those who remember George Satayana are doomed to repeat him")
[ Post Reply | Private Reply | To 6 | View Replies]

To: Mycroft Holmes

Thank you very much. That was indeed a telling and compelling article that foretells real disaster on the horizon.

Thank you for finding it. When I can’t link to an article due to subscription restrictions, I usually do a search on the title or some portion of the body. But this one didn’t come up. So I owe you many thanks for finding this.

It is a very telling article. I didn’t realize the Greek economic engine is on the verge of seizing up without the lubrication of credit to keep it humming along.


13 posted on 06/20/2012 1:20:53 PM PDT by Freedom_Is_Not_Free (REPEAL OBAMACARE. Nothing else matters.)
[ Post Reply | Private Reply | To 11 | View Replies]

To: Kartographer

Please accept my apology for my abrasive post #10. I just lashed out after seeing several this morning where I had to register with WSJ or whathaveyou and because the topics on the economy are near and dear to my heart, it is massively frustrating.

My frustration is with the rules and copywrite laws, not with you. I apologize for lashing out.

And thank you for a very telling article. You found a very good one. After reading so much on the Greek economic contraction, I have to say this is one of the more dire articles I’ve read. Thank you so much for bringing it to our attention. I didn’t realize the government has stopped paying its bills and businesses are fleeing due to issues of energy distribution and supply chain stoppage fears, among other.

They must be in a full fledge depression or soon will be.

How soon do they start bartering? Soon, I’m sure.


14 posted on 06/20/2012 1:25:24 PM PDT by Freedom_Is_Not_Free (REPEAL OBAMACARE. Nothing else matters.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Owl558

ennnhhhh....its not too far a stretch to say that MOST of Western history since WWII is even still, Nazi.

Just exactly what do you think Barack Obama was DOING in Berlin September 2008?

To the Greeks issue...Nazi Germany was looking for slaves to its own ends...Germany finally owns a whole bunch of PIGS debt slaves..... at the moment.


15 posted on 06/20/2012 1:34:14 PM PDT by mo (If you understand, no explanation is needed. If you don't understand, no explanation is possible.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: mo

“If the only tool you have is a hammer, you tend to see every problem as a nail.” -—Maslow

If all you know is WWII history, every problem will somehow relate to NAZIs.


16 posted on 06/20/2012 2:34:31 PM PDT by Owl558 ("Those who remember George Satayana are doomed to repeat him")
[ Post Reply | Private Reply | To 15 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson