Skip to comments.Greece’s ailing economy grinds to a halt
Posted on 06/20/2012 5:03:32 AM PDT by Kartographer
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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 citys hospitals for a heart monitoring machine. But after thinking it over, Yannis Stamos, the companys co-founder, turned the customer away. Filling the order would have meant reaching into Medical Services own pockets to cover the 35,000 cost of such a machine, since Greek banks have stopped lending and the companys German suppliers now demand pre-payment in cash.
(Excerpt) Read more at ft.com ...
Coming soon to a city near you (all of us).
I guess last year's Greek solar initiative didn't quite bear fruit...
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.
but Germany...Germany has finally “won” WW II..they enslave the Greeks and others to a debt mill which churns to purchase German goods....
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
YOU HAVE TO REGISTER TO READ THIS ARTICLE! Do not wast your time.
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.
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.
The blog is a financial type and it gives zero credit to FT and the real author claiming the text as its own. Mumph!
“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.
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.
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.
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.
“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.