Skip to comments.Greece should pay wages in drachmas: German MP
Posted on 07/23/2012 4:20:29 AM PDT by Olog-hai
Greece should start paying half of its pensions and state salaries in drachmas as part of a gradual exit from the eurozone, a leading German conservative was quoted on Monday as saying.
Alexander Dobrindt, general secretary of the Christian Social Union (CSU), the Bavaria-based sister party of Chancellor Angela Merkel's Christian Democrats (CDU), has long argued that Greece would be better off outside the eurozone.
"With Greece we have reached the end of the road. There must not be any further aid. A country which does not have the will to fulfil the conditions, or is not able to do so, must get a chance outside the euro," Dobrindt told the daily Die Welt.
"Greece should start to pay half of its civil service wages, pensions and other expenditures in drachmas now," Dobrint added.
(Excerpt) Read more at reuters.com ...
Drachmas ? Won’t that be like paying Greeks in Monopoly money ?
Back in the late 1990s....I went off to vacation in Greece, which I admit, it’s a four-star place to vacation. And yes, I used Drachmas....although the bars would readily accept dollars in payment for drinking.
The thing about Greece and their economy...which is so fragile...is that there is strictly the freighter business, the tourism sector, and the agricultural sector. That’s it. They don’t manufacture anything worth discussing, from cars to even decent beer or wine.
What they were attempting to do for the past five or six decades....was trying to live like Italy, France or Spain...and they just weren’t in that position. They can’t manufacture cars. They can’t produce steel. And they can’t even produce four goofy singers like ABBA.
Probably the best thing for Greece is to get out of the Euro. The Euro will be dead in a few years, tops.
Spain, Portugal, Ireland, Italy, France....just wait, your turn is coming
The days of Feel-Good Globalism are over. The EU is collapsing. Europe is slowly learning that you cannot Free Trade your way to prosperity....the EU was founded on the failed theory called Free Trade
Now, only if the morons here would get the message....do away with NAFTA, and stop all talk/action on a North American Union. Why people on this side of the planet still insist on copying the EU is just insane
They cant produce steel. And they cant even produce four goofy singers like ABBA.....
Hey, they did have Melina Mouscouri...who was actually a big star in Europe in the ‘70s. I was once forced to sit through listening to one of her cassette tapes by my Dad. That woman’s voice sounded like what a cat would wail after getting hit by a beer truck....did not understand her popularity
Among other benefits, renewed use of the drachma in this manner will permit Greece to remedy its catastrophically falling money supply. At present, the Greek public is moving massive sums in euros out of the country and holding euros in cash but not spending them. Since the drachma will have little value outside the country, the Greeks will spend it more readily for ordinary domestic transactions, especially for those that do not require expensive imported goods. This flood of liquidity will help revive Greece’s domestic economy, especially in regard to employment.
The generation of Greeks from the 80s through the 90s to the naughties are responsible for what’s happening to Greece now, not Germany
The Euro is “Dead”, but nobody wants to admit it.
The European Commissions top economists warned the politicians in the 1990s that the euro might not survive a crisis, at least in its current form. There is no EU treasury or debt union to back it up. The one-size-fits-all regime of interest rates caters badly to the different needs of Club Med and the German bloc.And the EU elites are so fanatical that they are willing to risk another global crisis to get the power they are so desirous of. They planned this, and even admitted it in public. What would be done to US politicians making such admissions in public? but these euro politicians get away without even a bit of negative press.
The euro fathers did not dispute this. But they saw EMU as an instrument to force the pace of political union. They welcomed the idea of a beneficial crisis. As ex-Commission chief Romano Prodi remarked, it would allow Brussels to break taboos and accelerate the move to a full-fledged EU economic government.
“Greece should pay wages in drachmas: German MP”
A harbinger of the rest of the EU and the Euro.
Voice 1: "I just came back from Europe and I have some drachmas on my hands."
Voice 2: "You have what on your hands?
It won't take them as long to realize the rest of the PIIGS aren't worth the 'investment' either...
With all due respect, statements like that read like an endorsement of the social market economy. You do realize that Germany’s economic model isn’t the same as the USA’s, right? Not to mention that loans of the nature being foisted by the EU on these nations (to get them to reduce deficit to 3 percent of GDP?) are not investments, but political tools.
” - - - are not investments, but political tools.”
IF the 2008 TARP in the good ‘ol US of A was also a type of “investment” of taxpayer money/political tool approved to bailout the bankruptcy of the FHA, Freddy and Fannie Federal Housing Debt, THEN why is the value of the US housing Market still down 30 % after 4 years of taxpayer “help?”
Oops, I forgot. I was supposed to be writing about somebody else throwing good money after bad. Sorry.
The USA isn’t supposed to be a social market economy, though. When you’re in one (such as the EU), they do stuff like that deliberately and say (to those paying attention) that the intention is exactly to grab more power.
I put the word 'investments' in quotes in my last comment because I was being facetious...
” - - - The USA isnt supposed to be a social market economy, though. When youre in one (such as the EU), they do stuff like that deliberately and say (to those paying attention) that the intention is exactly to grab more power.”
You are describing the US Federal Entitlement Tax Slavery Plantation to a “T.”
Each Democrat Administration tries to control or destroy a major Industry: FDR/Oil; Truman/Steel; JFK/Steel; LBJ/Autos; Carter/Oil, Autos; Clinton/Oil, Autos; Obama/Banks, Autos, Oil, Space Industry, Medical, Insurance.
“Democrats don’t care what you do, as long as they can control it.” (Paraphrased from Dick Armey).