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To: Toddsterpatriot
Ruthlessly exploited the Greek people.....by lending them more money to waste on their bloated government? Money the Greeks will never repay? LOL!

PCR didn't explain it well, but you missed his point. Certain "Greek people" benefit from the loans and other "Greek people" pay them back. Your point would be valid if those were mostly the same people. The problem is that they are not. The Greek people got their chance to save and invest being overpaid in the much stronger currency that did not deserve. But predictably they spent it on imports and had nothing to show for it. The real beneficiaries were Euro (e.g. German) exporters, China, and rent seekers within Greece.

Around 2010-2011 they were declared to be a PIIGS domino and thus were not allowed to restructure and therefore had no chance whatsoever of avoiding their present fate: too much to repay and no way to repay it. The productive Greeks who are now a minority are the ones who have to repay. The unproductive Greeks who just voted for a bigger slice of pie are in the majority and have screwed themselves.

The obvious solution is still restructuring or default and removal from the Eurozone. The Greeks need their own currency so they can have 100% inflation to culminate their experiment with socialism. It will be ugly but that's the only way to fix that kind of stupidity.

17 posted on 01/31/2015 4:53:57 AM PST by palmer (Free is when you don't have to pay for nothing. Or do nothing. We want Obamanet.)
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To: palmer
PCR didn't explain it well, but you missed his point.

His point is the banks are exploiting the poor, noble Greeks. Banks that the Greeks have already stolen billions from and will soon default on billions more. His point was idiotic, but that's what he does, so I'm not surprised.

Certain "Greek people" benefit from the loans and other "Greek people" pay them back.

I've heard the Greek government spends 56% of GDP and even after 5 years of austerity, still had a deficit of 12% of GDP. That tax evasion is the norm.

So it's not like only a few benefit from the bloated government pensions, bloated government spending and the, until recently, idiotically low retirement age.

Around 2010-2011 they were declared to be a PIIGS domino and thus were not allowed to restructure and therefore had no chance whatsoever of avoiding their present fate:

What restructuring did they want to try that was disallowed?

The productive Greeks who are now a minority are the ones who have to repay.

The unproductive ones will have to pay with lower benefits and reduced pensions as well.

The obvious solution is still restructuring or default and removal from the Eurozone.

They could reduce government employment, pensions and salaries, slash bureaucracy and impediments to business.

The Greeks need their own currency so they can have 100% inflation to culminate their experiment with socialism.

Yes, paying those employees and pensions with a crappy currency will also have the same effect. And then they can blame the EU for their problems, without fixing them.

18 posted on 01/31/2015 7:16:29 AM PST by Toddsterpatriot (Science is hard. Harder if you're stupid.)
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