Posted on 06/30/2015 7:39:20 AM PDT by Brad from Tennessee
The unfolding Greek financial crisis is front page news. The repercussions – bank runs, unsustainable debts, deadlocked creditors – could easily lead to major consequences worldwide. However misconceived the Euro currency was, its downfall will be painful on a global scale.
How much of Greece’s current economic problems were caused by the made Hellenic dash into renewable energy? The answer, unsurprisingly, is most likely quite a lot.
Greece, like many small European economies, has placed a substantial focus on green energy, seeing it as a quick leg up into the big league – an easy way to attract generous funding from rich green neighbours like Germany. On paper it must have seemed a fantastic opportunity – build green energy infrastructure, using a mixture of easy finance and generous grants from Germany and other rich green neighbours, then sit back and profit from selling carbon credits, on the pan-European, or even a global carbon market.
The promised European carbon market never really manifested, thanks mostly to an embarrassing oversupply of carbon credits – a surplus which was created through a combination of domestic overissuing of carbon credits, and through clever gaming of the defects in the Kyoto accord.
The consequences for Greece of this economic miscalculation have been nothing short of tragic. With money in short supply, Greece has been forced to retroactively roll back generous carbon credits, which has undoubtably bankrupted local investors, and which likely contributed to a sense that investing in Greece is unsafe. . .
(Excerpt) Read more at wattsupwiththat.com ...
Leftist dysfunction sinking an entire economy.
Look what happened to Greece.
The cure is many thousands of times worse than any phony scenario that the AGW scammers can come up with!
1. They were in trouble in the 1990s and lied their way into the EU
2. Olympic Madness also hurt big time
http://news.bbc.co.uk/2/hi/business/3649268.stm
What are green carbon credits anyway? I sounds a lot like credit default swaps to me. I am not a financial wizard by any means but there is something fishy about this, it sounds like they are trading make believe money.
Suppose there were genius scammers and they bought out and out smarted the government watchdogs that were supposed to keep an eye on them?
You know who to call.
Greece got snookered by Wall Street when it was trying to qualify for the EU. That’s how it ended up where it is today.
There's a lot of that going on...
...same in Spain....only more so.
The global corporations connected to governments advertise their greenness as though it were a religion. New, small, domestic business starts only emulate the speech of the global corporations for the purpose of avoiding hostilities from the governments owned by the big corporations.
The same tyrannical gangs, writing from a false position of conservatism, have sponsored many instances of propaganda vainly saying that covetousness (greed) is a virtue. Political poison for the minds is as it was in the fascist nations decades before World War 2.
America is not Mongolian Prussia or Sicily. Heinrich-come-lately should behave.
I’d have to agree that they were in fairly serious trouble in the 2000-period when the trail into the Euro started. They basically could not turn down the opportunity to get into the Euro....it was their connection to European tourism. In Crete, that’s around half of their revenue collection.
I’d also add that for roughly 2,500 years....they’ve been on tax avoidance. Merchants have worked thousands of scheme over the centuries to avoid paying legit or poorly worded tax laws.
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