Being form Germany, what's astonishing about this lecture at Berkeley is the fact that neither Germany being too compatitive for southern Europe (due to a reform in labor law/ and a cut in welfare benefis in 1999) nor the proposal of a restructuring of the Eurozone are being considered in Germany. The only conclusions our minister of finance Mr. Schäuble and Chancellor Merkel are dawing is that the Greek state was spending too much on pensions and welfare, therefore the only medication is austerity. And our media is exclusively reporting about lazy greeks who 'wanna rip us off'... it truely sad given the ideals we've started with...
No, apparently I didn't... But I can't figure out what's wrong about my impression if CSU chairman Seehofer and his deputy Söder talk about lazy and cunning Greeks; how they have to be disciplined and made an example of. Doesn't really contribute to a constructive and acceptable solutions for all parties involved. You know, for what it's worth, if someone insist on his reforms correctness and universal validity, irrespective of it's imperfection and if no other opinion is being considered in order to sort out potential deficiencies, that won't resolve anything. By saying 'there is no alternative' you'll just drive yourself more and more into a situation you really can't escape from. But I'm interested in your respective interpretation!
Bailouts were actually forced on Spain, Greece, Ireland, Cyprus by the ECB, IMF and EC because the alternative to bailout was that these countries would collapse banks of non systemic importance - and if they let banks fail - Germany and France would have been finished because as the biggest economies in Europe - they had the most to lose. Ireland for example could have let Anglo Irish bank fail. It was not of systemic importance to the Irish economy but it wouldn't have been seen by the international community as an Irish bank failing - it would have been seen as a euro zone bank failing - and that would have had a domino effect on other euro zone banks. And Germany and France would have lost most as they had the most tied up in all bloated euro zone banks with their national pension funds etc. The ECB in Germany also broke their own lending rules by flooding cheap credit to banks in these countries in the first place. The crisis has opened Europeans eyes to the power play that has been going on. Britain will either leave the EU next year which will be the beginning of the end of the EU or it will be reformed to keep them in which will see, as a result, power transferred back to national sovereign parliaments for everybody.
I'm respectfully disagreeing on "Don't go to Greece this summer" point. Do go to Greece this summer, prices are insanely low, and you'd be crazy to miss out.
Milos Vujkovic People are desperate in Greece. If you go to Greece be aware that you may be unfortunate and be subject to become a victim of one crime of the other.
The new Lehman Brothers is inside EU-EMU. The stage is set, we need just a trigger...I bet that next Lehman Brothers will not be Greece, but some large German bank...
The unemployment rates may not be biased down in Greece because more people illegally work for cash there than in countries like the Germany and even the USA.
We have a good idea who is owed all this Fiat Money. Why not winkle them out, one way or another, and make it pretty clear that we can't pay- wont pay and unilaterally cancel all these Debts!
Being form Germany, what's astonishing about this lecture at Berkeley is the fact that neither Germany being too compatitive for southern Europe (due to a reform in labor law/ and a cut in welfare benefis in 1999) nor the proposal of a restructuring of the Eurozone are being considered in Germany.
The only conclusions our minister of finance Mr. Schäuble and Chancellor Merkel are dawing is that the Greek state was spending too much on pensions and welfare, therefore the only medication is austerity. And our media is exclusively reporting about lazy greeks who 'wanna rip us off'... it truely sad given the ideals we've started with...
+Thorben E. Really? Because the only ones i hear blaming the greeks are the afd and similar minded people.
So you didnt here People from CSU, CDU and FDP?! I heard them.
No, apparently I didn't...
But I can't figure out what's wrong about my impression if CSU chairman Seehofer and his deputy Söder talk about lazy and cunning Greeks; how they have to be disciplined and made an example of.
Doesn't really contribute to a constructive and acceptable solutions for all parties involved.
You know, for what it's worth, if someone insist on his reforms correctness and universal validity, irrespective of it's imperfection and if no other opinion is being considered in order to sort out potential deficiencies, that won't resolve anything.
By saying 'there is no alternative' you'll just drive yourself more and more into a situation you really can't escape from.
But I'm interested in your respective interpretation!
Bailouts were actually forced on Spain, Greece, Ireland, Cyprus by the ECB, IMF and EC because the alternative to bailout was that these countries would collapse banks of non systemic importance - and if they let banks fail - Germany and France would have been finished because as the biggest economies in Europe - they had the most to lose. Ireland for example could have let Anglo Irish bank fail. It was not of systemic importance to the Irish economy but it wouldn't have been seen by the international community as an Irish bank failing - it would have been seen as a euro zone bank failing - and that would have had a domino effect on other euro zone banks. And Germany and France would have lost most as they had the most tied up in all bloated euro zone banks with their national pension funds etc. The ECB in Germany also broke their own lending rules by flooding cheap credit to banks in these countries in the first place. The crisis has opened Europeans eyes to the power play that has been going on. Britain will either leave the EU next year which will be the beginning of the end of the EU or it will be reformed to keep them in which will see, as a result, power transferred back to national sovereign parliaments for everybody.
Awesome explanation... Great insights... Thank - you
I'm respectfully disagreeing on "Don't go to Greece this summer" point. Do go to Greece this summer, prices are insanely low, and you'd be crazy to miss out.
Milos Vujkovic People are desperate in Greece. If you go to Greece be aware that you may be unfortunate and be subject to become a victim of one crime of the other.
Lord Metroid Oh shut up.As if other countries are much safer.And by the way what is your location?Germany perhaps?
+Milos Vujkovic - it was joke, nothing serious :)
The new Lehman Brothers is inside EU-EMU. The stage is set, we need just a trigger...I bet that next Lehman Brothers will not be Greece, but some large German bank...
The unemployment rates may not be biased down in Greece because more people illegally work for cash there than in countries like the Germany and even the USA.
We have a good idea who is owed all this Fiat Money.
Why not winkle them out, one way or another, and make it pretty clear that we can't pay- wont pay and unilaterally cancel all these Debts!
"Why's"?? Come on, this is a university, correct? Perhaps the difference among a plural, contraction and possessive is not taught anymore.
more than 5 years on Greek 10 year is below 1 % lol
To theo9e6 www.forbes.com/sites/niallmccarthy/2015/03/13/contrary-to-what-most-people-think-greeks-work-the-longest-hours-in-europe-infographic/