So it appears Greece defaulting on it's loan repayments is becoming more likely as Eurozone bosses cancelled a meeting with Greek officials.
"International lenders have told Greece to make huge cuts in return for a 130bn euro ($170bn,
My personal opinion is that this points to a larger question. Do we need the EU? It was a good idea but like communism, it only seems to work on paper. If Greece hadn't joined the EU would they be suffering the same problems? SCentral
france doesn't want greece to default because it will be catastrophic for its banks and the dominoes effect to follow will be difficult to predict, especially if you factor in how changes in investors mentality will affect the debt and liquidity in portugal, italy and ireland BoBo_184
So yet another bail out deal is on the table.. BBC News - Greece bailout: Large protests expected against cuts But against a backdrop of civil unrest and rioting... One thing no one seems to have mentioned, Greece is a popular tourist destination, and with the Winter drawing to a close, I wonder if the news of riots and unrest will put off many tourists, which in turn is going to cause bigger problems as Greece desperately needs that tourism revenue.
EU seems committed to keeping Greece in the euro zone the bail out will last as long as france and germany can afford it i guess and i think they can still afford more... even if they can't anymore, maybe the ECB will decide that high inflation is a price worth paying for keeping the monetary union intact and print lots of euro to buy up italian/greek debts. BoBo_184
I cant believe that the Greek economy will be allowed to slip into bankrupcy becasue of the 'euro project'. Too many politicians will have to admit failure which I cant see happening. That said the current bailout deal that has been put togther that assumes Greece will be out of trouble by 2020 is extremely ambitious. They are basically suggesting that despite all of the whopping great cuts in austerity the growth figures of the economy will only be moderatley effected. These growth figrues not being achieved it will leave the greek economy needing yet more bailouts before long. Which the germans will be very happy about im sure..... lcurrall
As world financial markets continue to melt down, places like Greece are poised for very tough times in the years to come. Incredible to think that Greece was once the world's Super Power. Scintillion
I feel sorry for the Greek people. It must be very tough at the moment. It's probably the fault of all their politicians. Whatever happens we need some kind of resolution sooner or later. All of this uncertainty makes things a lot worse for people. Ryan |
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