OLD1953 wrote:I think the British commentator is forgetting just how bad things are in Greece. When someone has nothing to lose, they will start demanding desparate measures. If new elections are held in June, the Greeks will very likely double down against austerity. And the French aren't going to put up with much more of it either.
Leaving the EURO for the Drachma is just a new bandaid to replace the old one, but it would offer some hope, and that's where the Greeks are now, grasping at any possible straw. ...
How exactly are the Greeks going to "double down against austerity". Throw a tantrum and threaten to hold their breath if the Germans insist the Greeks do, what the Greeks promised to do, before Germany gives the Greek government more "free money" ???
Are the Greek people going to burn down Greek buildings and kill Greek people in riots to make the Germans "feel bad"???
The Greek government ( this Greek government, or the last Greek government nor any future Greek government the Greek people may vote in ) can not re-pay the money they borrowed and agreed to repay, nor can the Greek government pay their own people wages and retirements a previous Greek government promised the Greek people the Greek government would pay. It is not either or. It is neither unless they jump through the hoops required to get more money ( more loans ) from the other governments of the EU. The Greek people can vote for a government that refuses more loans from Europe, but that does nothing for the Greek people but cancel their paychecks and retirement checks.
The only way the Greek government can pay partial retirements and partial wages and partial debt repayments is if Germany and other European countries loan them more money to do so.
The Greek government cannot print money to re-pay their debts and give that printed money to their people like the United States, because the Greek government uses money printed by other governments they do not control.
The Greek government must borrow more, or default on both the Greek government's previous promises of wages and retirement payments to the Greek people and default on the Greek government's previous promises to repay previous debts.
The Greek people can hold their breath, throw a tantrum, or go back to printing their own money, paying their own people in their own worthless money, and default on their debts, or jump through German hoops and get more Euro ( European paper money ) loans from Germany and the rest of Europe.
The former Greek money is no longer used and has no value. If they start printing it again it will be worth less than the paper it is printed on.
It is one of those lose, lose, lose situations that Obama, with his 1,500 Billion dollar per year increases in the debt, is driving the U.S. toward at break neck speeds.
[quote="OLD1953"]I think the British commentator is forgetting just how bad things are in Greece. When someone has nothing to lose, they will start demanding desparate measures. If new elections are held in June, the Greeks will very likely double down against austerity. And the French aren't going to put up with much more of it either.
Leaving the EURO for the Drachma is just a new bandaid to replace the old one, but it would offer some hope, and that's where the Greeks are now, grasping at any possible straw. ... [/quote]
How exactly are the Greeks going to "double down against austerity". Throw a tantrum and threaten to hold their breath if the Germans insist the Greeks do, what the Greeks promised to do, before Germany gives the Greek government more "free money" ???
Are the Greek people going to burn down Greek buildings and kill Greek people in riots to make the Germans "feel bad"???
The Greek government ( this Greek government, or the last Greek government nor any future Greek government the Greek people may vote in ) can not re-pay the money they borrowed and agreed to repay, nor can the Greek government pay their own people wages and retirements a previous Greek government promised the Greek people the Greek government would pay. It is not either or. It is neither unless they jump through the hoops required to get more money ( more loans ) from the other governments of the EU. The Greek people can vote for a government that refuses more loans from Europe, but that does nothing for the Greek people but cancel their paychecks and retirement checks.
The only way the Greek government can pay partial retirements and partial wages and partial debt repayments is if Germany and other European countries loan them more money to do so.
The Greek government cannot print money to re-pay their debts and give that printed money to their people like the United States, because the Greek government uses money printed by other governments they do not control.
The Greek government must borrow more, or default on both the Greek government's previous promises of wages and retirement payments to the Greek people and default on the Greek government's previous promises to repay previous debts.
The Greek people can hold their breath, throw a tantrum, or go back to printing their own money, paying their own people in their own worthless money, and default on their debts, or jump through German hoops and get more Euro ( European paper money ) loans from Germany and the rest of Europe.
The former Greek money is no longer used and has no value. If they start printing it again it will be worth less than the paper it is printed on.
It is one of those lose, lose, lose situations that Obama, with his 1,500 Billion dollar per year increases in the debt, is driving the U.S. toward at break neck speeds.