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Bail out?

A second bail out has been granted for Greece but at what cost; massive cuts; huge reductions in state employees and a reduction in the minimum wage? A cut to far driving the Greek economy further into recession?
A fresh eurozone bailout is agreed to save Greece from bankruptcy - but Athens has to accept deep spending cuts and permanent monitoring.
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Yeah, bail out for the banks. The greek people won't see a dime. Just cuts, police brutality and less democracy each passing day...
It doesn't seem like there is an end to this; pouring money in for the debt to expand doesn't seem to be working. Something needs to be done to kick the economy into action again. What about cancelling debt rather than pouring more cash it?
Oh, it's simple. Because the corrupted politicians and all the media project Germany as the "bad guy" in the eurozone. All you hear all day in TV and radio is how the germans want this and that and how they hate us etc. Instead of trying to correct all these mistakes they're trying to find a scapegoat.
Their inability to make things right is destroying the greek society & economy and it will continue destroying every EU plan.
Instead of focusing on how the people of europe can work together against the banks that are ruining what the EU has achieved so far, they're turning us against each other. The worse are coming for the whole EU sadly...
There's also some historical resentment because of the way Germany behaved in Greece in the second world war. Germany is probably one of the most robust economies in Europe and so is getting kicked around because they have some leeway to direct policy. I happen to disagree with the austerity measures, if anything they seem to shrink the economy. England for Example is experiencing something ridiculous like 0.2% growth. I tend to favour the idea of using stimulus to booster an flailing economy.
+Matthias Popiolek The problem is that it actually happening. In order to please the "markets" they are demolishing the EU.
What started as a union of the people became a union of the banks.
The Germans think they're giving money to the greeks, when all they do is feed our creditors/banks etc.
It's really sad to be seen as a black hole for you money when we suffer and lose our dignity and freedom.
What once was the ideals of Europe have been replaced by the "markets" and numbers.
I do not know the average age in Greece but I myself am lucky enough to be from a generation past WWII. If these things still rule us in our behavior today that explains a lot. I am surprised it is not Sparta that is to blame for today's crisis.
I think memories are long and there is a scapegoat element to some extent, but that is only one element in a very complex matter. sorry I over simplified it somewhat. It is not just history, but the changing face of the EU has caused resentment among the common population about the role it is playing in simply running economics rather than serving the people.
+Matthias Popiolek I think the whole EU should reconsider where they give their money. The German worker gets taxed and he is told that he "helps" the Greeks when he is funding banks and funds.
They use their propaganda to turn us against each other, when we're both being ripped off.
The greeks are lazy, the germans are fiscal nazis, the italian are mafia etc. Stereotypes for each country, instead of finding what unites us they poison us with lies.
+Antonio Antonelli Italy? not the UK? I had the perception that Italy and Spain are currently in the same league as Greece only that they seem manage the turnaround somewhat better.

not my opinion but what I read
Italy is a danger, because it is the third / fourth largest economy in the EU therefore has a strong voting power. Not like Germany and France of course. UK has always thinking only about his business.
+V C Willow sorry, I'm speaking about governments :) ..I don't want to offend. And I don't say that is wrong, all governments think only about their business, but UK decided to keep a distance from EU since the first time
Greece should fail alone. The Europe should not give loans. usury has been done and the situation has worsened. EU should not help neither Greece nor Italy with money, the only thing it should do was claim cases against politicians who have squandered the Italian and greek money.
+Daniel Sandstein Danke Daniel, that explained a lot. Understanding always is the first step and this interview helped me understand.
Even though politicians may be corrupt, they're not stupid. If they've been pushing a funding help for Greece, it's not out of philantropy: a Greek default is an open door to panic and attacks on Portugal, Spain, Italy, France.

If the Union explodes like the European Monetary System did in it's time, it will have catastrophic effects on all countries, Germany as well. That might not be the case if the dislocation is agreed and prepared by all members.

One may argue that it's the system that tries to stay on its feets, that banks have too much to lose with a dislocation of the Union, and that they're sacrificing Greek people to keep their benefits.

It's partly true, but i would take the problem in another way: A crisis has always two consequences : either the protagonists split, and become ennemies, or they join forces, and build a better union. I believe that instead of flattering nationalistic feelings, we should call for peoples' empathy and build a Europe of people. That may sound too optimistic, but in the long term, that's the only viable solution : either we get along, or everybody get downgraded on the international scene. Yes, 10% of your tax money won't go to Greece anymore... but at what cost ?

Basically, instead of criticizing the EU by saying it's bullshit, we should do something for it and make it better. EU is being criticized because it's an economic union before a democratic union. But destroying the EU will only open the space for another (even more opaque) economic union to take place, and people won't be able to have their voice in it.
+Cédric Lombion You're absolutely right! That's what I was trying to say above. Instead of an economic EU it should be a Union of people. We should all be proud being members, each with his own powers. We should work together and have equal opportunities. I wish we had United States of Europe, and be together in this. After all the "enemy" from the east is coming fast and it will overtake all that is Europe, unless we stand united.
Unfortunately our politicians keep focusing on economics instead of culture and common good...
+Costas Papaconstantinou and +Cédric Lombion, I think you both are right. Problem is that EU actually is not ruled by the European Parliament, but by the European Comission and some european big Leaders (Merkel, Sarkozy, Cameron?,...). I have not voted to anyone of them and they are deciding the Union's rules. Let's start giving the Parliament more power, and building a true Union of People.
I really hope this "bail out" doesn't happen. It is not for Greece but all the other EU countries and to save the Euro. The bail out money is going to pay off the debts to the ECB, EU Governments and IMF.

Greece is being saddled with years of cuts, with the resultant falling GDP, AND they are now effectively paying their debts 3 months earlier than before due to needing to put the money aside for debt payments.

The only positive is that they have been able to get a portion of their debt written off and more favourable terms on the loan interest but this doesn't solve the problems of a common currency.

My advice is to bite the bullet and default. Bring back your own currency and take a few difficult years whilst the economy gets itself back on its own two feet. Iceland defaulted and is already seeing the benefits.
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