|Topic:||Re:Greece - Bail or fail|
|Posted by:||Alan Clark|
|Where did the money go?|
For a decade or so people (banks) pumped money through easy credit into countries like Greece. So all this money hiked up local property prices, added money to local construction and similar businesses - plus boosted the local economy. So some must have done well at that time. It also allowed the central and local Greek authorities to fund generous employment schemes - simply by created debt rather than through taxation and local wealth creation.
So money that should have gone into government funding was kept by some local people or taken by overseas speculators. And in the meantime, other local people were given well paid jobs that normally the country could not have afforded.
Now, its not just back to normal reality ("you can't afford all this matey, you never really could") but its also "you need to pay up for all the debt built up".
The winners = the banks (if they ever get their money back) and the locals who did well out of the surge in the economy but never coughed up their share of taxes.
The losers = those who missed out, or now have to give up that job that frankly should not have been funded in the first place.
Given all that, its kind of difficult not to seek to force the Greek government to bleed their wealthy of money to cover all this debt - as well as continuing to bleed the poor who depend on government money (which the government does not have). These are all grown ups who turned a blind eye to the wonky wheels on the gravy train while it was running.
And don't let them out of the euro as the replacement new drachma will rapidly be worth nought. Then they'd never repay their debts.
So ends my simple summary and distinct lack of sympathy.
|Topic||Date Posted||Posted By|
|Greece - Bail or fail||15/06/15 17:40:00||Nigel Brooks|
|Re:Greece - Bail or fail||15/06/15 18:24:00||Claire Moran|
|Re:Greece - Bail or fail||15/06/15 18:24:00||Alan Clark|
|Re:Re:Greece - Bail or fail||15/06/15 18:47:00||Nigel Brooks|
|Re:Re:Re:Greece - Bail or fail||15/06/15 19:04:00||Loraine Pemberton|
|Re:Re:Re:Re:Greece - Bail or fail||15/06/15 19:35:00||Claire Moran|
|Re:Re:Re:Greece - Bail or fail||15/06/15 20:57:00||Nick Barton|
|Re:Greece - Bail or fail||16/06/15 00:44:00||Gerry Tan|
|Re:Re:Greece - Bail or fail||16/06/15 08:44:00||Andy Pease|
|Re:Re:Greece - Bail or fail||16/06/15 10:13:00||Nigel Brooks|
|Re:Greece - Bail or fail||16/06/15 09:09:00||Gerry Tan|
|Re:Re:Greece - Bail or fail||16/06/15 10:07:00||Colin Jordan|
|Re:Re:Re:Greece - Bail or fail||16/06/15 10:24:00||Adrian Irving|
|Re:Re:Re:Re:Greece - Bail or fail||16/06/15 10:38:00||Claire Moran|
|Re:Re:Re:Re:Re:Greece - Bail or fail||16/06/15 11:20:00||Cllr Sam Hearn|
|Re:Re:Re:Re:Re:Greece - Bail or fail||16/06/15 12:03:00||Gerry Tan|
|Re:Re:Re:Greece - Bail or fail||16/06/15 12:04:00||Andy Pease|