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Topic: Re:Greece - Bail or fail
Posted by: Alan Clark
Date/Time: 15/06/15 18:24:00

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.

Entire Thread
TopicDate PostedPosted By
Greece - Bail or fail15/06/15 17:40:00 Nigel Brooks
   Re:Greece - Bail or fail15/06/15 18:24:00 Claire Moran
   Re:Greece - Bail or fail15/06/15 18:24:00 Alan Clark
      Re:Re:Greece - Bail or fail15/06/15 18:47:00 Nigel Brooks
         Re:Re:Re:Greece - Bail or fail15/06/15 19:04:00 Loraine Pemberton
            Re:Re:Re:Re:Greece - Bail or fail15/06/15 19:35:00 Claire Moran
         Re:Re:Re:Greece - Bail or fail15/06/15 20:57:00 Nick Barton
   Re:Greece - Bail or fail16/06/15 00:44:00 Gerry Tan
      Re:Re:Greece - Bail or fail16/06/15 08:44:00 Andy Pease
      Re:Re:Greece - Bail or fail16/06/15 10:13:00 Nigel Brooks
   Re:Greece - Bail or fail16/06/15 09:09:00 Gerry Tan
      Re:Re:Greece - Bail or fail16/06/15 10:07:00 Colin Jordan
         Re:Re:Re:Greece - Bail or fail16/06/15 10:24:00 Adrian Irving
            Re:Re:Re:Re:Greece - Bail or fail16/06/15 10:38:00 Claire Moran
               Re:Re:Re:Re:Re:Greece - Bail or fail16/06/15 11:20:00 Cllr Sam Hearn
               Re:Re:Re:Re:Re:Greece - Bail or fail16/06/15 12:03:00 Gerry Tan
         Re:Re:Re:Greece - Bail or fail16/06/15 12:04:00 Andy Pease

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