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fireworks_god
Sexy.Butt.McDanger



Registered: 03/12/02
Posts: 24,855
Loc: Pandurn
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Greece
#14556419 - 06/03/11 04:29 PM (12 years, 11 months ago) |
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The title is only relevant insomuch that the point is in relation to what is happening there. It's not about Greece itself. 
Quote:
http://www.washingtonpost.com/business/economy/greek-european-officials-agree-on-additional-cuts/2011/06/03/AG1BXKIH_story.html Greece has agreed to speed its sale of state-owned property and cut billions of dollars more from its budget to satisfy requirements for promised loans from the International Monetary Fund and other European countries.

Hopefully we see a lot of this happening in the States. The House Republicans really seem to have a strong hand in favor of this right now. 
What they are doing now there, regarding the IMF loans, is the same type of thing that is wrapping up now in Romania. Even though Romania of course stumbled through it, it seems to have turned out really well. They are being pretty aggressive about cutting the deficit and becoming self-sustainable. It mostly would have been done through cuts to social spending, but a supreme court's decision prevented considerable cuts to the social security/pension dispersments to the no-longer working (if they ever really did - ha! ). Public worker wages took a good whack though. So, forced by the stipulations of the agreement with the IMF, they jacked the sales tax from 17% (I think) to 24%. Whoa nelly bad idea.
Who would win in a street fight? Boehner or Obama?
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If I should die this very moment I wouldn't fear For I've never known completeness Like being here Wrapped in the warmth of you Loving every breath of you
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memes
Blessed



Registered: 01/11/05
Posts: 27,785
Loc: In a Tree
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Obama obviously, he's black. Boehner probably went to private school.
Greece is so fuked. They will default/restructure, and this IMF loan and subsequent possiblee EU re-bailout are only there to buy enough time in hopes of eliminating the impending dominoe-effect of Greece's fall on Ireland/Spain/Portugal, etc.
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zappaisgod
horrid asshole


Registered: 02/11/04
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Re: Greece [Re: memes]
#14556479 - 06/03/11 04:46 PM (12 years, 11 months ago) |
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I went to private school. I'd kick both their asses. Obama went to private school. Don't think Boehner did.
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Shins
Fun guy



Registered: 09/15/04
Posts: 16,337
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So the Terrorist bankers "Bail them out" and now that they are defaulting as planned they say;
"we'll take the gold then"
What an outrageous scam, Greece should just deny the debt and wipe it clean.
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zappaisgod
horrid asshole


Registered: 02/11/04
Posts: 81,741
Loc: Fractallife's gym
Last seen: 7 years, 11 months
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Re: Greece [Re: Shins]
#14556876 - 06/03/11 06:21 PM (12 years, 11 months ago) |
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Quote:
Shins said: So the Terrorist bankers "Bail them out" and now that they are defaulting as planned they say;
"we'll take the gold then"
"Terrorist bankers"? Yeah, Terrorist banker says, "You must take my money or I will kill your family!" Quote:
What an outrageous scam, Greece should just deny the debt and wipe it clean.
I agree. Of course other people will be doing other things in response. As they should.
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memes
Blessed



Registered: 01/11/05
Posts: 27,785
Loc: In a Tree
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if Greece were to walk away from their debt right now, the bond markets would shit a brick and spain/portugal/iceland would all fall.
Given enough time, European banks can set up some defense against Greece's fall. But there's no way that the overexposed banks in Germany/France can deal with the combined effect of Greece+Spain+Portugal+Icelenad, or even 2-3 of those.
I think you'll see continued policy actions that do their best to prop greece up long enough to contain the chaos
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fireworks_god
Sexy.Butt.McDanger



Registered: 03/12/02
Posts: 24,855
Loc: Pandurn
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Re: Greece [Re: memes]
#14558858 - 06/04/11 04:33 AM (12 years, 11 months ago) |
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Quote:
meams said: Greece is so fuked. They will default/restructure, and this IMF loan and subsequent possiblee EU re-bailout are only there to buy enough time in hopes of eliminating the impending dominoe-effect of Greece's fall on Ireland/Spain/Portugal, etc.
I don't know the specifics, regarding how much they are up shit creek and what they can do to change the situation, but it's really a question of how disciplined the politicians can be in the face of the populace, which inevitably stands against any cuts in social spending. Ignore the protests and cut as deep as needed, and let the private market straighten it all out from there.
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If I should die this very moment I wouldn't fear For I've never known completeness Like being here Wrapped in the warmth of you Loving every breath of you
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JT


Registered: 02/28/07
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problem is that whenever a politician tries to cut public spending, another one will rise up and promise to keep the public deals so that he can get elected, even if it's detrimental to society. And the poor people who vote in favor of more public spending make up a greater portion of the voters than the fiscally conservative people being realistic about the situation.
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