Kikapu wrote:Jerry wrote:Spot on Kiks, but not just in Greece. You wait until after the UK elections - the shit will really hit the fan. Brits, in particular the young have been given too much easy credit. We belong to the "must have" society. The UK manufacturing industry produces about 10% of our wealth, so instead of making the things we consume we import them. We have one the most highly developed retail industies in the world so we are persuaded to buy imported consumer goods that we don't really need on credit that we can't really afford. The Brits have even, lemming like, bought holiday homes abroad on tick because they have "equity" in their UK homes. The UK economy has been fraudulently propped up for the last year pending tomorrows election. Converting the building societies into banks that kept much lower reserves and the subsequent "gambling" with toxic debt was the trigger but the fundamental weakness in the UK economy would has been exposed sooner or later - too many shops not enough industry.
Jerry, Paphitis and Georgios,
It's Greece today, just because they couldn't hide the problem any longer. They are lucky to be in the EURO to bail them out. Who is going to bail out other EU members who are not in the EURO. The IMF, I guess, with much higher interest rate and more conditions. Greek people are going to pay the price no matter whos fault it was, because all Greek people were in on the take in one form or another when the times were good. Same world over, specially in Democratic countries. Everyone is happy when the country is doing well, so, everyone will also need to pay the price when the country is not doing so well. I wish all these problems came much sooner when we all knew that the housing bubble was getting bigger and bigger, at least 5 years before it burst. The pain would have been far less had it been 5 years earlier than when it actually did. But not as bad as what it could have been had the housing bubble burst 5 years from now. I really hate to think what would have happened. So, I'm not just pointing out just the problems in Greece, but the overall problem around the world and as Jerry pointed out, "Great" Britain is on the financial ropes as we speak. One good right hook and a left undercut, and the good ol' Union Jack will be knocked to the ground.!
I have always believed that this was always the situation in Greece and that its the whole country was never viable. For me it was just a matter of time before something like this happens.
The people are at fault, including those very public servants that were demonstrating. Their positions were created through nepotism, and in reality, the Greek Public Sector could be half the size of what it actually is. There are many more issues other than this as well.
So all in all, I am of the view that it serves them right. The people have nothing to complain about, and now, they need to make massive sacrifices to pay for the many years of their very selfish Anti Greek ways.
This crisis is the only chance Greece has!