Cyprus-Forum.com

[cyprusgrump]

Elected unelected, can't be any worst than we got now, can it.

Well worth a read...

Václav Klaus warns that the destruction of Europe's democracy may be in its final phase

Speaking in Hradcany Castle, a complex of majestic buildings that soars above Prague, and is a symbol of Czech national identity, Mr Klaus described Mr Barroso's call for a federation, quickly followed by the German-led intervention, as an important turning point.

"This is the first time he has acknowledged the real ambitions of today's protagonists of a further deepening of European integration. Until today, people, like Mr Barroso, held these ambitions in secret from the European public," he said. "I'm afraid that Barroso has the feeling that the time is right to announce such an absolutely wrong development.

"They think they are finalising the concept of Europe, but in my understanding they are destroying it."

[GreekIslandGirl]

Forget the media hype,about Greece and Cyprus leaving the euro, that's not going to happen. Speculators make billions on hype. They've been making billions for the past 4 years and even trillions. Note the price of euro three months ago compared to the dollar and today there's enough Of a gap to make a profit. Governments may even do it. The euro is here to stay. Cyprus ain't leaving the euro and neither will Greece. Hydrocarbons in both these countries will ultimately strenghthen the euro significantly in the future, through infrastructure building and domestic consumption.(Dutch desease) Why would these two countries be allowed to leave the eu when ultimately they will be used to strengthen the euro. Isn't it odd that over and over the story is the same that bank is going under this government can't pay it's debt and then somehow someway things are smoothed over money found and the day is saved and in few days forgotten, until it's time to do it again.

Great post Wyoming, my lad.

For over 2 years these same posters have been propagating alarmist monthly predictions of the inevitability of Greece defaulting, Greece leaving the euro (Grexit seems to have disappeared as fast as it was branded), Greece being bought over etc etc and now it's Cyprus' turn. Well, I may not know much about economics but I know the Greek people and it was that knowledge which made me 100% certain they picked on Greece because secretly they all know Greece's fortitude! After all, the current Greek people are the survivors from the last onslaught; from Italians and Germans in WWII plus later both superpowers (USA and USSR + silly ride-along UK) during the slaughters of the Civil War - The current population of Greece are real heroes and their no-less determined brothers are in Cyprus!

[Lordo]

but the problem remains how will greece pay her debt there has been no attempts to close the gap. they cant just reduce everybodies wages. they have tax the rich its the only way.

[cyprusgrump]

but the problem remains how will greece pay her debt there has been no attempts to close the gap. they cant just reduce everybodies wages. they have tax the rich its the only way.

Taxing the 'rich' simply doesn't work...

Not only are the 'rich' often the job creators, they are most mobile and able to leave if you tax them unfairly... So taxing the rich means less jobs and ultimately much less tax.

There is no solution for Greece while she remains within the €urozone (unless a federal Europe is created and she loses her sovereignty). Even if she could reduce spending and pay off her debs she is still linked into a monetary system designed to support Germany. She has no control over interest rates...

[CrookedRiverGuy]

they cant just reduce everybodies wages.

Really not?? What do you think the quantitative easing is all about?

[GreekIslandGirl]

No country has attempted to pay off their debts, have they? Not really! Neither USA nor UK nor France, nor Iceland nor Ireland etc etc - even though these were real-self-made debts caused by offshore-account-holding wealthy people and property bubbles which made many falsely rich. Wages in Greece were always low and the amount the country could get back in tax was NEVER going to be that much because it's a tiny economy! Tax is not their problem.

Greece's debts have been increased (from pretty minor) to huge by the unfair interest rates imposed on Greeks because of these false rumours that Greeks were somehow unique in spending money. The average Greek's debt (even now with the imposed problems) is less than 50,000 Euros whereas the average Brits' debt is nearing 200,000. Yet the interest rates they pay are many-fold lower. Rates fraudulently created by some UK banks - has this been hushed up again?

Stop doing the bankers' work for them by badmouthing, in turn, each country they want to milk!

[supporttheunderdog]

they cant just reduce everybodies wages.

Really not?? What do you think the quantitative easing is all about?

The problem for Greece is that being in the Euro she cannot apply QE so if wages are to be cut it must be in terms of reducing the Euro value, rather than through devaluation inflating the Drachma, as for example is happening in the USA and the UK with the dollar and the pound.

I would also add that the Greek game is not yet played out but raising something as a possibility which still remains - e.g. the Grexit - does not mean I desire it. I am old enough to recall H Wislon's (sic) famous "the pound in your pocket speech" and the inflation in the UK in the early 70's onwards, so the prospect of what might happen to any country if they were to leave the Euro and adopt a local curency and apply QE is not something that I find attractive .

GiG own imagination is however running wild in particular in putting about what she thinks I am thinking, all of which I think flows from her own bitterness, because with her regular anti British rants which are so often used a as vehical to have a go at me, I am reching the conclusion she is an increasingly embittered woman thriving on her delusions.

[CrookedRiverGuy]

Wages in Greece were always low

You meant official wages, right?

http://jalopnik.com/5854960/there-are-m ... fford-them

[GreekIslandGirl]

Wages in Greece were always low

You meant official wages, right?

http://jalopnik.com/5854960/there-are-m ... fford-them

Why don't you get some figures for the actual number of Porsches in Greece because I've only ever seen a few ... owned by sun-seeking Germans!

[GreekIslandGirl]

Wages in Greece were always low

You meant official wages, right?

http://jalopnik.com/5854960/there-are-m ... fford-them

Why don't you get some figures for the actual number of Porsches in Greece because I've only ever seen a few ... owned by sun-seeking Germans!

Lol

Even the one in the photo of your article has a German registration number plate.

Propaganda peddling again.