GreekIslandGirl wrote:miltiades wrote: ... billions thrown away and in the process earning the principals huge commissions.
This what has been at the heart of the global crisis (not just in Greece or Cyprus). Unregulated banking! Leaving a few greedy individuals to help themselves to everyone's money or gamble it away to get themselves more. Like leaving alcoholics in charge of your drinks bar.
GreekIslandGirl wrote:miltiades wrote: ... billions thrown away and in the process earning the principals huge commissions.
This what has been at the heart of the global crisis (not just in Greece or Cyprus). Unregulated banking! Leaving a few greedy individuals to help themselves to everyone's money or gamble it away to get themselves more. Like leaving alcoholics in charge of your drinks bar.
The "global crisis" does not seem to be global. It seems to be isolated in Europe, in particular the Southern Countries.
Now let's be truthful here. There are many things in Greece that contributed to their crisis. There are a lot of things wrong in Greece and if your honest you would admit that the endemic things that are wrong go way beyond the norm.
The other thing is the Eurozone seems to think a one size will fit all. Greece, Italy, Spain, Portugal and Ireland were and are still unable to set their own fiscal policy or basically print because that will devalue the Euro and Germany will take a hit because it will need to spend more to buy the resources to manufacture things like cars which it will export.
Everything seems to be set for the benefit of Europe's powerhouse economy, because they control the money. The Southern Countries basically have their hands tied.
The Bankers in Greece were not really at fault. The Bankers in Cyprus are different. They over invested in Greece when everyone else was scrambling to get out because they knew that it was only a matter of time.
If you do some research you will find that Australian, HK and Chinese Banks are seeing record profits and virtually none invested in Greece. They employ the best Brokers, and Analysts money can buy to evaluate risk and look where the Bank they work for could be exposed. They are quite happy buying bonds at 1-2% pa and stay safe while making big margins on consumer lending and products etc.
If they were exposed in Greece, they would have abandoned that ship a couple of years ago. Lending at 17% is set for a reason. It means there is trouble, instability or a default is forecast and the country is bankrupt. Greece's inability of using inflation would have been a major factor.
You do Greece no favours by making these kinds of excuses. The Banking system is not perfect and it can never be, but Greece and Cyprus need major reform and you should know that if you really care! Even the people are fed up in reality because they see all the rubbish before them and they suffer for it.
People want change...for the better.