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Greece


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First ever developed nation to default on the IMF.  2nd bailout has expired.  Banks are closed.  ATM's limited to $66 a day.  Unemployment 25%.  Referendum this Sunday on following the austerity terms of the bailout.  If Greek voters vote "No" Europe is considering no 3rd bailout and Greece exiting the Euro and returning to the Greek Drachma.

 

 

Good times.

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From:

 

http://www.latimes.com/world/europe/la-fg-greece-resignation-20150706-story.html

 

There were mixed signals over whether a deal could be struck quickly, with some German and other Northern European officials digging in their heels over what they deem to be Greek irresponsibility and officials from Southern European countries such as France and Italy sounding more conciliatory.

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Does that money disappear once it's paid out? Probably not. Plenty of blame to go around. Greece has the oldest population in Europe, 25% unemployment, and a large percentage of self-employed people which makes it hard to collect taxes. The creditors knew all this when they gave them the money. I see they aren't going after the oligarchs who have all the cash but as usual after the ones who have enough to survive. Now that they've stood up to the big boys maybe they can come to an agreement that doesn't cripple the country.

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LOL @ Americans lecturing other countries about their finances.

 

Americans who receive Social Security (at age 66) get far less than the Greek workers who have hefty pensions in their 50's. The money has run out, though. There's nothing left, so the IMF has to bail them out.

 

Our Social Security program is in trouble, but it's nothing like the Greek disaster. Now if you want to talk about the evils of the Federal Reserve and their ability to print unlimited amounts of money, I won't argue with you.

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As much as the US needs to get it's financial house in order and will have to make tough choices right now compared to Greece we're the prom queen or Laura Diaz for those of you who own a house 2 blocks from the beach along with multiple sports cars.  As of 2012 their debt as a percent of GDP was over 160% and for the last 5+ years they've seen negative growth rates in GDP.  Greece needs to be the lesson to the rest of the world of what can happen if you don't get your financial house in order and go broke paying your own citizens because of promises made you can't afford.    

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