Slog
News & ArtsTuesday, November 13, 2012
Money More Greek Tragedy
Posted by Charles Mudede on Tue, Nov 13, 2012 at 7:46 AM
CNN:
Over the course of five days, the Greek government — led by the understated conservative Prime Minister Antonis Samaras — overcame two high hurdles in a dash to qualify for the austerity program set out by the so-called troika, made up of the European Central Bank, the International Monetary Fund and the European Commission.The first hurdle was the parliamentary vote last week, when the austerity measures were passed by just 153 votes out of 300. The second important vote took place in the wee hours of Sunday night in Athens, this time with a comfortable margin of victory as 167 of 300 lawmakers voted for, in essence, more austerity.
What will be the consequence of this austerity?
The budget for 2013 makes for painful reading. A projected contraction of 4.5% next year and a record sixth year of recession, with the economy shrinking more than 30% in that time frame. Public debt to GDP is due to increase to 189%, having risen more than 50% since this whole crisis started. Unemployment last week hit a record 25.4% with youth unemployment leaping to 58%.During the presidential race, Romney regularly warned that America would end up like Greece if we didn't do (and here was the madness in his thinking) precisely what Greece is doing: cutting government jobs and services, reducing the deficit, and blocking the government from managing or stimulating the economy. Not only was this thinking crazy, it's also wrong to see the debt in Greece as the same as the debt in the US. They are not the same animal.
Two things: Greece, one, should leave the Euro; and Greek citizens, two, need stop blaming poor immigrants for their mountains of bank-related problems.
2
Well the Euro is a relevant project - its a way to sort of tie together a more than 100 year old peace project with peoples wallets. The problem is that extra-national currency tend to fall between the chairs and end up in the lap of bankers ... who, because they do what they do, tend to enjoy austerity measures as that will make the bank richer. And it will tie them closer to the union making it extra relevant that these banks exists.
Now we (here, not you guys) don't have the euro, which is good. Hell, its great. But its also problematic because in the long run that puts us outside of the central core of the union which may be bad (if the union stay intact) and it may be good (if the union breaks up). Although if the union crumbles we are all kinda screwed since that would probably start the whole war-talk-peace-argue-war-talk-peace cycle off aaaall over again
Now we (here, not you guys) don't have the euro, which is good. Hell, its great. But its also problematic because in the long run that puts us outside of the central core of the union which may be bad (if the union stay intact) and it may be good (if the union breaks up). Although if the union crumbles we are all kinda screwed since that would probably start the whole war-talk-peace-argue-war-talk-peace cycle off aaaall over again
3
The EU should give rebates to tourists who visit Greece so the money gets in the economy and not the bankers pockets.
4
So Charles, you back the Greek seccessionists? Are you even aware that being a member of the European Union is about the only thread keeping civil government and by extension civil rights alive in Greece? Seccession is the policy of the radical right. With the neo-fascists in power minorities in Greece will be utterly wthout protection. You should move to Texas and see how proponents of seccession there welcome you.Or do you think race war is somehow going to bring about a Socialist Greece?
5
Charles, Romney's point was that we should get our country's finances in order so we never get to the point where we need to choose between default and brutal austerity measures.
6
Funny among the many reasons for Greece's predicament is rampant tax evasion. Something Romney is obviously rather fond of.
7
What @3 said. Most of this money never goes into Greece, it just goes to German banks.
@6 is correct. The La Grande List of the top 100 tax avoiders using Swiss and Leichtenstein banks to avoid Greek taxes was never acted on.
@6 is correct. The La Grande List of the top 100 tax avoiders using Swiss and Leichtenstein banks to avoid Greek taxes was never acted on.
8
Ken Mehlman @5: Charles, Romney's point was that we should get our country's finances in order so we never get to the point where we need to choose between default and brutal austerity measures.
True, during the campaign, Mitt Romney was like someone preaching the importance of losing weight, all the while promoting a "Supersize Me" diet. The wondrous chutzpah of the Romney campaign was having your fiscal righteousness and getting to eat your fiscal cake too.
True, during the campaign, Mitt Romney was like someone preaching the importance of losing weight, all the while promoting a "Supersize Me" diet. The wondrous chutzpah of the Romney campaign was having your fiscal righteousness and getting to eat your fiscal cake too.
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