Greek debt. Is it a ticking time bomb for the EU?

  • What with the general election, Brexit, Trump, Putin, North Korea etc the issue of Greece has fallen out of the headlines over the last few years. They are still getting EU bailouts, mostly paid for by Germany and Greece is still having crippling austerity measures as a result to keep getting the EU dosh.

    A family member of mine went to Greece about 18 months ago and confirmed they were having real problems as opposed to our so called cuts here. People were struggling finding enough money for food with soaring unemployment and since then, came the migrant crisis.

    Greece needs to alter its economy to meet its own needs, except one problem, it can't as its a member of the Euro zone. It needs to change its interest rates, but this is not allowed.

    There's a couple of issues here, one is of Germany. How much longer will German tax payers keep bailing out the Greeks? If you read the German press two years ago, the Germans were not happy with this situation, it's only got worse since.

    The other issue is with Greece itself. To keep getting the EU (German) money, Greece has to keep these severe austerity measures in place, the same ones that Tsipras said he would scrap if he became prime minster then did a complete u-turn on when he realised Greece would collapse without the bailout money. But how much longer can Greece keep these austerity measures while on a permanent drip of EU welfare?

    Finally, if the bailout money does stop for whatever reason, or the Greek economy does finally disintegrate, will this finally be the end of the EU? I confidently predicted the EU would end two years ago on another forum because of the Greek bailout plans, but two years on it's still hanging on.

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  • Without Britain, things may change. I remember the poorest in Greece being knocked for six when the Euro became their currency. I have an in-laws family member who was reasonably wealthy in the Netherlands from his own business and had to move to Portugal because the EU stuffed the Dutch currency. It most certainly has not been all beer and skittles as they keep trying to convince everyone and those cracks will widen. But - if a big player like Britain opts out and Frexit, Nexit and Swexit look likely, say ta-ta to the juggernaut and Captain Midget.

  • I genuinely feel sorry for those Greeks who worked hard and by no fault of their own have found themselves under extreme hardships. Using the deutschmark aka the euro, is no good for Greece or anyone else, yet they chose it....

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  • That's the trouble every time - people choose their own fate. People lucky enough to have a choice, choose to flush themselves down the pan. I'll never understand it.

  • The eurozone passes an important milestone on 20 August. The date marks the formal end of the bailout of Greece.

    It is the final country to be receiving emergency loans in the wake of Europe's financial crisis.

    The last payment has been made and the Greek government will have to finance its spending through taxes or by borrowing in the financial markets, though it will be decades before it is all repaid.

    Five countries received bailout loans - Greece, Ireland, Portugal, Spain and Cyprus - and at the most intense points of the crisis there were genuine doubts about whether the eurozone would survive, or at the very least whether some countries would drop out.

    Eight years since Greece got its first bailout which resulted in the then government being chucked out and Alexis Tsipras' leftist party gaining power, now it's all over. Except it's not... The Greeks will be paying back these loans for decades.X/

    Were the bailouts worth it for Greece? There are still many structural problems in Greece, not least with basic tax collection.

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  • There are still many structural problems in Greece, not least with basic tax collection.

    If they don't sort out the basics of their economy then the bailouts have just been a kicking the can down the road exercise.

    Just like any loan they have to make repayments. What happens when they can't?

    History is much like an Endless Waltz. The three beats of war, peace and revolution continue on forever.


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  • I don't know Heero. I just hope we're far away from the mess, when and if the brown stuff hits the fan. Anyway, there's the Italian "issue" soon... That could just explode.

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  • Not just Italy. German banks have been in trouble for a while so they won't be bailing anyone out or giving cheap loans. I am not convinced that Greece is now stable. EU propaganda takes precedence over the truth.

    Of course, they still have UK 'membership fees' and all the other ways of extracting money from us, for now. It will all hit the fan soon enough.

  • No wonder the EU was so keen to secure the huge bribe deal from the UK for wanting to leave the EU.

    Young boys in the park jumpers for goalpost that's what footballs all about isn't it.

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