61–70 of 125 posts
Does this mean that Democratic countries that are part of the Euro are rendered unable to listen to the wishes of their citizens and must instead act as despots on behalf of Germany? If so, I don't see this ending well.
France and Italy didn't (at least not in public), because they would also at some point like to have access to taxpayer money from the Northern/Eastern EZ countries.
I wonder what effect the current EU "offer" to Greece will have on Britain's vote down the line, or on other states that may now have second thoughts about joining the euro. From my (American) perspective, it looks like being part of the Euro means giving Germany an awful lot of influence over your fiscal policy.
I was a vehement believer in the concept of a united Europe. In some ways I still am, but only with regards to the base concepts of freedom of movement and freedom to work.
I am British and I have taken advantage of the freedom of movement. I have lived in several countries in the EU. I haven't returned to the UK since 2004. That freedom is incredible, and I hope it doesn't change.
The Euro though is a different matter. It is dividing the EU. It is creating the have's and have not's. It is being used as an economic nuclear weapon in order to force the will of one nations economic culture and expectations on to others.
Greece made a mistake back in 2010. At that point they should have embraced the Grexit. They should have crashed and taken all the German and French banks with them. Now the foreign banks have no risk in Greece. The ECB has bought them all out and the ECB and IMF hold the Greek nation by the balls.
If I was Greece I would implore Tsipras to follow Varoufakis' plan. It might not work, but it might just work, and I guarantee that another bail out is not going to change a damn thing, but move the current shit storm into a larger shit storm three years down the line.
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Well the ECB could just print couple of trillion euro and hang them out divided to each country. We will have a little inflation and that's it. Greece will be debt free and there will be no burdens on the taxpayers.
Actually Greece has a printing press for Euros (apparently you can tell which euro notes are printed in Greece by the serial number). I have been half expecting Greece to solve all its problems by just printing.
Difficult not to love how he discusses everything with a very different language from traditional politans (or I would say, professional polititians). He sounds true and honest, and by no means a radical inciendary that wants to destroy the EU and the Euro. His political career has been cut short by massive pressure from all sides but he has gained sympathy for Syriza's cause worldwide in a very short time and noneth…
"True and honest"? Are we reading the same article? He sounds like a bitter extremist who doesn't know how to control himself in order to reach a certain goal, but instead like either a petulant child or an autistic person (depending on the day of the week, it seems) can only repeat 'the Greeks voted for no extra cuts yet stay in the Euro so we should get it' (no shit? and I'd like a pony) and 'my economics paper say…
The USA doesn't let Alabama and Arkansas rot if Californians would prefer it that way, it has automatic transfers and laws in place to help its members out. Yes we are a tighter Union politically, but that's the aspiration of the EU and Euro, and they've just proven they really would prefer a regional hegemony than a group of political equals.
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"True and honest"? Are we reading the same article? He sounds like a bitter extremist who doesn't know how to control himself in order to reach a certain goal, but instead like either a petulant child or an autistic person (depending on the day of the week, it seems) can only repeat 'the Greeks voted for no extra cuts yet stay in the Euro so we should get it' (no shit? and I'd like a pony) and 'my economics paper say…
Can't decide if you're more insulting to those who are autistic, to those who believe in democracy, or to those who are in academia... Yanis Varoufakis' problem is that he was playing a different game. He was trying to be an economist and do the right thing for Greece when the Eurogroup was playing politics and trying to punish Greece. They never were interested in economics or a prosperous Greece, only in maintainin…
For those who are just catching up, I found the following article enlightening on the Greece situation: http://www.pragcap.com/greece ..especially the following line: - The EMU is a single currency system just like the USA is. The reason the USA works and the EMU doesn’t is because the USA has a system of rebalancing whereby poor states get more federal funding than wealthy states.
In the EU poorer states get more funding too. One line explanations for a fictive problem are most likely wrong.
The Euro is flawed by design. Flow capitals works against the Euroarea. For instance:
The interest rate convenient for Germany is not the interest rate convenient for Spain. What do you think are the rates chosen by the Central European Bank? (clue: the ECB is in Frankfurt)
This shouldn't be more problem that the Fed rate affecting New York and Florida for instance, but there is not a common fiscal policy like in the States.
What happens is that capital in the banks of the north search bigger returns in hot economies (south countries) and create bubbles (Florida again?).
When the crisis arrive, we lend public money to (Greece for instance) so they can return the money to the (private) banks and, in a sleight of hand the fault is all of the lazy south Europeans.
Does this mean that Democratic countries that are part of the Euro are rendered unable to listen to the wishes of their citizens and must instead act as despots on behalf of Germany? If so, I don't see this ending well.
"The European Union as we have known it ended over the weekend. That EU project was all about the gradual convergence of equal nations into an “ever closer union”. That’s finished now."
http://www.irishtimes.com/opinion/tormenting-greece-is-about...
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There is zero prospect of Britain joining the Euro; nobody's even talking about that. The possible upcoming referendum is about Britain leaving the EU.
Yes, I know. My question (with respect to Britain) is whether this will have any effect on the vote.
Whether or not it'll have much of an effect on the vote, I'm not so sure. I doubt if many British identify with the Greek situation (in the sense that it could happen here, there's definitely a lot of empathy about). It's definitely seen as a consequence of the Euro (which we aren't part of) rather than the EU (which we are).
My guess is that it's likely to have hardened those who were already in the pro/anti camps and confused those who are undecided.
Possibly of more practical effect will be whether it makes the likes of Germany etc more inclined to negotiate the EU T&Cs with the UK prior to the referendum. The UK government want more flexibility in the arrangements. I can see political arguments both for giving a bit of slack so that the EU definitely stays together and for the Eurozone saying that it's flexibility that got them into their current mess.
Earlier quoted context omitted.
Yes, I know. My question (with respect to Britain) is whether this will have any effect on the vote.
I doubt it, people know we aren't in the euro and aren't directly exposed to the Greek problem.