91–100 of 107 posts
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Not imposing capital restrictions is suicide, i don't know if Yanis varoufakis is an economical genius a madman or simply amateurish.
Alexis Tsipras is genius the referendum means he doesn't have to do his job. He can just say "See you all decided not me."
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Not imposing capital restrictions is suicide, i don't know if Yanis varoufakis is an economical genius a madman or simply amateurish.
Alexis Tsipras is genius the referendum means he doesn't have to do his job. He can just say "See you all decided not me."
A large portion of the Greek people recognizes this for what it is: an extremely cowardly opt-out for Tsipras for taking responsibility
Just now : ELA continued : http://www.ecb.europa.eu/press/pr/date/2015/html/pr150628.en...
Put another way, there will be no further increase in ELA and the Greek banks have used the previous allotment, so their coffers are running dry. It will be a very tough week in Athens.
The BBC should know better than this, using "unnamed sources" to quote a rumour as fact. No decision has been made yet, so this is just misinformation. Expect more of this over the next days.
> "unnamed sources" This doesn't mean it was a friend's uncle's brother told them, it means someone in a position to know intentionally leaked it.
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it is incredibly unfair to deny the Greeks' own responsibility in all this. To what extent is any one person responsible for the actions of their government?
Except it's not just one person. Most Greeks lived well beyond their means for over a decade. I'm from Turkey and have many Greek friends, and the overall sentiment in the country up until 2008 was that they could just continue borrowing and living like kings and queens until the end of time. Then the financial meltdown happened, foreign investors became bearish and the Greeks lost their easy access to capital, and t…
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What's the alternative for the ECB? Give €129 bn to Greek banks to replace the deposits that are bound to flee this week only to see it lost when they default after saying no in the referendum? The Greek banks would have been bust long ago if it wasn't for the ECB's emergency lending; they've been provided with €60 bn in liquidity over the last 6 months to replace the deposit flight. Not sure how you can characterise…
The alternative is to start investing in Greece. To build up it's economy so we can end the Greek Depression. As it stands now the austerity packages have cut 30% off of the economy and increased the unemployment rates to nearly 30%, 50% of the youth. Those are Great Depression size numbers. Hard to collect taxes when people are not working. All these bailouts are basically just the Troika hand wringing about giving…
What kind of capital controls? in this situation it is quite an oxymoron. With a different currency you can control the exchange rate or limit how much one is allowed to exchange, however Greece still has the same internal currency - the Euro. You don't have a Greek euro only - its the same currency. To me all these conflicting reports smell like panic; decision makers just don't know what to do now, and the BBC does…
Cyprus imposed capital controls while remaining in the Euro. Restrictions on bank transfers and cash crossing the border.
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> It is this free trade that Germany is profiting from, not the Euro currency. Once again a blatant falsehood. When economically strong and weaker countries share a currency the stronger countries benefit, because it pushes the value of their currency down. This means they can export effectively, especially to the countries who suddenly have a stronger currency with more purchasing power than they otherwise would hav…
> countries who suddenly have a stronger currency with more purchasing power than they otherwise would have had Does this mean Greece (let's stick to them) was predetermined to get hit the moment they joined the Eurozone? If yes, could you please elaborate how that wasn't visible to them? Or, if it was, what motivated them to take this road anyway?
I can only speculate about what motivated Greece to join the Eurozone.
My guess would be that Simitis' believed his reforms (Eksynchronismos) fundamentally transformed the Greek economy. Politicians take bold action to ensure their legacy, and it must be tempting to go down in history as the man who fixed his country's economy and led it down a road of mutual prosperity.
Perhaps he understood the economic risks, perhaps he didn't. He was certainly warned by economists. Perhaps he simply didn't believe the rest of the Eurozone could be this obstinate and cruel. It's hard to say for sure. We certainly can't take the politicians' words at face value.
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Alexis Tsipras is genius the referendum means he doesn't have to do his job. He can just say "See you all decided not me."
It's his actual job - to represent and follow the opinion of the people. It's called democracy. And if the opinion of the majority is wrong, then, in this case, so be it.
We have all of these safeguards in place to ensure our leaders neither go off the rails completely, nor simply follow the popular opinion du jour with the predictable disastrous consequences.
If we would do that in the rest of Europe, aid to Greece would have stopped a long time ago.
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Not imposing capital restrictions is suicide, i don't know if Yanis varoufakis is an economical genius a madman or simply amateurish.
I've noticed Greek politicians making excessively bold, emotional statements in public since the election, where perhaps some pragmatism and diplomacy would have moved things along better. It gives the impression that there is some intention to exit whilst avoiding blame with their own electorate (who I read are majority pro-EU by polling, contrary to the impression giving in media). Extremely uncooperative negotiati…