Greece agrees €24bn austerity package

Quote from Martinghoul:

Everyone has lived beyond their means, to an extent. If you look at the condition of the Eurozone, relative to that of the US or the UK, it actually doesn't look that bad. At any rate, noble has everything to do with it. In my view, the EMU/Eurozone is an idea that is worth bailing out and preserving, even though the costs will be high.

seriously martin it is not that viable if you want i will send you over the paper i wrote pm me.
 
Quote from morganist:

seriously martin it is not that viable if you want i will send you over the paper i wrote pm me.
morganist, I know all the usual criticisms... I am hopeful that the issues can be overcome, though. The goal is worth it, in my view.
 
Quote from Martinghoul:

morganist, I know all the usual criticisms... I am hopeful that the issues can be overcome, though. The goal is worth it, in my view.

perhaps my paper raises other issues. what are the criticisms you are ware of list them. i will fill in the others.
 
Quote from DrPepper:

I know a lot of Greek people and every one I can think of is intelligent and industrious. In fact, a Greek nurse who worked for me was the hardest working and most productive employee I can ever recall.

wow, wow, wake up body, are you complaining from Greece?

If merely half of people in Greece are as hard working as Germany and paying their taxes in time same as people in Germany, or just as intelligent as Germany, they wouldn't in this shithole they are right now.

Who would borrow 5+ Billions EURO against population of only 11M to host Olympic in Europe?
 
Many years ago I lived in Greece for a short stint. The man who lived in the apartment next door had just retired with a full pension after a career in government service. He was 47 years old and believed that the taxpayers should pay for everything for him until the day he dies. What was even more amazing was when he told me how wonderful their system was because, when he was working, he earned extra bonuses for "showing up to work on time" and those bonuses figured into giving him a higher pension. He was very adamant that people who didn't show up on time to work shouldn't get bonuses. When I told him that in the United States people who didn't show up on time to work got fired, he said it was "inhumane" to punish people for not coming to work. I was young and naive at the time, but even I could see that a system like that was destined to collapse.
 
Quote from tomdavis:

Many years ago I lived in Greece for a short stint. The man who lived in the apartment next door had just retired with a full pension after a career in government service. He was 47 years old and believed that the taxpayers should pay for everything for him until the day he dies. What was even more amazing was when he told me how wonderful their system was because, when he was working, he earned extra bonuses for "showing up to work on time" and those bonuses figured into giving him a higher pension. He was very adamant that people who didn't show up on time to work shouldn't get bonuses. When I told him that in the United States people who didn't show up on time to work got fired, he said it was "inhumane" to punish people for not coming to work. I was young and naive at the time, but even I could see that a system like that was destined to collapse.

further to your story is this mind boggling article below:

http://www.timesonline.co.uk/tol/news/world/europe/article7113941.ece

They and other public sector workers are virtually unsackable, can retire as early as 45 and get bonuses for using a computer, speaking a foreign language and arriving at work on time.

Some of them get as many as four extra months’ salary a year, compared with the 14 months that are paid to other Greek workers. One of the most generous bonuses is paid to unmarried daughters of dead employees in state-controlled banks: they can inherit their parents’ pensions
 
Quote from Swan Noir:

achilles,

I am 99% sure that the other EU countries are in no way guarantors on Greece's debt. I'm not saying there might not be a small issue that a number of sovereign states used as a communal credit facility but I think we'll find that like most sovereign debt it is "full faith and credit" of the issuer for whatever that is worth.

My partner knew a guy years ago in Zurich in the 70's who did forfait financing -- a specialized form of trade finance -- for Yugoslavia and North Korea. His relationships in forfait led him to structure some fair sized sovereign loans (nothing to do with trade finance) and my partner was shocked at how thin the file was -- literally a three page loan agreement. As Geoffrey told him: "None of this paper has even a matchstick of collateral behind it. When one of these deals go South there is nothing to attach. Why spend a ton on legal when once they stiff you it is a negotiation in which the only ammunition the lenders have is that if the country is not nice they will never lend to them again."

The "haircut" here could be large.

You're right. My bad.
 
Quote from fullblotter:

further to your story is this mind boggling article below:

http://www.timesonline.co.uk/tol/news/world/europe/article7113941.ece

They and other public sector workers are virtually unsackable, can retire as early as 45 and get bonuses for using a computer, speaking a foreign language and arriving at work on time.

Some of them get as many as four extra months’ salary a year, compared with the 14 months that are paid to other Greek workers. One of the most generous bonuses is paid to unmarried daughters of dead employees in state-controlled banks: they can inherit their parents’ pensions

It's a joke. The Greeks brought it on themselves. Just like the Americans, Canadians, and most of Europe brought on the impending debt crisis themselves.

Everyone wanted to avoid pain. So they stacked up these record deficits for 30 years, paid themselves handsomely and lived high on the hog. Now we're all gonna suffer. For the sloth and ignorance of our forebearers.
 
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