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What should Greece do?

Default
17
71%
Debt repayment
4
17%
Other
3
13%
User avatar
By stalker
#13901267
Should Greece accept the EU deal for bailouts in exchange for the loss of its fiscal sovereignty and at least a decade of painful austerity and debt repayments that as a share of its GDP are higher than what Germany had to pay after Versailles, or should it default and return to the drachma, experiencing a sharp dip but one that (if the experience of other countries is anything to go by) will quickly fade away and start rebuilding its economy from a more competitive basis?
#13901286
This train will promptly stop when it reaches Italy; I doubt enough money can be printed to bailout the Italians.

Default is the only answer and is essentially inevitable, particularly when looking at the larger Southern European economies. The political system the Euro currency is tied to is entirely unsustainable. With the introduction of Balkan and developing nations as member-states, the average Germans don't want this, nevermind the Greeks.

It is absolutely a loss of sovereignty, but also financial terrorism directed at the Greek nation which is being hijacked by those from outside. The entire Greek political discourse is now expected to take its cues from foreigners. Might as well just raise the Turkish flag over Athens; it wouldn't be any more insulting to a Greek patriot. Default.
#13901296
1) Greece should become a German colony.
2) Greek citizens should have to work off their debt.
3) The Greek language should be replaced by German.

Obviously, this is a country that has no sense of dignity. It shouldn't be treated as if it does. Any Greek who refuses should be sent off to Siberia. :D

Russia wouldn't mind punishing a rival natural gas pipeline anyway.
By LehmanB
#13901340
Debt repayment
It is harder to build yourself if you collapse, than rebuild yourelf now. This is good for the citizens to experience hard years, they are lazy and used to get money for no work. Everything but default.
Neverthless, I support the citizen's struggle, since there is some unjust where the rich in Greece remains untouched. The fear the rich might escape is partly right, but it allows them to escape any oblegation. hundreds of thousands shall not be fired before extra taxes are been taken from this layer of society. I think than than- even if it cause some of the money to flee out- it may crete social solidarity and a path to rebuild the state.
User avatar
By R_G
#13901509
Greece should just become a province of Deutschland.

Those bums need to repay and that's the only way to do it.
By Wolfman
#13901512
Other: Greece (and the other 'PIIGS') should ask the rest of the Eurozone (and their lenders in general) for a 10 year 'break' on their debt, where they don't have to pay back their debt, their debt doesn't collect interest, and they cannot have budget deficits. They would use this time to restructure their government, education, economy, and possibly infra/superstructure to be competitive in the global market again. I see the actual method of this being somewhat similar to the actions of the Four Asian Tigers from the 1940s-1960s, or Germany and Japan during their rebuilds from WWII.

Making Greece pay back their debts would crush their economy, and defaulting on their debts would cause a global depression, and neither would actually fix Greece's real problems.
By wat0n
#13901518
If Greece defaults it will be basically kicked out of global debt markets, thus austerity will happen anyway so they are pretty much fucked in this regard.

The real issue is whether they should leave the Eurozone or not. I'm not sure about it.
User avatar
By Drlee
#13902273
I don't truely understand why all of this world debt is so damaging. The money did not go away. It is out there somewhere. Why don't we go find it?
#13902499
Drlee wrote:I don't truely understand why all of this world debt is so damaging. The money did not go away. It is out there somewhere. Why don't we go find it?


The young attractive Greeks are sitting on it
User avatar
By R_G
#13902747
Zionist Nationalist wrote:Image


See, this is what always gets me. Why the fuck did the super states in Europe give a shit about Portugal, Ireland and co when they had a good thing going to begin with.

Belgium
France
West Germany
Italy
Luxembourg
Netherlands

Yeah, Italy was the weak link but one that could be pulled.

Then they included Spain, Portugal and Greece and that's when shit hit the fan but only the German brought it up.

The other seven:

Austria
Denmark
Norway
Portugal
Sweden
Switzerland
United Kingdom

I'll let you pick out the retarded cousin.....


Why they started included the garbage can members I have no clue.
#13902820
Default. Frankly, the only question is when it will do so, and this is likely to be quite soon. I'd say that the optimal response would also include a decoupling and a currency devaluation. Greece can't begin to grow and export its way back to health, because its currency is overvalued and sacrificed to the Euro monstrosity. Tourism and shipping, its two primary sectors, would benefit immensely from a competitive devaluation. It'll be a long procedure regardless, but it does beat the alternative, or some manner of ghastly solution like defaulting within the Euro.

Repayment would effectively consist of Greek taxpayers giving to Eurocrats for bailouts that primarily benefited the financial institutions that made bad investments in the first place, breeding further malinvestment and moral hazard - the Greek government itself only saw 19 cents of every dollar from the bailouts. Effectively, it is making the poor and middle-class pay for the mistakes of the wealthy and providing less incentive to not repeat said mistakes.
By Kman
#13902854
Drlee wrote:I don't truely understand why all of this world debt is so damaging. The money did not go away. It is out there somewhere. Why don't we go find it?


The issue is not the debt, the issue is that the western governments have massive liabilities, they need a massive amount of resources to pay all the costs they have for pensions and healthcare etc and problems then arise when you have small generations of young people who are not particularly productive and this creates a resource crunch which the various governments try and cover by seizing these resources forcefully via outbidding of resources with money from a printing press.

The debts levels are a side effect of the deficit spending since it gets funded by central banks printing monopoly money and using them to enable government debt creation, the debt is a symptom of the disease, not the real underlying problem.
#13902858
Isn't Croatia now awaiting EU integration?

I would like to hear someone intelligently explain why this entire project isn't slated for disaster?
By wat0n
#13902882
wat0n wrote:If Greece defaults it will be basically kicked out of global debt markets, thus austerity will happen anyway so they are pretty much fucked in this regard.

The real issue is whether they should leave the Eurozone or not. I'm not sure about it.


By the way, it should be noted that by "default" I mean a 100% haircut for bondholders. Technically speaking, Greece has already defaulted by restructuring its debt (and the 50%+ haircut for bondholders)..
#13902884
Far-Right Sage wrote:Isn't Croatia now awaiting EU integration?

I would like to hear someone intelligently explain why this entire project isn't slated for disaster?

Eurocrats are desperate and Croatia is led by morons?

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