EKIVOLOS, you perfectly display what is wrong with your Greek society. When you are challenged with your failures, you don't take this as challenge to turn your country around but try to look for comparisons in order to imply that Germany is nothing better than Greece. In doing so, you make clear not to be taken seriously, because Germany is not comparable to Greece and its huge problems. No sane man state what you are stating.
Originally Posted by Dexx
Dexx ,there is nothing so wrong in Greek society that can't be fixed with a proper economic policy and some descent governing.
Other societies have a lot more systemic problems like political immaturity, ideas of being the masters of the universe and total faith to their system which eventually leads them to hurt themselves and other nations.
Are you following me dude?
Here is an excerpt from a book about Greece:
"Greece is the only know example of a country that is insolvent since it came into existence. If France or England would find themselves in a comparable situation for only one year, they would face catastrophy. But Greece ... Greece is at peace with its insolvency since 20 years. All Greek budgets, from the first through the last, show a deficit.
If a civilized county fails to cover its expenditures by receipts, it proceeds to borrow money internally, from its own people. The Greek government never tried to do that, and for a good reason --- it would have failed. The protecting powers of Greece [Great Britain, among others] had to guarantee the solvency of Greece so that it could borrow in the international markets.
Subsequently, the money raised is squandered by the government without any benefit for the country, and the protecting powers have to cover the interest payments themselves. Greece cannot pay."
Guess when was this book witten.
Well Greece definetely suffers from that.Other societies have a lot more systemic problems like political immaturity,
1858, Here we go ...
http://www.presseurop.eu/en/content/...plus-ca-change
Not sure if it is a clever idea to come up with the past of some European countries to forsee the future ...
it can easly backfire ...
Spain Needs €60 Billion for Its Banks, Audit Finds
http://www.nytimes.com/2012/09/29/bu...anted=all&_r=0
Read the rest of the article at the linked page.MADRID — Spain’s ailing banking industry could need as much as €59.3 billion in additional capital, according to an independent banking assessment published on Friday that paves the way for Madrid to request bank rescue loans that European finance ministers have agreed to extend.
The number was within the range of previous estimates and well below the potential €100 billion, or $128.6 billion, in bailout money Spain negotiated with the other members of the euro zone union in June.
And of the 14 banks assessed by the consulting firm Oliver Wyman, half are not in need of any emergency funds, including Santander, BBVA and La Caixa — the country’s three largest financial institutions.
Presenting the report, Fernando Jiménez Latorre, the Spanish secretary of state for the economy, said at a news conference that Spain would soon probably request about €40 billion of the European bailout offer. The audit, he said, should end the debate among investors about whether the Spanish banking sector could survive the consequences of a decade of reckless property lending. After Spain’s real estate bubble burst in 2008, many of its banks found themselves holding growing numbers of loans in or near default.
The bailout negotiations, and the need for an audit to assess the extent of the damage, were prompted by the government’s seizure in May of Bankia, one of the biggest real estate lenders, and signs that at least several others were teetering on the brink of collapse.
The latest findings “should remove all the doubts about the strength of the system,” Mr. Jiménez Latorre said. “The bulk of it is solid,” he added, “and the problems are well identified.”
Yeah, "the bulk of it is solid". Just one more bailout will fix everything....
How's that eurogeddon working out for you? When are we going to see it?Read the rest of the article at the linked page.
Yeah, "the bulk of it is solid". Just one more bailout will fix everything....
http://www.bde.es/f/webbde/SSICOM/20...be2012_41e.pdf
• Seven banking groups, accounting for more than 62% of the analysed portion of the Spanish banking system’s credit portfolio, do not have additional capital needs.
• Additional capital needs have been identified for the remaining groups, on top of those existing as at 31 December 2011, that amount to €59.3 billion when the integration processes under way and deferred tax assets are not taken into account. This amount falls to €53.75 billion when the mergers under way and the tax effects are considered.
^^Based on the adverse scenario.
The results of the adverse scenario, with a capital ratio requirement of 6%, which envisages a cumulative decline in GDP of -6.5% over the period to 2014 and whose estimated probability of occurrence is less than 1%, are:I think analyst consensus is about a cumulative 3% GDP decline over the next two years, we'll probably see an outcome somewhere between the baseline and adverse scenario.The results of the baseline scenario, with a capital ratio requirement of 9% for banks and a cumulative decline in real GDP of -1.7% over the period to 2014, are:
How is asking stupid questions of the wrong person working out for you? Not so well, apparently. Perhaps you ask that question of the person who actually coined and used that term; the author of the article quoted in the OP.
Merkel casts doubt on Spanish bank aid
http://www.ft.com/cms/s/0/910316a8-1...44feabdc0.html
Read the rest of the article at the linked page.Germany Chancellor Angela Merkel has cast doubt on one of the main benefits of eurozone banking union only hours after the bloc’s leaders agreed to a slightly clearer time table for the creation of a single bank supervisor.
Speaking to reporters in Brussels on Friday afternoon, Ms Merkel said that bad assets held by Spanish and Irish banks will not be cleaned up by the eurozone’s new €500bn rescue fund, adding that it should only be used to shore up teetering financial institutions in the future.
So-called direct recapitalisation by the eurozone is important to Madrid because it must otherwise must borrow or self-finance about €40bn to prop up its stricken domestic lenders, adding to its sovereign debt load.
The issue of who will bail out struggling banks in the eurozone’s periphery was expected to be taken up later this month by finance ministers.
But after a two-day summit, Ms Merkel staked her position ahead of those negotiations, saying debts incurred in the past should be the responsibility of national governments.
“It will not be a retroactive direct recapitalisation [from the rescue fund],” Ms Merkel said at a post-summit news conference. “If direct recapitalisation is possible, it will come for the future.”
Her position appeared to confirm a controversial joint statement issued by the German, Dutch and Finnish officials last month that said no “legacy assets” would be paid for by the rescue fund, the European Stability Mechanism.
Germany must act to solve "nightmare" euro crisis: Soros
http://ca.news.yahoo.com/germany-mus...3--sector.html
Sounds like Georgy is demanding Germany spend herself into financial ruin to bail out the irresponsible European states. I think he is worried about his large exposure in his European investments. Poor Georgy!NEW YORK (Reuters) - There is a real danger that the "nightmare" euro crisis could destroy the European Union and Germany should either step up to fix it or step out of the currency union altogether, fund manager George Soros said on Monday.
The crisis "is having tremendous impact in the state of affairs, it is pushing the EU into a lasting depression, and it is entirely self-created," said Soros, Chairman of Soros Fund Management.
"There is a real danger of the euro destroying the European Union. The way to escape it is for Germany to accept ... greater commitment to helping not only its interests but the interests of the debtor countries, and playing the role of the benevolent hegemon," he said at a luncheon hosted by the National Association for Business Economics.
Germany should act as the leader of the union such as the United States was for the free world after the Second World War, Soros said.
The influential fund manager floated another solution to the crisis that has gone on for more than two years: Germany could leave the euro, "and the problem would disappear in thin air," as the value of the euro declines and yields on the bonds of debtor countries adjust.
The notion that governments are "riskless" is the main false assumption underlying the euro zone, Soros said, adding it could be corrected by introducing Eurobonds.
"But that has become politically unacceptable by Germany," he added.
My bad, somehow I had you pinned on that bandwagon, clearly you're up to something else though. Keep fighting the good fight!How is asking stupid questions of the wrong person working out for you? Not so well, apparently. Perhaps you ask that question of the person who actually coined and used that term; the author of the article quoted in the OP.
I am following eurozone-related economic events on this thread. *>obvious<*
Eurozone Unemployment Hits 11.6%
http://www.dailyfinance.com/2012/10/...ployment-hits/
The eurozone's unemployment rate ticked up to 11.6% in September, according to Eurostat, the European Commission's statistics agency. According to Eurostat, the rate in the 17 countries was a slight advance from August's 11.5%, but a notable increase over the 10.3% recorded in September 2011.
In the wider European Union consisting of 27 countries, unemployment stood at a collective 10.6% in September. The rate was the same in August, while it was 9.8% in September 2011.
Out of the EU member states, Spain and Greece recorded the highest jobless levels; both came in at over 25%. The nations with the lowest rates were Austria, at 4.4%, and Germany and the Netherlands, both of which came in at 5.4%.
On a year-over-year basis, 20 of the Union's countries saw an increase in unemployment in September and seven clocked a decrease. The highest gain was recorded by Spain (from 22.4% to 25.8% during that period), while Lithuania had the steepest drop (14.7% to 12.9%).
Spain, Greece: economic doctrine #1.Out of the EU member states, Spain and Greece recorded the highest jobless levels; both came in at over 25%. The nations with the lowest rates were Austria, at 4.4%, and Germany and the Netherlands, both of which came in at 5.4%.
Austria, Germany, the Netherlands: economic doctrine #2.
Add to that Lithuania on the road to economic recovery also due to #2.
Take heed of the results! But no, the fans of increased spending are still legion.
Germany is like our conjoined twin, economically. NL can't afford not going along with the German plan(not that it isn't a good idea anyhow) since you guys are the vast, vast bulk of our export market. We need Germany to do well for our own economy to do well.
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