Greece enters uncharted territory after referendum 'no' vote

[BuaBS]

Some funny cartoons out these days:

Edited July 6, 2015 by Scott
Profanity

[Ulic]

The Greeks complain about austerity but they are the not investing in there own country. How

about the banks/Greek government confiscating 50% of the amount in bank accounts. Using the

money to repay the creditors (including foreign accounts of Greeks not paying taxes in the

countries the accounts are located) Replace the money with Greek bonds. Then we shall see

if they want a Greek bond hair cut or austerity so the bonds can be paid back and made whole.

Also there is absolutely no cash Euro shortage in Greece. The ECB has lent 89 billion Euro

to the Greek banks. People are just hoarding the cash in safe deposit boxes or home safes.

Banks pay no interest, so they keep cash. That way no taxes. They are used to dealing in

cash to avoid taxes, so this is not the issue most Westerners think it is. Also they know that

if Greece returns to the Drachma (very probable) The Euro will appreciate in relation to the

Drachma. I would think all loans would be converted to be paid in Drachma as well and those

hoarding Euro would make off like bandits. Lots could be done to close loopholes but, who

wants to pay taxes. Especially if your neighbours are not. The Government should bring in

a law that nobody can have more than 3000 Euro cash, everything above that would

be confiscated. That would go a long way to recapitalize the banks.

[JetsetBkk]

Varoufakis just stepped back....

Good riddance, biker boy.

[micmichd]

Greek voters decided nothing ... Referendum only was expensive show.

The final word will have ECB. Namely technocrats in Frankfurt. Today(ELA) or definitely July, 20(payment 3,5 billion euros).

difficult to make, I must say, for bankers

It's sad that some neo-communist and Putin's puppies, SYRIZA, buried 5 years of effort and hard work.

Anyone who think that ordinary people should vote in referendums about monetary policy, troika's requirements ... doesn't know what democracy really is, or don't know human nature.

Poor banksters, I pity them .

Who really needs all these various banks that all sell the same product with similar conditions?

I know some banksters who can't even read their own forms. They are technically anaphabeths, how come they have any power? They permanently spread all kinds of silly regulations to their customers and force them to comply. But if you want a simple money transfer from Germany to Thailand, it's too much for these idiots. And if you complain, they feel insulted. Who do they think they are?

Greece was actually promised to get credits on July 1. They were just 1 day late with paying back. And those cleptocrats took this 1-day-shortage as an excuse to incapacitate the Greek government.

Now Greek government gets bashed as being communists. Too much of honour. Deficit spending is a concept of John Maynard Keynes, maybe you've heard the name.

Edited July 6, 2015 by micmichd

[Matej]

Greek voters decided nothing ... Referendum only was expensive show.

The final word will have ECB. Namely technocrats in Frankfurt. Today(ELA) or definitely July, 20(payment 3,5 billion euros).

difficult to make, I must say, for bankers

It's sad that some neo-communist and Putin's puppies, SYRIZA, buried 5 years of effort and hard work.

Anyone who think that ordinary people should vote in referendums about monetary policy, troika's requirements ... doesn't know what democracy really is, or don't know human nature.

Poor banksters, I pity them .

Who really needs all these various banks that all sell the same product with similar conditions?

I'm talking about one bank, The Bank, The Central bank

Every country, currency union, have one ...

[BuaBS]

Ok , this time with no profanity :

[micmichd]

Greek voters decided nothing ... Referendum only was expensive show.

The final word will have ECB. Namely technocrats in Frankfurt. Today(ELA) or definitely July, 20(payment 3,5 billion euros).

difficult to make, I must say, for bankers

It's sad that some neo-communist and Putin's puppies, SYRIZA, buried 5 years of effort and hard work.

Anyone who think that ordinary people should vote in referendums about monetary policy, troika's requirements ... doesn't know what democracy really is, or don't know human nature.

Poor banksters, I pity them .

Who really needs all these various banks that all sell the same product with similar conditions?

I'm talking about one bank, The Bank, The Central bank

Every country, currency union, have one ...

Yes I know, I worked with the interface to one (Deutsche Bundesbank). They have since long lost all overview.

[wabothai]

This whole story reminds me of me lending some money to a couple of Thai ladies wanting to set up shop.

first a big smile and a chai di and when I came for the money (as was agreed upon) i was told f..... you. So much for decensy and intergrety.

No matter what and simple is, the Creeks indirectly borrowed money from the citizens of other European nations and now tell them en masse f....you. Since when are the borrowers dictating?

They deserve an attitude adjustment. Shame on them.

Like I said before: the kid never left the candy store.

[h90]

This whole story reminds me of me lending some money to a couple of Thai ladies wanting to set up shop.

first a big smile and a chai di and when I came for the money (as was agreed upon) i was told f..... you. So much for decensy and intergrety.

No matter what and simple is, the Creeks indirectly borrowed money from the citizens of other European nations and now tell them en masse f....you. Since when are the borrowers dictating?

They deserve an attitude adjustment. Shame on them.

Like I said before: the kid never left the candy store.

Well it is without the smile.....

And no Greek borrowed from banks and private investors at very high interest rates and when they were to get unable to pay back the rates the EU came and bought the debt from the banks.

Actually lend Greek money to pay back the loans at the banks, braking EU law.

So it was mostly Merkel who took the money of the citizen, let Greek touch it and than gave it to the banks.

[Matej]

Greek voters decided nothing ... Referendum only was expensive show.

The final word will have ECB. Namely technocrats in Frankfurt. Today(ELA) or definitely July, 20(payment 3,5 billion euros).

difficult to make, I must say, for bankers

It's sad that some neo-communist and Putin's puppies, SYRIZA, buried 5 years of effort and hard work.

Anyone who think that ordinary people should vote in referendums about monetary policy, troika's requirements ... doesn't know what democracy really is, or don't know human nature.

Poor banksters, I pity them .

Who really needs all these various banks that all sell the same product with similar conditions?

I know some banksters who can't even read their own forms. They are technically anaphabeths, how come they have any power? They permanently spread all kinds of silly regulations to their customers and force them to comply. But if you want a simple money transfer from Germany to Thailand, it's too much for these idiots. And if you complain, they feel insulted. Who do they think they are?

Greece was actually promised to get credits on July 1. They were just 1 day late with paying back. And those cleptocrats took this 1-day-shortage as an excuse to incapacitate the Greek government.

Now Greek government gets bashed as being communists. Too much of honour. Deficit spending is a concept of John Maynard Keynes, maybe you've heard the name.

Greece was not promised to get credit on July, 1 and they were not one day late.

They asked to shift payment to fall 2015. It was payment to IMF, nothing to do with EU ...

BTW, your Greek heroes ask for more money from those celeptocrats, what's logic in that ...

We live in the age of monetarism, forget Keynes

[empireboy]

The greeks, especially their prime minister, appear to be a complete bunch of morons with their "How dare you stop giving us money" approach. Good riddance to them. Was there many years ago and found the male of the species to be a complete bunch of winkers

With a population of some 11 million I suppose it could take a while to get to know a large enough sample to draw an authoritative opinion.... but good on you of accomplishing that!

[smedly]

The Greek people voted and changed absolutely nothing, if anything they have made matters worse.

It is also worth noting that Putin is "now" getting involved, I suspect he has been involved a lot longer than is being revealed and may have even had an active roll in orchestrating this whole debacle.

I wonder how the result would look if the rest of Europe held a referendum on whether Greek support should continue without major reforms, I think I know the answer to that.

But as I have already stated - this is going to turn into a huge humanitarian issue as Greece collapses unable to feed itself and supply basic needs for its people - who will come to the rescue - well we will of course and it will be more expensive than ever before

The Greek people are heading for a rude awakening, I don't blame them at all, I blame the people in government who have been deceiving them and steering them down this path of destruction

The debts are probably unsustainable but they at least need to make an effort to cut back as Ireland an a few other Euro nations have done

[VIPinthailand]

USA will have to pay now. the plan was perfect....

[Matej]

The Greek people voted and changed absolutely nothing, if anything they have made matters worse.

It is also worth noting that Putin is "now" getting involved, I suspect he has been involved a lot longer than is being revealed and may have even had an active roll in orchestrating this whole debacle.

I wonder how the result would look if the rest of Europe held a referendum on whether Greek support should continue without major reforms, I think I know the answer to that.

But as I have already stated - this is going to turn into a huge humanitarian issue as Greece collapses unable to feed itself and supply basic needs for its people - who will come to the rescue - well we will of course and it will be more expensive than ever before

The Greek people are heading for a rude awakening, I don't blame them at all, I blame the people in government who have been deceiving them and steering them down this path of destruction

The debts are probably unsustainable but they at least need to make an effort to cut back as Ireland an a few other Euro nations have done

You're right. This is not only economical problem we are facing here, but also geopolitical as well, especially when Putin has started cold war again ...

Today will Greek PM talk with Putin, phone call, Russian initiative.

We have to realize that we, we West, have lost. Look at news in Russian media.

This is deep cut for EU.

[Lissos]

May just backfire on the Greeks.

At this stage, I don't think that is a concern for Greeks. We're looking at this and commenting - "you reckless fools, you're committing suicide" but that is how someone who has options left, will look at it. As I understand it, this oxi is being perceived by Greeks as refusing to kiss the hand of the gunman before the gunman shoots them anyway. It is a very symbolic thing, and for Greeks who are a proud people, quite characteristic. Below is a post I saw on another website.....

What they've rejected are the current terms of the repayment.

Which are unsustainable.

You don't reduce a country's economy to ash, and still expect it to pay it's bills.

Well, I suppose you do, if you're a loan shark. Or a Mafia don.

[Matej]

USA will have to pay now. the plan was perfect....

You mean for Puerto Rico?

[MaeJoMTB]

Since when are the borrowers dictating?

Since always, that's the way unsecured loans work.

You only pay them back if you feel like it.

[micmichd]

I'm waiting since 2013 for my payments from German banks.

But the fees they took from my bank accounts automatically.

Bank computers don't care if you live or die. They care about how much money they can squeeze out of you, that's all.

Call it monetarism if you want, I call it slow murder.

Edited July 6, 2015 by micmichd

[Lukecan]

I heard costas voted "no" as well.

[Lukecan]

Smartest thing the UK did was to stay out of the Schengen and the eurozone. Kudos to the british politicians.

[tomacht8]

If a government spends more money for a long time as it takes money, it can go bankruptcy,
as long as other countries or private investors help out with loans to fill the funding gap.
When the cash repayment agreements are no longer fulfilled, the lenders will close the money taps.
Exactly that is happening now.
The current government does not want to comply with the agreements concluded by their previous governments.
This is going to come a very hard time for the normal greek population.
Only the tax evaders, with its yachts and swiss bank accounts will not be affected.
The current left-wing government is really amateurish.
Instead to catch the rich greek tax evaders to realize additional tax revenues,
they piss their financial backers and lenders on the shoes.
just stupid.

Edited July 6, 2015 by tomacht8

[micmichd]

http://www.privateislandsonline.com/areas/greece

Some people may need a small push for patriotism...

Edited July 6, 2015 by micmichd

[micmichd]

If a government spends more money for a long time as it takes money, it can go bankruptcy,

as long as other countries or private investors help out with loans to fill the funding gap.

When the cash repayment agreements are no longer fulfilled, the lenders will close the money taps.

Exactly that is happening now.

The current government does not want to comply with the agreements concluded by their previous governments.

This is going to come a very hard time for the normal greek population.

Only the tax evaders, with its yachts and swiss bank accounts will not be affected.

The current left-wing government is really amateurish.

Instead to catch the rich greek tax evaders to realize additional tax revenues,

they piss their financial backers and lenders on the shoes.

just stupid.

Europeans have seen their worshipped Euro going down south in Thailand since years, and they still believe it's a stable currency...

[tomacht8]

If a government spends more money for a long time as it takes money, it can go bankruptcy,

as long as other countries or private investors help out with loans to fill the funding gap.

When the cash repayment agreements are no longer fulfilled, the lenders will close the money taps.

Exactly that is happening now.

The current government does not want to comply with the agreements concluded by their previous governments.

This is going to come a very hard time for the normal greek population.

Only the tax evaders, with its yachts and swiss bank accounts will not be affected.

The current left-wing government is really amateurish.

Instead to catch the rich greek tax evaders to realize additional tax revenues,

they piss their financial backers and lenders on the shoes.

just stupid.

Europeans have seen their worshipped Euro going down south in Thailand since years, and they still believe it's a stable currency...

If you life in europe, with an Infationsrate of 0.5% -1%, you can buy still the same amount of food since many years.

If you live in Thailand and have only the same Euros, without additional Thai Baht income; about the exchange rate hinge you're f---ed since 3-4 years.

Guess 30-35% loss of purchasing power.

Edited July 6, 2015 by tomacht8

[micmichd]

I live in Thailand and get all my income from Europe, some 2 years late. And about 10pct less in THB every year.

[Basil B]

If a government spends more money for a long time as it takes money, it can go bankruptcy,

as long as other countries or private investors help out with loans to fill the funding gap.

When the cash repayment agreements are no longer fulfilled, the lenders will close the money taps.

Exactly that is happening now.

The current government does not want to comply with the agreements concluded by their previous governments.

This is going to come a very hard time for the normal greek population.

Only the tax evaders, with its yachts and swiss bank accounts will not be affected.

The current left-wing government is really amateurish.

Instead to catch the rich greek tax evaders to realize additional tax revenues,

they piss their financial backers and lenders on the shoes.

just stupid.

Europeans have seen their worshipped Euro going down south in Thailand since years, and they still believe it's a stable currency...

If you life in europe, with an Infationsrate of 0.5% -1%, you can buy still the same amount of food since many years.

If you live in Thailand and have only the same Euros, without additional Thai Baht income; about the exchange rate hinge you're f---ed since 3-4 years.

Guess 30-35% loss of purchasing power.

0.5%-1%

5 years ago due to the economic crisis I lost my job...

I did the only thing I could do, start my own business, that meant borrowing money from the bank, worked out at over 10%.

If I fail to make a repayment the bank could foreclose on me, if times get hard I could go and ask the bank to reschedule the loan but the bank manager would want to see what I was doing to mitigate the problem like cutting back on unessential or luxury purchases.

Not only is Greece laughing at its creditors, it is asking for more money while doing nothing to reduce its spending.

[tomacht8]

If a government spends more money for a long time as it takes money, it can go bankruptcy,

as long as other countries or private investors help out with loans to fill the funding gap.

When the cash repayment agreements are no longer fulfilled, the lenders will close the money taps.

Exactly that is happening now.

The current government does not want to comply with the agreements concluded by their previous governments.

This is going to come a very hard time for the normal greek population.

Only the tax evaders, with its yachts and swiss bank accounts will not be affected.

The current left-wing government is really amateurish.

Instead to catch the rich greek tax evaders to realize additional tax revenues,

they piss their financial backers and lenders on the shoes.

just stupid.

Europeans have seen their worshipped Euro going down south in Thailand since years, and they still believe it's a stable currency...

If you life in europe, with an Infationsrate of 0.5% -1%, you can buy still the same amount of food since many years.

If you live in Thailand and have only the same Euros, without additional Thai Baht income; about the exchange rate hinge you're f---ed since 3-4 years.

Guess 30-35% loss of purchasing power.

0.5%-1%

5 years ago due to the economic crisis I lost my job...

I did the only thing I could do, start my own business, that meant borrowing money from the bank, worked out at over 10%.

If I fail to make a repayment the bank could foreclose on me, if times get hard I could go and ask the bank to reschedule the loan but the bank manager would want to see what I was doing to mitigate the problem like cutting back on unessential or luxury purchases.

Not only is Greece laughing at its creditors, it is asking for more money while doing nothing to reduce its spending.

Inform your self.

The inflation rate in recent years is between 0,5 - 1,0% in the euro zone area.

[MAJIC]

The greeks, especially their prime minister, appear to be a complete bunch of morons with their "How dare you stop giving us money" approach. Good riddance to them. Was there many years ago and found the male of the species to be a complete bunch of winkers

This is the third time the the Greeks have pulled this trick i.e. Borrow money up to the eye balls with no intention of ever paying it back,one could be forgiven for thinking that this is par for the course, build up your own country by using other member states money, with no intention of ever paying it back. Judging by their you owe us attitude to keep us without earning it,they have the demands,and their twisted logic,and Blackmail down to a fine art.Let's hope they have their Come uppance this time round!

P.S. I can't believe we have just witnessed a Referendom,which basically was a Referendom for the right to carry on ripping off EU Member states,according to the will of the people!

Edited July 6, 2015 by MAJIC

[micmichd]

Worked for my money, good income actually, but institutions (also banks) refused to pay in time - although I had contracts. Asked one bank to give me credit for the shortage time. Showed them the contracts, so they knew they would get back the money. They refused and cancelled my accounts instead.

Well, I got my money. More than one year late, when I already was in Thailand. Due to devaluation of EUR, 10pct was missing in THB.

Please don't tell me it's fate, there ard living banksters and their politicians behind this rip-off.

All EU Farangs in Thailand actually get ripped off by EU, and as they have less THB to spend, Thai economy gets ripped off by EU, too.

[micmichd]

Greek voters decided nothing ... Referendum only was expensive show.

The final word will have ECB. Namely technocrats in Frankfurt. Today(ELA) or definitely July, 20(payment 3,5 billion euros).

difficult to make, I must say, for bankers

It's sad that some neo-communist and Putin's puppies, SYRIZA, buried 5 years of effort and hard work.

Anyone who think that ordinary people should vote in referendums about monetary policy, troika's requirements ... doesn't know what democracy really is, or don't know human nature.

Poor banksters, I pity them .

Who really needs all these various banks that all sell the same product with similar conditions?

I know some banksters who can't even read their own forms. They are technically anaphabeths, how come they have any power? They permanently spread all kinds of silly regulations to their customers and force them to comply. But if you want a simple money transfer from Germany to Thailand, it's too much for these idiots. And if you complain, they feel insulted. Who do they think they are?

Greece was actually promised to get credits on July 1. They were just 1 day late with paying back. And those cleptocrats took this 1-day-shortage as an excuse to incapacitate the Greek government.

Now Greek government gets bashed as being communists. Too much of honour. Deficit spending is a concept of John Maynard Keynes, maybe you've heard the name.

Greece was not promised to get credit on July, 1 and they were not one day late.

They asked to shift payment to fall 2015. It was payment to IMF, nothing to do with EU ...

BTW, your Greek heroes ask for more money from those celeptocrats, what's logic in that ...

We live in the age of monetarism, forget Keynes

"Monetarism"?

Thank you for the name of your religion.

Mine is different.