Oh The Whacky World Of The Euro Zone And Greece!!!

image

Greece: EU lawmakers probe bailout enforcers

ATHENS, Greece (AP) — Government and opposition party officials are meeting with a European Parliament delegation visiting Athens to investigate whether international bailout enforcers caused unnecessary hardship among Greeks.

The seven-member delegation led by a conservative Austrian lawmaker, Othmar Karas, met with Finance Minister Yannis Stournaras and left-wing opposition leader Alexis Tsipras.

Bailout inspectors from the European Union, European Central Bank andInternational Monetary Fund — known as the troika — have supervised harsh austerity measures that have reined in chronic government overspending but have also pushed the unemployment rate past 27 percent.

The visiting delegation is due to report on their findings in April.

That evil troika!!!!  How dare they give money to the Greeks and then insist the Greeks adhere to the terms of their agreement!!!!  Just look at all that unemployment they caused!!!!  (Never asking what the unemployment would be if the troika hadn’t given them all that money…..) 

The austerity measures were not harsh, but, very giving.  Their national debt stands at about 330 billion Euros.  The troika has never ensured revenue neutral spending and they’ve run a deficit every year since Greece originally needed a bailout ……  the one they agreed to. 

How is it harsh is it to give money to a group of people who needed the money because of deficit spending and out of control debt, only to allow more debt and deficit spending?

Greece should seek to punish the people giving them the money and punish them harshly!!!! 

This entry was posted in Economics, News and politics. Bookmark the permalink.

8 Responses to Oh The Whacky World Of The Euro Zone And Greece!!!

  1. leftinflagstaff says:

    Like with all delusional Liberalism, the absurdity will soon require a name change. This time for the EU. I’m thinking: Entitlementia.

  2. DirkH says:

    Kabuki theatre to satisfy anger of masses and pretend the elite cares.

    Here’s the thing. Most of the Greek debt was issued in the country’s currency. Only some was sold in London under UK right. Meaning:; Had Greek switched to a new drachma, most of the debt would have automatically converted to Drachma debt.

    Greece would have been free to devalue and that would have destroyed a whole lot of French and German banks.

    All this “helping” Greece was to prevent that from happening.

    • Bruce says:

      Exactly.

      Of course if Greece devaluing didn’t do it, then Spain and Italy bailing out of the euro would certainly have done it.

      On the other hand I fully agree with the Germans – Club Med will just keep on with their ways unless they are made to do something. So locking them into the euro and beating on them until they reform is a reasonable strategy. Except they won’t ever actually reform.

      But they can kick their cans for a few years yet. Japan has shown that you can have 200%+ debt to GDP ratio and get a way with it at least for a while. The Japanese government has the bondholders over a barrel. They dare not try to get out since their exposure is ‘way too much to liquidate fast. If they try they cut their own throats. Same goes for Europe once the debt gets big enough.

  3. DirkH says:

    Stuttering in the US: Amazon, Google, Apple deflate a little.

  4. phodges says:

    It is not Greece that has been bailed out, it is the banks.

    Bankers and politicians have contrived to sell Greeks into debt slavery….hm….sound familiar?

    • suyts says:

      Yes, sort of. The Greeks had already sold themselves into debt slavery by the policies they wanted from their politicians and bankers. It was just the troika who bought the note, because the Greeks refused to do what was necessary.

      Don’t get me wrong, I have great sympathy for the plight of the Greek people, but, they’ve had a few elections and they’ve chosen their lot.

  5. philjourdan says:

    Reminds me of the MASH episode where Charles loaned money to Hawkeye and BJ,

    They jumped in bed with the devil and then did not want to pay the price.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s