Greece Debt Crisis Explained

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  1. People would go to prison for that. Greece will go to hell. Welcome to the third world.

    • Geofrey P. R. Martell July 6, 2015

      soo… that’s why it’s called Hell-as?

    • Iceland didn’t. I applaud Greece for booting out the bankers and the IMF! Hopefully more countries wise up soon.

    • Yeah I think Iceland whiffed on 10 billion owed to English banks. Probably benefited more from having their own currency that could devalue on its own?

    • Screw the banks. Politicians may be bad, but bankers don’t have a clue how to run a country. Just look how messed up the US is.

    • Greece will be the poorest country in Europe now. Seems they will have to eat the dog food they give to the tourist as stew themselves now.

    • Greece always was part of the third world till it joined the Euro. When they got a hard currency they used it over borrow and started to import everything. Hence the mess they are in today. They should NEVER have entered the Euro , but with the assistance of Goldman Sachs they managed to lie their way into the Eurozone .

  2. Major props to Greece. People first.

    • People first? People will be starving in a few days. People stupid!

    • That’s what they’ve said when slavery was abolished. The greeks have been around “for a while”, I assure you they won’t die of hunger for the next few thousand years.

    • Greece imports most of it’s food from other countries. It doesn’t have the agricultural capacities to feed all mouths by it’s own. So, they WILL starve. On the other hand they could eat away all those rats that prosper on the hills of garbage that will clog the street after the disposal companies ran out of money and spare parts for their trucks (which will happen… now).
      They bit the hands that fed them, spitted in the faces of those who tried to help them. They voted that misery themselves. If they want to be left alone they shall be alone. The people of other countries understand this. Tourist orders dropped around 40%. Tourism was greece’s main income. Most qualified people already fled the country. Others plan to follow. Even their minister of finances took of. – Freedom für Greece? They had freedom before. All they had to do was not to spent more money than their income. No doubt Tsipras will flee as soon as he doesn’t see his future in Greece and leave them in their sh*t.

  3. Unfortunately the private German and French banks already got their money back in -11. It was a pure socialization of bad credit, which should never have happened. The credit should have been nullified and the politicians and bankers who agreed upon the credit should have been brought to justice. Sympathies to Greek citizens from a Finnish citizen. Don’t surrender to austerity.

    • The problem is it’s not the banks money that vanished in Greece. It’s the peoples’ money. Our money from the other countries. The greek stole it from us and now they dare to ask for more. That folk is lazy, sloppy and filthy. They can’t even preserve their own cultural heritage. All those ancient places you can visit as a tourist were rebuild and preserved by other countries as the greek would just do nothing and watch it rot.

    • Before -11 it was a matter between private banks and Greece. But then it got socialized by right-wing governments across the EU to the greedy German and French banks so they wouldn’t have to take a credit loss. So you are correct. Now, thanks to right-wing governments, their debt is a liability for other EU members, something which the EU constitution explicitly forbids. The correct remedy would be to freeze the bank’s assets for the debt amount and redistribute it to the people and to sue those in the government who participated in this ponzi scheme for high treason.

    • With all this NSA-, TISA-, TTIP- and mass-surveillance-trouble these days more than half of Europe’s politicians should be imprisoned for high treason against their countries and people. Same in the US. – Oh, and no, Putin-fans. Russia isn’t better… Still worse.

  4. You can’t pay off debt by going further into debt, that’s insane thinking.
    Also there’s this regarding Greece and its loans;
    http://www.liveleak.com/view?i=783_1436134301

    • BreakOutTheTinHats July 8, 2015

      “The banks wrecked the Greek government and deliberately pushed it into unsustainable debt so that oligarchs and international corporations can profit from the ensuing chaos and misery”
      uh, sure. and the USA didn’t land on the moon.

    • Insanity it is but is precisely what the Greeks want! The upside is they destabilise the Euro and massively strength the US dollar

  5. Germany never paid their postwar debts fully. Bleddy hypocrites to play the moral high ground. Damned straight this is a victory for democracy. Greece may hurt in the short term, but austerity would continue to cripple them for decades. Well done, you glorious bastards!

    • Oh, Germany did. ΣΥΡΙΖΑ just used tricky maths to generate debts that weren’t there. I’m sure Germany payed much more when you add money for upkeeping archaeological sites and gifts to the greek military where most of greece’s money went.

    • Come off it , Greece was on transfer drip from Germany , hence the economic boom in Greece till 2007. You must be a Greek living in some English speaking country , a refugee from the corrupt and bankrupt Greek state. Instead of blaming others for Greeces problems you need to look at Greek “leadership” which is totally incompetent and corrupt .

  6. Sell Greece to Turkey or dump it in the Aegean Sea.

    • Talked to a Turkish man yesterday – no joke. He said, they wouldn’t want Greece ’cause the land is worth nothing. They might want some islands back they gifted greece to end the war, that’s all.

  7. What the hell does WW2 German debt , which has been repaid many times have to do with the corrupt and dishonest Greek government? For over 250 years this corrupt and backward nation has gone from one crisis to another. Back in 1908 Greece was thrown out of the Latin dollar because they swindled and lied. Why would anyone want to lend to Greece now, after their default. They are short term manipulative opportunists. However, their actions have ensured the US dollar has retained hegemony, well done Greece. The US rules once again!!

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