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7 comments

1 Skip Intro  Jun 27, 2015 5:54:32pm

Going to be a real bad day in the US stock market Monday.

2 Higgs Boson's Mate  Jun 27, 2015 6:15:34pm

re: #1 Skip Intro

It looks as though the Eurozone finance ministers have already accepted the idea that Greece will default. They seem to be focusing on damage control after Greece exits the EU.

3 BlueSpotinAL  Jun 27, 2015 6:30:54pm

It is hard to read exactly what will happen. The ruling party in Greece was recently elected to stop giving in to unreasonable demands for austerity. There will be a fall in the euro-dollar exchange rate, but what will people do with the dollars they buy? It could be that they will buy US stocks. Then again there may be panic selling. The German stock market may really suffer, if investors sell German stocks for euros, to trade for dollars. Maybe there will be a delay in a precipitous euro drop because people think there might be an 11th hour deal.

4 aagcobb  Jun 27, 2015 11:07:50pm

re: #2 Higgs Boson’s Mate

It looks as though the Eurozone finance ministers have already accepted the idea that Greece will default. They seem to be focusing on damage control after Greece exits the EU.

It remains to be seen. The Greek government may acquiesce to the EU’s demands because a default is likely to be worse for Greece than accepting austerity.

5 Dark_Falcon  Jun 28, 2015 9:55:26am

re: #2 Higgs Boson’s Mate

It looks as though the Eurozone finance ministers have already accepted the idea that Greece will default. They seem to be focusing on damage control after Greece exits the EU.

Nothing to be done about it. The most recent Greek proposal didn’t provide for growth, what it did was increase business taxes and taxes on wealthier people and then pretend that would allow the Greek government to spend a bit more. Now, ‘tax the rich’ is debatable here but to increase business taxes at a time when Greece needs to attract foreign investment is an act of folly. It will choke business activity and keep outside investment away.

Faced with that, the ministers had to conclude that Greece was either unable or unwilling to meet its obligations. That being so, giving Greece the last of the bailout money would just be throwing more money into the fire.

6 subterraneanhomesickalien  Jun 28, 2015 11:22:35am

The brown skinned poor will be made to suffer, and they evidently will find pride and redemption in their suffering. Or something like that.

But anyway fuck the EU, by which I pretty much mean fuck Germany.

The Brits are right about not wanting to be apart of that horseshit.

7 WhatEVs  Jun 29, 2015 9:56:48am

This is an insanely complex issue. First off, it was really iffy that Greece joined the EU to start with. Their financials have always been off.

They have a problem with government jobs and retirement age. And with collecting taxes in general.

To say they shouldn’t increase the taxes anywhere it simplistic. What was the original rate and what are they looking to increase it to? There’s austerity that hurts working people NOW and then there’s austerity for retirees, many who retired at 50. That’s not a sustainable retirement age, especially when you don’t have a lot of GDP other than tourism and some of the more boutique industries (cheese, etc.) I don’t think Greece produces much of anything for export.

The problem really comes down to people starving NOW. How do a people vote for more austerity when they are already starving?

And then…what happens to Spain and the other countries who are in a pretty close situation? Does the EU allow them to default and leave? What happens to the nations that are in good financial shape? Will their populace (because the banks and lenders don’t take concessions alone) have to step up to pay for Greece, then Spain, et al, and then how does a Germany react?

The EU is in a real pickle.

For as much as I know, I think I know far less than what is needed to make comments about what they should do. Greece is pretty well up shit’s creek without a paddle or functioning canoe…and the other debtor nations are close behind trying to get the shit out of their boats.


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