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Greek elections

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phildwyer said:
''I owe €700 on my credit card. I'm ringing tomorrow to tell them I've voted no to repaying them so assume my debt is wiped. #greekreferendum
— Brian O'Reilly (@Brian_O_Reilly) July 5, 2015''

Of course he jests, but ın fact that ıs what everyone should do. The usurers would have no recourse faced wıth a mass default. Let the Greeks be an example to us all.
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That’s one way of looking at it – at least in the short term.

But imagine what would happen if you wanted to apply for another credit card in a few months’ time.

For a mass default to work someone would first have to take the plunge but then be absolutely sure that all other debtor nations would follow in short order. Otherwise you'd be in danger of being hung out to dry.

If you neighbour defaulted on his/her bank loan would automatically you do the same in solidarity, irrespective of the consequences?
 
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ska invita said:
Has a replacement for Yanis been announced? The Paul Mason piece linked to was from April....


I think the UK has had about 40bn quantiative easing too, so, you know, we're all in it together
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Yeah but you have what ten times the population so we might all be in this together but you're on the lifeboat while we're learning the lyrics to "abide with me"
 
SpookyFrank said:
Different kettle of fish with the euro though, as it will continue to have value even after a split. They can't just invalidate it and start over, unless they were to invalidate it everywhere and replace every banknote in the eurozone, at a cost far greater than simply buying Greece a new Greece.
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...funnily enough each Euro has a nationality though...the serial number has a prefix letter as a national bank identifier - Greek euros are Y, Germany X...apparently its been a semi-serious EZ joke to spend Y's as soon as you get them in your wallet and hang onto the X's....

 
8den said:
Yeah but you have what ten times the population so we might all be in this together but you're on the lifeboat while we're learning the lyrics to "abide with me"
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50bn is 10,000 euros for every person in Ireland. That's fucking mental :eek:
 
Kevin Ovenden on FB:

"Two great pressures now. One to give a bourgeois stabilising meaning and limit to the great Oxi revolt. Two to create the feel of compromise and census within Greek society and in the negotiations to put the whole radicalising process back in the box.
Meanwhile people who have work are back there today facing the bosses and managers who used extraordinary pressure to get them to vote with big business on Sunday. They are seeing news channels and papers which they know lied on an enormous scale now insouciantly telling them to be magnanimous and more to compromise.
We will see today and coming days how that goes down.

One friend tells me that from his workplace, a hospital, someone came up with an argument which shot around the workforce like a 9mm bullet.
"We should surround the City Hall in Athens until Giorgos Kaminis resigns." Kaminis is the centre-left politician who helped front the Yes campaign and is widely believed to have abused municipal facilities to do so. He tried to use his power to cancel the rally in Syntagma on Friday night.
The hospital porter continues, "He was part of a coup d'etat. One of the chief plotters. Treason! We know what happens to traitors."
Strong language. But a reflection of the times here with hardship mounting."
 
SpookyFrank said:
50bn is 10,000 euros for every person in Ireland. That's fucking mental :eek:
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Thats what I mean I know we had engaged in quantitative easing it's the scale of it is absolutely mindboggling.

After the IMF were called in at the next general election EVERY single cabinet member resigned rather than face the electorate. Resigned with an obscenely generous pension I may add, while saddling the country with enormous debts run up by corrupt bankers. If there was any spine in the population all those fuckers should have been strung up on lampposts.
 
hot air baboon said:
...funnily enough each Euro has a nationality though...the serial number has a prefix letter as a national bank identifier - Greek euros are Y, Germany X...apparently its been a semi-serious EZ joke to spend Y's as soon as you get them in your wallet and hang onto the X's....

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I'd say go the other way and hang onto the greek "Y"s. Their rarity could make them expensive collectors items soon.
 
happie chappie said:
If you neighbour defaulted on his/her bank loan would automatically you do the same in solidarity, irrespective of the consequences?
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I would if I knew that, say, 25% of the bank's other customers were going to do the same.

I guess the EU equivalent would be for Spain and one or two other largeish economies to follow the Greek lead. Which looks a lot more likely today than it did yesterday.
 
phildwyer said:
I would if I knew that, say, 25% of the bank's other customers were going to do the same.

I guess the EU equivalent would be for Spain and one or two other largeish economies to follow the Greek lead. Which looks a lot more likely today than it did yesterday.
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Then you'd have to be pretty sure that any of you wouldn't need to borrow any money for the foreseeable future - at least not without paying Wonga-like rates of interest.

A friend of mine told his creditors to fuck off to the tune of several thousand pounds. He was pretty pleased with himself and even boasted about it.

Several years later he still can't get a mortgage, or any other form of affordable finance for that matter.

Unless he meets a wealthy heiress he'll be spending the rest of his life in rented accommodation and driving an old banger.
 
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so theres word about Tsipras talking to Putin today...one other thing I dont know if mentioned on this thread is that Greece and Russia signed a big gas pipeline deal last month http://rt.com/business/268279-russia-greece-turkish-stream/

ska invita said:
Its going to be a good week for photographers in general to catch some choice body language :thumbs:
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this morning...
3500.jpg

not happy
 
More good stuff from Thomas Piketty, interviewed by German rag Die Zeit:

https://medium.com/@gavinschalliol/thomas-piketty-germany-has-never-repaid-7b5e7add6fff

ZEIT: Do you believe that we Germans aren’t generous enough?

Piketty: What are you talking about? Generous? Currently, Germany is profiting from Greece as it extends loans at comparatively high interest rates.

ZEIT: What solution would you suggest for this crisis?

Piketty: We need a conference on all of Europe’s debts, just like after World War II. A restructuring of all debt, not just in Greece but in several European countries, is inevitable. Just now, we’ve lost six months in the completely intransparent negotiations with Athens. The Eurogroup’s notion that Greece will reach a budgetary surplus of 4% of GDP and will pay back its debts within 30 to 40 years is still on the table. Allegedly, they will reach one percent surplus in 2015, then two percent in 2016, and three and a half percent in 2017. Completely ridiculous! This will never happen. Yet we keep postponing the necessary debate until the cows come home.
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Portugal has eaten them eggs eagerly and the country is already, at least, 6% poorer now. The masses have yet to realise their governments have pawned their future.
 
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