[ShepherdsDog]

Let's see the Greeks pay (on their own) for the lifestyle they expect others to subsidize.

[martin14]

ShepherdsDog ShepherdsDog:

Let's see the Greeks pay (on their own) for the lifestyle they expect others to subsidize.

I expect the Cypriots are 24-36 hours away from trying that theory out.

Some of them point to Iceland, and say " see, it isn't so bad, they're doing fine. "



People just don't have a clue.

[Brenda]

martin14 martin14:

ShepherdsDog ShepherdsDog:

Let's see the Greeks pay (on their own) for the lifestyle they expect others to subsidize.

I expect the Cypriots are 24-36 hours away from trying that theory out.

Some of them point to Iceland, and say " see, it isn't so bad, they're doing fine. "



People just don't have a clue.

Yeah, Iceland is also really good at paying off their loans...

[martin14]

Speaking of which B, don't worry, it ain't all fun and dried fish for them.


Borrowed from another site..


Useful comment from Iceland to read, if you or others, really think we shoud follow Icelands example. I hope the author will not mind me sharing his account of the situation!
Economy is not booming in Iceland. We have capital restriction - we can not send money abroad (like now in CY). Our inflation went past 20% is around 5% now with no GDP growth. The 'debt forgiveness' was not for the public. Mortgages and other loans based on foreign currency went up by 200-250% overnight due to devaluation of the local currency. Mortgages were brought down to 110% on equity of the houses. We lost all capital invested in all of the companies on the Icelandic stock market (only two companies survived). Banks went bankrupt. our deposits were secured but lost 50% of its value in relation to EUR, $ etc. Our pension funds were close to bankruptcy. Unemployment spiked. Healthcare sector is broken - past braking point. Our police force has been cut down past any sense. 3 families have lost their homes each day since 2008. That will continue for years. Multiply that by 3 for Cyprus (possibly 10 families could loose their houses per day for the coming 5 years at least if the same plays out in Cyprus(. Our Housing Loan Fund is bankrupt. The list goes on and on. Now we face a second collapse. It may wipe out, completely, the pension funds. To pay down our loan to the IMF will take us decades. Just the interest on the loans we have (like the 10B from the TROIKA you might get) could fund the health care sector etc, if Im not mistaken. We await collapse 2. Otherwise, life is good

[Brenda]

Wow! I didn't know it was THAT bad!

I get a kick out of FB posts like these:

My response used to be: yeah, and don't pay back the ones that funded that bail-out...

I think I might let that go now...

[BartSimpson]

martin14 martin14:

Speaking of which B, don't worry, it ain't all fun and dried fish for them.


Borrowed from another site..


Useful comment from Iceland to read, if you or others, really think we shoud follow Icelands example. I hope the author will not mind me sharing his account of the situation!
Economy is not booming in Iceland. We have capital restriction - we can not send money abroad (like now in CY). Our inflation went past 20% is around 5% now with no GDP growth. The 'debt forgiveness' was not for the public. Mortgages and other loans based on foreign currency went up by 200-250% overnight due to devaluation of the local currency. Mortgages were brought down to 110% on equity of the houses. We lost all capital invested in all of the companies on the Icelandic stock market (only two companies survived). Banks went bankrupt. our deposits were secured but lost 50% of its value in relation to EUR, $ etc. Our pension funds were close to bankruptcy. Unemployment spiked. Healthcare sector is broken - past braking point. Our police force has been cut down past any sense. 3 families have lost their homes each day since 2008. That will continue for years. Multiply that by 3 for Cyprus (possibly 10 families could loose their houses per day for the coming 5 years at least if the same plays out in Cyprus(. Our Housing Loan Fund is bankrupt. The list goes on and on. Now we face a second collapse. It may wipe out, completely, the pension funds. To pay down our loan to the IMF will take us decades. Just the interest on the loans we have (like the 10B from the TROIKA you might get) could fund the health care sector etc, if Im not mistaken. We await collapse 2. Otherwise, life is good

That's what happens to fiat currencies when they eventually fail.

[BartSimpson]

The rioting has started.

http://www.zerohedge.com/news/2013-03-2 ... iots-begin

[martin14]

Yup, the second biggest bank in Cyprus just went under.


I don't know if the bailout could save it.




The first 100,000 euros should still be guaranteed.

Anything over that .... poof.

[andyt]

Reset time - get the fuck out of the EU. The only thing keeping them in is this dream of a grand european union. the dream is over. If Germany and France want to form one country, let them start there. Never happen of course.

[BartSimpson]

andyt andyt:

Reset time - get the fuck out of the EU. The only thing keeping them in is this dream of a grand european union. the dream is over. If Germany and France want to form one country, let them start there. Never happen of course.

I've long said that the EU is France and Germany together trying to accomplishly politically what separately neither of them could accomplish militarily.

[ShepherdsDog]

Guess the Greeks are going to have to learn to live within their means, work for what they want and pay their god damned taxes.

[ShepherdsDog]

BartSimpson BartSimpson:

andyt andyt:

Reset time - get the fuck out of the EU. The only thing keeping them in is this dream of a grand european union. the dream is over. If Germany and France want to form one country, let them start there. Never happen of course.

I've long said that the EU is France and Germany together trying to accomplishly politically what separately neither of them could accomplish militarily.

Once upon a time when either got too uppity yo could count on the Anglos setting them straight......don't know if that can be done nowadays. Britain should disengage and form closer bonds with her progeny

[Brenda]

ShepherdsDog ShepherdsDog:

Guess the Greeks are going to have to learn to live within their means, work for what they want and pay their god damned taxes.

That would be such a big culture shock for them, they cannot handle that.

[Jonny_C]

BartSimpson BartSimpson:

I've long said that the EU is France and Germany together trying to accomplishly politically what separately neither of them could accomplish militarily.

I imagine that getting European countries to work together is much like herding cats. Objectively, it might be reason for optimism that as much has been accomplished as already has.

It seems that some people will happily pounce on every aspect of the union that doesn't work, or doesn't work well, right off the bat. I think it's still very much a work in progress and setbacks are to be expected.

[BartSimpson]

ShepherdsDog ShepherdsDog:

Britain should disengage and form closer bonds with her progeny

Concur. They'd learn a lot from closer relations with Canada.