Remember a very large portion of the money lend to Greece is also taxpayer money from other European countries not just banks, if they default they will lose all their money as well basicly making Greece the black sheep of Europe for decades to come. Besides if Greece defaults you think anyone will ever lend them money ever again? NO! Good luck rebuilding your economy if you can't loan money on the international markets.
Greece needs to declare a debt moratorium and invest in production instead of sending money to economic parasites. They should remain in the EU. Roll back all the austerity on the working class. Time to stick it to the bamkster scum!
The Greek debt issue borders on utter offensive obnoxiousness for many fellow European countries.
Countries like Lithuania, Latvia, Estonia which have pensions 3 times smaller than Greece's BUT are EXPECTED to subsidize the Greek pension system.When the Lithuanians pointed this out, the Greek Finance Minister simply said the Greeks would never accept pensions so low.
Countries like Bulgaria, Romania, Hungary, Croatia which are much poorer are forced to watch on the sidelines as Greece swallows near limitless amounts of EU funds, while Greece refuses to undertake structural reforms.
Countries like Spain, Portugal, Finland, Ireland, Italy have all went through significant and painful structural reforms to refloat their economies. At one point Spain had 25% percentile unemployment as well. Of course these are furious about the Greek behavior as well.
Spain was literally forced to write a debt and spending limit into its constitution to calm the markets years back.
When the Italians pointed out the fact that they were forced to significantly raise the retirement age, the Greeks scoffed off the Italians and simply said that -"Whatever, your economy is the next to collapse!"
Now these countries are facing rising borrowing costs to no fault of their own just due to Greece's behavior.
Meanwhile Eurosceptics from countries like the UK gleefully cheer Greece on, as Greece is about to fall on its own sword in the name of "democracy", and is about the blow a hole the size of Mount Olympus in the economies of all its neighbors, yet when the Greek economy finally implodes utterly and they will be forced out of the Eurozone and back to a HYPERINFLATED Drachma it will be the same Eurosceptics demanding sky high fences to be built around Greece to stem the tide of Greek immigration seeking jobs in the EU.
People keep complaining about how hard the Greeks have it, but for some reason nobody seems to mention the about dozen other EU countries that have it worse than Greece but are expected to bail Greece out. Or the other EU countries who actually DID go through reform programs and are now back growing at 3%ish rates like Spain or Ireland.
Greece can't have its fucking cake and eat it too, while everyone else is getting shafted, Greece is not some special snowflake, Gods gift to humanity. Greeks blame literally EVERYONE and EVERYTHING for the debt and structural problems except themselves.
This is why the EU has finally called Tsipras on his bluff. At this point letting Greece default, kicking it out of the Eurozone and most likely the EU will cause less economic damage than letting Greece fuck with everyone further on.
My understanding of Greece's debt is they borrowed and borrowed. Then when one debt was to be paid they borrowed from someone else to pay, but in doing so now owed someone else money and increased their overall debt. Now if that's the case. At what point did they think this kind of thing was going to turn out well? They borrowed and borrowed, and if you have to borrow so much you obviously have no money of your own. So how could you possibly pay anything back.
They didn't want to make cuts in order to make their obligated payments so what should or is going to happen to them? Some please explain. Because to me they borrowed the money and now rightly so their lenders want it back as agreed upon. What did Greece gain from all that borrowing and spending?
The Greeks are that friend who's always asking for money, and treats you like an asshole when you finally have to ask for the money back a couple days after he said he'd pay it back. Greece's economy would've defaulted years ago if it wasn't for the EU and the IMF, and if Greece didn't think it could handle the terms of the arrangement, they shouldn't have signed on for it. Now, they've gotten the money, and they don't want to pay back what they owe, and the most cowardly part is that the Greek government is trying to pass off the culpability for the default to the Greek people with this referendum at the 11th hour, when I'm sure the bulk of the Greek people don't understand what's actually been going on, thinks the IMF is the enemy, and have been told that sundering all their relationships and giving the EU a black eye will fix everything. This will now be the SIXTH time Greece has gone bankrupt, and they're going to need a King Midas to get themselves out of this financial hole.
Cenk Uygur, you IDIOTIC SIMPLETON! A referendum is only sensible when people can make a calm and sound decision instead of having impending financial doom bearing down on them. It also helps if the thing you vote on actually has any legal standing instead of being a proposal that is no longer valid anyway.
Do I think we should all hang many of the bankers for having caused so many hardships? DEFINITELY! Do I think the bailout of Greece is in actual fact primarily a rescue of the German and French banks? ABSOLUTELY! Do I think the Greeks are 'helpless victims' who had nothing to do with this crisis? You've got to be f@cking kidding me. Of course not!
Hey Cenk, why don't you take a quick look at some of the things that were actually proposed to Greece like an increased tax on hotels (which is currently very low), increased efficiency in tax collection (currently only at around 50% of what it should be), REDUCE MILITARY SPENDING (Greece has one of the largest defence budgets in the EU in terms of % of GDP, partly due to a historic rivalrywith Turkey, a conflict that has made massive profits for US arms dealers).
Cenk, why don't you do you journalistic duty and do a fact check on what the pension system in Greece looks like. For instance; what is the average retirement age in Greece? Did the latest demands include any new cuts to pensions? No! Only a proposal for an increase in the retirement age which is currently one of the lowest in Europe.
Cenk Uygur – way over his head on any topic that is not the Middle East or USA -_-
Greece's debt is €323 billion NOT €1.7 billion you idiots. The 1.7 billion is the amount the are due to pay in their latest repayments.
Furthermore your coverage is downright moronic. Greece is taking all his money from other countries in Europe. All the countries paying Greece's debt are asking for is common sense change.
Greeks on average retire MUCH earlier than the nations that are paying their debts for them. Germany is simply asking that Greece rise the age of retirement more inline with their own.
Sadly Greek people are simply living a lifestyle they cannot afford, an leaving it to the rest of Europe to bail them out. Europe has grown tired of writing Greece a blank check, that's the situation we find ourselves in.
3:38 Not true, not true at all! The latest proposal did not include any new cuts to pensions. Why doesn't Cenk mention what the average retirement age is in Greece.
Austerity is a failed, toxic and demonstrably self-destructive policy.
Certainly there are some Greek entitlements that can stand to be reduced in their scope and generosity; a pension age of 61, with early retirement provisions that have allowed just over 50% of Greeks to retire before this point, is insane, but expecting a profoundly depressed economy to recover with regressive increases in taxation, particularly consumption taxes, while also reducing government spending is the definition of insanity from an economics perspective and is concretely toxic.
In effect, the government would be adopting an economically contractual policy of reducing aggregate demand from both the private and public sector alike in the midst of an already distressed economic climate devoid of confidence; it is suicide and completely untenable. Further, it about guarantees that Greece will never repay its debts, as the combination of cuts and tax increases have thus far caused its GDP and economy to shrink far faster than it pays down its obligations. In all, while the ECB/IMF have made some reasonable demands, the majority of these being imposed on Greece are invariably ruinous and counterproductive.
"The creditors don't like democracy"…Well the creditors are the people of 18 different European democracies. Please explain to a Slovak carpenter why his money needs to be transferred to Greece. I wonder what Americans would say if they were in a situation where they repeatedly help out their neighbors while these same neighbors insult and hate against them. Do you believe any American president would say: "Fellow Americans we will not ask for reforms in return for our loans, neither will we expect any of the money to get paid back to the American tax payer"…?
they have a 1.7 bilion debt… I'm not a pro in economy yet but do you really thinkit's fair for them to just go "eh, we're not paying a penny of that, bankrupcy bitches!" ?
I have no beef with the Greek, but I don't think this is the best way to get out of a debt.
At the end of the day they'll do what they feel they have to do, but this is a symptom. Europe is going down the drains and Greece is making it happen faster. Now whether you like that or not is your issue.
This wouldn't be happening if Greece didn't take Zeus out of the schools.
Remember a very large portion of the money lend to Greece is also taxpayer money from other European countries not just banks, if they default they will lose all their money as well basicly making Greece the black sheep of Europe for decades to come. Besides if Greece defaults you think anyone will ever lend them money ever again? NO! Good luck rebuilding your economy if you can't loan money on the international markets.
A debt that can not be paid, will not be paid.
Before you encode the video, play it at least once, to make sure it looks right.
Greece's debt is at 1.77 billion dollars
facepalm
Greece needs to declare a debt moratorium and invest in production instead of sending money to economic parasites. They should remain in the EU. Roll back all the austerity on the working class. Time to stick it to the bamkster scum!
I think that you got your numbers wrong. Greece's debt is over 300 billion and the last payment is in 2057 with 1.3 billion euros to the Euro zone!
Greece is to big too fail, Said by the EU never.
The Greek debt issue borders on utter offensive obnoxiousness for many fellow European countries.
Countries like Lithuania, Latvia, Estonia which have pensions 3 times smaller than Greece's BUT are EXPECTED to subsidize the Greek pension system.When the Lithuanians pointed this out, the Greek Finance Minister simply said the Greeks would never accept pensions so low.
Countries like Bulgaria, Romania, Hungary, Croatia which are much poorer are forced to watch on the sidelines as Greece swallows near limitless amounts of EU funds, while Greece refuses to undertake structural reforms.
Countries like Spain, Portugal, Finland, Ireland, Italy have all went through significant and painful structural reforms to refloat their economies. At one point Spain had 25% percentile unemployment as well. Of course these are furious about the Greek behavior as well.
Spain was literally forced to write a debt and spending limit into its constitution to calm the markets years back.
When the Italians pointed out the fact that they were forced to significantly raise the retirement age, the Greeks scoffed off the Italians and simply said that -"Whatever, your economy is the next to collapse!"
Now these countries are facing rising borrowing costs to no fault of their own just due to Greece's behavior.
Meanwhile Eurosceptics from countries like the UK gleefully cheer Greece on, as Greece is about to fall on its own sword in the name of "democracy", and is about the blow a hole the size of Mount Olympus in the economies of all its neighbors, yet when the Greek economy finally implodes utterly and they will be forced out of the Eurozone and back to a HYPERINFLATED Drachma it will be the same Eurosceptics demanding sky high fences to be built around Greece to stem the tide of Greek immigration seeking jobs in the EU.
People keep complaining about how hard the Greeks have it, but for some reason nobody seems to mention the about dozen other EU countries that have it worse than Greece but are expected to bail Greece out. Or the other EU countries who actually DID go through reform programs and are now back growing at 3%ish rates like Spain or Ireland.
Greece can't have its fucking cake and eat it too, while everyone else is getting shafted, Greece is not some special snowflake, Gods gift to humanity. Greeks blame literally EVERYONE and EVERYTHING for the debt and structural problems except themselves.
This is why the EU has finally called Tsipras on his bluff. At this point letting Greece default, kicking it out of the Eurozone and most likely the EU will cause less economic damage than letting Greece fuck with everyone further on.
Paying a debt by borrowing more debt to pay for more debt borrowing again chasing the debt. How long will this circus continue, madness.
My understanding of Greece's debt is they borrowed and borrowed. Then when one debt was to be paid they borrowed from someone else to pay, but in doing so now owed someone else money and increased their overall debt. Now if that's the case. At what point did they think this kind of thing was going to turn out well? They borrowed and borrowed, and if you have to borrow so much you obviously have no money of your own. So how could you possibly pay anything back.
They didn't want to make cuts in order to make their obligated payments so what should or is going to happen to them? Some please explain. Because to me they borrowed the money and now rightly so their lenders want it back as agreed upon. What did Greece gain from all that borrowing and spending?
The Greeks are that friend who's always asking for money, and treats you like an asshole when you finally have to ask for the money back a couple days after he said he'd pay it back.
Greece's economy would've defaulted years ago if it wasn't for the EU and the IMF, and if Greece didn't think it could handle the terms of the arrangement, they shouldn't have signed on for it. Now, they've gotten the money, and they don't want to pay back what they owe, and the most cowardly part is that the Greek government is trying to pass off the culpability for the default to the Greek people with this referendum at the 11th hour, when I'm sure the bulk of the Greek people don't understand what's actually been going on, thinks the IMF is the enemy, and have been told that sundering all their relationships and giving the EU a black eye will fix everything.
This will now be the SIXTH time Greece has gone bankrupt, and they're going to need a King Midas to get themselves out of this financial hole.
Oh My God!
Cenk Uygur, you IDIOTIC SIMPLETON! A referendum is only sensible when people can make a calm and sound decision instead of having impending financial doom bearing down on them. It also helps if the thing you vote on actually has any legal standing instead of being a proposal that is no longer valid anyway.
Do I think we should all hang many of the bankers for having caused so many hardships? DEFINITELY! Do I think the bailout of Greece is in actual fact primarily a rescue of the German and French banks? ABSOLUTELY!
Do I think the Greeks are 'helpless victims' who had nothing to do with this crisis? You've got to be f@cking kidding me. Of course not!
Hey Cenk, why don't you take a quick look at some of the things that were actually proposed to Greece like an increased tax on hotels (which is currently very low), increased efficiency in tax collection (currently only at around 50% of what it should be), REDUCE MILITARY SPENDING (Greece has one of the largest defence budgets in the EU in terms of % of GDP, partly due to a historic rivalrywith Turkey, a conflict that has made massive profits for US arms dealers).
Cenk, why don't you do you journalistic duty and do a fact check on what the pension system in Greece looks like. For instance; what is the average retirement age in Greece? Did the latest demands include any new cuts to pensions? No! Only a proposal for an increase in the retirement age which is currently one of the lowest in Europe.
Cenk Uygur – way over his head on any topic that is not the Middle East or USA -_-
Greece's debt is €323 billion NOT €1.7 billion you idiots. The 1.7 billion is the amount the are due to pay in their latest repayments.
Furthermore your coverage is downright moronic. Greece is taking all his money from other countries in Europe. All the countries paying Greece's debt are asking for is common sense change.
Greeks on average retire MUCH earlier than the nations that are paying their debts for them. Germany is simply asking that Greece rise the age of retirement more inline with their own.
Sadly Greek people are simply living a lifestyle they cannot afford, an leaving it to the rest of Europe to bail them out. Europe has grown tired of writing Greece a blank check, that's the situation we find ourselves in.
3:38 Not true, not true at all! The latest proposal did not include any new cuts to pensions.
Why doesn't Cenk mention what the average retirement age is in Greece.
Austerity is a failed, toxic and demonstrably self-destructive policy.
Certainly there are some Greek entitlements that can stand to be reduced in their scope and generosity; a pension age of 61, with early retirement provisions that have allowed just over 50% of Greeks to retire before this point, is insane, but expecting a profoundly depressed economy to recover with regressive increases in taxation, particularly consumption taxes, while also reducing government spending is the definition of insanity from an economics perspective and is concretely toxic.
In effect, the government would be adopting an economically contractual policy of reducing aggregate demand from both the private and public sector alike in the midst of an already distressed economic climate devoid of confidence; it is suicide and completely untenable. Further, it about guarantees that Greece will never repay its debts, as the combination of cuts and tax increases have thus far caused its GDP and economy to shrink far faster than it pays down its obligations. In all, while the ECB/IMF have made some reasonable demands, the majority of these being imposed on Greece are invariably ruinous and counterproductive.
"The creditors don't like democracy"…Well the creditors are the people of 18 different European democracies. Please explain to a Slovak carpenter why his money needs to be transferred to Greece. I wonder what Americans would say if they were in a situation where they repeatedly help out their neighbors while these same neighbors insult and hate against them. Do you believe any American president would say: "Fellow Americans we will not ask for reforms in return for our loans, neither will we expect any of the money to get paid back to the American tax payer"…?
For Greece, it's a case of 'things will get worse before they can get better'
they have a 1.7 bilion debt… I'm not a pro in economy yet but do you really thinkit's fair for them to just go "eh, we're not paying a penny of that, bankrupcy bitches!" ?
I have no beef with the Greek, but I don't think this is the best way to get out of a debt.
At the end of the day they'll do what they feel they have to do, but this is a symptom. Europe is going down the drains and Greece is making it happen faster. Now whether you like that or not is your issue.
Wonder when Americans will be hitting debt limits….pretty soon I'm sure…