BusinessWeek Writes: Greece’s Financial Woes Are Far From Over
German Chancellor Angela Merkel, whose resounding election victory guarantees her a dominant role in managing the Greek crisis, has tried to quiet talk about a haircut. Demanding more sacrifices from Greek bondholders could “trigger a domino effect” that would undermine confidence across the euro zone, she told the German magazine Focus in August.
Xafa says the longer a writedown on the bonds is delayed, the greater the risk that the debt burden will prevent Athens from meeting the terms of its €240 billion in rescue loans from the IMF, the European Central Bank, and Greece’s European neighbors.
The mood on the streets is ugly. Riot police broke up recent strikes by school personnel. And a spate of attacks linked to the far-right Golden Dawn party, including the stabbing death of a young rap musician, has the country on edge. “The anger is rising and rising,” Tzogopoulos says. “People see no light at the end of the tunnel at all.”
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While the title of the article above seems absurd it is not that far off from reality. Without taking any demographic issues into consideration or discussing whether or not Greeks are lazy, Greece is basically screwed.
The EU and Germany in particular have Greece under their heels. Greece will never be able to repay the debt, yet under the current arrangement Greece and its people become debt slaves to the EU for the foreseeable future.
Having spend a considerable amount of time in Greece and being in love with Greek people/culture, I have a suggestion for the Greek politicians. DEFAULT. DEFAULT NOW.
Default on your debts and tell the EU/Germany to go screw themselves. Your people have suffered enough. Do what Iceland did in 2011. Look how fast their recovery has been and understand that is where Greece can be in a few years.
Default, dump the Euro and go back to Drahma. Do it before Germany start confiscating Greek Islands or worse, Neo Nazis that are running all around Greece now come into power.
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