The Big Bailout of the Eurozone (Another crisis coming? - Seriously)

[macdanger2]

I can't see this being the last bailout unless it includes a write-down. Unless they extend the loans over a 50-60years with a very low interest rate or something

[trileacman]

Wouldn't be too quick Trileacman to lap up everything that is written in the papers about Greece.

Not so long ago it was Ireland and the Irish "in the dock" .............. you know the Irish that were too up themselves to do housework, admit that they drove a 20th century registered car, fecklessly borrowing, off to New York shopping every other weekend etc etc etc.

For the life of me I can't understand how people are blaming everything on Syrizia (sic) who are only in power months.

The only definite I can see in all this is that it is very bad news for Turkey and their short term hopes in getting in to the EU ( if they still want to).

The media and "western democracy in general is rabidly anti left wing. The primary aim of Merkel and co at the outset was to remove Syriza from power. The referendum put paid to that so they have to deal with them now. I think Syriza want to tax the mega rich and that was a stumbling block, until now. Syriza have played a blinder in my view. Unlike the lickspittles that represent us.

You must have been very surprised to see them have a state asset firesale, cut old age pensions and tax the tourism sector like f**k overnight so. Specifically what have Syrzia achieved in your opinion?

[Maguire01]

Wouldn't be too quick Trileacman to lap up everything that is written in the papers about Greece.

Not so long ago it was Ireland and the Irish "in the dock" .............. you know the Irish that were too up themselves to do housework, admit that they drove a 20th century registered car, fecklessly borrowing, off to New York shopping every other weekend etc etc etc.

For the life of me I can't understand how people are blaming everything on Syrizia (sic) who are only in power months.

The only definite I can see in all this is that it is very bad news for Turkey and their short term hopes in getting in to the EU ( if they still want to).

The media and "western democracy in general is rabidly anti left wing. The primary aim of Merkel and co at the outset was to remove Syriza from power. The referendum put paid to that so they have to deal with them now. I think Syriza want to tax the mega rich and that was a stumbling block, until now. Syriza have played a blinder in my view. Unlike the lickspittles that represent us.

How have they played a blinder? Setting aside the damage caused over the past few weeks, what have they achieved?

[muppet]

No debt reduction apparently?

Everyone knows they can't pay.

Tsipiras has failed, but the other side are playing politics. We will be back here again in a couple of years, maybe sooner.

[magpie seanie]

This is nowhere near over.

[EireOg1]

Sometimes its hard to explain  why, given the same opportunities, some countries do worse than others

What did Greece do wrong that Portugal, Ireland didn't do wrong ?

[JPGJOHNNYG]

Sometimes its hard to explain  why, given the same opportunities, some countries do worse than others

What did Greece do wrong that Portugal, Ireland didn't do wrong ?

The debts are very different. Irelands debt was all from property and construction so when the crash happened the construction boom halted and the debt didnt continue to grow and grow. Greek debt is nearly all from overpaying too many civil servants and paying pensions they cant afford. This debt without radical change just continues to mushroom.

[magpie seanie]

Sometimes its hard to explain  why, given the same opportunities, some countries do worse than others

What did Greece do wrong that Portugal, Ireland didn't do wrong ?

The debts are very different. Irelands debt was all from property and construction so when the crash happened the construction boom halted and the debt didnt continue to grow and grow. Greek debt is nearly all from overpaying too many civil servants and paying pensions they cant afford. This debt without radical change just continues to mushroom.

That is not correct.

[bcarrier]

Sometimes its hard to explain  why, given the same opportunities, some countries do worse than others

What did Greece do wrong that Portugal, Ireland didn't do wrong ?

The debts are very different. Irelands debt was all from property and construction so when the crash happened the construction boom halted and the debt didnt continue to grow and grow. Greek debt is nearly all from overpaying too many civil servants and paying pensions they cant afford. This debt without radical change just continues to mushroom.

That is not correct.

Ireland doesnt overpay civil servants and have a pensions time bomb ?

Every vested interest thinks someone else should pay.

[macdanger2]

Sometimes its hard to explain  why, given the same opportunities, some countries do worse than others

What did Greece do wrong that Portugal, Ireland didn't do wrong ?

The debts are very different. Irelands debt was all from property and construction so when the crash happened the construction boom halted and the debt didnt continue to grow and grow. Greek debt is nearly all from overpaying too many civil servants and paying pensions they cant afford. This debt without radical change just continues to mushroom.

I don't think that's really the case, Greece has been running a primary surplus (i.e. balancing the book excluding debt repayments) for the last couple of years yet the levels of debt have continued to increase. IMO, that's because the level of debt they currently have is unsustainable. Adding new debt on top of it isn't going to help matters. They probably do need to overhaul their public service but instead they'll probably do what we did – cut wages without any real reform or modernisation and then bump the wages back up again in a few years without solving the problem.

The reason Ireland has fared better than Greece is because our economy is heavily dependent on the US & UK – they've pulled out of recession over the last 3-4 years and have dragged us with them.

When the debt write-down eventually does happen, it will be interesting to see who holds the debt, from the graph in the article below, it looks as if UK, US & German banks each hold ~ 10Bn of Greek debt – I'd wager that that liability will have been transferred to taxpayers by the time it's written down.

http://www.bbc.com/news/world-europe-33421521

[armaghniac]

IMF not happy with proposed Greek deal as it does not explicitly write off debt, so they may decline to participate, which would put the cat among the pigeons.

[ludermor]

Greece crisis: Parliament votes to accept austerity measures as Athens burns
http://www.independent.ie/business/world/greece-crisis-parliament-votes-to-accept-austerity-measures-as-athens-burns-31380933.html

How the f**k can Alexis Tsipras stay as prime minister after half his own party vote against the measures and he sings up for Austerity measures more strict than what was on the table 3 months ago. 

[Bord na Mona man]

How the f**k can Alexis Tsipras stay as prime minister after half his own party vote against the measures and he sings up for Austerity measures more strict than what was on the table 3 months ago.

He's another Eamonn Gilmore - lots of rhetoric, no delivery.

[Rossfan]

Easy to talk big in opposition but when you get power and enter the real world.......
Sunn Féin please note....

[JPGJOHNNYG]

Greece crisis: Parliament votes to accept austerity measures as Athens burns
http://www.independent.ie/business/world/greece-crisis-parliament-votes-to-accept-austerity-measures-as-athens-burns-31380933.html

How the f**k can Alexis Tsipras stay as prime minister after half his own party vote against the measures and he sings up for Austerity measures more strict than what was on the table 3 months ago.

Only about 30 out of 150 Syriza MP's voted against the measures. In the UK the goverment whether its Tory or Labour often have similar amount of rebels in a number of important votes.
Tsipras had no hand to play with, he used the referendum to try and give him some leverage but the rest of Europe saw it for what it was. His only other option is Grexit which would in the short term anyway be catastrophic.