That's the gist of the following article:
washingtonpost.com
Retirement age 'shall' be increased, bonuses 'shall' be reduced, taxes 'shall' be increased, etc. All to 'save' Greece's creditors, not Greece itself. I guess you should read the find print when you sign a contract
That's funny. I've never heard them complaining about the IMF 'advising' that similar policies be implemented.
Neo-colianism is a good way of expressing it. The Greeks should just default and get it over with and blow the Euro apart. I sincerely hope that there is an uprising in Greece.
If once the people become inattentive to the public affairs, you and I, and Congress and Assemblies, Judges and Governors, shall all become wolves. It seems to be the law of our general nature, in spite of individual exceptions.
Thomas Jefferson
The greeks have been doing a lot worse than defaulting for a long time. As have the irish. They have been borrowing massive amounts of money without expecting that they will ever have to pay it back.Originally Posted by seenitallb4
And now they get to "rebel" when the creditors want their money back
all very fine to call the banks etc bad people, and the lenders were definitely greedy and stupid, but there are two people in this transaction.
What if the creditors decided to "rebel" and hire mercenaries to overthrow the govt and then tax the people to get back their money? Why not? they just have to call it an "uprising"
You are right- there are two sides to every transaction. Bond holders get a yield based on a risk that they assume- if they lose, they lose. Defaults happen but they only happen when dumb investors make bad decisions- it makes no sense to backstop investor losses and it makes even less sense to do so by printing money and imposing a three-pronged robbery on everyone else via increased taxation, the erosion of the value of money and the higher yields that flow from increased risk. Why should bad investors receive 100 cents on the dollar and why should this be done on the back of people who had the least input into financial decisions by higher-ups? When investments go bad, creditors negotiate- that's how capitalism works. Any fair negotiations re Greece should be based on investors taking a haircut so that the debt is reduced to a level that makes longer term austerity adjustments politically feasible- it should not be a one way street precisely because there are two sides to every transaction. As for mercenaries, I think they should hire these guys:
If once the people become inattentive to the public affairs, you and I, and Congress and Assemblies, Judges and Governors, shall all become wolves. It seems to be the law of our general nature, in spite of individual exceptions.
Thomas Jefferson
Hey, you can't expect the Washington Post to go against the Washington Consensus.
On the other hand, if Brussels is behind it, it's "NEO-COLONIALISM!!!"
God help us when the figure out that the other European city behind it all is Frankfurt.
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Exactly, its government by banditry. Protestors in Greece are taking to the streets in a quest to maintain the economic policies of a government the Greek electorate themselves removed from power.
"Come workers sing a rebel song
a song of love and hate
of love to all the lowly
of hatred for the great
the great who trod our fathers down
who steal our childrens bread
whose hand of greed is streched to rob
the living and the dead".
In front of me as I write is a draft version of the Council of the European Union's most recent "decision" on Greece. It isn't a classified document: Bits of it have been in the newspapers; the Greek parliament has already voted to pass some provisions; and a similar, though less comprehensive, decision was published last February. Yet while it's not secret, no one is talking much about its political significance either. For this is no ordinary piece of Euro-bureaucracy: This is the kind of thing a surrendering field marshal signs in a railway car in the forest at the end of a bloody war.
washingtonpost.com
how's that 'yes for jobs!' working out for ya?
"The individual is handicapped by coming face to face with a conspiracy so monstrous he cannot believe it exists.'' ~ J. Edgar Hoover
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Nope, they all died except for arnie. And he caused a mini-nuclear detonation. At least Glover managed to break the predators suicide bomb.snip. As for mercenaries, I think they should hire these guys:
:mrgreen:
The enemy of my enemy is the enemy of my enemy. There are lies, damn lies and Fine Gael confusions. "I don't understand." Alan "it's only 79 punts" Shatter
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