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posted by
cmn32480
on Thursday July 02 2015, @01:48AM
from the we'll-pay-you-back-this-time-we-swear dept.
from the we'll-pay-you-back-this-time-we-swear dept.
Greece missed a payment to the IMF on Tuesday and defaulted, but now they are willing to do the deal, or most of the deal, that would have prevented it. According to CNN:
Whoa! The Greek government is now ready to sign on to a bailout package it threw out just days ago, but the about-face won't fix the country's crisis any time soon.
Additional coverage of the Greek Referendum and the political backlash in the Eurozone can be found from the BBC.
It looks like they want to add amendments, so this is not a done deal. Maybe it's not too late for Greece? Or is the Euro better off without Greece? Or Greece without the Euro?
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Greece Defaults; Still Wants Bailout
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Remember Darwin; building a better mousetrap merely results in smarter mice.
(Score: 4, Interesting) by jmorris on Thursday July 02 2015, @04:39AM
This is only the start, there will be a last minute deal.... that won't hold and another after that until the pain becomes unbearable for everyone involved. Meanwhile the rest of the PIIGS gets closer to the same problem with the rest of the world lined up behind them. Everybody has pretty much the same problem. As Lady Thatcher said, "The problem with socialism is sooner or later you run out of other people's money." That happened a generation ago and everybody ignored the problem and started borrowing, printing money, inflating, anything but face up to the problem. But sooner or later math wins. Math always wins. Science, bitches!
At this point it is futile to look for a plan to escape, we passed that point so long ago none of the people who could have made those decisions are even in power any longer. The world is like a plane with three of four engines on fire, it is coming down, that part is certain, but heroic deeds could still make it a survivable landing instead of a roll and burn scenario. Not seeing many heroes on the world stage though so probably time to be putting yer head between your legs and kissing your butt goodbye.
Problem is Greece is a small country that was allowed to do truly stupid things while the EU permitted everybody to hide the problem until it became so bad there are no economically viable solutions. Were they the only offender the world could eat the loss but they are only the ones who drew the short straw and are going Kaboom! first; everybody is doing most of the same stupid things to a slightly less extent. Any solution offered to them must also be offered to everybody else in line and math simply won't allow it. The debts involved quickly exceed the wealth of the entire world and this is now painfully obvious to everyone who has looked at the numbers, meaning it can't be handwaved away anymore. Nobody is going to float 'loans' if they know (not worry, not believe, know) they not only won't be repaid but that the interest can't even be paid. Printing money just drags out and spreads the pain for a bit longer but doesn't change the reality that far more wealth has been promised than actually exists.
(Score: 5, Insightful) by FatPhil on Thursday July 02 2015, @07:56AM
And, like almost everything else that Thatcher said, she was full of shit. *Nothing* about socialism depends on putting yourself into *debt*. However, *capitalism* is almost entirely about going into debt (worded as getting investment from outsiders). Closer to the individual - who was encouraging everyone to buy their own flat and houses in the 80s (necessitating mortgages - AKA *debt*)? Indeed, Thatch again. She seemed to get off by having more and more of the country and world in debt.
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 4, Informative) by TheRaven on Thursday July 02 2015, @03:45PM
sudo mod me up