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Greeks Vote "NO" on EU Terms

posted by martyb on Monday July 06 2015, @08:57AM   Printer-friendly
from the getting-what-you-asked-for-may-not-be-getting-what-you-want dept.

kaszz writes:

The Greeks voted no to the European Union's terms, despite warnings from the EU that rejecting new austerity terms would set their country on a path out of the Eurozone. 62% voted "No" while 38% voted "Yes".

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  • (Score: 2) by gnuman on Monday July 06 2015, @05:48PM

    by gnuman (5013) on Monday July 06 2015, @05:48PM (#205758)

    The austerity measures have killed the local economy

    Not really.

    What killed the economy is trade imbalances. If all a nation does is import and it has no means of printing currency, what do you think will happen? Couple that with Greek unwillingness to actually "sell" things to foreign investors, so they run out of money.

    Greek problem is really a Euro problem. Inter-euro-zone trade imbalances need to be addressed with financial backflows, or every nation that has an inherent trade deficit in Euro area will also run out of money. Just like Greece. It may take longer, but eventually it will happen.

    Here in the US where we didn't go the austerity route things are finally getting back to normal.

    US prints their own money. And heck, the world loves US dollars so much that USD never devalue no matter how shitty US economy really is. And shitty it is - look at trade deficits for US. So please, don't lecture Greece on how things work. If US was using euros, US would be more broke than Greece.

    http://www.tradingeconomics.com/united-states/balance-of-trade [tradingeconomics.com]

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  • (Score: 2) by maxwell demon on Monday July 06 2015, @08:49PM

    by maxwell demon (1608) on Monday July 06 2015, @08:49PM (#205833) Journal

    And heck, the world loves US dollars so much that USD never devalue

    Really? You still get as much for a dollar today as you got 40 years ago?

    --
    The Tao of math: The numbers you can count are not the real numbers.