Topic: Greek Crisis - Breakdown Of Situation With Mike Maloney (Read 518 times)
I totally agree with what was said in the video and if I was Tsipras and the Greek People I would have left the EU straight after the election and gotten back my sovereignty..even if Tsipras strikes a deal it will still be keeping Greece in debt for years to come.
Thanks for sharing, it's a nice overview.
I wish he went into a little more overview on the charts of WHY this has been happening. The Eurozone itself has hindered Greece's financial situation on both imports and exports. Take a look for example of the eurozones policy on military spending and why on earth did Greece need to purchase 3 submarines? I'm not blaming solely the EU or IMF however all the above are to blame including the previous Greek politicians who made all of these horrendous deals.
It's very interesting to see the connection of the first Greek bailout in ~2012 in how it required a 50% + haircut of Greek bonds which were mostly held by foreign banks. Cyprus held many of these bonds which now with their shrinking economy put a further strain on their banking sector. What happened? The IMF and ECB provided the loan to Cyprus only if they performed a bail in of their own citizens... So the ECB and IMF bail out Greece with impossible to pay back terms, ruin the Cyprus banking sector, and require the people of Cyprus to fund the deal with a bail in?
How do these horrendous politicians get elected around the world?
Further reading from decent wiki articles:
https://en.wikipedia.org/wiki/Eurozone
https://en.wikipedia.org/wiki/Greek_government-debt_crisis
https://en.wikipedia.org/wiki/2012%E2%80%9313_Cypriot_financial_crisis
I wish he went into a little more overview on the charts of WHY this has been happening. The Eurozone itself has hindered Greece's financial situation on both imports and exports. Take a look for example of the eurozones policy on military spending and why on earth did Greece need to purchase 3 submarines? I'm not blaming solely the EU or IMF however all the above are to blame including the previous Greek politicians who made all of these horrendous deals.
It's very interesting to see the connection of the first Greek bailout in ~2012 in how it required a 50% + haircut of Greek bonds which were mostly held by foreign banks. Cyprus held many of these bonds which now with their shrinking economy put a further strain on their banking sector. What happened? The IMF and ECB provided the loan to Cyprus only if they performed a bail in of their own citizens... So the ECB and IMF bail out Greece with impossible to pay back terms, ruin the Cyprus banking sector, and require the people of Cyprus to fund the deal with a bail in?
How do these horrendous politicians get elected around the world?
Further reading from decent wiki articles:
https://en.wikipedia.org/wiki/Eurozone
https://en.wikipedia.org/wiki/Greek_government-debt_crisis
https://en.wikipedia.org/wiki/2012%E2%80%9313_Cypriot_financial_crisis
Very aptly covered. Greece breakdown has proved to be one of the main highlights of 2015. It has marked the history .Even Eurozone which was considered one of the most powerful zones , has a loophole. A big one indeed.
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