Re: The continuing battle against the inevitable Euro area default
He says it's very stupid for Greece to leave the Euro and take 30 years to recover from the resulting backlash, instead of grin and bear it now. He is therefore in disagreement with Kagemusha who feels the other way: Greece is being torn apart by the market forces, the internal disagreements and the obligations towards the EU agreed to in exchange for a wasted money. So he thinks it better for all parties involved to cut their losses, and go their own ways.
Last edited by Tellos Athenaios; 08-26-2011 at 01:53.
- Tellos Athenaios
CUF tool - XIDX - PACK tool - SD tool - EVT tool - EB Install Guide - How to track down loading CTD's - EB 1.1 Maps thread
“ὁ δ᾽ ἠλίθιος ὣσπερ πρόβατον βῆ βῆ λέγων βαδίζει” – Kratinos in Dionysalexandros.
Re: The continuing battle against the inevitable Euro area default
Thirty years? Where on earth did you get that idea?Originally Posted by Tellos Athenaios
Like I said before in the thread, Greece could and probably should do as Argentina did. The Wiki provides a good summary of the way Buenos Aires mastered the 2001 default by restructuring its $132 billion of sovereign debt and devaluing the peso.
AIIEduardo Duhalde finally managed to stabilise the situation to a certain extent, and called for elections. On May 25, 2003 President Néstor Kirchner took charge. Kirchner kept Duhalde's Minister of Economy, Roberto Lavagna, in his post. Lavagna, a respected economist with centrist views, showed a considerable aptitude at managing the crisis, with the help of heterodox measures.
The economic outlook was completely different from that of the 1990s; the devalued peso made Argentine exports cheap and competitive abroad, while discouraging imports. In addition, the high price of soy in the international market produced an injection of massive amounts of foreign currency (with China becoming a major buyer of Argentina's soy products).
The government encouraged import substitution and accessible credit for businesses, staged an aggressive plan to improve tax collection, and set aside large amounts of money for social welfare, while controlling expenditure in other fields.[citation needed]
As a result of the administration's productive model and controlling measures (selling reserve dollars in the public market), the peso slowly revalued, reaching a 3-to-1 rate to the dollar. Agricultural exports grew and tourism returned.
The bloody trouble is we are only alive when we’re half dead trying to get a paragraph right. - Paul Scott
Re: The continuing battle against the inevitable Euro area default
When I explained what I think Sarmatian meant based on what Sarmation wrote, I suppose I got that 30 from here:
Though, as I was just informed in another thread, I am wrong on the Internet.
- Tellos Athenaios
CUF tool - XIDX - PACK tool - SD tool - EVT tool - EB Install Guide - How to track down loading CTD's - EB 1.1 Maps thread
“ὁ δ᾽ ἠλίθιος ὣσπερ πρόβατον βῆ βῆ λέγων βαδίζει” – Kratinos in Dionysalexandros.
Re: The continuing battle against the inevitable Euro area default
What is Greece's export commodities?
Tourism alone could be a boon if it was cheap enough to go to...
But that kind of relies on other nations having enough citizens with cash to spend there.
If they don't have commodities then it will be a longer haul as they will need to create a reliable and competitive service industry... A Greek solar powered data centre perhaps
Our genes maybe in the basement but it does not stop us chosing our point of view from the top.
Pape for global overlord!!
Re: The continuing battle against the inevitable Euro area default
Textiles, pharmaceuticals and farm products mainly.
AII
The bloody trouble is we are only alive when we’re half dead trying to get a paragraph right. - Paul Scott
Re: The continuing battle against the inevitable Euro area default
They need to sort out their ossified laws in the first instance, and then their decrepit infrastructure in the second. Solar power? Possibly - but can their powerlines take it?
An enemy that wishes to die for their country is the best sort to face - you both have the same aim in mind.
Science flies you to the moon, religion flies you into buildings.
"If you can't trust the local kleptocrat whom you installed by force and prop up with billions of annual dollars, who can you trust?" Lemur
If you're not a liberal when you're 25, you have no heart. If you're not a conservative by the time you're 35, you have no brain.
The best argument against democracy is a five minute talk with the average voter. Winston Churchill
Re: The continuing battle against the inevitable Euro area default
Their laws are up to par. The problem is that they have a parallel society mired in corruption, including a black market that is estimated at 25% of the whole economy.They need to sort out their ossified laws in the first instance, and then their decrepit infrastructure in the second. Solar power? Possibly - but can their powerlines take it?
AII
The bloody trouble is we are only alive when we’re half dead trying to get a paragraph right. - Paul Scott
Re: The continuing battle against the inevitable Euro area default
No they're not. They still have monopolies that restrict access to several industries.
And I would argue that if the laws are not able to prevent the corruption and black market then the legal system is not up to par - if they're not being enforced they're not really laws.
An enemy that wishes to die for their country is the best sort to face - you both have the same aim in mind.
Science flies you to the moon, religion flies you into buildings.
"If you can't trust the local kleptocrat whom you installed by force and prop up with billions of annual dollars, who can you trust?" Lemur
If you're not a liberal when you're 25, you have no heart. If you're not a conservative by the time you're 35, you have no brain.
The best argument against democracy is a five minute talk with the average voter. Winston Churchill
Re: The continuing battle against the inevitable Euro area default
I'm sorry to say this as I like the Greeks but a lot of them are idiots in the original definition. As footfall dropped as the recession started to bite, what do you think the traders did? Well you'd expect them to stimulate demand by discounting and special deals, wouldn't you?
Nope not the Greeks, they put the prices up.
Not big and not clever Costas.
There are times I wish they’d just ban everything- baccy and beer, burgers and bangers, and all the rest- once and for all. Instead, they creep forward one apparently tiny step at a time. It’s like being executed with a bacon slicer.
“Politics is the art of looking for trouble, finding it whether it exists or not, diagnosing it incorrectly, and applying the wrong remedy.”
To learn who rules over you, simply find out who you are not allowed to criticise.
"The purpose of a university education for Left / Liberals is to attain all the politically correct attitudes towards minorties, and the financial means to live as far away from them as possible."
Re: The continuing battle against the inevitable Euro area default
Yea cept sometimes that's not about business but about codding the examiner or receiver who comes in to sort out a failing business and pay off creditors.
They claim larger rents or costs etc etc and suddenly were all getting 20cent in the euro for what were owed.
They slew him with poison afaid to meet him with the steel
a gallant son of eireann was Owen Roe o'Neill.
Internet is a bad place for info Gaelic Cowboy
Re: The continuing battle against the inevitable Euro area default
I wish I could find that post I made a year back when I replied to Louis that Greece was a basket case.
There are times I wish they’d just ban everything- baccy and beer, burgers and bangers, and all the rest- once and for all. Instead, they creep forward one apparently tiny step at a time. It’s like being executed with a bacon slicer.
“Politics is the art of looking for trouble, finding it whether it exists or not, diagnosing it incorrectly, and applying the wrong remedy.”
To learn who rules over you, simply find out who you are not allowed to criticise.
"The purpose of a university education for Left / Liberals is to attain all the politically correct attitudes towards minorties, and the financial means to live as far away from them as possible."
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