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Election in Greece; This is going to be interesting
Topic Started: Jun 17 2012, 07:25 AM (142 Views)
Klaus
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HOLY CARP!!!
The polling places close in about 100 minutes.

This election could start an avalanche that will terminate Greece's Euro membership, or even the whole currency.

I for one am hoping that the left- and right-wing extremists win, such that our politicians will finally have no chance but to let Greece go bankrupt.
Trifonov Fleisher Klaus Sokolov Zimmerman
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Mikhailoh
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If you want trouble, find yourself a redhead
I'm not sure in the long term it will much matter what they choose. Their options are so limited and there will be a lot of pain either way. If they were to leave the EZ and be very successful, that would have a profound impact. But I don't see that happening.
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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Klaus
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HOLY CARP!!!
Well, there are basically only two choices in this election for the citizens of Greece.

Either they vote for one of the two parties which wants to maintain (mostly) the contracts with EU and IWF (which are coincidentially also responsible for the mess Greece is in now since they ruled for the last decades), or they vote for left- or right-wing parties, which basically say "**** you, EU!". If they win, it will most likely mean a Greece bankruptcy.

The polls say that the results will be quite tight.

But even more important are the implications of the results for Spain, Italy, and so forth: Will a country be kicked out if needed? So far the answer was always "no"; it will make a huge difference if the answer can be "yes".
Trifonov Fleisher Klaus Sokolov Zimmerman
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Piano*Dad
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Bull-Carp
I find myself agreeing with the general thrust of that position. I do not like Syriza's approach, which is essentially to play a "chicken game" with Merkel. "She won't cut us off, so we can have our cake and eat it too." I suspect Merkel will allow Greece to fold, hoping that other EU reforms to tighten federalism can save Spain and Italy.

Part of the problem (IMO) is that events are leading decisions far more than they should, and the piecemeal decisions that are taken are always too little and not fully on target. Thus, the next crisis is precipitated, and some options that existed previously wind up getting taken off the table. One step after another on the road to perdition.

Pretty much everybody knows the parameters of what a successful Eurozone would look like.

1. EU-wide bank supervision
2. National balanced budget amendments of some sort.
3. A significant shift of fiscal spending from the nations to Brussels, so the the EU could act like a real fiscal shock absorber.
4. An ECB that behaves a touch more like the Fed, with its eye both on inflation and unemployment.
5. Structural reform of labor markets to make internal devaluation a bit less painful.

There is not enough political will in the EU to get there, IMO. So they try one bit at a time, and only half-heartedly. I have no idea how this will all turn out.

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Klaus
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HOLY CARP!!!
Darn, nea dimokratia won.

This means more muddling through, more excuses, more broken promises, more German taxpayer money for Greece :banghead: :banghead:
Trifonov Fleisher Klaus Sokolov Zimmerman
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Rainman
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Fulla-Carp
Piano Dad, your first paragraph seems to be fully supported, at least by this assessment (from June 16):
Consequences for Greece and EU
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Klaus
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HOLY CARP!!!
I am myself somewhat Eurosceptic, but Nigel Farage is an idiot not exactly a neutral source of information.
Trifonov Fleisher Klaus Sokolov Zimmerman
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Rainman
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Fulla-Carp
What is it in Farage's perspective that makes him "an idiot?" As far as I can tell, and I do admit to being way out of the loop on EU issues let alone global economics, he has been pointing out for years what is happening now. I was particularly impressed when Farage stood up against Gordon Brown, and slammed Brown's presentation of "global government" for the future. I must say that even if Farage is "an idiot," he is certainly articulate and makes his points without the usual cautious finger-in-the-wind political double-speak.
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