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The Forum > Article Comments > The Greek Crisis is about so much more than money > Comments

The Greek Crisis is about so much more than money : Comments

By Mal Fletcher, published 2/7/2015

Europe all too often acts like a head detached from its essential soul. It makes mountains of policy but reflects little about its big picture destiny.

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>"The Greek Crisis is about so much more than money"

Dead right. It's an excellent example of what happens when loony left ideologues are given control of the treasury. It's a classic example of the utter incompetence of the loony left at managing anything (other than group hugs).
Posted by Peter Lang, Thursday, 2 July 2015 9:00:54 AM
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A very interesting article with a views that agrees with how I can see it from here in Cologne. However,

"The story of Greece is a tale of irresponsible borrowing and irresponsible lending."
(www.stratfor.com/weekly/beyond-greek-impasse?)
Posted by George, Thursday, 2 July 2015 9:11:39 AM
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"Neither Greece nor its European partners show any sign of emerging from a state of shared uncertainty any time soon."

They seem to share a common certainty that Greece intends to live at others' expense.

"Just as real as the trust challenge will be Greece's problems with its own culture, especially as it relates to such things as taxation, entitlements and work."

LOL You can say that again.
Posted by Jardine K. Jardine, Thursday, 2 July 2015 10:24:09 AM
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How can the Greek debt be such a problem that some are saying that Greece intends to live at others' expense.
The US has such a large debt that it can never be paid off and has had this debt for all of it's life except for about a year during 18351836.
the United States has continuously had a fluctuating public debt and will continue to do so.
As for irresponsible borrowing, they have mastered the art.
No Greece has rebelled against being led into a poverty trap that the Troika is so adept at springing.
Iceland saw this and said "no thanks".
Posted by Robert LePage, Thursday, 2 July 2015 10:52:48 AM
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Robert LePage, the USA has its own currency. It sets its own credit limit that it can always lift when Congress agrees, so whether or not it is the best option, continual borrowing is not irresponsible. The worst that could happen is the markets would devalue the dollar a bit, but exports would soon put a stop to that. But Greece does not have its own currency, and the value of the Euro is too high for it to export its way out of trouble.

It's now almost universally recognised that Greece should never have been allowed to join the Euro in the first place. But since they have, much of the blame for its current predicament can be laid with the European Central Bank. Because not only is the ECB denying Greece the credit it needs, but it is making austerity a condition of further assistance. Without a healthy private sector, austerity weakens the Greek economy (both public and private sectors) so any agreement for further austerity won't solve the problem at most it will postpone it for a few months.
Posted by Aidan, Thursday, 2 July 2015 11:37:40 AM
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Robert Le. I take your point about the volume of US debt. However, the Americans manage to service that debt in full and on time when it is due. The British financed Belgium, Prussia, Austria Russia and Spain thought the Napolionic wars creating mammoth debts, but retained the trust of investors to repay those debts as they fell due. America virtually finance the Second World War and rebuilt Japan and Germany at the conclusion. Again, as the author states, it is all about trust by investors.

The authors comments on cultural difference throughout the union are well made and at the heart of the issue. The observation by Peter Lang is well taken and could be equally be made regarding the UN.
Posted by Prompete, Thursday, 2 July 2015 11:37:56 AM
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