I make no claim to being an economist, but to me at least common sense would indicate that at least the problem with the economy of Greece is a molehill to the European Union and not a mountain as so many American investors seem to think it is.
The total GNP of The European is approaching some $18 trillion, and the total GNP of Greece is approaching some $300 billion. So the total (that is everything Greece earns) is less than 0.5% of the total of the European Union. This would be similar to comparing the GNP’s of the USA with that of its less successful states. Heck, it is even miniscule when compared to the GNP’s of such states as California, Texas, and New York.
And debt payment levels are certainly lees funds than total GNP levels. So, just what is the big problem here?
What?! Pardon?! From the Euro, you say?! OMG! Portugal, Greece, Poland & Cyprus have withdrawn!From the Euro!…vision.(the more savvy amongst you would have noticed that Poland still has the złoty)Sadly, all 4 won’t be competing this year. Portugal has cited that it is concerned it could not afford to win the contest (the winner hosts the following year’s contest and thus winning is a huge financial burden). Never-mind the fact Portugal has never won it and never been placed higher than 6th. :-|It just won’t be the same this year, :(
frodo1008 over 11 years ago
I make no claim to being an economist, but to me at least common sense would indicate that at least the problem with the economy of Greece is a molehill to the European Union and not a mountain as so many American investors seem to think it is.
The total GNP of The European is approaching some $18 trillion, and the total GNP of Greece is approaching some $300 billion. So the total (that is everything Greece earns) is less than 0.5% of the total of the European Union. This would be similar to comparing the GNP’s of the USA with that of its less successful states. Heck, it is even miniscule when compared to the GNP’s of such states as California, Texas, and New York.
And debt payment levels are certainly lees funds than total GNP levels. So, just what is the big problem here?
OmqR-IV.0 over 11 years ago
What?! Pardon?! From the Euro, you say?! OMG! Portugal, Greece, Poland & Cyprus have withdrawn!From the Euro!…vision.(the more savvy amongst you would have noticed that Poland still has the złoty)Sadly, all 4 won’t be competing this year. Portugal has cited that it is concerned it could not afford to win the contest (the winner hosts the following year’s contest and thus winning is a huge financial burden). Never-mind the fact Portugal has never won it and never been placed higher than 6th. :-|It just won’t be the same this year, :(