They spent over 90% of the bailout funds received servicing other countries’ crumbling banks so had little to prop up their own economy…
’Where did the Greek bailout money go? ’“Less than 10% of the money was used by the government for reforming its economy and safeguarding weaker members of society.Only a small fraction of the €240bn (£170bn) total bailout money Greece received in 2010 and 2012 found its way into the government’s coffers to soften the blow of the 2008 financial crash and fund reform programmes.Most of the money went to the banks that lent Greece funds before the crash.Unlike most of Europe, which ran up large budget deficits to protect pensioners and welfare recipients, Athens was then forced to dramatically reduce its deficit by squeezing pensions and cutting the minimum wage.”
Greece clearly had a lot of economic problems. Tax evasion was rampant, corruption was fairly rampant, public compensation was out of control. There was a lot of things they did to them selves. The banks threw gas on the fire by making very profitable shaky loans to the government. Now they don’t want to take a haircut.
mikefive:I am not an economist, nor do I play one, anywhere.
From the news on this topic over the last 7 – 8 years, I see that there is considerable concern over whether a number of Eurozone countries will also continue to go through the same spiral that Greece is in, and get to the same point. Countries that have been mentioned include Spain, Portugal and Italy.
So, from what I read, it looks like there are other countries balancing on the edge, more or less. I don’t have numbers at the ready, but I know that unemployment in these countries is uncomfortably high.
There have been expressions of serious concern that a Greecian exit from the Euro will set off a general instability, and the Euro zone may collapse.
Again, no expertise here on my part. I’m just passing on a condensation of news on the subject.
It’s what Usually happens to a country when the IMF offers to “Help” them out of a tight spot..The IMF is what happens when Loan Sharks grow up and become International..What actually happened to Greece is that They bought a whole Bunch of the “Great Investments” Wall Street was peddling about 9 years ago.Our “Financial Crisis” was spread out around the World. Goldman Sachs sold those “Crap Loans” to Everyone..
Kylop almost 9 years ago
Consistent with American education and ability to focus on events outside of sports.
OmqR-IV.0 almost 9 years ago
They spent over 90% of the bailout funds received servicing other countries’ crumbling banks so had little to prop up their own economy…
’Where did the Greek bailout money go? ’“Less than 10% of the money was used by the government for reforming its economy and safeguarding weaker members of society.Only a small fraction of the €240bn (£170bn) total bailout money Greece received in 2010 and 2012 found its way into the government’s coffers to soften the blow of the 2008 financial crash and fund reform programmes.Most of the money went to the banks that lent Greece funds before the crash.Unlike most of Europe, which ran up large budget deficits to protect pensioners and welfare recipients, Athens was then forced to dramatically reduce its deficit by squeezing pensions and cutting the minimum wage.”
Theodore E. Lind Premium Member almost 9 years ago
Greece clearly had a lot of economic problems. Tax evasion was rampant, corruption was fairly rampant, public compensation was out of control. There was a lot of things they did to them selves. The banks threw gas on the fire by making very profitable shaky loans to the government. Now they don’t want to take a haircut.
6.6TA almost 9 years ago
mikefive:I am not an economist, nor do I play one, anywhere.
From the news on this topic over the last 7 – 8 years, I see that there is considerable concern over whether a number of Eurozone countries will also continue to go through the same spiral that Greece is in, and get to the same point. Countries that have been mentioned include Spain, Portugal and Italy.
So, from what I read, it looks like there are other countries balancing on the edge, more or less. I don’t have numbers at the ready, but I know that unemployment in these countries is uncomfortably high.
There have been expressions of serious concern that a Greecian exit from the Euro will set off a general instability, and the Euro zone may collapse.
Again, no expertise here on my part. I’m just passing on a condensation of news on the subject.
Tarredandfeathered almost 9 years ago
It’s what Usually happens to a country when the IMF offers to “Help” them out of a tight spot..The IMF is what happens when Loan Sharks grow up and become International..What actually happened to Greece is that They bought a whole Bunch of the “Great Investments” Wall Street was peddling about 9 years ago.Our “Financial Crisis” was spread out around the World. Goldman Sachs sold those “Crap Loans” to Everyone..