Robert Ariail by Robert Ariail

Robert Ariail

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  1. Kylop

    Kylop said, 1 day ago

    Consistent with American education and ability to focus on events outside of sports.

  2. omQ R

    omQ R said, 1 day 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.”

  3. Stanwal2

    Stanwal2 said, 1 day ago

    I use to spend 90% of my time servicing well never mind

  4. mikefive

    mikefive said, 1 day ago

    “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.”

    I would posit a question. If most other European countries were in an economic position to be able to run those deficits, was Greece?

  5. Ted Lind

    Ted Lind GoComics PRO Member said, 1 day 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. nlkilpat

    nlkilpat said, 1 day 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.

  7. warjoski

    warjoski GoComics PRO Member said, 1 day ago

    @omQ R

    I have to ask: if bailout funds were used to pay foreign banks, was it because Greece had taken out large loans from them? And if so, what was the money from those loans used for? I’m not sure I saw anything in the article which convinced me the other countries banks were crumbling or that Greece is blameless in all this. I believe their debt does need to be restructured and they need to be given some relief certainly. Their creditors need to give some leeway. But Greece needs to make some concessions as well.

  8. omQ R

    omQ R said, 1 day ago

    @warjoski

    It has prevented foreign banks from crumbling. There were a great many that were exposed.

    Ascribing blame to Greece, or rather, the average Greek, not its corrupt governments of yore, for running up monumental debts on easy money sloshing around world markets at the time but with no hope of even paying it back then because its professional class made evasion of taxes an art form, is taking it too far.
    German industry raked it in back then. Easy credit meant others could afford its products.
    By the way, the Germans also went through a belt-tightening exercise in the early noughts but they had more fat to burn and were able to restructure and rode it out.
    The same opportunities have not been afforded to the Greeks.
    Folks seem hellbent on punishing the entire Greek society. Insisting on an austerity policy that was not just counter-productive but incredibly counter-productive is simply insane.
    The Greeks are not lazy. The number of hours the average Greek worked was much higher than the EU average, but their economy was not as modern and therefore not as “productive” euro for euro, hour for hour.
    They are hardworking, but also hard-up, hard-pressed and down-trodden.
    If unemployment amongst the youth (under 28) is over 50%, who provides taxes to pay for pensioners?
    If the over 55s cannot find a job and resort to an earlier retirement, paid at a lower scale, (no, not the overblown ludricuous tales we’ve all heard in the press, I’m talking about the average Greek Joe) in order to survive, do we blame them? They no longer receive any income, cannot find a job, early retirement even paid at a lower rate is their only choice. Many households are now all dependent on the pensioners within their family group.


    Over 90% of the funds to service the debt? Is it any wonder the Greeks have been unable to climb out of the hole?
    Time for those banks to get a major hair-cut and accept the risk they took.

  9. Zuhlamon

    Zuhlamon GoComics PRO Member said, about 24 hours ago

    @Kylop

    Consistent with American education and ability to focus on events outside of sports.
    .
    Aside from the old “Ugly American” chestnut, I’d say they need those tourists dollars now, more than ever.

  10. Uncle Joe

    Uncle Joe GoComics PRO Member said, about 23 hours ago

    @omQ R

    Thanks for actual information. It’s the same story over & over: some sharp deal makers made a lot of money on transactions that they knew would go sour, but also knew they would be long gone from the scene of the crime when it was discovered.

  11. warjoski

    warjoski GoComics PRO Member said, about 23 hours ago

    @omQ R

    I do find it interesting that Germany seems to be directing the creditors. There seems to be some real resentment on that side of the fence, but that may be just the media slant in the reports I’m reading. I absolutely agree the average Greek isn’t at fault and is the one suffering. The images of pensioners queing up for nothing is painful. And yeah, I did read that the pension system is a large support of the average citizen. So as much as someone not living that nightmare can get it, I do get it. Here’s where I digress though.

    First, I can’t fault the Banks for wanting repayment of a loan they made. That was the deal that was made. The Greek government knew they were taking out those funds and were presumably the ones that spent them upfront.

    Second, if the banks are the ones to take it on the chin, they won’t be the only ones who suffer. And not just in the short term. Do you think Greece is going to get a loan again anytime soon? And what about other nations in similar straits? Honestly I don’t think it will be long before those nations may be America or other European countries. So solutions need to be long term and benefit not just the Greek people but help set a precedent when it’s our turn to drink from that trough.

    I won’t presume to think I know how Greece’s problems should be solved. But I don’t think either the plans by the Creditors nor Syriza answers those problems. There has to be a way to restructure the debt so not everyone comes out a loser, especially Average Joe Greek.

  12. Tarredandfeathered

    Tarredandfeathered said, about 22 hours 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.
    .

  13. Zuhlamon

    Zuhlamon GoComics PRO Member said, about 20 hours ago

    @Tarredandfeathered

    Goldman Sachs sold those “Crap Loans” to Everyone
    .
    No, wait. They said they were AAA, no-risk, easy-money bundles.
    .
    Maybe the tip-off woulda been when they took out insurance, betting they would fail…
    .
    Can’t have those pesky regulators poking their nose in our rack… er, business, right?

  14. Kaffekup

    Kaffekup said, about 17 hours ago

    @Zuhlamon

    Don’t worry, it was Obama’s fault.

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