# Greece's economic train wreck



## Totentanz (Jun 28, 2015)

To draw on the Iron Lady - it looks like they're finally running out of other people's money.  I really don't see why the ECB, IMF, etc would continue to entertain these shenanigans.

http://www.washingtonpost.com/world...1f4ef4-1dab-11e5-a135-935065bc30d0_story.html



> ATHENS — Greek leaders planned to shutter their banks on Monday amid last-ditch discussions about their nation’s economic future, as panicked citizens tried to pull their money from their accounts while they still were able.
> 
> Sunday’s decision to declare a bank holiday was a signal that Greece’s five-year battle to stay in the shared euro currency may swiftly be coming to an end. ATMs in Athens were running out of money, and tensions were running high as Greeks stood in line for hours to scrape together petty cash for basic supplies. Lines mounted at gas stations as worried residents topped off their tanks for what could be a period of time in a cashless nation.
> 
> ...




http://fortune.com/2015/06/28/greece-capital-controls-bank-holiday-ecb/



> Greece is shuttering its banks Monday and imposing capital controls after the European Central Bank refused to increase an emergency credit line to cover a stampede for cash by panicked savers.
> 
> The announcement places Greece on the brink of economic chaos and exit from the Eurozone, and brings the European Union a good step closer to a historic reversal of an integration process spanning over 60 years.
> 
> ...


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## CQB (Jun 28, 2015)

I really hope they shut the door on their way out. Correct me here anyone, but I'm sure they were bailed out initially twice, took the money and were irresponsible with it, basically partied and asked for more. I notice today there's a run on the banks. Drachmas anyone? :-"


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## AWP (Jun 28, 2015)

Iceland finds this amusing.


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## DA SWO (Jun 28, 2015)

Greece is small enough the world will not suffer.
Greece is large enough that sociologists will get great insight into a collapsed society.
I hate to say this, but Greece has to fail, and start over.  A fresh start after months of anarchy will allow the new government to reduce the size of the civil-service class.
Sucks for retirees who lose it all and die in poverty.


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## Centermass (Jun 29, 2015)

DA SWO said:


> Greece is small enough the world will not suffer.
> Greece is large enough that sociologists will get great insight into a collapsed society.
> I hate to say this, but Greece has to fail, and start over.  A fresh start after months of anarchy will allow the new government to reduce the size of the civil-service class.
> Sucks for retirees who lose it all and die in poverty.



And if we as a nation, don't get a handle on our national debt, and do it soon, we very well, may be facing the same predicament.


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## pardus (Jun 29, 2015)

I have zero sympathy for Greece. They deserve to go down the drain. They're acting like a third world country, and pretty soon they'll be one.


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## Totentanz (Jun 29, 2015)

pardus said:


> I have zero sympathy for Greece. They deserve to go down the drain. They're acting like a third world country, and pretty soon they'll be one.


 
What gets me is the pure entitled attitude toward the "hand that feeds".  Not just from the politicians playing the rhetoric game, but from the people of Greece.  I realize that a lot of the time only the extreme (ie, the really shitty) side of the protestors gets shown, but just their entire societal reaction to the actions of the EU and associated entities (ECB, IMF, et al) is disgusting/disappointing and leads me to agree with you on that.


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## Brill (Jun 29, 2015)

pardus said:


> I have zero sympathy for Greece. They deserve to go down the drain. They're acting like a third world country, and pretty soon they'll be one.



I'm shocked...given the number of sheep they raise.


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## TH15 (Jun 29, 2015)

Some reports are that Greece will default to the IMF tomorrow (and indirectly default to US taxpayers as the USG provides a substantial amount of money to the IMF).

http://www.zerohedge.com/news/2015-06-29/greece-will-default-imf-tomorrow-government-official-says


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## AKkeith (Jun 30, 2015)

Sorry @TH15 but the "Hate" just flowed through me so hard when I read that.


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## CQB (Jun 30, 2015)

Yes, the anti-austerity Syreza Party have said Nuh. The reasoning is that those that helped 5 years ago, yes it's been that long, shouldn't have given them the money in the first place as the lenders due diligence was faulty, lending to bodies that couldn't repay. Well, that's a new type of Trojan Hearse, oh sorry...Freudian Slip.


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## Red-Dot (Jun 30, 2015)

Somewhere, Plato is rolling over in his grave. Guess the tourist trade can't prop up the economy. I can see it on ebay now.....for sale, in so-so shape a pillar from  The Temple of Apollo.


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## CQB (Jun 30, 2015)

But wait, what's this? Oh you want to borrow €30b now to pay back what you owe. 

Jeez, you Greek guys are good. 
In 1850 the Brits turned up with some warships & asked for their navy back. This replayed a loan.


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## pardus (Jun 30, 2015)

CQB said:


> But wait, what's this? Oh you want to borrow €30b now to pay back what you owe.
> 
> Jeez, you Greek guys are good.
> *In 1850 the Brits turned up with some warships *& asked for their navy back. This replayed a loan.



A very interesting piece of history that!

The *Don Pacifico Affair *for those interested.


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## DA SWO (Jul 1, 2015)

Let them go down as a warning to others.
Same with Puerto Rico.
Let the Anarchists get their wish, then they can serve as an example of what not to do.
Any tourists not leaving, and leaving fast are idiots.
Anyone who goes there for any reason (other than returning home) is a fool.


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## Red-Dot (Jul 1, 2015)

DA SWO said:


> Let them go down as a warning to others.
> Same with Puerto Rico.
> Let the Anarchists get their wish, then they can serve as an example of what not to do.
> Any tourists not leaving, and leaving fast are idiots.
> Anyone who goes there for any reason (other than returning home) is a fool.



Hope the Barcardi supply is uninterrupted....


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## Kraut783 (Jul 5, 2015)

Can't believe the Greece people have voted NO to the bailout.....


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## Rapid (Jul 5, 2015)

I do. Idiots gonna idiot.

I hope they break off from the EU, too. It could lead to the beginning of the end for the EU. Yeah, I'm not a fan.


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## Kraut783 (Jul 5, 2015)

Agreed......think EU was good on paper, but not for real.


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## DA SWO (Jul 5, 2015)

Rapid said:


> I do. Idiots gonna idiot.
> 
> I hope they break off from the EU, too. It could lead to the beginning of the end for the EU. Yeah, I'm not a fan.


How long before the money is gone.
Guess they need to bring back the old currency (at a .5 to 1 return)


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## pardus (Jul 5, 2015)

DA SWO said:


> How long before the money is gone.
> Guess they need to bring back the old currency (at a .5 to 1 return)



It'll be a third world country almost overnight.
Greece had a civil war in the late 40's, I wonder if the Communist party is still quietly seething from their defeat, and would take advantage of this situation?


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## DA SWO (Jul 6, 2015)

pardus said:


> It'll be a third world country almost overnight.
> Greece had a civil war in the late 40's, I wonder if the Communist party is still quietly seething from their defeat, and would take advantage of this situation?


One less NATO entity to worry about, Turks must be laughing their asses off about now.


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## Florida173 (Jul 6, 2015)

So many people cheered for kicking Greece out of the Euro, because they supposedly "took enough of our money" when in reality, the banks took the money, or rather Mrs. Merkel gave it to them. The policy towards Greece, mainly enforced by Germany, in the last years was a disaster from the beginning, only designed to bail out the banks.


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## Florida173 (Jul 6, 2015)




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## digrar (Jul 7, 2015)




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## CQB (Jul 7, 2015)




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## CQB (Jul 13, 2015)

So.. the wreckage over the past 100 years:

In the past 100 years Greece has seen war, coups, republic, monarchy, occupation, civil war, military rule, socialism and now de facto bankruptcy. 

Read more: http://www.smh.com.au/comment/the-g...-with-them-20150713-giak9y.html#ixzz3fki6f1F1


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## BloodStripe (Jul 18, 2015)

So you are saying we should just do Greece a favor and sink their island?


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## Florida173 (Jul 18, 2015)

NavyBuyer said:


> So you are saying we should just do Greece a favor and sink their island?



I believe their government is doing it quite well on their own.


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