Printable View
It would be an easier question to ask which other nation is now bankrupt and insolvent. There's only one answer to that----Greece. Blaming the banks or other nations for Greece's problems is like blaming Col.Sanders cuz you got fat.Quote:
Originally Posted by Oddmott
Well, they may not even know Mike Harris or Stephen Harper so you need to deflect onto somebody. Heaven knows it wouldn't be because governments have padded the payroll beyond what the economy can sustain. Couldn't possibly be because of PS employees being able to retire after 20yrs of working and then collecting for 20 more years and declining birth rates that mean less and less workers to cover those legacy costs. Naah, gotta be the banks.Quote:
Originally Posted by trimmer21
I am in no way defending Greece or any other country for that matter but Oddmott is not entirely wrong when he implies that the banks play favourites . As an example (compared to Greece) the following countries have more debt per capita and more debt as a % of their respective GDPs:
UK
France
Luxembourg
Netherlands
Switzerland
Belgium
Denmark
Austria
Iceland
The fact that they are a higher % of their respective GDPs is interesting as this is typically thought of as an indicator of ability (or in this case inability) to re-pay.
And then ban the banks - that is what I got from that article. Curious as to how that experiment would work out.Quote:
Say YES to freedom, independence, self-government, sovereignty, and democracy.
Bull crap. Nations were not forced to borrow. The idea that they are is one of the dumbest things I've seen posted here.Quote:
Originally Posted by Oddmott
There is no way anyone - nation or person is "forced" to borrow. Nations choose to borrow by people who are dumb enough to be bribed with their own money (and that of their children and grandchildren's). A bunch of narcissist self centered pricks. Google "Ontario financial situation" for a good example.
Once nations (or provinces) get hooked on borrowing (or living beyond their means as its referred to in personal finance) it is very difficult to get away from. But it is a "choice" the voters make, not "forced on them" by any bank or corporation. The response of "playing the victim" after having made a poor choice with a negative outcome doesn't make any more sense with national finances than it does anywhere else.
The entire idea that the banks are pulling the plug on Greece would tend to indicate you don't know a thing about the situation. It's the leaders (and taxpayers) in countries that have been bank rolling Greece (Germany, France, UK) while Greece refuses to accept responsibility for its situation that are pulling the plug. There are no banks involved in these discussion. Greece failed to meet an IMF interest payment. The IMF is not calling in the loan. But the fact that Greece cannot even make its interest payment and can no longer get another country (aka the taxpayers of another country) to make its interest payments for it that has led to its "bankrupt" situation.
No corporations or banks involved in shady deals here. Just Greece and the IMF. The fact that no bank, corporation or foreign government wants to touch Greek debt - well its not their responsibility - it's Greece's.
Why does Greece get bankrupted when others owe similar amounts? They are still heading (like Ontario) on the wrong direction. (btw, we got downgraded by S&P yesterday http://www.theglobeandmail.com/news/...ticle25334122/). Ontario at least admits its heading in the wrong direction. Greece does not want to admin that - they just want "more money".
Ontario just got downgraded too so borrowing costs will go up.Quote:
Originally Posted by werner.reiche
As for debt to GPD Canada is less than 85%.
https://en.wikipedia.org/wiki/List_o...by_public_debt
Greece Debt to GDP
161.3%
The only one higher is Japan and it seems to be considered able to manage the debt but their first attempts by raising taxes just slowed down the economy and with their recession dragging on... I wouldn't be so sure.
http://www.economist.com/blogs/freee...pans-economy-0
Boy Oddmott - you actually believe this stuff - sounds like its some kind of communist paper - the article is loaded with inaccurate statements - just one for instance - "banks came up with an awesome idea of giving subprime mortgages to anyone ...." - that is a lie - the government forced banks to lend money to people who couldn't afford the homes they were buying - the banks took these mortgages and sold them in packages but to give them in the first place wasn't their idea - I kinda wonder sometimes from the things you say what the heck are you reading - that article is about the worse one I've read in a long long time - it is full of inaccuracies - thanks for posting anyway -
Quote:
Originally Posted by mosquito
But at least Japan has a yen to pay off their debt whereas Greece has no yen!!
If Greece loses the Euro,they need to go back to their national currency,the drachma,which against other world currencies,will be worth ZILCH. They're screwed no matter what they do,now,thanks to left wing thinking. Nice goin',the bunch of twits.