Time is running out for Greece and its creditors to make a deal. After talks collapsed acrimoniously on Sunday night, a meeting of Eurozone finance ministers this coming Thursday (18 June) is perhaps the last chance for a breakthrough before a looming repayment deadline at the end of the month.

Even if a deal is reached, the fraught negotiations have already hurt the Greek economy, with worried savers pulling their money out of the country’s banks, and municipal coffers drained after the central government ordered all cash reserves be sent to the central bank.

For its part, the Greek government believes any deal that maintains the status quo will be unsustainable. The Greek economy has shrunk by about a quarter since 2008, and the country’s debt mountain represents almost double Greece’s annual GDP output. The ruling SYRIZA party argues that paying off Greece’s debts would require stronger growth than even the most wildly optimistic forecasts.

It is possible that the creditors might ‘blink first’ and extend the current bailout, allowing more time for talks to continue and offering much-needed funding from the European Central Bank to Greece’s wobbling banking sector. Given the political mood in many European capitals, however, it seems unlikely that Greece will see outright forgiveness – or a “haircut” – of its debt.

Few European leaders want to see a Greek default. However, the closer we get to the deadline the greater the chance of an accident or miscalculation forcing events beyond anyone’s control. If talks collapse on Thursday, it’s not inconceivable that we could see capital controls introduced as early as this weekend. And, despite reassurances that new Eurozone policy tools have been introduced since 2008, nobody is entirely sure how a Greek default and / or exit from the Eurozone might impact the European (and global) economy.

How should the Greek debt crisis be resolved? Should the current bailout be extended so talks can continue? Should Greece be given a “haircut” on its debt? Or would the Greek economy be better off outside the Eurozone? Let us know your thoughts and comments in the form below, and we’ll take them to policymakers and experts for their reactions!

IMAGE CREDITS: CC / Flickr – Julien Lagarde


233 comments Post a commentcomment

What do YOU think?

  1. avatar
    Bubach Kurt

    They need to start selling more Tzatziki and Olive Oil.

    • avatar
      Mamdouh

      That was not funny at all!!!

    • avatar
      Jonathan_0663

      “According to a foundational myth, the Greek economy is in desperate need of rescue funds. The truth of the matter is that Greece is not in desperate need of money. Greece needs to stop bleeding by spending more billions towards the servicing of an unsustainable debt.”

      http://www.ft.com/cms/s/0/395ae5a0-142c-11e5-9bc5-00144feabdc0.html

    • avatar
      Lampros Livikos

      If you dont like tzatziki eat something else mr bubach kurt!

  2. avatar
    Bubach Kurt

    Stop giving Greece more loans it cant pay, its criminal to give someone who cant pay a loan back a loan cause hes surely to end up in a bad situation, so just stop giving them more money, if Greece needs to go bankrupt then so be it, the EU just cant accept that one of its EU Members and Euro Currency Nations could end up Bancrupt, not a good advertisment for EU Membership.

    • avatar
      hans van veen

      It`s NOT about the Greek PEOPLE, we`re talking about the Greek banks owning the large EU and US banks.
      ALL involved EU politicians and bankers knew what they did.
      In the original plan Greece should pay it`s debt back in FOUR years.
      Every schoolchild can tell You that`s impossible.

      The EU demands Greek cuts in salary and pension.
      Not ONE word is mentioned about actions involving the famous Lagarde list.
      Not ONE action has been taken to prevend the rich and wealthy to transfer money outside Greece.
      No wonder the Greek population wants Syriza in control.

    • avatar
      Bubach Kurt

      @Hans even if you taxed and fined every Greek on the Lagarde List a list which by the way is stolen Data which Governments paid Millions for, even if you taxed them it wouldnt make a difference, and the fact that they didnt use it as they should shows you who must be on that list, political big shots and business VIP’S who finance Political big shots.
      If Greece goes bust and a US or German Bank gets nothing its their own damn fault, every bank knows its rule #1 NEVER EVER lend money to someone who cant pay it back, by lending Greece money thebankers and the politicians behaved reckless and illegal, they must live with the consequences.

    • avatar
      hans van veen

      @Kurt
      I Agree, no doubt about it, it was done by politicians and bankers. The cruel thing is the European citizen/taxpayer get`s the bill, but much worse is the same European citizen /taxpayer is declared nuts by the these politicians because of all the fairy tails told by them in the (social) media.
      The only thing that happens is, the distance between politics and the voter is increasing and the beautifull European project what the EG was, loses confidence and support.
      60 years of labour gone.

  3. avatar
    Maria Helena Neto

    The eurogrup should accept the greek proposal that is fair to all and let’s the greek economy grow . Also Germany should pay their debts to Greece and let the Greece live by their political choices. Maybe we can then bild an EUROPE of the peoples and not the One of the markets.

  4. avatar
    Michalis Pillos

    Tsipras should land on earth and accept reality! The rest of the Europe should do the same! Then find a silver line and move on to a realistic restructuring and optimization of the Greek economy!

    • avatar
      Eamon

      There is not such a thing as Greek economy,but the sale of some olives and three months tourism! Fair play to the Greeks eat the other persons money !

  5. avatar
    Karel Van Isacker

    Out of euro, devaluation of own currency, 10 years of hardship and then a reboot with a more efficient and less corrupt administration. Hard but needed as the current charade cannot continue.

    • avatar
      Adrian Limbidis

      I see the UKIP troll is hard at work…

    • avatar
      bert van santen

      True………………..

  6. avatar
    Γιώργος Εμμανουήλ

    It is urgently needed a honest compromise between EU institutions and Greece solving the problem of unsustainable debt and securing a linkage of measures with sound public financial management and development with GNP increace in Greece.

  7. avatar
    Alex Tselentis

    “Bailout” is a silly word for destroying a country, these bailouts are not targeting the problem that caused this crisis, the EU needs to stop behaving like some arrogant blind fool, destroy Greece the way they are, and it will bite them in the ass, Greece wants nothing but a GAURENTEE that if it signs the deal the crisis will END of which the EU is refusing to give a gaurentee why ?? Because the whole point is to destroy Greece not help it.

  8. avatar
    Maia Alexandrova

    The creditors should stop charging interest and arrange with Greece the payment of a small, affordable amount every month towards the debt. No further loans should be given to Greece. It is obvious that otherwise the country will have to go bankrupt. As for the bailout, what is the point of refinancing existing loans when they cannot be paid anyway? The only way that the creditors seem to think Greece can pay is by taking more and more from people’s salaries and pensions. But even if they take them all, it still would not be enough. Therefore, the bailout will not solve the problem and should be scrapped, not extended.

  9. avatar
    Christos Mouzeviris

    Partially default of debt, proceed with structural reforms but not austerity then start with investments to try to kickstart the country’s economy and bring it back on track… Austerity makes things worse than they already are…

  10. avatar
    Valeria Greenhouse

    It depends who is the creditor… not paying might be a solution, if the creditors aren’t people with their savings.

  11. avatar
    Nando Aidos

    Penalize the government because they inherited from the previous government. That is the deal. But stop imposing drastic measures that penalize the people. And chase without respite, all the corrupt etities that led Greece to the current situation. No leniency on those!

  12. avatar
    Dani Alexandrov

    According to the contract they have signed when borrowed someone else money …. or default. Won`t be the first default in the history.

    • avatar
      George Yiannitsiotis

      They have already done it once in Greece (November 2011 – Referendum? verbotten!) toppling the then elected Greek government. Europe’s values are under persecution in the “EU”

  13. avatar
    Eva Benko Zoltan

    While they don’t stop the politics they are making in the interest of the rich , bleeding the poor, there is no solution neither for Greese nor fot the rest of the southern countries. I think we shoul all get out of Europe. We have been all cheated, this is not the Europe of the people is the Europe of the power and efficiant exploitation.

  14. avatar
    Stavroula Gatsou

    we wait to have the translation from the hearing of Mr. Panagiotis Roumeliotis, former representative of Greece to the IMF to the greek debt truth commission yesterday you can learn a lot of things about the greek debt, we did learn a lot of things yesterday http://greekdebttruthcommission.org/wp/

  15. avatar
    Sabine Merzenich

    Greek debt should be partly forgiven and no more help packages but instead a real chance for them to get back on their feet.

  16. avatar
    Ferenc Lázár

    No more bailout, cause that will give bad example to others not to work hard and blackmail the E.U. for finance! Greeks should stay in the EU but leave the euro money, get back to their drachma and they will be fine in 6 months..

    • avatar
      hans van veen

      Try Wiki to see how long it`s has been for a reliable Greek government???

    • avatar
      stavokun

      they do work `the hardest among europeans according to eurostat….
      stop the stereotypes that the media brainwashed you with

  17. avatar
    Dimitris Stamiris

    GERMANY MUST PAY THE 2d W.WAR DAMAGES , THAN WE WILL HAVE MONEY TO PAY ALL OUR DEBT ……. WE ARE ENOUGH PROUD TO ASK FOR FORGIVEN LIKE GERMANY ASK BACK AT 1952 (and we sign for them)

    ALSO IF GERMANS (Mercedes , BMW , ect) PAY THE TAXES IN GREECE WE WILL HAVE ENOUGH MONEY TO GIVE TO THEM A LOAN !!!!

    • avatar
      ᚠᛖᚾᚱᛁᛋ : ᚹᛟᛚᚠ

      I totally agree. The German government is a bunch of hypocrites, that suffers from some kind of leader-complex, but also from the handcuffs, that the United States of America have put on their hands.

      Since the end of the war all German governments stalled their duty to pay the debts from the second world war to the countries, that were not powerful enough to insist.

      In principle i am against mixing the two affairs (war-debts and current euro-crisis), but every day we are told how urgent the problem has to be solved and still i see no serious attempt from my government to pay their debts, which would definitely help to slacken the problematic situation.

      Not to mention that “solidarity” looks very different than how most European countries act towards Greece. Giving a bread to someone in need, but claiming an exorbitant price + dictating how the bread has to be eaten is just ridiculous.

    • avatar
      hans van veen

      Will never happen, the EU politicians and bankers will have sufficiant back door possibilities to escape, look at how D.S.K. did it.
      But I support Your idea!

  18. avatar
    Dimitris Stamiris

    AS LONG GERMANS WANT TO RULLE EUROPE AND NO ONE CAN SEE THAN YOU WILL BLAME GREECE EVEAN IF GERMANS DEBT IS THE HIGHEST IN ALL EUROPE (after is the brother in this crime called France)

  19. avatar
    ironworker

    Hopefully we will live the day when Greece will say Bye ! Merkel’s face…, priceless.

  20. avatar
    Jamez Frondeskias

    Maybe the question we should be asking is this – IF the Greek debt is resolved, will Greece’s budget be sustainable or will it leads to another crisis down the track

  21. avatar
    Giorgos Hatzidakis

    First of all EU must STOP TURKISH BULLYING against its own members!!! Turkey and its SINIFUL ALLIES, Albania are THREATING GREECE (and Cyprus) not to EXPLOIT its own resources!!! We have OIL and GAS in the (100% Greek) AEGEAN SEA and we don’t do nothing due to the CASUS BELLI that Turkish criminals edited if we exercise OUR LEGAL RIGHTS!! Read more on GREECE CAN PAYBACK ITS DEBT, BUT EU SHOULD SUPPORT ADHERENCE TO INT’L LAWS, AGAINST WORST ISLAMIC PREDATOR: TURKEY! http://plagiaskepsi.blogspot.gr/2012/02/actually-greece-can-easily-payback-all.html
    We are OBLIGED to SPEND DISPROPORTIONALLY on DEFENCE due to the presence of BUTCHERS who DEFY Int’l laws!!! Secondly we should THROW AWAY the HORDES of ILLEGAL IMMIGRANTS, GYPSIES and ALBANIANS who STEAL, KILL, PILLAGE and DESTROY everything!!! 80% of CRIMES is due to foreigners and they COST us more than 10.000.000.000 EUROS ANNUALLY!!! Read more: PENALTIES INSTEAD OF TAXES: A FAIRER WAY TO PROCEED WITH THE NECESSARY COLLECTION OF CAPITAL REQUIRED TO PAYBACK http://plagiaskepsi.blogspot.gr/2011/10/penalties-instead-of-taxes-english.html

    • avatar
      Sas

      The problem of immigrants is probably something many Europeans can agree on. Although I do understand the immigrants. If your country is a disaster, you try to find happiness somewhere else.

      Further Greece needs to eliminate all corruption and make sure that people pay their taxes. It is essential.

    • avatar
      Adrian Limbidis

      Fully agreed with everything you said.

    • avatar
      Ayhan Akcay

      Greek debt, Greek debt, what ya gonna do, what ya gonna do when the IMF come for you…. lol pay up bubble

  22. avatar
    catherine benning

    As I wrote over a year ago, the Greeks should adopt the Icelandic method of dealing with the creditors. Whoever they may be. And then default on payments and declare bakruptcy.

    The bankers gave these loans to this country knowing full well they were not in a position to pay. It’s called creative financing.The hedge fund people fixed their books to enable themselves to make a fortune. They now want to steal Greece every which way they can.

    https://www.youtube.com/watch?v=XlhFMa4t28A

    • avatar
      George Yiannitsiotis

      Too late since now there is a large amount of loans on bilateral state-to-state basis (Memorandum I) and the ECB/ESFS (Memorandum II). The debt from 93% private at the beggining of the crisis has become 90% public under British (not Greek) Jurisdiction.

  23. avatar
    Steve Olis

    Just tell the EU where to go.

    The is only one solution …. the Greeks need to exit the euro … the rest of European countries will follow…the Euro was a stupid idea to begin with….

  24. avatar
    klassen

    By taking ICELAND as an example..
    Other eu countries should also consider dumping the brussels/usa banking cartels.
    The ecb/usa fed are cut from the same corporate/bankster cloth. Thier money which we use is based on a pyramid scheme and has been so for years! We are stuck in thier system/conjob . Its NOT our money ,it belongs to them and its used for a price . As long as this pyramid is allowed we the ordinary working mules pay the price. The power is in the hands of the banksters not us!!
    As long as we do nothing to get rid of these criminals they will continue with thier con game.
    Greece is being played like an old violin. The banksters will use the default issue for fiscal integration.
    Yes its like a chess game, and the actors are in full swing. Once again the public is being conned.
    They really dont care about greece ,nope, its all about control.
    The target is further european integration and its timed perfectly with greeces so called financial problems. Again its a corporate/bankster agenda, and we fall for it every time.
    Main stream media/tv/radio/newspapers all belong to a small group, which happens to belong to banksters. Dont be fooled by main stream media, 99% BS.
    The west is caught up in a web thats been spun many years ago by cartels, and they try to keep the truth as secret as posible by any means possible.
    If the greek govt is for real and dares to go against an corupt eu/usa , then i say hats of and be proud of them, they got some big kahonas to go against the eu/usa cartels.
    I wish europe had more leaders like the ones in greece, with a people first policy!
    Going against the one world order is a big nono…!
    Bravo Greece!

    • avatar
      stavokun

      fully agree…they need sincere help , not hypocritic bank loans

    • avatar
      Steve Olis

      Greece must default, The Euro must fall, The Financial system must fall, Judgement day – July 1st…Hasta la vista.!

    • avatar
      Tanim S Mazumder

      but how actually is Greece supposed to repay its huge debt?

  25. avatar
    Thanasis

    You have no idea whatsoever for what is actually going on here.EU citizens are led to believe that they are actually paying Greece’s debt while it is not at all like this .We are talking about a ‘game’ guided by the powerfull ones .Point being they do not want any country to stand up against their wishes they want Greece to fall back into recession so that it will seem that the only right goverment that has ever been elected in this country was wrong and that their inhuman austerity measures were right.No matter how much we pay ,no matter how many secrifisies we make nothing will change cause this debt is not viable .

    • avatar
      Tanim S Mazumder

      Austerity measure actually do help in the long run.

  26. avatar
    David-Ulrich Jrqt

    Impossible to resolved properly Greek issue without a United States context (a one and only Federal budget which makes possible to dispatch money from richest states to poorest states if needed).
    Actually EU political and social context is able to choose the better bad solution from bad solutions.

    It’s time for us, stronger European countries, to be united the way Valery Giscard d’Estaing thinks it should be !
    We need to accelerate the process of creation of the United States of Europe.

    European’s political elites don’t be afraid losing your own sovereignty and let’s go ! Build it up!

    • avatar
      George Yiannitsiotis

      Too late for the USE. At least the citizens of the Hellenic Republic are not interested except if:
      – basic human rights that have been violated by the Troica (EU/ECB/IMF) be restored (like the right to private property for the 90% of the population – abolish ENFIA; the right to collective negotiations and contracts on salaries etc.)
      – a democratic decision-making construction be built safeguarding the veto power for the weaker member-states on critical decisions regarding Defence-Security-Economic Funds redistribution.
      Otherwise, go ahead alone (but please don’t forget to pay your debts to Greece: 7.1bn USD (1938 prices) + interest – WWII Reparations
      5.6mn golden GBPs the two loans extracted from the BoG in 1942-3
      Compensation to the vicitms of German army attrocities against civilians in Greece (1941-1944)

  27. avatar
    Niko Kosev

    I think that the debt must be restructured and we should give Greece time to get on it’s feet. Tourism in Greece will help, so they will collect money to return it. I don’t see any other way. Non investing in Greece and let them to create their Greek-owned factories will help too, because the taxes will remain in Greece and that will help their government to get money in the less painful way. I mean, the money has to come from somewhere, right?

    Also, investments in Greece usually go with corruption. Remember “Siemens”?

    • avatar
      Steve Olis

      Greece must default, The Euro must fall, The Financial system must fall, Judgement day – July 1st…Hasta la vista.!

  28. avatar
    Alexander Grech

    The best thing for Greece to say “To hell with all or you,will take our own medicine and lift ourselves up by our own bootstraps.It will issue its own currency.Everything will be cheap,Tourism,and its economic mainstrem will explode.

    • avatar
      Yvetta

      Perhaps in you little world of fantasy, Alexander…

    • avatar
      Tanim S Mazumder

      reinstating the drachma might initially seem great for Greece, but foreign owners of Greek debt would suffer huge losses as the drachma plummeted, debasing the value of repayments in their own currency. Some banks may even go bankrupt. However, most of the debt is owned by European governments, whose taxpayers would be left footing the bill. That’s why many EU countries like Slovakia and Lithuania refused to ask their taxpayers to dig into their pockets to let Greece off the hook, since they endured their own austerity.
      Plummeting drachma values could trigger hyperinflation, as the cost of imports skyrocket. The country would have a hard time attracting new foreign direct investment in such an unstable situation. The only countries that have signaled they would lend to Greece are Russia and China. Eventually, Greece would find itself back to where it is now–burdened under debt it can’t repay.

    • avatar
      Yvetta

      Or even the Turks can go back to where they came from not so long ago…, Northern China, and leave Turkey to the people that had lived there since prehistoric times…Greeks, Assyrians, Armenians etc…How about that now?

    • avatar
      hans van veen

      The politicians are claiming that yes. But will any Italian care about how the Dutch handle it? Or a Fin about the Spanish situation? I doubt it very much.

  29. avatar
    Gerard Francois

    By Greece working its way back to solvability, through the Rule of Law and the implementation of euro zone rules.

    • avatar
      George Yiannitsiotis

      There can’t be common ground between the Rule of Law (domestic Hellenic Law) and euro-zone imposed rules (via Memoranda I & II that breached the Hellenic Constitution and legal order)

  30. avatar
    Steve Olis

    EXIT … EXIT … EXIT … Let the Banks, EU and IMF pick up the pieces….

    • avatar
      hans van veen

      The only thing they will do, is past the bill on the taxpayer`s doorstep…..as usual

  31. avatar
    Αργυρης Κουκουτσιδης

    Well,thats a good idea.as soon as its not followed by austerity measures.after all we are the old world.at real.in the same time we struggle for 500€ per month,USA tops salaries at twelve $ PER HOUR.(and sometimes more)Its the same rulling class here for centuries.it would be unhistorical to change something.

  32. avatar
    David Fuzzey

    Take it from the bank accounts of schulz ,barrosso wormy von roper , junky the corrupt , eu commissioners etc.

    • avatar
      hans van veen

      These guys will not ever notice the money missing LOL

    • avatar
      Steve Olis

      Greece must default, The Euro must fall, The Financial system must fall, Judgement day – July 1st…Hasta la vista.!

  33. avatar
    Steve Olis

    Europe has lost its identity … its time for Greece and all other European countries to exit the Euro … Europe was built on individual cultures and identities… The time is up for the EURO … astalavista baby…

  34. avatar
    Marian Bîrlădeanu

    If you think that Grexit will solve anything you are wrong: we still have Portugal, Spain, Italy, Ireland feeling sick … So what we are actually are trying to solve???

    • avatar
      George Yiannitsiotis

      The mess but I am afraid that the Gordian knot of the eurozone will be “solved” only in the way Alexander the Great “solved” the original question: by destroying it!

  35. avatar
    Daniela Marinescu

    I really don’t know… But I’m not the one asked to have a solution for this, having in mind the fact that we have some high representatives who have to have that!!! They are paid to do so, and it’s compulsory for them to do something in return, don’t you think?

    • avatar
      George Yiannitsiotis

      It’s better off without them!! Believe me! Don’t mess with this insane situation! You are at least happy and not afraid of losing everything (including your country)

  36. avatar
    Omid Ashabi

    Given the fact that European Union was founded base on Coal and Steel Unions, and from then it is develped to todays EU Organiztion, you could not accept that a bunch of “Miners and Forgers” being able to understand or to resolve Political or Administrative issues by themselves. LOL

  37. avatar
    Gonçalo Hall

    Not so hard..l if only FMI and BCE forget the hight taxes that Greece is paying for the loan, not only Greece can be rebuild but also can pay the loans they have. This bailouts are an incredible business for FMI, very profitable for one institution that want to “help”

  38. avatar
    Stefano Angeli

    Greece is beyond salvation, the best thing to do is to let it default…it would be painful, but everything else would be worse.

    • avatar
      ᚠᛖᚾᚱᛁᛋ : ᚹᛟᛚᚠ

      Though it’s obvious that your comment is not to be taken serious, i just want to mention, that there’s a large gap between the German population and the German government. So please don’t think that every German is as arrogant as Merkel, Schäuble & co.

    • avatar
      Limbidis Adrian

      Don’t mind him. He’off his meds :)

      We don’t hate Germany but Merkel should know better. She was born in East Germany for crying out loud.

  39. avatar
    Gilberto Hernandez

    Allow them to go bankrupt.

  40. avatar
    Louis Cesar

    Turkey is terrorist shithole soon kurdistan will kick u out with afghans immigrants there ur place

  41. avatar
    Rui Duarte

    The best solution would be for the EBC to print money as needed until europe is at full employment; that means unemployment between 1 and 2%. At that stage, Greece would still have a high unemployment arte, but the richest EU countries would be consuming more and importing more, thus allowing Greece to export more.

  42. avatar
    Rui Duarte

    High surplus countries (that means Germany) should spend their surplus, thus allowing Greece to run a surplus that would allow that country to «repay» its debt. In all cases, debt reduction is tantamount to improving a country’s foreign asset position, and doing that DEMANDS a positive current balance of payments. Conversely, for a country to CASH IN on its foreign assets it must run a deficit. That’s what «cashin in» means. Any country that demands «its money back» while insisting oin running a surplus is just bullying a foreign government.

  43. avatar
    Rui Duarte

    Failing that.. Greece should leave the Euro. In my opiniuon, Greece already left the Euro.. someone just forgot to tell us all. I think refusing to envisage any Euro exit while refusing to have the ECB assume its role as «a central bank» is plain DENIAL. It is quite childish.

  44. avatar
    Parthena Papadopoulou

    Do you think is feasibility a radical leftist party could be dominated in a country who belongs in a capitalism EU? could be coexist?

    • avatar
      Limbidis Adrian

      This is beyond stupid.
      Stop it.

  45. avatar
    Vinko Rajic

    Greeks can’t pay back , all should accept that. Their dept is 175.1% of GDP (2013) , that is imposible to pay back .
    Corruption and crime : Problem , you should understand Greeks ! You borrow money to corrupt country like Greece or Croatia and those money just disperse . The only thing that is left is a huge debt to poor folk . Poor folk is than just a slave to the banks but rich-corrupt people send money to secret accounts in Switzerland and other countries. Than you have problem that poor people are very angry just because they have to pay back a huge amount of cash and they have to spend life in poverty . EU should help corrupt countries in their fight against corruption and tax evasion , how much in tax has been collected from example Apple and Google in Greece = 0.00 $ . European System of Central Banks should write off debts , arrest gangsters and help poor countries to become free of slavery . http://www.transparency.org/cpi2014/results

    BBC – tax evasion : Mr Henry said his $21tn is actually a conservative figure and the true scale could be $32tn. A trillion is 1,000 billion.
    http://www.bbc.co.uk/news/business-18944097

    Greek cash is in Swiss banks . The Tax Justice Network has said that there are over €20 billion in Swiss bank accounts held by Greeks. The former Finance Minister of Greece, Evangelos Venizelos, was quoted as saying “Around 15,000 individuals and companies owe the taxman 37 billion euros”. A study by researchers from the University of Chicago concluded that tax evasion in 2009 by self-employed professionals alone in Greece (accountants, dentists, lawyers, doctors, personal tutors and independent financial advisers) was €28 billion or 31% of the budget deficit that year. http://en.wikipedia.org/wiki/Economy_of_Greece#Tax_evasion

    • avatar
      George Yiannitsiotis

      European System of Central Banks should write off debts , arrest gangsters and help poor countries to become free of slavery

      It is a naive but honnest approach; however, the ECB is the key root of the problem and intends to enslave the peoples as all usurers want.

  46. avatar
    Sas

    As long corruption rules a country, it is impossible to get a strong and reliable economy. It is better for Greece to leave the Eurozone. Next time they have again an economic crisis, they will have no one to blame but themselves.

    Advice for the Greek people: work hard, be innovative, pay taxes and eliminate all corruption. Only then, you get a strong and reliable economy and country.

  47. avatar
    Liliana Ramsing

    Maybe, fixing the corruption! Promoting just capable people. When a country have too big economical or political problems, there is a sign for corruption or huge incompetence…

  48. avatar
    Liliana Ramsing

    Maybe, fixing the corruption! Promoting just capable people. When a country have too big economical or political problems, there is a sign for corruption or huge incompetence…

  49. avatar
    Nikolas Kontogiannis

    Yes the greek crisis had begun by saving at 2008 the German, French, Duch, italian banks and companies that opperates as greek by the Greek government with 67 billion euros rushing the greek dept , thease banks were and still operate in greece, balkans, medle east , Russia,and the eastern Europe. ….and the greek people had borrow billions to bailout them? The Europeans came in 2010 and lended greece additional 150 billion which 50 billion in cash and 100 in Guranty s…..rising the dept at the size of 140%, and the solutions they propose is more lending, today and a cruel austerity program from 2010-2015 that stragalitsed the economy, bankrupt the people and the privet sector, and created 26% unemployment the dept is159% all because Greece had followed there program. …the only solution is a dept cut to the level that the greek economy could breath….

    • avatar
      Limbidis Adrian

      There we go.
      Someone that understands the game being played here.

      Greeks haven’t seen a single euro. It all went to the foreign banks.

  50. avatar
    Paul X

    The only solution is for Greece to leave the Euro

    Unfortunately, that will be an admission by the Eurocrats that they made an error in allowing Greece join in the first place and something you will NEVER hear from the arrogant, egotistical bunch of amateur politicians that run the EU, is that they ever get things wrong

    • avatar
      Limbidis Adrian

      They could..you know..erase the debt.
      Clean slate. A push of a button and…done.

      Germany benefited from the same treatment in ’52. Why not Greece?
      Because Getmany says so?

  51. avatar
    Vitor De Carvalho

    Let people rest! They deserve that and EU should be a way to mediate that process. If you think that investors will stop to invest in Europe because of that you are totally misunderstanding things… cash must flow and Europe is not something that ca be thrown to the ground and let stockmarkets do what they like to do: rating things… how stupid can this be… We need to protect people at first.

  52. avatar
    Vitor De Carvalho

    Let people rest! They deserve that and EU should be a way to mediate that process. If you think that investors will stop to invest in Europe because of that you are totally misunderstanding things… cash must flow and Europe is not something that ca be thrown to the ground and let stockmarkets do what they like to do: rating things… how stupid can this be… We need to protect people at first.

  53. avatar
    Eva Benko Zoltan

    Any money that the Germans give, is to themselves we see very little of it , for god’s sake don’t ask for money from them, better get our of this pithole.

  54. avatar
    Eva Benko Zoltan

    Any money that the Germans give, is to themselves we see very little of it , for god’s sake don’t ask for money from them, better get our of this pithole.

  55. avatar
    Eva Benko Zoltan

    What they did not achieve with the pantzel divisionen, they acieved it with the eurodivisionen. The problem is how to get out again from under the German boot.

  56. avatar
    Eva Benko Zoltan

    What they did not achieve with the pantzel divisionen, they acieved it with the eurodivisionen. The problem is how to get out again from under the German boot.

  57. avatar
    Eva Benko Zoltan

    What they did not achieve with the pantzel divisionen, they achieved it with the eurodivisionen. The problem is how to get out from under the German boot.

  58. avatar
    Eva Benko Zoltan

    What they did not achieve with the pantzel divisionen, they achieved it with the eurodivisionen. The problem is how to get out from under the German boot.

  59. avatar
    EU reform- proactive

    Being one of the most “unhappiest” EU Members (102nd out of 158th per global “Happiness Index”)- its time to GREXIT and concentrate on becoming happier in future! Good luck!

    http://www.lepointinternational.com/it/politica/europa/550-the-submarine-deals-that-helped-sink-greece-.html

    Default on the outstanding amount these unnecessary armaments where costing. Lock up all (inside your submarines) former Greece politicians, generals, agents & banksters involved in these (mad) arm-procurement deals and ship the whole lot back from where they came from! Make peace with Turkey- since you are both NATO members & take a longish break from the unhappy past!

    You can- if you wish- reapply for the “NEW EU” membership once you made it to below 40 on the “happiness index”! Only “happy Members are welcome in future!

    http://money.cnn.com/2015/01/28/investing/greek-debt-who-has-most-to-lose/

  60. avatar
    nt

    Increase electricity taxes from 13% to 23% is a very good reform, to increase competitivity…

  61. avatar
    Martti Immonen

    This is huge dilemma. This problem is not going to be solved this way, that´s clear. Those bankers, whom now benefits from the greeks current misery can´t be seen fair deal at all. Bankers (german&french banks mainly) must cut the greek loans as otherwise this chrisis isn´t going to be solved. Throwing money from other EU-nations via Greece isn´t the answer as that keeps the problem and isn´t solving a thing. I am honestly worried of fellow greekmen, whom suffer from the cut-down politics. Thruth must also be told as it is in GREECE and not trying to create better “lies”. The ugly thruth is that Greece has been badly run for decades. Practically everyone in one way or the other leaves taxes unpaid etc. and no signs what so ever has been seen during those decades. That is amazing enough and sad.

  62. avatar
    Martti Immonen

    This is huge dilemma. This problem is not going to be solved this way, that´s clear. Those bankers, whom now benefits from the greeks current misery can´t be seen fair deal at all. Bankers (german&french banks mainly) must cut the greek loans as otherwise this chrisis isn´t going to be solved. Throwing money from other EU-nations via Greece isn´t the answer as that keeps the problem and isn´t solving a thing. I am honestly worried of fellow greekmen, whom suffer from the cut-down politics. Thruth must also be told as it is in GREECE and not trying to create better “lies”. The ugly thruth is that Greece has been badly run for decades. Practically everyone in one way or the other leaves taxes unpaid etc. and no signs what so ever has been seen during those decades. That is amazing enough and sad.

  63. avatar
    Monique Bernet

    Tous les riches ont versé leur argent dans des banques étrangères et..Aucune répression à leur égard !!

  64. avatar
    Monique Bernet

    Tous les riches ont versé leur argent dans des banques étrangères et..Aucune répression à leur égard !!

  65. avatar
    Paul X

    Greece also needs to sort itself out on state pensions. Why should Greeks be allowed to retire at 61 and then have the debts that these pensions contribute to paid off by taxpayers in other EU countries who have to work another 5 years before they can retire..is that fair?…why should my tax be used to subsidise someone in another country to lie back with their feet up before I’m allowed to?

  66. avatar
    Konstantinos Gerantonis

    The creditors need to realise that further austerity would exacerbate the crisis in Greece, as well as in the Eurozone. It is impossible for an economy to go back to growth, when the workers are afflicted more and more.The Greek people have already made huge sacrifices over the last five years,so they can can stick with the Eurozone and believe me, it’s been really painful. Greece is currently going through the worst humanitarian crisis after the 2nd World War. I don’t think that the European ideals of co-operation and solidarity comply with such a fact and this must be understood by everyone involved in the European institutions.After all, the Greek government is willing to pay the whole debt back, on condition that the asphyxiation of the Greek people ceases and steps towards the growth of the real economy are made. Of course, a series of reforms on the Greek economy and on the administration of the Greek state is necessary, but under no circumstances should the burden be born by the middle and the lower social classes once again. As for a Greek default and exit from the Euro, it would not only give rise to multiple issues in Greece, but it would also harm the Eurozone to such a great extent that its maintenance would act against the national interests of its member states. Furthermore, the EU would lose much of its credibility on the global scale. I believe that a solution which can benefit both the European creditors and the Greek people is possible, only if the former abandon several catastrophal obsessions of theirs, which pose risks for the Eurozone and the EU,as a whole.

  67. avatar
    Timotiejus Sevelis

    So, let me see if I have this correct……………. Greece borrows money, Greece needs to pay back the money. Greece has NO money? Greece calls everyone else is to blame BUT themselves?? Greece acts like a spoiled child and pulls a tantrum………………..HMMMM Time to cut loose this free loading country until reality sets in!

    • avatar
      Limbidis Adrian

      Let’s talk about the London agreement shall we?
      Or maybe who received the money meant to…ahem…”rescue Greece”.

  68. avatar
    Gerry Mavrie-Yanaki

    The deletion of the 340 billion euro Greek Government debt must be seen by the Eurozone, as payment to Greece, for the absence of a EU Defense Force over the past 40 years- in combating the British sponsored military aggression of Turkey towards both EU members Greece and Cyprus , which is responsible for creating the collosal 340 billion euro debt , through the British State sponsorship of Turkish military aggression in the the Aegean and Turkish military occupation of EU member Cyprus from 1974 until today ,so that the British maintain a security advantage for their British Military bases in Cyprus against American efforts to expel the British military bases from Cyprus , just as the Americans expelled the British military from Greece with the aid of the Vardarian mercenaries by 1947.. The eurozone can then go to the Bank of Turkey and the Bank of England to reclaim their losses

  69. avatar
    Limbidis Adrian

    Simple.
    Greece is in a very good position geographically for solar and wind power.
    So?
    The money given to Greece is to be invested and make Greece the power house ( literally ) of Europe.
    A new deal in the FDR sense for Greece.
    This can relieve us from being blackmailed by middle east nuts and Putler. In return the EU will erase 5 times the sum invested.
    This plan can done over 20 years and is the sensible way.

    In any lending procedure there is debitor and a creditor. If the loan goes back a legal battle ensues.
    NO COURT IN THIS WORLD EVER punishes the debitor alone. The creditor is also punished for making bad loans when he should know better.
    They both lose unless an agreement is reached.

    But there is a bigger danger here. Say Europe says NEIN ( because we know which country says it all the time don’t we ) and the greek say OHI and no agreement is signed.
    Well Greece is trapped because…it has no money and no way to get loans ..there’s no money.
    Thee is no other solution!
    Or is there?
    ..there is. Oh yes, there is and already Syriza is facing MOUNTING PRESSURE for being “too soft” on Europe from those people.
    If you have no money…then the only way to keep the country going is to go after the greek wealth.
    To TAKE it from the rich and GIVE it to everyone else.

    The NIGHTMARE of capitalism is being nurtured by the inhumane and callous tactics used by the EU in that country.
    And say they do that.
    Then…you’ll love this…then what awful thoughts could the OTHER countries in the exact same situation start harboring.
    Uh-oh!

    Europe’s rulers should be VERY afraid of pushing things too far.

    There’s a saying:
    The most durable pot breaks eventually.

    Be careful what you wish for because the whole of Europe and the WORLD is watching Greece now.
    Podemos. Indignados. They know exactly what’s going on and they are watching too.

    • avatar
      Steve Olis

      Simple and sensible ideas do not exist in this economic climate. Its all about corruption and power….I agree with your comments above….the Euro was a bad idea to begin with…it only benefits Germany & France, the rest of the European countries need to suffer as a result….As I said its all about power and corruption…

    • avatar
      George Yiannitsiotis

      The euro benefits only Germany; even France is losing competitiveness in the long run!

  70. avatar
    Steve Olis

    Europe has lost its identity and individuality … its time for Greece and all other European countries to exit the Euro … Europe was built on individual cultures and identities… The time is up for the EURO … Hastalavista baby…

  71. avatar
    Steve Olis

    Greece must default, The Euro must fall, The Financial system must fall, Judgement day – July 1st…Hasta la vista…Baby…!

    • avatar
      George Yiannitsiotis

      Greece has been bankrupt since May 2010. Yesterday just defaulted on his debt to the IMF. On Monday, Germany has to decide either to dissolve the euro or to pretend that “Greece is a special case” and extend its narrow-minded bullying policy on what be left of the eurozone.

  72. avatar
    João Adrião

    Um país financia-se de 2 formas: impostos e emissão de moeda. Se a primeira é limitada (há um tecto para maximizar a carga fiscal) a segunda foi entregue a UE. Assim, a UE é co-responsavel certo?

  73. avatar
    Chris Panayis

    Is it true that the EU is printing euros but non of it is directed to Greece, an EU member who gave up its sovereign power to print its own money to be part of euro?

  74. avatar
    Chris Alexander Zervas

    ~ This is not Greeces` debt. AND YOU KNOW IT.. ~ THIS IS BANKERS & POLITICIANS TIPS TO THEIR POCKETS… PUT THEM IN JAIL … YOU HAVE THE EVIDENCE NOW …ASKTHE GREEK PARLIAMENTS` PRESIDENT EVIDENCE, TODAY, NOW!…

    • avatar
      Yvetta

      Disagree with this view. The money has been borrowed and spent the Greek governments on things like employing their friends and voters in the public service in jobs that were not really needed, poor deals/contracts for the Greek state due to corruption, unreasonable state benefits etc. It’s not all the bankers’ fault.

    • avatar
      George Yiannitsiotis

      @Yvetta
      Suppose that a public work costs 25euros
      1. The government estimates the cost at 100 euros
      2. The EU Bureaucracy agrees (turning a blind eye – I can’t think they are impotent; corrutp? yes!) and pays 75 euros (25% national contribution)
      3. The big German/French MNCs undertake the contract at 100 euros paying bribes (10-15euros to the local and EU bureaucracy)
      4. The MNCs use local companies-subcontractors to built it and pay them 5-10euros profit + 25 the cost = 35-40 euros

      As a result:
      1. The poor local citizen pays for the infrastructure (25 euros)
      2. The local subcontractors earn 15 euros but evade local tax
      3. The MNCs contractors earn 45 euros evading tax in the EU
      4. The local officials earn 5 euros that spend to luxurius imported goods, worsening the trade balance of the country
      5. The EU officials earn 10 euros that hide in tax heavens for their retirement
      6. The local tax payers are being charged for the 25 euros borrowed for the construction but the state runs a deficit and can’t eventually pay the loan
      7. The EU citizens pay for the rest 75 euros that ended up in private pocket.

      Excellent redistribution process. Don’t you think?
      7.

  75. avatar
    Γεώργιος Δανιηλίδης

    Α a simple and fair solution is a 5 years period without paying installments and interest to calm and recover Greek devastated from saviours economy and examine the situation at the year 2020 and act accordingly.The present silly hocus-pocus serves only short term huge profits of imformed players and loss for all the rest.

  76. avatar
    Christos Mouzeviris

    The rise of Syriza (and Golden Dawn-which is worse) is the fault if the previous establishment governments of PASOK /ND and the European partners of Greece plus the Troika.. First mistake was to call the Greeks lazy and pour oil to the fire with the situation. Imposing harsh austerity on the Greeks with 40% salary reduction. That did not happen anywhere else in Ireland, Cyprus or Portugal. While of course pointing the finger and numerous scandals breaking out of the corruption that existed in previous Greek governments and certain European businesses operating in Greece.. Then it was how the euro was created in very weak foundations, with no real fiscal unity. The mistakes that led to the rise of Syriza are many and very serious. Now Greece and Europe have to face the consequences. If Greece was allowed to default or partially default from the beginning that would not have happened. But European banks wanted their money and little did they care about people. See what happened to Iceland? They went after the banks not the people! Just an idea!

  77. avatar
    Gerry Mavrie-Yanaki

    This could be easily resolved . The Mayor Of Athens and the SYRIZA Government Tourism Minister , both seem to be very keen on a component of the MT OLYMPUS VENTURES project. – NISOS ELLAS. The European Union needs to fund NISOS ELLAS 10 billion euro project as part of the EU support for the Athens Mayor “Athens Project” generating 80 billion euro’s in economic growth across all the European Union. – https://www.facebook.com/pages/NISOS-ELLAS/654965787957398

    • avatar
      EU reform- proactive

      @Gerry

      Really? Is that a serious or just another politically nutty idea believing the world tourists (or who?) would line up to support such (fake) Greek dream financed by all EU taxpayers (once more) sitting on an volcano? I kindly decline- no thanks!

      Has there yet not enough pro EU suzerain poison dispensed by all well connected Bilderbergers & politicians- squeezing & selling out not only the naive Greek citizens but ALL EU citizen? It’s time for a total new approach & happy EU!

      Who would trust & believe that after all these gigantic bad deals between Greek politicians & the so ‘brotherly connected EU institutions’ (fraught with hypocrisy, dishonesty & tyranny) would dare to ‘invest’ in anything in Greece in the foreseeable future- never mind such a Walt Disney type pipe dream venture- located in a poor & unstable (still EU) country? Why not consult with Donald Trump or invite a Chinese invasion with their “mega builders” & their private funding?

  78. avatar
    Mixalis Papadopoulos

    euro with 30% extra taxies and 10% increase in electricity?? No thanks , better drachmas and eating olives beside the sea

  79. avatar
    João Adrião

    Deixando a Grécia por sua própria conta, o tal grexit, quais os cenários? Ilustres economistas dizem que para a economia grega ate pode ser positivo e se o Sol não brilhar, ha um chapéu de chuva russo à vista; para a UE – do governo português que diz que estamos seguros, passando por Teixeira dos Santos que diz que já viu este filme, ate aos que aventam a possibilidade do desmembramento da própria UE – a incerteza é certamente bem maior.

  80. avatar
    Cem Can

    I hope they can solve thier problems for the sake of the people of Greece

  81. avatar
    Nikos Morenos

    With electricity at 23% and with pensions and salaries cut, with private sector salaries unprotected why would one choose to stay in the eurozone. Greece is located at a very strategic area in the world and there are going to be a lot of countries wanting to lend up money just because of it. By the end of the month some representatives of a scientific group for the truth behind the debt are going to meet with UN officials to discuss their preliminary conclusions that €242 bn is are created illegally. Tommorow Tsipras is signing a deal for Greece to participate in the BRICS development bank. Guess who will benefit from such a deal. A new deal for the feeding of C Europe wirh natural gas was signed today. Positive things are going to happen for Greece from today onwards

  82. avatar
    Ioannis Stavrakas

    This is a political decision and relies on Europe’s top leaders. The economy in the country barely exists. The momerandums have only shrinked the expenditure of the public sector but brought no investments. Greeks have paid many more taxes but never received any services. Greece is approaching to the point where there is not much to loose leaving the Eurozone. Greece being in the Eurozone depends really on the people shaping the future of Europe. Greece with this debt, and being a country as expensive as Germany with very low salaries and no growth has no hope in solving its problems within euro zone. There must be a debt default, for sure. And also a fair judge to see if the debt is legal and who is going to pay it. You know, people in this country woke up one morning a few years back, and were told that their country is going bankrupt unless IMF and CEU loand them. In one morning! And out of a sudden, their salaries went down, they lost their jobs, and unemployment the following years raised dramatically. In one morning, we woke up and we had IMF and CEU planning our future. What happened there? It was back in Octomber of 2010. We were accused of corruption. Now Greeks elected a new government. Non – corrupted. We decided a change. But what EU wants really to change for us as member state. This is why I believe that the solution of the Greek debt crisis relies on a political decision. Does EU wants Greece and its problems, however they coused? What kind of Union they dream of? Only economic? Mathematically and economically, the momerandums themselves with no default CANNOT work. It is a the time for Political decisions.

  83. avatar
    Stella Kontogianni

    I dont know yet if it would be for better. But be sure if we have to say goid bye to euro I will feel broken. Its not for the currency but for a long lasting relationship we had. I will really feel sad losing friends

    • avatar
      Marcel

      Friends that rob your poor in order to pay their rich are not really friends, are they?

  84. avatar
    Marco Franck

    debating Europe, admit that in the past EU did a bad job, now it’s EU’s responsibilities to clean up your mess. Politicians such as Verhofstad living nicely in Italy and owns a vinery deal he made with berlusconi the biggest idiot on the planet, most corrupted and far from being better than the greek! EU instead of accepting and embracing change EU embraces Socialism which does not prosper strong economies nor can it compete with the rest of the flat world.
    Time is ticking now, perhaps EUbshould focus now on not being invaded either by the Russians or ISIS!

    Work! get it done!

  85. avatar
    Apostolos Dollas

    The form of debt relief is almost irrelevant, as a very long payment period (e.g. 60 years out of 30 which holds today) coupled with a very low interest rate will make it viable, and as the economy grows it will be an ever-decreasing fraction of the GDP. A writeoff of any portion of the debt would not help one bit if the interest rates and the payment period are not good enough. So, the issue is viability rather than haircut or not. Besides, a haircut of even 30% of the Greek debt, if the interest rate is 5-6% and the payment period is 20-30 years would actually result in a higher total amount paid, due to higher interest…

  86. avatar
    Blaz Bostjancic

    Eu did not make early retirement plan, eu did not over spent on the olympics, Greeks had many benefits that no one else had. So…..

  87. avatar
    Yvetta

    Some sort of patch-up deal should be reached now quickly that somehow takes into consideration Greek concerns and then from there onwards the entire Eurozone needs to be reformed. You can’t have a common currency without a common fiscal policy.

  88. avatar
    Emmanouil Tsibidis

    i aint staying in a bloody union just to become a third world citizen. I got better places to travel, like Israel, and i dont need the fucking euro. Enough is enough.

  89. avatar
    Vinko Rajic

    NO ! They are going to become poor nation . EU should help them to stay in EU . Every country that joined EU did better than those out .

  90. avatar
    klassen

    I think this whole act has been cohersed many years ago. Greece is the Europhile fall guy. Greece has been purposely ruined to achieve european fiscal integration. All the actors deserve acadamy awards. The media has been played, or steered towards an eventual grexit, in other words theve loaded the dice.
    I really dont think greece will exit the eu, its an act , all BS.
    Its a tool to intergrate the eu!
    The europhiles and thier paymasters are building one EU, then one world and greece is expendable..!
    The Europhiles are masters of deception. Media manipulation is thier forte..!

    • avatar
      Yvetta

      I totally disagree with this view. Having lived in Greece and seen how the problem developed and how the debt built up, there are some very clear lessons to be learnt by the Greek electorate: your vote does count; it is you yourself that suffers/enjoys the consequences of your won election decisions; when you commit to something in order to get a specific result you need to follow through or you do not get the desired result; it is better to save a little bit as you go along than to borrow big amounts at one go without reducing your costs. It really is as simple as that. However, as long as these conspiracy theories go round and people are in denial, the problem is just going to reoccur…

    • avatar
      George Yiannitsiotis

      @Yvetta:
      “your vote does count”
      45% of the Greek Electorate don’t agree with you! 61% voted NO to more austerity at the Referendum (the one that took place 4 years in delay after the infamous Merkel’s Verbotten to Papandreou’s intention for holding one in November 2011).
      Our vote does NOT count. No matter whom we vote for, the result is the same: corrupted domestic politicians, fully supported by the corrupted EU bureaucracy and governments oriented to exporting corruption (like the German one with infamous corruption channels i.e. Siemens, Ferostaal, Hochtief et.al.) keep controling the economy and political process (not bothering about nonsense terms like Democracy, Human Rights etc.)

  91. avatar
    eusebio manuel vestias pecurto

    After joining the Euro in 2001 and through redemptions in the last five years Greece has been told the same thing to belong to monetary union must meet the strict economic bosses Greece clearly needs social security and tax reforms not let them go to principle

  92. avatar
    Marcel

    What I would like to know is, what is the Lagarde list and how much tax do hypocrites Lagarde, Juncker and Draghi pay?

    • avatar
      Yvetta

      A fair point. Let’s see it then.

  93. avatar
    Steve Olis

    GREECE MUST EXIT … The Russian nuclear industry is the undisputed leader in advanced nuclear technologies … they also have thousands of nuclear warheads…!…what is GREECE afraid of..???

    • avatar
      George Yiannitsiotis

      Russia does not control the North Black Sea Coast (except Tauris) and it is at odds with the USA

  94. avatar
    SC

    Greece should be given a debt-cut in order to breathe.
    http://charliehebdo.fr/en
    Charlie Hebdo:
    Sauver l’Europe, nouez un Grec! – Σώστε την Ευρώπη, πνίξτε έναν Έλληνα!

  95. avatar
    peter.schellinck@alpha-consults.com

    We should give it a serious thought as it might not be such a bad idea to adopt a little bit of a “Fortress Europe” mind set. The framework is in place to take a calculated risk and a courageous step forward towards elevating Europe’s power and reputation. We have a democratic elected parliament, a president, a foreign policy representative, a well-structured commission hungry to be more efficient and functional, and we have a big crisis on hand which could be the substrate as well as a reason to think and act out of the box. So, why doesn’t the Council think out of the box and be more open to alternative studies and recommendations. Rather then bowing to the members national interests, challenge them with models for the future. Why not introduce a controlled default of Greece and let the EU parliament take over and manage a reform at the expense of its sovereignty and at the benefit of the citizens. Study the impact of allowing weaker countries with high debt and/or regions that want more local autonomy to exchange sovereign debt for the transfer of federal powers to the EU parliament and institutions and hence start the process of sovereign mitigation to a truly European sovereignty. Once this is done we will still only represent less than 10% of the world’s population, however be recognised as a united powerhouse with lots to offer. One currency, one set of common rules and regulations, one EU monetary fund grouping all sovereign debt, one tax matrix, a Eurobond, one security and defence policy and mechanism, etc. but dozens of cultures, languages, political platforms, freedom and internal peace. The Euro can be a strong alternative to the dollar and muscle the Chinese.

    • avatar
      EU reform- proactive

      @Peter- Hi,
      I am rather uncomfortable about “the mind set.”: Using & relying on the “Council”, the EU parliament- not “bowing” to Members…. etc. This sounds even more undemocratic- than the EU actually became & would admit! To reform this Treaty monster needs one or several “earthquakes”!

      Too much time, effort & money has been invested by lots of influential folks! The majority of the 750 strong EU parliament is & will always be (by design) pro EU & will continue the chosen path by the chosen few. Nothing will persuade them to change!

      These earthquakes will only come (not so -parliamentary & unplanned) form starting with one exit- triggering more & more exits over time! TM HO- a new EU needs a very different entry criteria & groupings by using the http://worldhappiness.report/ – referred by me in earlier comments. In the meantime I remain a “conscientious objector” of the present EU & its trajectory.

    • avatar
      George Yiannitsiotis

      1. The EU Parliament has no jurisdiction to crash the Sovereignty of the Hellenic Republic. Such a jurisdiction lies only at the Hellenic Electorate and the Hellenic Parliament
      2. Exchange of sovereign power for debt right-offs will lead the periphery to be enslaved by the center. Smart idea of the German elite: without tackling the fundamental problem of the euro that creates imbalances and leaves the Center (namely Germany) the unique who benefits of it, such an “idea” can not be implemented
      3. I could discuss such an idea provided that there would be a veto power of the national parliaments to EU decisions thus aborting the possibility to impose legislation against local will.
      4. Any way, life solves the problems in manners not foreseen by idiot politicians and bureaucrats.

      (Thoughts of a deprived-of-basic-human-rights, would-be-slave, still free Citizen of the Hellenic Republic, proud member of the Council of Europe)

  96. avatar
    Steve Olis

    The EURO was a bad idea to begin with…GREECE must EXIT. The Euro only benefits countries like Germany and France. Other countries such as Spain, Portugal, Ireland etc…also need to follow the Greek footsteps to create a more sustainable European economy….The main point here is that the EURO was a BAD idea to BEGIN with…the time has come to acknowledge this mistake and let countries such as Greece, Spain, Portugal, Ireland, Italy etc…. EXIT the EURO…!

  97. avatar
    ironworker

    What Christine Lagarde meant : “…the referendum will be invalid because the existing rescue program expires on Tuesday. The Greek citizens will be voting on the proposals that are no longer on the table. …” ?

  98. avatar
    ironworker

    How about Merkel’s “fear” : ” …her biggest fear was that Germany would be blamed for “blowing up Europe” for the third time in a century.”… ?

    • avatar
      George Yiannitsiotis

      Maybe; however, she fears most:
      1. the reaction of the German citizens now that realize what lies she told them back in 2010 (“rescuing Greece” instead of the truth “rescuing the reckless private investors and German/French banks)
      2. the destruction of the European free trade area due to the collapse of the euro will lead to national controls that destroy the “German economic miracle” and power.

  99. avatar
    Subra

    No, not in this time and age.Doing so will turn this global village into a restless community of political arm twisting and bare fist knuckle wrestling which will eventually become a perfect recipe for perpetual chaos which will affect the very fabric of life

  100. avatar
    eusebio manuel vestias pecurto

    The levels of sovereign debt publishes hinder economic growth and further hit to Greece economic and the recent agreement to a third rescue with its emphasis on austerity single repeat past mistakes Unless your creditors and the Greek government to reach A firm agreement and exercise more urgent to restore economy of Greece

  101. avatar
    Monique Saby

    They need to tax the Orthodox Church and the “armateurs”. It is simple ! Dixit Alain Touraine.

  102. avatar
    yucha dwistya

    I just watching them, and believe greek can solve their problems by their own way!

Your email will not be published

Leave a Reply

Your email address will not be published.

Notify me of new comments. You can also subscribe without commenting.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

By continuing to use this website, you consent to the use of cookies on your device as described in our Privacy Policy unless you have disabled them. You can change your cookie settings at any time but parts of our site will not function correctly without them.