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Expect this to happen all over Europe. In particular England. It has happened before and will happen again, until the fuckers in charge understand and learn.

by seivan 14y ago

Expect this to happen all over Europe. In particular England. It has happened before and will happen again, until the fuckers in charge understand and learn. But no one would vote on the guy calling for budget cuts. Everyone likes the guy with the hand outs.

desas 14y ago
According to the article government spending wasn't the problem here, the problem was Cypriot banks making bad investment decisions.
- khuey 14y ago
  My understanding is that banks in Cyprus are heavily invested in Greek bonds (makes sense given the shared language/culture/etc) and that the Greek bailout resulted in the bondholders taking a 50% "haircut" which set off the current banking crisis in Cyprus. And now the "solution" to the problem in Cyprus is likely to set off bank runs in other troubled Eurozone economies. One domino knocks over the next ... Edit: half of this is in the article which I didn't read before commenting ;-)
dageshi 14y ago
"England" isn't in the euro, it has a central bank that can and will print money if required. If anything chances are the UK will be on the receiving end of any money transferred out of Greece, Portugal, Spain e.t.c. because it's within the EU (and therefore other EU citizens can easily open bank accounts) but not inside the eurozone (the UK has not funded any of the EU bailouts except via contributions to the IMF)
- _pferreir_ 14y ago
  i.e. "has one's cake and eats it"
- _pferreir_ 14y ago
  i.e. "has one's cake and eats it"
cadlin 14y ago
Greece has cut its budget on an order of ~20%. It hasn't helped them at all. http://research.stlouisfed.org/fred2/data/GRCGFCEQDSMEI_Max_630_378.png http://research.stlouisfed.org/fred2/data/GRCGFCEQDSMEI_Max_...
- seivan 14y ago
  Jeez, this was -forced- from europe, the Greeks didn't vote it in. My point is, no politician that's paycheck depends on votes will ever force this in. It has to come from the outside - EU.

by seivan 14y ago

desas 14y ago

According to the article government spending wasn't the problem here, the problem was Cypriot banks making bad investment decisions.

khuey 14y ago
My understanding is that banks in Cyprus are heavily invested in Greek bonds (makes sense given the shared language/culture/etc) and that the Greek bailout resulted in the bondholders taking a 50% "haircut" which set off the current banking crisis in Cyprus. And now the "solution" to the problem in Cyprus is likely to set off bank runs in other troubled Eurozone economies. One domino knocks over the next ... Edit: half of this is in the article which I didn't read before commenting ;-)

dageshi 14y ago

"England" isn't in the euro, it has a central bank that can and will print money if required. If anything chances are the UK will be on the receiving end of any money transferred out of Greece, Portugal, Spain e.t.c. because it's within the EU (and therefore other EU citizens can easily open bank accounts) but not inside the eurozone (the UK has not funded any of the EU bailouts except via contributions to the IMF)

_pferreir_ 14y ago
i.e. "has one's cake and eats it"
_pferreir_ 14y ago
i.e. "has one's cake and eats it"

cadlin 14y ago

Greece has cut its budget on an order of ~20%. It hasn't helped them at all. http://research.stlouisfed.org/fred2/data/GRCGFCEQDSMEI_Max_630_378.png http://research.stlouisfed.org/fred2/data/GRCGFCEQDSMEI_Max_...

seivan 14y ago
Jeez, this was -forced- from europe, the Greeks didn't vote it in. My point is, no politician that's paycheck depends on votes will ever force this in. It has to come from the outside - EU.