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Where did I say I believed it was up to a Greek Political Party to endanger the whole Eurozone? I said I believed they would. I didn't say that it was up to w
by ZenPro 12y ago
Where did I say I believed it was up to a Greek Political Party to endanger the whole Eurozone?
I said I believed they would. I didn't say that it was up to which implies moral positioning.
Them leaving was absolutely certain. Tsiparis was quite clear in his intentions and he had the popular mandate. There was very few things the other European countries could have done to prevent Syriza following through on their pledge.
The precedent already existed with Iceland. If you refuse to pay out monies owed, very few nations or trade bodies can compel you to actually cough up. No one was proposing a land invasion of Greece and the fire-sale of assets was practically complete.
You have strayed into several massively complex issues with your response.
[1] Should a sovereign nation be allowed to enter and exit treaties when they wish/populace demands it?
[2] If sovereign nations vote not to honour an agreement can external nations compel them to do so?
[3] Does Greece have a larger responsibility to the unity of the European Union?
[4] Would Tsiparis have followed through on his claims?
I believe the answer to 4 is yes. My description of my trading activity did not talk about points 1-3 so I have no idea why you have brought those issues up. Either way, we will never know and I lost money. <shrug> Personally I still think the Euro is doomed but if I am honest that is because of what I read, not really any great insight of my own. I have no PHd in Economics.
- emilga 12y agoHow do you stay informed on economics? Any tips or recommendations?
- ZenPro 12y agoNothing beyond the mainstream, plus I lost. I am not the best place to ask for advice ;-) Saying that - I didn't sink any money into Mt. Gox so not all bad.
- bsaul 12y agoSorry for the expression. English isn't my primary language. I meant it in a different meaning : "because you think a greek political party has the power to endanger..." As for your other point. I believe that it's all a matter of power relationship. Moral isn't really effective. Your trading activities ignored the fact that a country like greece has all kinds of binds and ties to other eurozone countries, and thus aren't completely free to do whatever they want ( at least not without dealing with a lot of hostile behaviors).
- ZenPro 12y agoNo worries - I never downvoted. Your comment makes sense now. You are right that sovereign nations cannot do completely as they wish but when it comes to economic developments, history sides with demonstrating that countries will and do default on debts to other sovereign nations. Almost every nation on earth, since 1500 has defaulted on a national debt. I personally believe, given the conviction of the political party, the outrage of the populace and the crippling economic cuts that Greece absolutely would have defaulted under Tsiparis and the Euro would have faced an extremely damning future. Precedents -- [1] During the last week of 2001, the Rodriguez Saá government of Argentina defaulted on the larger part of the public debt, totalling US$132 billion. The amount approximately represented one seventh of all the money borrowed by the Third World. [2] A chart of all sovereign debt defaults since 1980 http://4.bp.blogspot.com/_pMscxxELHEg/TDfkTfwd8LI/AAAAAAAAIwg/mwNeNEuCZuA/s1600/SIGSovereignDefaults2003.jpg http://4.bp.blogspot.com/_pMscxxELHEg/TDfkTfwd8LI/AAAAAAAAIw...