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You cant have a trade surplus just by having great goods. People need money to buy them. The Germans lent them the money, with no means for it to be paid back.

vacri 12y ago
So you're saying that without Germany, Europe has no economy? The answer to this problem is for the public to demand stronger financial regulations from their own government. The problems facing you (rhetorical 'you') are mostly due to corruption in your own government - they're the ones taking crappy loans. So what if you blame one other country. Cut all ties with them... and the corruption in your own government will find some other way to spend your money on their personal baubles.
- drumdance 12y ago
  Germany was basically financing their exports. It's as if GM offered great terms to all comers regardless of creditworthiness, then complains when the buyers can't make the payments.
  - NotableAlamode 12y ago
    Victim blaming. The Euro, and it's easy credit was forced upon Germany by France as a price for reunification. Several German members of the Executive Board and the Governing Council of the European Central Bank (ECB), and one German head of state resigned in protest against the insane monetary policies that the southern European states voted for.
    - NotableAlamode 12y ago
      Why the downvotes? What I state above is historically well documented. I'd also like to remind the readers that Germany is still an occupied country and cannot make decisions about the Euro according to its own needs and wants.
- tsotha 12y ago
  >The problems facing you (rhetorical 'you') are mostly due to corruption in your own government... If that were the problem the solution would be fairly straightforward. But it's not corruption that broke the bank. Greece simply isn't wealthy enough to provide the level of services to which the citizens have become accustomed. That's why there's no way out here. The voters will not allow the changes that need to happen for the country to become solvent. After they stiff the Germans and after they leave the euro the people in charge will bring some sanity to the budget by printing Drachma (or whatever the new money is called) until consumption is brought roughly in line with production.
NotableAlamode 12y ago
Are you kidding? Credit can be used productively, for example by investing in new transport infrastructure, new factoris, better education and the like. Greece did none of those and subsidised the lifestyle of its public servants.

vacri 12y ago

So you're saying that without Germany, Europe has no economy? The answer to this problem is for the public to demand stronger financial regulations from their own government. The problems facing you (rhetorical 'you') are mostly due to corruption in your own government - they're the ones taking crappy loans. So what if you blame one other country. Cut all ties with them... and the corruption in your own government will find some other way to spend your money on their personal baubles.

drumdance 12y ago
Germany was basically financing their exports. It's as if GM offered great terms to all comers regardless of creditworthiness, then complains when the buyers can't make the payments.
- NotableAlamode 12y ago
  Victim blaming. The Euro, and it's easy credit was forced upon Germany by France as a price for reunification. Several German members of the Executive Board and the Governing Council of the European Central Bank (ECB), and one German head of state resigned in protest against the insane monetary policies that the southern European states voted for.
  - NotableAlamode 12y ago
    Why the downvotes? What I state above is historically well documented. I'd also like to remind the readers that Germany is still an occupied country and cannot make decisions about the Euro according to its own needs and wants.
tsotha 12y ago
>The problems facing you (rhetorical 'you') are mostly due to corruption in your own government... If that were the problem the solution would be fairly straightforward. But it's not corruption that broke the bank. Greece simply isn't wealthy enough to provide the level of services to which the citizens have become accustomed. That's why there's no way out here. The voters will not allow the changes that need to happen for the country to become solvent. After they stiff the Germans and after they leave the euro the people in charge will bring some sanity to the budget by printing Drachma (or whatever the new money is called) until consumption is brought roughly in line with production.

NotableAlamode 12y ago

Are you kidding? Credit can be used productively, for example by investing in new transport infrastructure, new factoris, better education and the like. Greece did none of those and subsidised the lifestyle of its public servants.