Looks like some post-Soviet place.
--
John Larkin Highland Technology, Inc picosecond timing laser drivers and controllers
jlarkin att highlandtechnology dott com
That's what socialism and over-reliance on welfare does to countries. What follows is usually a brain drain and afterwards it's almost too late.
-- Regards, Joerg http://www.analogconsultants.com/
It's not a problem due to socialism or welfare. It is simply bad management. The government of Greece has been lying about their finances and borrowing loads of money. They where destined to go under -crisis or no crisis-.
BTW: you'll find abandonend buildings everywhere. The amount depends on how much space there is.
no, that's what happen when people don't pay their taxes and the government is too scared to either cut spending or make them and instead just borrows the deficit
-Lasse
Even worse,
Mikek
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An isolated country, when it borrows and spends too much, is punished by a devaluation in its currency. The common Euro screws up that adaptive mechanism.
-- John Larkin Highland Technology, Inc picosecond timing precision measurement jlarkin att highlandtechnology dott com http://www.highlandtechnology.com
Mainly it is what happens in a country where the rich and powerful are above the law and able to purchase politicians with absolute impunity.
Greece should never have been allowed into the Euro at the outset - they lied about their finances to join the club and now will pay the price. It is likely that they will be ejected although no formal mechanism for handling this exists so it could well be very messy.
European banks have been hardened to withstand a Grexit - time will tell if the economists have got their sums right. It isn't called the dismal science for nothing so it could easily go either way.
The ghost abandoned buildings have been a feature of Greece since at least the 1990s and probably even before that. I recall the recession there caused by the US bombing Libya and US tourists staying away.
-- Regards, Martin Brown
Bankruptcy generally requires overspending. Misallocating funds (corruption) isn't a sufficient condition--you have to misallocate more than you take in.
They seem to have been handsomely rewarded for it already, at Europe's expense.
Greece's problem is that, eventually, you run out of other peoples' money, too.
I heard a U.S. tourist just back from Greece yesterday. Dismayed to see prime properties abandoned in disrepair, a local told him regulation made rehabilitating them cost more than the properties' value.
Cheers, James Arthur
The *real* problem was their being allowed to join the Euro (single currency). They lied in order to satisfy the convergence criteria when they joined up and the grab-all, power-mad plutocrats in Frankfurt and Brussels turned a blind eye to it all. Same with Spain, Portugal, Italy. Now the chickens are coming home to roost. July will be crunch time for Greece and once Greece falls the others will follow like a chain of dominoes.
Absolutely! I have always been staggered that they adopted it at all. The savings in exchange rates etc doesn't fly for me as they could just legislate all EU currencies as legal within the EU and use an electronic update at point of purchase for an official price (the cost is just a small extra data overhead - the infrastructure already exists. Mostly.
As long as those politicians are elected, it's the population that gets the ultimate blame.
-- John Larkin Highland Technology, Inc picosecond timing precision measurement jlarkin att highlandtechnology dott com http://www.highlandtechnology.com
The ECB (or whoever) doesn't have auditors? They believed what people told them?
Why are economists such total, consistent idiots? Their predictive ability is zero, if that. The world would be better off if nobody taught economics.
-- John Larkin Highland Technology, Inc picosecond timing precision measurement jlarkin att highlandtechnology dott com http://www.highlandtechnology.com
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Goldman Sachs helped them hide the debt with a bunch of sketchy derivatives and other trickery, and got handsomely paid for it
-Lasse
I guess so. Like politicians did with Obamacare. Then came Shellacking
1.0 and 2.0.
Because most of them can't be fired? There is an old saying: Tenure breeds incompetence.
Maybe. But then some sleezy folks would fleece everyone else because everyone else doesn't understand what's happening.
My economy teacher in high school was really good.
-- Regards, Joerg http://www.analogconsultants.com/
Serial defaulters, what do you expect.
Cheers
Yeah, but the EU is Doing It Right. So they tell us.
-- Les Cargill
Indeed.
But it's what happens when you surrender the ability to have your own currency.
-- Les Cargill
"It is difficult to get a man to understand something, when his salary depends upon his not understanding it!" - Upton Sinclair.
No. There are good ones.
Or if everybody was taught it.
Nixon thought "price controls" could work. Nobody even thinks that is anything but a joke now. This is progress.
-- Les Cargill
Bingo. "We has met the enemy, and it is Us" - Walt Kelly, "Pogo"
Also
-- Les Cargill
You can spend US dollars in the border cities in Mexico. It would have worked out. In Canada, you just hit the exchange place and get Loonies for a small fee.
Still, the widespread fraud was a big problem. It's easy to forget that Greece was very close to if not part of the Ottoman Empire, which was thoroughgoingly corrupt.
-- Les Cargill
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