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Greece

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Copper
Regular Contributor
Let me get this straight...Greek citizens vote "no" for austerity plans and Eurozone demands, and now their PM has agreed to terms that are more severe than before?? what exactly was the referendum for...
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and to add, the guy who convinced them all to vote "no" quit the day after the election and disappeared.
Also this is the 3rd time they are getting a bailout.
Third time lucky?

Now if someone can sort out Italy...and Spain, oh wait dont forget Portugal as well and....

Thank goodness Draghi decided to print an extra $1 trillion dollars cause seems there might be a couple more mouths to feed. Luckily debt isnt real and doesnt need to be paid back :P
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partridge
Super Contributor
Tsipras and his party can be accused of being economical with reality and truth - as their offers to the Greek people were not achievable - so their whole political movement lacks integrity - except for one thing - their is too great a burden to bear. the fact is the Greeks did not honor their obligations arising from their previous collapse - in 2008 and 2010 - which were to implement serious reforms on tax employment and pensions front. "Hellas poor Yanis" lectured his counterparts as if they were students - and then did a runner. They cannot really repay their debt. This is a failed state - along with Zimbabwe. Look at the long bond yields for Italy and Portugal and Spain. No issue.
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As much as I agree with you on the first part, I dont believe Europe has no issues...for one thing why pump in $1 trillion (which puts US to shame with QE) if everything was ok?

But luckily its never hard to find bad data about Europe.
From the economist written about 2 months ago.

http://mybroadband.co.za/vb/album.php?albumid=2512&attachmentid=234834

http://www.economist.com/blogs/graphicdetail/2015/05/european-economy-guide
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In the bottom left chart, Austria, Finland, Italy and Cyprus have -ve GDP change for one thing.
Unemployment rate of the youth in Italy and Spain is near 50%

And public debt is well....crazy all over (the red countries).
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CHATTYCHAT
Super Contributor
(Got this from the internet)- Penile moniker - There is this signature of Greece's new finance minister, Euclid Tsakalotos. It looks bizarrely like a phallus, say commentators, some of whom have been quick to note the symbolic weight of this -- Tsakalotos' signature will feature on Greece's official request to its European creditors. "Tsakalotos's signature is basically a Rorschach test," said the website Mashable." It "could be a middle finger to the world," Mashable said, before conceding, "or maybe just a duck with a sassy quiff."
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CHATTYCHAT
Super Contributor
Inside Greece, the humour points to its citizens' irrepressible cheekiness, even in times of trouble. "Hey, nice tan!," says one joke that has gone viral. "Did you spend the weekend at Psarou beach (a VIP spot on Mykonos island)?" "No. I got it from waiting in line for the cash machine."
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This dude went all in as the small stack at a high stakes world series poker match with a pair of 2's - and is crying because his bluff got called. Tsipras will go down in history as Greece's worst politician ever!
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Ill give it to you, Greece might be in the winning position for this spot but its got strong competition for Japans "Abenonomics" who gave a speech to Japan about 2 months ago that said...."We must be like Peter Pan if we all believe we can fly then we will fly" (referring to we must all just believe the economy is doing well then it will do well)....I guess no-one told him Peter Pan lived in NEVER NEVER Land
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Personally Im still calling Draghi the worst...his -ve interest rates "that will save history" and money printining have basically done 2 things...
1) It has eridicated all the pensioners life savings, so pensioners have no money left so that the youth can buy more ipads and cars.
2) Printing more money has eridicated the value of the youths bank accounts, so they have more money than pensioners but its just as worthless.

/me starts a slow clap....*clap*......*clap*......*clap*
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The International Monetary Fund (IMF) has fiercely criticised the bailout deal offered to Greece by the eurozone.

It said Greece's public debt was now "highly unsustainable" and urged debt relief on a scale "well beyond what has been under consideration to date".

Source:
http://www.bbc.com/news/business-33531845?ocid=global_bbccom_email_15072015_top+news+stories
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stores
Super Contributor
Friday Joke: I have heard that all new Euro notes are going to be printed on grease proof paper. LOL.
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WASHINGTON - The International Monetary Fund said on Monday that Greece was no longer in default on its loans after remitting about two billion euros ($2.2 billion) to make up for missed debt payments. "I can confirm that Greece today repaid the totality of its arrears to the IMF.... Greece is therefore no longer in arrears to the IMF," said spokesman Gerry Rice in a statement. Greece's ongoing IMF support program was frozen on June 30 when the country, in the middle of tense negotiations with European Union creditors on more funding, failed to make a key payment on outstanding loans from the Fund. It missed a second payment on July 13 as the negotiations for bridge funding ahead of a huge third bailout program for the cash-short nation were being finalized. The repayments were finally made possible by a short-term loan of 7.16 billion euros granted by the European Union on Friday. The government also needs to make a 4.2 billion euro payment to the European Central Bank on Monday. Rice said that now that Athens is no longer arrears, the IMF "stands ready to continue assisting Greece in its efforts to return to financial stability and growth."
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So a quick calc says they took a short term loan
of 7.2bn euros, paid 2bn to investors and going to pay 4.2bn to Eurozone next week....

7.2 - 2 - 4.2 = 1bn left
and the next payment in 6 months is 1.8bn?
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sorry the next payment will be more than 1.8bn
because they now have more debt of 7bn to pay as well.

Using credit cards to pay off other credit cards...
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