Eurozone will collapse...

Love to the see correlating chart showing countries Government tax revenues...

[Pierre]

Greece debt crisis: Athens seeks new last-minute deal
http://www.bbc.co.uk/news/world-europe-33325886

Great, like a game of cards, Greece have played their ace or joker?

[Kursk]

Originally Posted by Damien

Ireland are doing pretty well? Let's be clear anyway that was self-interest because of the exposure British Banks had in Ireland.

Well, I suppose you are doing pretty well if you run up debts that someone else pays. Oh wait...

[Ignitionnet]

This should surprise no-one.

[Osem]

I don't know about cards - the whole thing's a complete joke which would be funny if it wasn't so serious.

[nomadking]

Originally Posted by Ignitionnet

Ya. Spain and Ireland.

But the problems that Ireland and Spain had/have are mainly down to a collapse in the property market and not any underlying government spending.

Greece is very different. Eg Buying off the electorate with surplus public sector jobs.

Originally Posted by Kursk

Well, I suppose you are doing pretty well if you run up debts that someone else pays. Oh wait...

What?

They're paying it back.

[Osem]

Eurozone finance ministers have rejected a Greek government call to extend its bailout, just hours before it expires and a €1.6bn (£1.1bn) payment to the IMF falls due.

http://www.bbc.co.uk/news/world-europe-33325886

[Ignitionnet]

Originally Posted by nomadking

But the problems that Ireland and Spain had/have are mainly down to a collapse in the property market and not any underlying government spending.

Greece is very different. Eg Buying off the electorate with surplus public sector jobs.

In which case equating them isn't really fair. Greece's public spending has dropped a bunch. Sadly alongside that has come a massive drop in GDP, so it hasn't actually helped.

Are you advocating, having cut public spending by ~20% and taking 1/4th from the Greek economy, more of the same?

[nomadking]

Originally Posted by Ignitionnet

In which case equating them isn't really fair. Greece's public spending has dropped a bunch. Sadly alongside that has come a massive drop in GDP, so it hasn't actually helped.

Are you advocating, having cut public spending by ~20% and taking 1/4th from the Greek economy, more of the same?

If the problem has been in part caused by employing people in unnecessary public sector jobs then that is where the axe should fall. Or should they be given an eternal pass to spend as much as they like and others will forever be expected to pay for it.

If repaying loans takes so much money , how did they ever think they were going to repay anything. They've already been let off 50% of the debt.

Lenders' proposals - key sticking points

• VAT (sales tax): A new system to come in from 1 July, with three rates, aimed at boosting annual revenue by 1% of total output (GDP)
• Most goods to be taxed at top rate of 23%, including restaurants and catering and processed foods
• Reduced rate of 13% for basic food, electricity, hotels and water
• Super-reduced rate of 6% for medicines, books and theatre
• End exemptions and eliminate VAT discounts for Greek islands
• Create strong disincentives to early retirement
• Move retirement age up to 67 by 2022
• End Ekas "solidarity" top-up grant that some 200,000 poorer pensioners get - immediate Ekas cut for wealthiest 20% of recipients, and cut completely by 2020
• Pensioners' healthcare contributions to rise to 6%, from 4%

[Kursk]

Originally Posted by Damien

What?

They're paying it back.

What?

When?

[Ignitionnet]

Originally Posted by nomadking

If repaying loans takes so much money , how did they ever think they were going to repay anything. They've already been let off 50% of the debt.

Per my link above, it was assumed that the Greek economy would recover, not slump, as a result of austerity, and even the IMF now know that the debt won't be paid back. Had the Greek economy proceeded as planned that would've provided some income to going onto the right track. As it was austerity destroyed it.

Blame rests on the shoulders of creditors and debtor alike.

Originally Posted by Kursk

What?

When?

Since forever. It was a loan.

http://www.thejournal.ie/ireland-int...20288-Oct2013/

IRELAND HAS PAID the British government over £67 million in interest eight tranches on money received as part of the bailout.

The loan was disbursed in eight tranches, with the last coming on 26 September. The final loan will mature on 26 March 2021, with the first set to mature on 15 April 2019.

Ireland will make interest repayments twice a year – on 15 June and 15 December- until the loans are paid off. As of the end of September, the country owes Britain £21.6 million in interest.

Ireland has yet to begin repaying the principal on the loan, with the full £3.2 billion outstanding.

As of 2013 they were just paying the interest but over the course of the next 10 or so years they'll pay it all back.

[Kursk]

Good. Ta

[Osem]

According to Andrew Neil on the Beeb, Merkel has just ruled out any further negotiations with the Greeks until after their referendum on Sunday. He also mentioned rumours that the Greek PM may cancel the planned referendum.