Vote to default
We should remember that Greece actually achieved an unprecedented reduction in its annual deficit from 16% in 2010 to a +0.5% in 2014. No modern State has accomplished this. However, it came at a cataclysmic cost to Greek society.
The Eurogroup intended that Tsipras fail, regardless of his position. First, it actually reneged upon its commitments to the Samaras Government in the run up to the elections by failing to take a number of actions regarding debt rollover. Then it has rejected every position put forward by the Greek Government (which I suppose is a value judgment) but also demanded new austerity measures much heavier than those imposed on Samaras. Those demands were intended to be punitive and designed to force Tsipras to back down and thus prevent a "me-too" Podemos victory in Spain.
The game is over. Greece should default and let the chips fall where they may. Once they overcome the first shock things will improve. The stats quo had no future.
President, CEO at Piraeus International, Inc., ANBAC, LLC & NABAM, LLC
9 å¹´The worst thing Greece could do is default and leave the Euro. It would have NO similarity to the period of time when Greece was on the drachma and Greece had an economy as well as over 8000 merchant marine vessels and international currency pouring into its commerce. Those days came and went and now with almost a stagnant economy and over 25% unemployment, Greece would become at best an Albania. Companies, well any substantial companies, left would flee Greece. The Drachama would start trading at over 3 times the rate then it did when it entered the Euro, over 1000 to the EU $. Anybody remember Argentina, or Mexico??? Ask Argentina if it was worth it? After filing bankruptcy in 1998 they are ready to again file near the brink as investors and companies left and NEVER came back. Greece would become a land of empty hotels and buildings with much of the remaining population fleeing for any other country of opportunity as many have already done the past 5 years. The sad part is the people who worked the hardest, and now on pensions are the ones who are suffering the most. NO, the answer in NOT to leave the Euro but to come to terms with the fact the no country can survive with a government workforce of over 40% of its population and another 18% on pensions and 25% unemployment rate. Simply put unsustainable unless of course you expect the EU to continue pouring aid into Greece. Even with the aid that they do pour in, much of it goes unaccounted for as well. So its time for Greeks in Greece to own up, pay the bill, move into this century and do what our parents and grandparents did..... WORK and SACRIFICE to get ahead and PAY TAXES. As we do in almost every part of the of the world where Greeks lead in economic accomplishments as well as education. OXI. Accept and pay the bill.
Adonis, Patrick I totally agree. I can't speak for business but austerity measures are affecting the pensioners. Tsipras has guts. Perhaps a reminder to all Greeks of the words in the national anthem.
I agree Patrick, and may all Greeks be reminded of the words in their national anthem. Perhaps it should be interpreted for Angela
Senior Associate, Jones Group Middle East
9 å¹´I'm with you on this Patrick!
Civil Engineer
9 å¹´Whatever the outcome of Sunday 's ref., Europe will keep Greece in the Eurozone... The difference for Europe (NOT Greece) is that after a NO, it will change for the better...