To be fair, and not in any way trying to undermine the very human cost Greece went through, but it is now kind of a poster child of solid economic fundamentals in Southern Europe? At least that’s the impression I’ve gotten. Though top tier meme 😅
Not throughout its entire history surely, but it’s definitely on a stronger fiscal path now, improved cost competitiveness (in contrast to being hugely expensive previously). Definitely more improvement needed, but seems to have taken the lessons to heart no?
Que se jodan. Los PIGS no consumimos gas por encima de nuestras posibilidades, como les pasa a ellos.
Aunque para ser justos, a quienes quiero ver hundirse bajo el mar es a los holandeses.
This is bullshit, Andrew. Germany did nothing like this and Greece even repaid her credits two years before the due time. That is cold coffee. Annoying.
As a Greek, we were the architects of our downfall. Few paid tax and constantly over borrowed. Varoufakis went asking for funding at the same time asking creditors to write off Greek debt. It was a bonkers position to take.
You have fallen to bullshit agitation from the tabloids. It's a complete misrepresentation ofn the events, and you had years to educate yourself over the facts. Not having that.
We had to Pay the risky investments of the Germán Banks totalmente haf accumulated tons of subprime shit and forced the EZB to keep low rates because germany was in crisis, although the pigs had high inflation. Germany is a liability.
Not only on Greece, the entire EU, in particular the Mediterraneans.
And not only Germany, it is the most powerful present that Merkel/Rutte/Stubb & Co. offered to Putin, and pushed upon EU/NATO unilateral disarmament.
I would say, that it didn’t hit Spain as hard as it did Greece.
As a Spaniard living in Germany (so not feeling the consequences directly), I felt at that time more sorry for the Greeks than for my compatriots.
Si, siempre hay alguien que está peor que uno, pero el chantaje de la austeridad y los recortes se aplicó a todos los llamados PIIGS, aunque unos partiesen de peores condiciones y sufrieran peores consecuencias que otros.
Habrá que llamarles cerdos y decir que son unos vagos y unos derrochadores en todos los foros mediáticos internacionales y que tienen un problema cultural intrínseco como se hizo con los países mediterráneos en la crisis de 2008.
Necesitan una reforma laboral. Nada, despido libre, los buenos contratos temporales sin justificar y lo de las indemnizaciones por despido nada, tachar. Y me congelan los salarios, que hay que trabajar más y cobrar menos. Era así no? El buen #austericidio
Funny, but… not funny. Greece and other countries were on the verge of defaulting back then.
By comparison, and also by means of applying the debt brake over the past decades, Germany’s debt is really low today, allowing for arguably lots of fiscal manouvering space.
A harsh adjustment needed to be made, no question about that. The problem was that there were no growth provisions whatsoever, no planned investments from the EU side. Greece bled wealth making potential by having highly educated people going to work abroad.
Germany and France had been selling Greece military gear beyond what it could afford, and loans were given those by German and French banks, and bribes were paid to Greek politicians & officials.
There are estimates that with military spending at average EU level Greece might have been ok.
It was incredibly unfair to operate under the notion that when a debtor finds themselves into trouble, it is entirely their fault and not also of the creditor that either failed or didn't bother with due diligence.
And after New Democracy returned to power, it's doubled military spending what it was under SYRIZA, and its again significantly above EU average, 3.86 % of GDP.
It is also because the EU cannot offer sufficient security guarantees to Greece vis-a-vis Turkey. I am hoping that the deepening of intra-EU military cooperation can do this.
We have paid the wrong decissions of the EZB and german banks once. We are more than reliable. They should keep an eye upon their own banks and enterprises, that are among the corruptest of the world. We should be worried about the ability of the Netherlands, by all means a narcostate, to fulfill...
The GR debt crisis was caused by tax evasion and corruption not by spending on infrastructure or defense. “Austerity” was primarily intended to force politicians to change that and was quite successful. Austerity in Germany was economic illiteracy
No. It really wasn't. And did not get rid of corruption. If you got your news at that time in German newspapers, I'm sorry to say that you have been bullshitted.
International economic newspapers and scientific literature on the effects of austerity, were much more clear eyed
I have to say "let's disagree to disagree". Btw I usually get my information from media like the Economist, don't have a scientific background but a business one (and my then employer had a Greek exposure at that time, which was partly routed over my desk); what's yours?
Comments
Aunque para ser justos, a quienes quiero ver hundirse bajo el mar es a los holandeses.
And not only Germany, it is the most powerful present that Merkel/Rutte/Stubb & Co. offered to Putin, and pushed upon EU/NATO unilateral disarmament.
As a Spaniard living in Germany (so not feeling the consequences directly), I felt at that time more sorry for the Greeks than for my compatriots.
By comparison, and also by means of applying the debt brake over the past decades, Germany’s debt is really low today, allowing for arguably lots of fiscal manouvering space.
I am sure The Economist knows.
There are estimates that with military spending at average EU level Greece might have been ok.
Apparently.
The big thing will be when Germany and others see the euro as a European currency and not as their currency that others abuse.
Then we might get Bafin taking things more seriously as well.
I am not in that camp but don't deny the trust issues. As per the Bafin comment, I actually have problems with German business models.
Abwrackprämie?
Kurzarbeit?
https://youtu.be/BwXkqHRkUpk?si=hPm81Kvd4crtNHQY
IMHO, the devil is in the details ... and the German "Schuldenbremse" isn't even a tiny detail.
International economic newspapers and scientific literature on the effects of austerity, were much more clear eyed