Well, in this case not; but nothing aginst the Greeks, they are fine !. The BIG problem is the country finances. Enslaved to the IMF ( in which our dear Gordon Brown would love to be boss of )they are accumulating debt at an alarming rate.
They are in line for another £1 Billion payout to prop up the finances for a WEEK OR TWO !!!. They will need probably some 14 Billion to keep going, but even then ( as growth has slowed ) they are at grave risk of NEVER being able to re-pay their debts. Problem is although we are not in the Euro zone we are pledged to help ( Thanks Gordon ! ), so it may seem that we in the Uk may get tapped again for another £ Billon or so.
However the real worry is that if Greece cannot meet its debts, and within a few months begins to deafault ( as it almost certainly will ) then it may well throw in the towel and reject the Euro. This act may well shed light on the other European countries in plight, mainly Portugal and Irelend. We gave £7 billion to Ireland, and any future bail out would be crippling for us. The big worry is if Spain is the next country to go belly up. The contagion is sure to spread, and as such a number of economists hold out little future for the Euro currency as countries in debt start to ditch it ....Watch this space !!.
As dear old Karl Marx said the revolution will come. By the way Marx was NOT advocating a violent revolution ( ie, disruption and aggression ) he had the forsight to see that Capitalist greed would implode on itself and destroy itself in the long run...I wonder what he would make of the IMF and the muppets at the EU !!!!.
Technician
They are in line for another £1 Billion payout to prop up the finances for a WEEK OR TWO !!!. They will need probably some 14 Billion to keep going, but even then ( as growth has slowed ) they are at grave risk of NEVER being able to re-pay their debts. Problem is although we are not in the Euro zone we are pledged to help ( Thanks Gordon ! ), so it may seem that we in the Uk may get tapped again for another £ Billon or so.
However the real worry is that if Greece cannot meet its debts, and within a few months begins to deafault ( as it almost certainly will ) then it may well throw in the towel and reject the Euro. This act may well shed light on the other European countries in plight, mainly Portugal and Irelend. We gave £7 billion to Ireland, and any future bail out would be crippling for us. The big worry is if Spain is the next country to go belly up. The contagion is sure to spread, and as such a number of economists hold out little future for the Euro currency as countries in debt start to ditch it ....Watch this space !!.
As dear old Karl Marx said the revolution will come. By the way Marx was NOT advocating a violent revolution ( ie, disruption and aggression ) he had the forsight to see that Capitalist greed would implode on itself and destroy itself in the long run...I wonder what he would make of the IMF and the muppets at the EU !!!!.
Technician