Greece outta the EU door?

http://www.bbc.com/news/world-us-canada-33317495

 

Great. The end is near. No more watching the news. Just cartoons from here on out. Get more beans and bullets now.

 

Unfortunately, Greece is a lot further down the rabbit hole than Ukraine. Ukraine at least has a reasonable chance of pulling itself out of it's financial crisis. Not so with Greece, which needs to make some major overhauls, which they are so far refusing to do.

Further, all the bail-out billions being dumped into Greece is only delaying the inevitable. Since, the bail-out money is being used to pay her existing debt, rather than being put into the national economy to help rebuild it.

Trading peaches and strawberries with Russia is not going to save Greece.

As to Greece moving closer to Russia...Most would probably say that "Putin's welcome to 'em." One less Albatross around the EU's neck.

 

I am not an economist so unfortunately I can not comment on either of the countries reforms or planned reforms that will bail either one out of turmoil. I do however; see many advantages for Greece siding with Russia.

Greece will quickly see exports rise in all categories of agriculture, several billion I would imagine that Russia will happily receive from the Greeks. Greece will also receive cheap gas. The fact that both countries are orthodox will only help integration.

Ukraine on the other hand is having a very difficult time paying Russia 75m a month in interest for the 3billion loan it received not to mention that Russia has just officially canceled Kievs gas discount...

Many suspect that Ukraine will default in the next month or two.....

Europe may have lost Greece but has picked up Ukraines debt. Didn't the IMF just authorize an additional 20 billion in relief? Which nations are paying for that?

Europe may also lose Great Britain soon.

 

How so?

Any idea how many billions are invested into Ukraine?

Better than not trading peaches and strawberries

Germans would disagree

 

Russia in turn has to pay the rebuilding of East Ukraine, their pensions and build new homes, or will the Russians live in ruins? Also the Crimea area people need their pension, shops,etc.

 

Russia will gladly take care of Russians within her territory (Crimea) and I'm sure will help with rebuilding the East as well....

It seems that the EU however, will be counting pennies. Financially Germany is the biggest loser.

 

Vodka bad for the brain!

 

Come again?

 

well, it will cost alot to Russia,too, whatever way you look at it. And Nato got a free ticket to send equipment in the neighbourhood of St Petersburg.

 

Several billion? Considering that the Greek debt is 320 million+ Euros...That is a drop in the bucket. But, hey, something is better than nothing...Right.

Cheap gas? Considering that Greek unemployment is 25% +/- , that's a lot of people that can't put petrol in the tank or heat their home with gas...No matter how cheap the gas is. Unless Russia is planning on giving Greece free gas.

More petty politics between Ukraine and Russia. The Russians are putting the screw to the Ukraine by refusing to restructure the 3 Billion debt.

Russia cancelled the gas discount for much the same reason...and to force Ukraine to purchase their gas quarterly, rather than by season. Makes sense financially for Russia, that way the Ukraine does not "lock in" a lower rate for the season.

This has been the speculation for how many months now...Was it 2013 or 2014 when that was first speculated...Maybe earlier than that.

Ukraine's total debt is 1/3rd that of Greece. Further, as %GDP, it is also a lot lower - Ukraine is around 90%GDP, while Greece's is around 180%GDP.

So, Ukraine is still a better bet than Greece.

Europe never had Great Britain...You can't lose something you never had.

 

Ukraine's debt is a lot less 100+billion as opposed to Greece's 320+billion.
Further, their debt is less of a proportion of their GDP: 90% vs 180%.

103 billion in debt at last count...323 billion for Greece.

True. But, nowhere near what is needed to bring Greece out of it's hole, or to make even a slight dent in their unemployment rate.

Only if their loan money is repaid in Rubles or Drachma.

 

That is too funny Von Poop.

Although, living in the States I had to google Katie Hopkins.

 

Yo Sloniksp, go clean your inbox out dood. It's as jammed up as the Puerto Rican economy!

 

So they voted nyet.
Hoping Mr Putin will help them out, or will they just print more money and act like nothing has changed.
Thinking i might try the 'no payback' angle. Nobody seems to want to pay their bills, why should i.
And why aren't the Greeks revolting- part of their problem rests with the wealthy not paying taxes.
They should be going after the guys who aren't paying their fair share.
Besides, they live in a warm country. If Canadians were to go without paying bills, most of the population couldn't survive a winter.
I have no sympathy for Greece.

 

Well, seems like the Greek banks will be out of money in two weeks or less time. After receiving some 90 billion euros as loan and still not able to survive I don´t think they ever will...

 

Of course Greece is not able to survive. The 90 billion in loans is going to pay loans previously made...This is somewhat akin to using one credit card to pay off the debt of another credit card...All your doing is exchanging one debt for another. AFAIK, none of the loan money is being put back into Greece's economy, which is where it is needed most. So long as no money is being put into Greece's economy, she won't pull out of her downward spiral.

 

Some remarkably incisive analysis from Old Holborn.

 

Maybe they should start selling off some of their islands in the Aegean Sea to start with. Might help.