The video debtocracy see link above is somewhat leftist -however it contains part of the truth. The Greeks -from whom we get the word Democracy- the people never wanted the Euro . As lots of informed posters on newspaper web sites have said in Greece there is much corruption and many individuals and business pay bribes to officials to avoid paying taxes. German companies paid bribes to get Greek politicians to buy lots of military equipment , an air conditioned metro for Athens and so on. All paid for by loans from French , German Banks. Now the Greek Politicians have been bribed into accepting bail out loans to pay the interest on the bank loans. The Greek people know that the austerity measures will only drive Greece into deeper debt. Out of the Euro they would again be a cheap tourist destination, INSTEAD the goverment is puting up vat and wine taxes making Greece a more expensive tourist destination.
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Three Greek words -Chaos Crisis &
Catastrophe . Yet what the fates still have in store. Destiny is when the USA is no longer able to finance its own mega defecit by selling Treasury security bonds to others. Then it will resort to printing money to buy its own bonds. Just think about this, the US will print money to feed its debt.
It might be HMS BRITION which sinks.What are the true liabilities of our Banks in derivatives of bad loans to Greece, Spain and the United States?
As for the Eurozone -growth rate 1% via export led recovery, Germany alone exports more then the United States. EU inflation close on half that of UK, which is running massive trade deficit. The pound is 89p to the Euro.
Greece is probably self sufficient in food.
We are not. The pound sinks below the water. The cash machines are switched off as almost happened in 2008. Petrol pumps run dry. Then panic buying causes food stocks to run out.
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