Friday, 24 June 2011

A Greek tragedy....

Every day we keep getting bombarded with news about Greek debt and bailouts and protests in Athens.

Point 1: The Greeks can't seem to accept that they have had it far too good over the past few years - there's government subsidy for pharmacists - so there's more phamacists than they know what to do with, Government workers have been able to retire at about 50 ish, I believe that a whole group of ex government workers were still getting paid despite not working for the government anymore...

Point 2 - Can't they just leave the Euro and be done with it? Didn't Nigel Lawson leave the Exchange Rate Mechanism when the markets bet against the pound and we had interest rates up to 15% - completely unsustainable and by leaving and letting the pound find its own level rather than being artificially pegged it got us out of the hole...

Point 3 - It seems very strange to me that share in a printing company in Leeds, mining companies on the other side of the world with non-european exports and customers get shorted on the back of worries about Greek debt - ok banks are affected, various other finance institutions and services perhaps, but it just seems that - like with the Japan earthquake - traders sell everything that isn't nailed to the floor irrespective of whether it has any exposure and not take account of companies' underlying value...

Point 4 - Why is Greece going bust the end of the financial world and we apparantly are all doomed? Oil will still get pumped out of the ground, gold will still be shiny, crops will still be grown - like I said let Greece leave, let them have Drachmas again at a sensible level and let them get on with it...

http://www.thisismoney.co.uk/news/article-2007949/The-Big-Fat-Greek-Gravy-Train-A-special-investigation-EU-funded-culture-greed-tax-evasion-scandalous-waste.html#ixzz1QHagp8jk

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