The European Debt Crisis Visualized

[J. Ascencio 1st MRB]

Very informative!

[J. Hill]

If they don't accept fiscal responsibility, Europe will fall. Politicians are irresponsible because they think they will just pass it off onto someone else. The people will take what they can get from the Government will little care of the consequences. Instead of having a Welfare state like here, it becomes a welfare country. Fix them or boot them from the union.

[Kanon 1st MRB]

Iam happy that we did vote no for the euro here in sweden

[Lystad 1st MRB]

Iam happy that we did vote no for the euro here in sweden

We voted no as well here in Norway!

[J. Hill]

you were the smart ones.

[Beuting 1st MRB]

Pretty scary realization huh?

Scary, but brought it all on point. They knew it all before, they've decided to punish those countries having a too high indebtness which never really happened afaik. And now here'res the result. It probably should have happened even way earlier in my opinion. The extension of loans hasn't done a favor to anyone and we actually payed and payed for nothing.

I like the idea of a united Europe, but not at any price.

[Magic 1st MRB]

A big reason why a lot of the country governments don't want Greece to leave is because it is a big social experiment. To see if our world can take the next step toward a united government. Of course problems would arise on the way, but the point was to see how they were handled.

A few things this video didn't mention was the unemployment rate of Greece. It is something like 50% for people under 25. And 26% nationally. That is worse than the great depression the US had. Greeks just had a population vote to go back to drachma (80% voted no, but it was a loaded question). Greeks have a CULTURE around avoiding paying taxes and it has been this way for some time now. Corruption is HUUUGE in greece. Also last biggest point is that Greece lied about its financials when attempting to enter the euro. If they were honest they wouldn't of been accepted.

The ECB can't force Greece to stop using the euro. That would be hard and would take an extreme amount of effort, they kinda can kick Greece out of the EU tho.

The way iceland fixed its problems would be a similar fix for Greece. They'd need to freeze all nation banks so people can't withdraw money. Convert themselves back into the drachma, print a SHITTON of drachmas to pay off its debts (and be super inflated) and then steadily make their way back to a normal economy. A great thing for greece is that it is a super known tourist spot. So it'd be a very cheap tourist destination which would help Greece get back on its feet faster.

However if Greece doesn't convert away to the drachma, they would hurt the rest of the EU as well. The Greece are using this as a card on their side of the table so they can negotiate for better terms of austerity for themselves.

The problem is both sides are looking to protect themselves first rather than fixing the big picture. And that was against the point of the EU. Either the EU will eventually break down, or every country will accept the bigger picture and allow for an EU legislature (like the video explained).

Edited July 8, 2015 by Magic 1st MRB

[Woz 1st MRB]

Greeks have a CULTURE around avoiding paying taxes and it has been this way for some time now. Corruption is HUUUGE in greece. Also last biggest point is that Greece lied about its financials when attempting to enter the euro. If they were honest they wouldn't have been accepted.

Soooo, Greece is greasy?

[Englebretson 1st MRB]