Uncle wrote on Nov 5^th, 2011 at 6:57pm:


And who is going to sell them anything for their Drachmas?
Maybe the rich Greeks in other countries should help their mother country out.
I had nothing but bad experience with the Greeks, always try to outsmarten and cheat you and never pay their fair share when it came to their shout.

Uncle wrote on Nov 5^th, 2011 at 6:57pm:



It seems that the Greek people are one step ahead of the government, they have been sending their money out of Greece for some time now in fear that the banking system will one day collapse. They are taking matters into their own hands in other areas too. In one small community the people have connected themselves to the power grill after having their power disconnected. There is also talk in some communities of printing their own money. They are trying to bypass the government altogether and make do the best way they can.

Unemployment is now running at 20% with many students baulking at going on to university saying they will never get a job anyway so what's the point.

Bobby. wrote on Nov 7^th, 2011 at 6:15pm:


It is not what that means for them rather what it means for the Euro zone and the EU. Death is what it means and the slow but steady decline into irrelevance. Another european dark age. Also what will it do to the rest of us? I have said before, it does not scare me i will survive but i doubt many here would know where to start if the system collapsed around them.

Who says Australia is even thinking of putting money towards bailing out the Greeks?
Australia might be increasing its contributions to the IMF, but they're loans - not money just given away. Australia gets the money back with interest. The IMF has never defaulted on a loan repayment.

Yet another storm in a teacup.

Regrettably, there is only answer possible, to the basic question of whether other nations should bail out Greece and that is NO!

Which means, LW & I agree, yet again. I'll have to stop doing this, twice in 2 days, it's all too much?

So much for fun & frivolity!

I said regrettably, because there will be many Greeks, who have simply followed a succession of both left & right Politicians and ALL OF THEM LED THEM DOWN A PATH, WHICH WAS ALWAYS GOING TO LEAD THE GREEK PEOPLE TO A DISASTER and I'm sorry but day is now arriving!  

Whether it be OZ, Germany, France, the US, the UK or anyone else putting money into Greece, Italy, Spain, Portugal, Ireland or a few others, it will simply be throwing money away and in the longer term, we (OZ) will need all the financial resources that we can muster.

But, if we p!ss into a force 10 financial gale, then I guarantee, we will not like what follows!

There are some countries, which have been slightly better run by their Politicians and Australia is fortunate to be amongst those countries who are better placed, at the moment.

Of those other countries who are also reasonably placed, at present, in respect of their Debt to GDP ratio, they almost invariably have some unique &/or natural advantage. For example some of the Oil Producing countries are well placed, including Norway, whose Politicians had the foresight to place a substantial amount of their Oil profits into a sovereign wealth fund, similar to our Future Fund, which was started by the Liberals.

Whilst Norways Gross Debt to GDP ratio is higher than that of OZ, their sovereign wealth fund currently stands at some $500 Billion, compared to the OZ fund at some $60 Billion.  

However, in short, there is now, nothing that we can do that will actually help the Greeks, so we would do better to prepare to assist our own citizens against the oncoming tide of adverse Global Economics, which will mean some pain at home as well!

nairbe wrote on Nov 5^th, 2011 at 3:08pm:


I think you may find that's only the "on balance sheet" costs for the military, the "off balance sheet" costs + spooks, would put the total figure well over US$1 Trillion.

US Revenue is likely to take a substantial hit in the years ahead and its Expenditure on items such as Baby Boomer Pensions & Health Costs are likely to head into orbit, but in all honesty I just can't see US Politicians making the sort of cuts needed on thier Military expenditure!  

nairbe wrote on Nov 7^th, 2011 at 6:36pm:



I don't think the Euro would be finished because Greece went bankrupt.
It may be the best option for all.
It would clear the decks & they could start again with a new Greek currency.
Sure many European banks would lose a lot of money but it shouldn't be enough to bust them.
After all, no bank would have all it's money invested in just Greece.

Also -
Greece could repay some of the debt by losing ownership of property & other securities
to the European Banks.

Ex Dame Pansi wrote on Nov 7^th, 2011 at 5:28pm:



I was told a while ago I admit by greeks.. they are not allowed to take money out of the country... he said thats why most go back there for their holidays because whatever property they get left the money has to stay in Greece..the young men didnt go back because of national service..a weird country