Elections Have Consequences – Greece Returns To Economic Stupidity, Selfishness, Unicorn Promises and Socialistic Failure….

Greek-riots-2010

In 2010 Greece secured two bailouts worth €240 billion ($293 billion) from the International Monetary Fund, European Commission and European Central Bank, in return for wide reaching economic reforms.

The Greek government had to curtail intensely dependent social welfare programs. The number of homeless people in the Greek capital shot up as unemployment skyrocketed and businesses collapsed. Greece’s jobless rate currently stands at around 25% – and double that figure for young people.

In comes Alex Tsipras, leader of the far-left Syriza party, who surged in popularity on an anti-austerity platform. He promised everyone the entire country could go back on government welfare. Though vague on details, the party has promised to renegotiate the terms of the country’s bailout and deliver relief to fed up Greeks.

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The elderly Greeks dependent on Pensions protested last year against steeper cuts to retirement benefits. Syriza, and Alex Tsipras promised to increase pensions, as well as introduce billions more in spending programs that would hike wages.  Again, no-one said how.

Greece’s bailout program was due to end in December 2014 but it was extended for two months. International aid has kept Greece afloat and within the eurozone, but left it saddled with a mountain of debt worth about 170% of GDP. This is the backdrop for today’s election:

(VIA CNN) Vowing to end austerity measures, left-wing Syriza party leader Alexis Tsipras declared victory in Greece’s election Sunday.

“Greece leaves behind the austerity that ruined it, leaves behind the fear, leaves behind five years of humiliation, and Greece moves forward with optimism and hope and dignity,” he told a crowd of cheering supporters.

Tsipras said he’d make good on his campaign promise to renegotiate the terms of Greece’s bailout.

“We are regaining our lost dignity … Now that we are heard by all of Europe, we will fight with the same passion, the same confidence. So let’s go and let’s all continue this beautiful and tough fight,” he said.

[…] Alexis Tsipras, the party’s firebrand leader who is poised to become prime minister, made a promise that resonated with voters on the campaign trail: “No more bailouts, no more submission, no more blackmailing.” (read more)

greece 1(Via Bloomberg) The following are the main campaign pledges and the economic-policy platform of Syriza, which won national elections in Greece Sunday.

Syriza’s 40-year-old leader Alexis Tsipras, who is now the country’s prime minister-in-waiting, made the pledges in the party’s election prospectus and on the campaign trail.

Addressing supporters in Athens late on Sunday, he said the Syriza government’s priority will be “for Greece and its people to regain their lost dignity.”

— Syriza would negotiate a writedown on Greece’s debts with the troika of official creditors and demand a grace period before repayments start, to free up funds to boost growth. It would also insist that public investment be excluded from European Union deficit calculations and broker an EU-wide program of public investment. Tsipras, in his victory address, declared the troika era to be over.

— A Syriza government would stop the pursuit of “unrealistic” primary budget surpluses while pursuing balanced budgets that exclude public investment

— It would negotiate with the troika to agree mechanisms to boost growth to benefit all citizens, including the poor

— The government would protect the banking system within the framework of the European Central Bank and guarantee Greek citizens’ deposits

— Straight away, Syriza would introduce an aid program for the poor and low-income pensioners, including free power, food vouchers, medical care, travel privileges, a tax break on heating oil

— Small and medium-sized enterprises would get support and the government would increase revenue by granting special arrangements for companies to pay arrears

— The government would establish a state-owned development bank and specific government lenders to finance smaller companies and farmers

— By the end of 2015, Syriza would abolish property tax and stop banks foreclosing on primary residences or auctioning off homes

— Syriza would change the tax system to make it “fair” with the first 12,000 euros ($14,000) a year of income exempt from levies

— It would raise the minimum wage to 751 euros a month from 580 euros a month for all workers, restore collective labor agreements, regulate against mass dismissals and create 300,000 jobs in private, public and “social” sectors

— Syriza would cut the number of ministries to 10 from 18

— The government would stop all sales of state assets (read more)

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58 Responses to Elections Have Consequences – Greece Returns To Economic Stupidity, Selfishness, Unicorn Promises and Socialistic Failure….

  1. ZurichMike says:

    Once the leftists rack up more debt and then go begging to Brussels, it will not be pretty. Angela Merkel will not be browbeat into bailing out Greece again. This may be overleveraged straw that breaks the back of the EU.

    Liked by 2 people

  2. stella says:

    The average retirement age in Greece was a little over 62 just three years ago. It is working its way up, but not to age 68 until 2030. This new government (not yet confirmed?) is apparently promising something they don’t have the money to pay for.

    They are quickly running out of other people’s money.

    Liked by 2 people

  3. Brett says:

    Obama still has two years to bail out Greece…

    Liked by 2 people

  4. starfcker says:

    I’m actually very cool with this. It’s about time someone, lefty or not, took on the banksters who are impoverishing western civilization with counterfeit money. Coming soon to every european country, then hopefully here. Left, right, it doesn’t matter. Us against them. Grillo, le pen, farage, remember these names. This might happen quick.

    Like

  5. doodahdaze says:

    Should buy the Greek bonds at 40% the Fed will bail it out. This is so ridiculous. Print baby print and here comes QE 4. There coming to take me away…Ha..Ha!

    Liked by 2 people

  6. neilmdunn says:

    Greek socialism with OPM–>Big debt. Enter EU,IMF,ECB–>bailout–>increases Greece debt several times–>no solution. Now ECBs M.Daghli (he was an MIT graduate in 1976) now wants $1 Trlllion QE boondoggle–>SNB says no. No hope for EU = fiat $$ bubble blowout and lights out.
    Each one of the above is more stupid and worse than the other, if that is possible.

    Like

  7. doodahdaze says:

    Remember. Marxists reward failure and punish success. This is rule 1. The Greeks and Cubans will be saved.

    Liked by 1 person

  8. starfcker says:

    Doodah, remember, the ECB, just like the fed, prints money out of thin air. Doesn’t matter if it gets paid back. Noone sweated a drop producing it. The neocon idea is, print money, lend it out as if it’s real, and then make countries pay it back with hard earned money or surrender of resources. I hope thet stiff them, and create a template for the rest of europe.

    Like

    • doodahdaze says:

      Right. That is my point. The Greek “great society” will never be allowed to fail. Same with the Cuban “great society.” They are to Marxist to be allowed to fail. They will be bailed out no matter what. It is the Bates Motel. They can’t check out of EU.

      Liked by 1 person

  9. BertDilbert says:

    Liked by 3 people

  10. doodahdaze says:

    The Greeks will be able to write their own ticket. Mark it down. They will get whatever they want.

    Like

  11. Paul H. Lemmen says:

    Reblogged this on A Conservative Christian Man.

    Like

    • doodahdaze says:

      This is why the will be bailed out. So will any other EU member. To the tune of 50 billion Euro a year to start. It will be whatever it takes.

      Like

    • LetJusticePrevail" says:

      I read the article, but don’t “get it”. Why does the author seem to put the blame for the problems in Greece on the EU, instead of on the Greeks, themselves?

      Like

      • starfcker says:

        LJP, let me suggest some background material. Read, ‘confessions of an economic hitman’, and naomi klein’s ‘shock doctrine’.

        Like

        • dandtoy says:

          Those books should come with a Marxist hate American warning label…

          Like

          • starfcker says:

            Ok. Put a warning label on them. But the guy is trying to understand some things. That’s the best I’ve got. Naomi klein is a lefty whackjob for sure. That book still is an eyeopener if you are trying to understand our current reality. And I hold neocons with the same contemt I do lefties.

            Like

            • Rob Crawford says:

              Whenever I hear someone tossing around the word “neocon” I wonder about their definition of it. It’s usually has no relation to the real definition, and often is just a mask for a nasty set of beliefs.

              Like

      • Seemingly because all, or at least most, of the indebtedness never made it to ‘the man on the street’, which seems ridiculous.
        Even if it never became cash-in-hand it has helped pay for exorbitant annual paid vacation time away from work and retirement at too young an age.

        Seems like Keynesian math (Keynesian math only makes sense to libs/commies) to me, so I have zero respect for it

        Like

        • Excuse me, I mistakenly wrote “indebtedness never made it to the man on the street”
          That is obviously incorrect.
          What I meant to type was “the funding that caused the indebtedness never made it to the man on the street”.

          Like

  12. starfcker says:

    DD, I think we’re talking about 2 different things. The greeks are their own worst enemies. They have become soldiers in the FSA, just like minorities here. I don’t care about that. I want to see pushback against the goldmanites that created the FSA. In different countries in europe, it’s coming from different sides. Fine

    Like

    • doodahdaze says:

      How can the FED create inflation when none of the money gets to the masses to spend? The Greeks are in the Catbird seat now. They will get what they want. IMO.

      Like

  13. starfcker says:

    Realitycheck, that’s a great link, everyone should read it.

    Like

  14. doodahdaze says:

    The Greeks are the debtors. They are going Chapter 7. It is that simple. The EU are the creditors. They have no recourse. Austerity was Chapter 13.

    Like

  15. sheila says:

    Merkel recently said, ‘the muslims are ours’. The muslims were Hitler’s, (Grand Mufti of Jerusalem, Iran, etc.)
    Who is the virtual head of the EU? Calling the shots? Merkel.
    Now Merkel, Germany, is cutting off arms sales to Saudi Arabia, just when the Saudis are surrounded by enemies. And the recently deceased king of Saudi Arabia had realized Obama was no friend of his.
    Just as Putin is replaying the cold war, (and Obama is playing dumb), so is Germany replaying WWII.
    (Greece has been stupid – encouraged by Germany – simply to get them into the EU under Germany’s thumb. Germany has done well while Greece, Spain, Portugal etc. are being destroyed.)

    Like

  16. John Galt says:

    Greece debt to GDP = around 160%

    Look where USA is headed

    Liked by 1 person

    • BertDilbert says:

      US GDP is around 16 trillion

      We increased debt by 1 trillion last FY. If we removed the 1 trillion in overspending we would also lose at least another 1 trillion in multiplier effect. So reality is that removing the overspending drops GDP to 14 trillion. The constant overspending understates true debt to GDP.

      This is why the EU had to do QE because if they stop the presses the ugly reality will show what the overspending has been hiding.

      The West is broke and the rest of the world relies on current Western overspending to make their economies. Stop the presses and we have a deep worldwide depression.

      Like

    • dandtoy says:

      This is contained only because they are holding the interest rates artificially low. 2% when average is 6%. If Republicans win the Senate in 2016 they will let interest rates fly and just the interest on the debt will become nearly a $Trillion just for interest each year.
      CBO report today says same thing. 10 years the USA is cooked… But they are always wrong it always comes sooner.

      Like

  17. mikeH says:

    You can’t fix a debt problem with more debt. The bailouts were forced on yo Greece by the “Troika” to bail out banks with public money.

    I am no fan of the leftist gov that Greece is about to get but the ECB is flat evil to use the “heads we win, tails you lose” approach.
    Lenders have an obligation of due diligence to secure the return of their capital. All lending to a sovereign is inherently unsecured without war.

    Like

  18. czarowniczy says:

    How soon we forget that Greece was almost a Communist state, complete with Red guerrilla bands roaming the hills, until NATO not only assisted in the decommunistization but – with the EU and US pumped- lotsa money into it. Greece is like that drunk whom, after the family finds no need to support his habit any longer, refuses to go to rehab and dry up.
    Hate to bring this topic up again (not really) but Russia’s working to move ist natural gas that presently transits the Ukraine to a huge new hub on the Turkish (here it comes) Greek border, Just last year the Greeks started a huge new upgrade to its NG distribution system that will allow it to receives some of the NG Russia will transit through Turkey and pass it onward to the Balkans an then to Europe.
    The Russians have been courting the Greek far-left Syriza party which just an hour or so ago declared victory in today’s elections there. The party’s mantra was an end to austerity and it looks as if the Russians will pass the gas and the Greeks will be getting cash for being middlemen. No guarantees that they’ll get enough to once again lead the hi-life but the left can show some benefits and blame the lack of a quick-fix on revanchist EU-weenies wanting to screw the Greeks. Russia now gets both Greece and Turkey in the bag and the Europeans get warm feet and hubris for the time being.
    And the swami says: “Waaaattttccchhhh the Russian natural gas….Waaaattttccchhhh the Russian natural gas”.

    Liked by 1 person

  19. Joe says:

    If I wanted to know the story in Greece I’d ask Taki. Here is some background information: http://takimag.com/article/life_in_the_olive_republic_taki

    Like

  20. Centinel2012 says:

    Reblogged this on Centinel2012 and commented:
    As goes Greece so goes the EU!

    Like

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