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Summary of Why Greeks/Italy are in Deep Shits

neddy

Alfrescian (Inf)
Asset
The only for these countries to get out of recession is to cut welfare spending on refugees and foreigners. Implement border controls and send those refugees back like africans and eastern europeans etc.

Leave the euro and convert back to their own currency and encourage Foreign investment and re-industralisation, focus on goods local needs and exports as their currency will be lower.

The documentary, Debtocracy, paint a different picture of the crisis.

There is evidence from both Argentina & Ecuador that the "rich" European countries, banks, Greek vested interests are involved in illegal dealings to entrap the country into unaffordable debts.
 

The_Hypocrite

Alfrescian (Inf)
Asset
That is why the country needs to control its own destiny and make the banks its servant not its master,,,look there are many conspiracy theories abound,,but the solutions are there,,its weather they have the guts to grab the bull by the horns and do what is good for themselves or be slaves to the Krauts.

The documentary, Debtocracy, paint a different picture of the crisis.

There is evidence from both Argentina & Ecuador that the "rich" European countries, banks, Greek vested interests are involved in illegal dealings to entrap the country into unaffordable debts.
 

YanDao

Alfrescian (InfP)
Generous Asset
been to the country, the youngster dun really work and very relax. They get money from their parents who are getting welfare from the state. No pressure to contribute to the country due to that.
 

Velma

Alfrescian
Loyal
Italians still have the third-world mindset, something like the French, with the standard "I am from a superior race" type.
 

singveld

Alfrescian (Inf)
Asset
what ? more money for greece
can someone kick them out of EU, they are not european, there are turks.
They should not have living standard of EU, they are too stupid for EU membership, someone pls kick them out of EU.

Greece bailout extension 'to cost 32bn euros more'
Greek Finance Minister Yannis Stournaras and International Monetary Fund Managing Director Christine Lagarde, Brussels, 12 Nov The Greek finance minister and the IMF's Christine Lagarde attended the talks in Brussels

A draft document prepared for eurozone finance ministers suggests that Greece should be given two more years to meet budget goals, but that this will add 32.6bn euros ($41.4bn) to its bailout.

Eurozone finance ministers are meeting in Brussels to discuss new targets for Greece based on the report.

They will also discuss whether to release the latest tranche of funds but a decision is not expected on Monday.

Greece is pushing for the funds after passing a tough budget for 2013.

Greek PM Antonis Samaras has warned that without the new tranche of 31.5bn euros the country will run out of money within days.
'Smoother path'

The draft document on the pace of Greek economic reform was prepared by the so-called "troika" - the International Monetary Fund, the European Central Bank and the European Commission.

The troika has already pledged 240bn euros in bailout loans to Greece.

The two-year extension would give Greece time to achieve a primary budget surplus - a figure that would not include debt-financing costs.

The document says: "Our revised fiscal programme targets the 4.5% of GDP primary surplus target by 2016, two years later than foreseen.

It adds: "The smoother path will help to moderate the impact of fiscal adjustment on the economy."

The extension would cost an additional 32.6bn euros and comes with "very large" risks, the report says.

Those risks include the uncertain political support for the programme within Greece, the possible negative effect on the economy of the fiscal consolidation and possible court challenges to the measures.

The BBC's Chris Morris in Brussels says the original intention was for debt to be reduced to 120% of GDP by 2020 but that this is no longer feasible and a new target needs to be agreed by everyone.

He says this means more uncertainty, at a time when many Greek citizens believe they have taken all the austerity they can swallow.
Market fund-raising

Eurogroup chief Jean-Claude Juncker had earlier expressed optimism about the troika report.

"The basis is positive, because the Greeks have really delivered," he said.

Greek MPs approved the 2013 budget, which includes further cuts to pensions and wages, in a vote on Sunday night.
Greece's Prime Minister Antonis Samaras and his party's lawmakers of the New Democracy applaud after voting on the country's 2013 budget PM Antonis Samaras (centre) saw MPs pass the budget on Sunday

More than 10,000 people joined demonstrations outside Greece's parliament to protest against the cuts.

The passing of the budget was a pre-condition for Athens to be granted the next tranche of 31.5bn euros of EU/IMF loans necessary to stave off bankruptcy.

Greece faces a repayment deadline for 5bn euros of debt on Friday.

However, German Finance Minister Wolfgang Schaeuble said it was unlikely the eurozone ministers would decide on the disbursement of the tranche at Monday's meeting.

The funding will have to be approved first by some parliaments, including Germany's.

"We all... want to help Greece, but we won't be put under pressure," Mr Schaeuble told the weekly newspaper Welt am Sonntag.

On Tuesday, Greece will make an urgent bid to raise funds from the financial markets in case it does not get the tranche of bailout money.

The national economy is expected to shrink next year by 4.5% and public debt is likely to rise to 189% of GDP, almost double Greece's national output.

This year, public debt stood at 175%.

The head of Syriza, a left-wing opposition party, said the budget cuts would leave Greeks unable to afford essential goods this winter.
 

singveld

Alfrescian (Inf)
Asset
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A riot police officer is engulfed by petrol bomb flames in front of parliament during clashes in Athens on November 7, 2012.

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A protesting officer from Greece's police stands in a mock gallows outside the Finance Ministry during an anti-austerity protest in Athens on September 6, 2012. More than 4,000 officers, chanting "thieves, thieves’’ and carrying black flags took part in the march against expected new pay cuts in the crisis-hit country.

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A man holds a rabbit with a rope around its neck during a protest by military personnel and their families in Lisbon against the government's austerity measures on November 10 2012. The rabbit refers to Portuguese Prime Minster Pedro Passos Coelho whose name, Coelho, means rabbit in Portuguese.
 

singveld

Alfrescian (Inf)
Asset
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Puppets of German chancellor Angela Merkel and Italian Prime Minister Mario Monti animate a 'No Monti Day' demonstration against austerity policies in downtown Rome on October 27, 2012.

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Riot police detain a protestor in Athens during a demonstration against the visit of German Chancellor Angela Merkel on October 9, 2012.

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Protesters surround police vans close to Spain's Parliament during a demostration in Madrid on September 25, 2012.
 

singveld

Alfrescian (Inf)
Asset
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A riot policeman is engulfed in flames after a protester threw petrol bombs in Athens' Syntagma square during a 24-hour labor strike on September 26, 2012.

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A protestor gives flowers to police during a demonstration in front of Parliament against austerity measures announced by the Spanish government in Madrid, Spain, Saturday, Sept. 29, 2012.

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Police clash with protestors during a demonstration at parliament against austerity measures announced by the Spanish government in Madrid on September 26, 2012.
 
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