Monday, 26 January 2015

Greece - what will it mean?

  • As an example to Europe's voters that they can throw out their stale, incumbent political class as a punishment for past ineffectiveness, it will frighten established traditional parties everywhere. This is a good thing.
  • Greece's deeply corrupt super-rich, whose tax dodging and bribery of government has helped beggar their countrymen, will find themselves hounded out of Greece and have assets within reach confiscated. This is a good thing.
  • Greece will not be able to write-off or default on the nation's massive €320bn debt without detaching from both the Euro and the EU, losing IMF recognition and becoming a temporary international pariah. This is also a good thing.
  • The Greeks know that there is no return to easy wealth and money for nothing, but this won't stop them trying to find ways to make easy money, like a bankrupt playing the lottery. This is a bad thing.
  • EU federasts may contemplate the prospect of the EU federation fragmenting utterly unless they either loosen up on their ambitions (which means abandoning the Euro for all) or invade the Mediterranean nations. Any flexibility is good news for the UK. 
  • EU officials, global corporatists and international bankers will all have chattering sphincters this morning at the massive slap from the democratic process. This has to be a good thing. 
  • The idiot from Goldman Sachs, the global corporate that helped a corrupt and non-qualifying Greece to lie its way into the Euro, who said at the weekend that the EU federation was essential to maintain American global corporate wealth may like to contemplate his future.
Overall, there's no real prospect for any quick improvement in the economy or standard of living for Greeks, but what they've done will benefit us, and the rest of Europe, more than themselves.  


Anonymous said...

Sometimes you have to (or a nation has to) stand up for itself. Greece has had all its pride and self-esteem beaten out of it and it has had enough. It may be poorer financially, but this morning it is very much enriched by the glow of a new and different dawn. Good on 'em.

Coney Island

DeeDee99 said...

I;m no left-winger, but if I were Greek, I'd have voted for Syriza. The EU Elite (and their tame poodles in the Greek political class) badly need a lesson in democracy.

They've now had a warning that stripping national democracies of their Sovereignty; beggaring and humiliating them whilst enriching themselves and building an arrogant, unresponsive, dictatorial superstate is going to have "unwelcome" results.

Well done Greece.

TrT said...

Greece won't be able to write off its Euro debt, but when it leaves the zone, it will redenominate them.

Standard IMF medicine is a write off under a devaluation cover

TrT said...

Greece won't be able to write off its Euro debt, but when it leaves the zone, it will redenominate them.

Standard IMF medicine is a write off under a devaluation cover

Anonymous said...

I can't see the Greeks being allowed to have a local government that thinks differently to the politburo...

I fully expect to see a crack team of EU advisors, ready to SAVE the Euro.

It won't be pretty, but Germany will prevail!

Bloke In Italy said...

Absolutely Radders.

However on tbe principle that things rarely workl out as you would like in politics, no doubt Zsipras will change his tune once in office and we will not be much further forward.

Still it's great to see an election go against the eurocrats. A good bit of contrarian voting, which won't improve their situation one whit, but then again nothing could.

Weekend Yachtsman said...

"It won't be pretty, but Germany will prevail"

I'm not sure Germany will prevail; after all, they have just been sat on by the ECB so that money-printing can go ahead on a grand scale.

Interesting times.

English Pensioner said...

If after five years of the country being managed by "experts" and the situation deteriorating with high unemployment and falling GDP along with a return to almost Victorian living standards for the majority, I'm not surprised the voters voted the way that they did.
I'm sure if the same was happening her, the majority would then vote for the extreme right or left in the hope of change. It's how Hitler and Mussolini got to power.

Bill Quango MP said...

Benefit for us..more than themselves.

Proving that a small party can go from nowhere to government in one bound.

The Greens must be printing Syriza solidarity election leaflets this morning.

A big boost for the looney left. And of course whatever occurs in Greece it won't have all unraveled before May.

So , The Greeks have given a lift to the UK's two new parties. Greens and UKIP.

A boost to both, benefits us greatly as it reduces the chance of a Miliband government and increases the chance of UKIP MPs,
making some form of coalition more likely.

Thanks Greece.
Sorry for either the bankruptcy or disappointment that will follow. But enjoy your moment.

oldrightie said...

For Greece to possibly have their own destiny in their own hands rather than the Corporate, American global empiricists is wonderful. They will need allies and Putin will be quick to offer help as a new cold war, this time begun by the West in Ukraine, looms ever larger. Add the growing, stealthy influence of China on the African Continent and the welcome buffers to the rotten core of Western corruption and gangster led banking control become acceptable to most fair minded people. Including the Greeks.

mikebravo said...

The Greeks have just replaced one bunch of pro-EU, pro-Euro politicians with another.
Nothing will change because politicians are politicians. They are in it for what they can get for themselves.
There will be chest beating, shouting and angry public statements along with quiet deals done behind closed doors to maintain the status quo.
When people vote for leaders to save them they are deluding themselves.

Cascadian said...

And Georgie Osborne begs the Greeks to act responsibly. Oh my why would he say that? There must be two or three UK banks that are insolvent and will need further government "investment" if the Greeks default or even postpone payments on outstanding bond "investments". Spanish, German, Portuguese, Italian, Austrian banks will also need government "investment".
You are all potentially about to become an unwitting shareholder of some zombie banks. Lessons were not learned, it will be even more painful this time.
Not much can be said with certainty, except this. It is very dangerous to have your life savings in any European bank at present.