ECB and Inflation

[Razgovory]

Well then, I'm glad we are the same page.  My theory is the these small Euro economies were not able to survive the wave as well as the larger more mature economies.  What is your theory on why certain states countries like Ireland and Greece had much worse trouble then say Germany?

[Admiral Yi]

Well then, I'm glad we are the same page.  My theory is the these small Euro economies were not able to survive the wave as well as the larger more mature economies.  What is your theory on why certain states countries like Ireland and Greece had much worse trouble then say Germany?

Germany has debt of 80% and is running a surplus.

Also, unlike Ireland, its banks weren't lending massively into a local real estate bubble, although they did take some hits on exposure to US subprimes.

[Razgovory]

One of my impressions is that it a German bank was the first to go under.  One last question:  Do you believe that a moral factor should be considered in Greece's case?

[Admiral Yi]

One of my impressions is that it a German bank was the first to go under.  One last question:  Do you believe that a moral factor should be considered in Greece's case?

I think several moral factors should be considered.  They lied about their deficit when applying to join the EU.  Greeks cheat on their taxes.  All that nonsense about German reparations was pure demagoguery.  They promised to do a number of things as conditions of their bailout and didn't do many of them.  They haven't demonstrated an ounce of gratitude to their creditors.

[Monoriu]

It was a big wave and smaller nations with small economy had their boats overturned.

Hong Kong is smaller than Greece.  We survivied a lot of financial crisis without help.  Being small is not an excuse.

[Razgovory]

One of my impressions is that it a German bank was the first to go under.  One last question:  Do you believe that a moral factor should be considered in Greece's case?

I think several moral factors should be considered.  They lied about their deficit when applying to join the EU.  Greeks cheat on their taxes.  All that nonsense about German reparations was pure demagoguery.  They promised to do a number of things as conditions of their bailout and didn't do many of them.  They haven't demonstrated an ounce of gratitude to their creditors.

I'll admit I find your stance both surprising and unsurprising.  It fits with my "homo economicus" view I have, but contrasts with my "almost libertarian" view of you I have.

[Razgovory]

It was a big wave and smaller nations with small economy had their boats overturned.

Hong Kong is smaller than Greece.  We survivied a lot of financial crisis without help.  Being small is not an excuse.

Hong Kong is a part of China, a fairly large country.  Before that it was part of Great Britain a smaller but still fairly large country.

[Admiral Yi]

I'll admit I find your stance both surprising and unsurprising.  It fits with my "homo economicus" view I have, but contrasts with my "almost libertarian" view of you I have.

I'll admit I find your effort to change the subject from Greece to me totally unsurprising.

[Monoriu]

It was a big wave and smaller nations with small economy had their boats overturned.

Hong Kong is smaller than Greece.  We survivied a lot of financial crisis without help.  Being small is not an excuse.

Hong Kong is a part of China, a fairly large country.  Before that it was part of Great Britain a smaller but still fairly large country.

Hong Kong's public finances are separate from them, and as I said, we did not receive help from either China or the UK during the financial crisis in recent decades.  You can also look at Singapore if you still have a problem.

Being big helps.  But being small is no excuse.  Greece's real problem isn't its size.  It is the gross negligence, irresponsibility and mismanagement.

[jimmy olsen]

Looks like NO is in the lead, but it's shrunk a bit

http://www.telegraph.co.uk/finance/economics/11709868/Greece-crisis-defaults-IMF-live.html

  MacroPolis  ‎@MacroPolis_gr 

Prorata poll for @efysn
bef cap controls:
YES 30%
NO 57%
undecided 13%

after:
Yes 37%
No 46%
undecided 17%
#Greece #Greferendum

[Monoriu]

Not surprising.  It isn't about the actual proposals.  It is about keeping one's head high and saying "we can say 'no' to the big guys". 

[celedhring]

Well then, I'm glad we are the same page.  My theory is the these small Euro economies were not able to survive the wave as well as the larger more mature economies.  What is your theory on why certain states countries like Ireland and Greece had much worse trouble then say Germany?

Germany has debt of 80% and is running a surplus.

Also, unlike Ireland, its banks weren't lending massively into a local real estate bubble, although they did take some hits on exposure to US subprimes.

That's the thing though. German banks did lend massively to foreign real estate bubbles.

http://www.wsj.com/articles/SB10000872396390443890304578008534178895560

Ultimately Germany was helping itself out. Which is fine, but makes the whole "helping the lazy south" rhetoric/narrative pretty grating.

[Martinus]

Character assassination is odd thing to say when I point out Belgium doesn't pay it's share of defense spending.  And morality is an odd way of looking at things when Greece's chief crime was being in to small a boat to survive the wave.

There is more.

Belgium is a direct beneficiary of the fact that most of EU institutions are located there as it has no other substantial industry or exports to speak of (if not for the EU institutions, it is unlikely it would be in a better position than Greece). In fact, if you listen to an average Flemish nationalist, the Waloons are lazy and stupid just as the Greeks are. And the fact that it is located where it is located so does not have to spend money on either defense, border guard and the like, puts it in a much better position than Greece.

[Crazy_Ivan80]

Hey, that reminds me, on the topic of leeching is Belgium meeting the required 2% military spending for NATO?

Of course they are leeching, as every Atlanticist in Belgium will tell you, and they're none to happy about it too. And Belgium deserves to be pilloried (sp?) for it, especially given the current issues with Russia.

[Crazy_Ivan80]

but ivan is probably the most xenophobic poster on this board aside from grallon.

I doubt it.