Greek Referendum Poll

[Zanza]

Isn't people moving to where the work is intentional in an economic union?

[Zanza]

[Syt]

 

[Martinus]

That's like saying Germany is the best pupil in the class.  Since this is making the lives of the worst pupils miserable, let's give Germany lower grades so that the other kids won't feel bad.

Not really. The value of a currency is, absent manipulation, proportional to how strong a economy is (or is perceived to be). One of the problems of the Eurozone is that we have 15 distinct economies tied to a single Euro value. The same happens when trying to fit a single interest rate adequate for all of them (which is impossible).

There is only one solution, to harmonize the Eurozone. Unfortunately, this is a massive political undertaking, and any capital we might have had for it was squandered long ago. What was decided instead was to propitiate internal devaluation to fight the symptoms rather than the illness. It seems Ireland and Spain have "succeeded" in this race to the bottom, while Greece failed.

Lots of other small, economically weak countries use the Euro.  I don't hear, say, Estonia having a problem.  I therefore think the problem lies with the Greeks.

You do realise that Estonia joined very recently, right?

[Zanza]

Referendum is over. Normal polls, not exit polls, suggest that No is in the lead, but most of them are within the margin of error.

[Martinus]

Isn't people moving to where the work is intentional in an economic union?

You seem to be deliberately obtuse here.

[Martinus]

Referendum is over. Normal polls, not exit polls, suggest that No is in the lead, but most of them are within the margin of error.

Let's hope Greeks voted "No".

[Zanza]

Isn't people moving to where the work is intentional in an economic union?

You seem to be deliberately obtuse here.

Not really. People moving to where they find work is a healthy development in a common market. What is missing is automatic stabilizers on the federal level (i.e. EU) that would make sure that the regions where people leave can keep up a decent level of government services. Even within countries, people moving from one region to another can cause disruptions.

[Zanza]

I predict that Varoufakis claim that there will be a deal with 24 hours will not work out.

[Zanza]

Live Result

Looks much clearer than expected. Currently about 60% no/40% yes.

[Martinus]

With such an overwhelming "no" victory, yet the polls until very last moment reporting a really close vote, you can't help but think of some conspiracy theories...

[Admiral Yi]

That won't happen. What's the point of this wishful thinking?

I thought I already said.  The most favorable outcome for Greece.

[Martinus]

That won't happen. What's the point of this wishful thinking?

I thought I already said.  The most favorable outcome for Greece.

More austerity is the least favourable outcome for Greece. It has been proven already not to work. The best part, though, is that the Troika has really no way of forcing that on Greece. The worst they can do, unilaterally, is to cause Greece to default, while staying in the Eurozone - and they know this would be a disaster not just for Greeks.

Essentially, Greeks are Fremen now and they are threatening to blow up the entire supply of spice. The Troika (the Emperor, Bene Gesserit and the Space Guild) can just watch them do that or they have to negotiate.

[Admiral Yi]

More austerity is the least favourable outcome for Greece. It has been proven already not to work. The best part, though, is that the Troika has really no way of forcing that on Greece. The worst they can do, unilaterally, is to cause Greece to default, while staying in the Eurozone - and they know this would be a disaster not just for Greeks.

It is true that Greece hasn't yet tried the option of eliminating its banking sector.  That could always turn out well.

[Crazy_Ivan80]

With such an overwhelming "no" victory, yet the polls until very last moment reporting a really close vote, you can't help but think of some conspiracy theories...

or bad polling. Something we've seen plenty of the past few years