Greek Prime Minister to Step Down

[Chris_]

Political leaders in Greece reached an agreement Sunday night to form a new unity government, a move that will allow the debt-ridden country to secure a European Union bailout.

In an effort to break the political deadlock, Greek President Karolos Papoulias hosted late, closed-door talks between Prime Minister George Papandreou and opposition leader Antonis Samaras.

Mr. Papandreou agreed to step aside as long as Athens could secure a loan that would help Greece avoid bankruptcy.  The nation's finance minister has said Greece needs $11 billion in bailout funds in the coming weeks to stay afloat.


Voice Of America

[Chris_]

This is one bailout I could support.  Can we get one here?

[DefiantSix]

This is one bailout I could support.  Can we get one here?

Who says we aren't?

[Erasmus]

What's so difficult about the concept of living within one's means?  The people of Greece are hellbent on having the rest of Europe pay their pensions.  Damn the torpedoes.

It's always been said that socialism fails because they've run out of other people's money.  Here's a case where they ran out of other people's money within their own country, and the dipshits STILL haven't learned their lesson.

[JohnnyReb]

What's so difficult about the concept of living within one's means?  The people of Greece are hellbent on having the rest of Europe pay their pensions.  Damn the torpedoes.

It's always been said that socialism fails because they've run out of other people's money.  Here's a case where they ran out of other people's money within their own country, and the dipshits STILL haven't learned their lesson.

Socialist and math don't mix.

[Rugnuts]

just bankrupt greece already, get it over with.

[DefiantSix]

just bankrupt greece already, get it over with.

Oh, rest assured that even the EU loan isn't going to do much to stave off the wolves at Greece's doors.  The EU loaning "money" to anybody has got to be like one addict loaning the other a plastic spoon (to borrow from the immortal words of Robin Williams).

[Erasmus]

Oh, rest assured that even the EU loan isn't going to do much to stave off the wolves at Greece's doors.  The EU loaning "money" to anybody has got to be like one addict loaning the other a plastic spoon (to borrow from the immortal words of Robin Williams).

Well, the big wolf is Germany, not that I would call them a bad wolf by any means in this case, though.  I think they will probably force Greece to put up gold as collateral for bailout funds and will end up with much of the EU's gold within a decade.  The Brits have to be thanking their lucky stars they decided not to participate in the Euro.

[BlueStateSaint]

Well, the big wolf is Germany, not that I would call them a bad wolf by any means in this case, though.  I think they will probably force Greece to put up gold as collateral for bailout funds and will end up with much of the EU's gold within a decade.  The Brits have to be thanking their lucky stars they decided not to participate in the Euro.

I think that you're right on all three of those points.  When Merkel gets that agreement through, her favorability numbers in Germany will jump, IMO.

[Erasmus]

I think that you're right on all three of those points.  When Merkel gets that agreement through, her favorability numbers in Germany will jump, IMO.

Yep.  It's a validation of the don't-spend-yourself-into-bankruptcy model of government that Germany runs.  Eventually, those governments effectively own the others.

[docstew]

Yep.  It's a validation of the don't-spend-yourself-into-bankruptcy model of government that Germany runs.  Eventually, those governments effectively own the others.

You mean how the US is headed with China?

[Erasmus]

You mean how the US is headed with China?

Exactly.  It works at the individual level as well.  Stay out of debt, and one really has no issues with the big, "mean" banks.

Liberals think they can skirt the laws of economics.  They're every bit as real and powerful as the laws of physics.

[DumbAss Tanker]

The Germans went through a lot of drama reining in their social spending back in about 1996/97, while it was wildly unpopular it did not end up meaning they'd never elect a Conservative (By European standards) government ever again, because on the whole the Germans tend to be a pretty pragmatic bunch in the long run.

I am not sure at all that Greece and Italy are going to turn out that way.  All the financial wizards are looking at Papandreou resigning (And now Berlusconi) as positive steps toward new austerity governments in their respective countries, but I am much more pessimistic about where this will go once new elections and new coalition governments are in full play. 

While the Germans take things like tax laws extremely seriously and therefore entitlement program changes and austerity measures have predictable economic outcomes, the exact opposite is true in Italy and Greece, both of which have a completely lackadaisical attitude to income reporting and even payment of taxes at all, but with an unquenchable thirst for personal benefits from the government tit.

[Erasmus]

The Germans went through a lot of drama reining in their social spending back in about 1996/97, while it was wildly unpopular it did not end up meaning they'd never elect a Conservative (By European standards) government ever again, because on the whole the Germans tend to be a pretty pragmatic bunch in the long run.

I am not sure at all that Greece and Italy are going to turn out that way.  All the financial wizards are looking at Papandreou resigning (And now Berlusconi) as positive steps toward new austerity governments in their respective countries, but I am much more pessimistic about where this will go once new elections and new coalition governments are in full play. 

While the Germans take things like tax laws extremely seriously and therefore entitlement program changes and austerity measures have predictable economic outcomes, the exact opposite is true in Italy and Greece, both of which have a completely lackadaisical attitude to income reporting and even payment of taxes at all, but with an unquenchable thirst for personal benefits from the government tit.

Yes, and there is a LOT of pressure on them to try and kick the can down the road as long as they are able.