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Beware of Greeks seeking Gifts

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Captain Vancouver View Drop Down
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Joined: 30 Sep 2010
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    Posted: 02 Jul 2015 at 18:30
Or should we beware of voracious bankers, or perhaps rigid ideologues?

Sure, there's corruption and inefficiency in Greece, but they have been forced to clean up their act, to an extent anyway. And those two habits are hardly unknown outside of Greece. 

European banks lent the money to a questionable client, and now have their feathers ruffled, and are demanding their pound of flesh. In the financial world, writing off a loss is not unknown, but merely priced in to the cost of lending.

The demands for higher taxes and less social spending seems sure to continue shrinking the economy, thereby making it ever harder to pay back debt.

On the other hand, has the current Greek government really tapped into all sources of tax revenue, and been realistic about a repayment program?

Would Greece be better off outside of the Euro zone, and if it exited, how much would that shake confidence in the European Union project? Does it deserve a good shaking?

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