It worked out horribly, why do you ask?
Catastrophic decline in GDP:
Huge increase in debt/GDP ratio:
FEEL THE SUCCESS EVERYONE.
How did austerity work out for Ireland?
I'm guessing that because it was absolutely successful on all accounts you would rather just ignore it.
Ireland ran the biggest deficit and got the biggest growth.
I guess in your mind that proves that austerity works
5th time, what will the youth do though.Do you really think raising retirement age and keeping more old people working will help when there are not enough jobs by 30% already? All you are going to get is even higher youth unemployment, which will translate to enormous lost economic potential for decades to come.
They had 7.5% unemployment prior to the crisis. I guess everyone else was making gyros
Austerity has failed spectacularly. Just read IMF's own projections from 2010 and compare to reality. Wrong by 30% of GDP, because they assumed austerity was free and wouldn't destroy a country's economy.
Ireland ran the biggest deficit and got the biggest growth.
I guess in your mind that proves that austerity works
c'mon man, buzzwords!I think Ireland's financial problems were their major banks got into trouble with real estate investments. The Irish government nationalized the banks and made the foreign investors take a haircut. I don't think they can do that here since the Greek government owe money and they owe money to governments and central banks.
Ireland ran the biggest deficit and got the biggest growth.
I guess in your mind that proves that austerity works
I am not sure how anyone can argue that Ireland has experienced same austerity as Greece after seeing the charts above.
Funny how that happens when you actually *pay your debts* which is what Ireland did a few years after taking out their IMF loan and following austerity. Debt repayment, an amazing concept the Greeks might try to learn.
Ireland repays billions in IMF loans years early.
I am not sure how anyone can argue that Ireland has experienced same austerity as Greece after seeing the charts above.
So you are now disputing the size of Ireland's past deficits? That's your argument?Charts made up by who?
More Western propaganda. Our boots on the ground reporter AtenRa says everything is cool.
So to sum up, we increased % of taxes, we increased the tax revenue % over GDP and we still produce less tax revenue because the economy is shrinking and people doesnt have money to give to pay their taxes.
When you people understand that, you will see why Greeks voted NO, why we are asking for no more austerity measures to be taken but we want reforms that will help the economy and thus will help to increase tax revenue.
The real problem now is not that people evade paying taxes when they have money, the problem is that middle class people have become poor, poor have become poorer and all those people dont have money to pay an increased taxation. People and EU countries should understand that we are in the beginning of a humanitarian crisis here in Greece and there must be a program change to resolve the situation.
But werepossums sure of it. That must trump the treaties that bind Europe together.Yes I honestly believe that. That's why there are binding treaties. You can suspend member states for human rights violations but not kick them out. The unanimous agreement of all member states is a requirement for amendment of membership provisions.
I was doing my business all the week that past and i will be able on Monday. The bank system was working last week, i could do my business through the net. I could move money from my accounts to others and vice versa. I could buy and sell as usual.
What people forget is that a vast majority of Greek people have moved their money out of the country. That is one of the reasons Banks have liquidity problems. But that also means lots of them can still do business using their foreign accounts.
Can't - doesn't exist yet. And it won't exist unless and until there is a need.You're obviously an expert on this, why don't you explain to us the process for unilaterally expelling a country from the EU and when that process can occur?
Perhaps you'll be so good as to explain how 50% youth unemployment and fiscally sound is worse than 55% youth unemployment and dog-ass broke, unable to meet one's basic domestic obligations or even allow citizens to withdraw more than a hundred euros of their own money without someone else furnishing that money.It's down to 50% now, so they are "only" wasting half of their young people's potential. Quite the achievement for austerity
So if Greece began exporting hundreds of suicide bombers to other EU nations, there would be literally nothing these nations could do to restrict Greeks' freedom of movement?Yes I honestly believe that. That's why there are binding treaties. You can suspend member states for human rights violations but not kick them out. The unanimous agreement of all member states is a requirement for amendment of membership provisions.
You persist in pretending that austerity is a switch one flips or doesn't, depending on one's favored economic theory. That is simply untrue. I am all for Greece spending more than they take in to get out of recession. The problem is that, unlike Ireland (and Spain, and Portugal), Greece has not made the systemic reforms necessary to convince lenders to loan them more money. Austerity is more than simply spending less, it's changing the socioeconomic system to be sustainable.And before that their growth was horrible as I just showed.
Remember too, that's their POSTER CHILD for austerity's success. If that's the best they can do, what's the worst?
Can't - doesn't exist yet. And it won't exist unless and until there is a need.
Perhaps you'll be so good as to explain how 50% youth unemployment and fiscally sound is worse than 55% youth unemployment and dog-ass broke, unable to meet one's basic domestic obligations or even allow citizens to withdraw more than a hundred euros of their own money without someone else furnishing that money.
No, I'm coming to the conclusion that a train wreck is less bad than a plane crash. Again, austerity is more than simply spending less, it's changing the socioeconomic system to be sustainable. If Greece can satisfy the rest of the EU nations, many of whom have gone through substantial economic pain, that they are making the changes required to make their system sustainable (self-supporting) over the (reasonably short) long run, then Greece can borrow more money. So far Greece has not done so. Thus Greece has run out of other people's money. There. Is. No. More. Money.You are comparing a train wreck to a plane wreck and coming to the conclusion that a train wreck is a good thing.
22% overall and 50% youth unemployment for years and counting is catastrophic. Also Spain has been running huge deficit as percent of GDP, so the extent of austerity has not been as bad as Greece.
problem, what problem?
:whiste:
Are you still able to do business electronically, just limited as to how much cash you can withdraw?Yes that was about wrong info of businesses not being able to operate because of the closing of the banks.
Dont confuse one with the other.
So if Greece began exporting hundreds of suicide bombers to other EU nations, there would be literally nothing these nations could do to restrict Greeks' freedom of movement?
Are you still able to do business electronically, just limited as to how much cash you can withdraw?
But that was my point - that if Greeks having "freedom of movement" within the EU becomes a problem as WelshBloke implied it would be, then that freedom of movement could and would be curtailed. Nations are generally not suicidal, and treaties which prove to be truly problematic can and will be scrapped.Freedom of movement is a completely different directive. It's subject to public security and public health restrictions. So it's safe to assume they could do something about a member state exporting suicide bombers. I am not sure though.
While that is obviously devastating to small, cash-only entrepreneurs, doesn't that actually solve some problems with Greeks dodging taxes? Assuming Tsipras is so minded, anyway, because electronic transfers inherently leave trails and thus people running cash-only businesses to dodge taxes are pretty much busted as long as Greece's leadership has the political will to enforce the tax laws.yes, you can move any amount you have within Greece electronically. You can only withdraw 60 Euros per day from the ATMs.
Can't - doesn't exist yet. And it won't exist unless and until there is a need.
So if Greece began exporting hundreds of suicide bombers to other EU nations, there would be literally nothing these nations could do to restrict Greeks' freedom of movement?