Greece
#21
![]() What is going on with Greece makes people very nervous. Greece is a very old country. To think about one of the oldest economies in history failing is almost unthinkable. I think that it forces others, such as the U.S. to consider that if Greece can fail, so can we and others.
You can not judge their economic situation by the size or the age of the country. You have to look at the people governing the country, the general business climate, and the population as well. Greece depends on Tourism to sustain their economy. With the majority of the "middle class" hurting world-wide....no wonder they are in trouble. Prime example of how the rich don't help.
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#22
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That is correct Stan. Greece relies on tourism, they thought that getting the Summer Games would give them a huge boost in tourism so they borrowed a whole lot of money from Europe in order to build the facilities needed to put the Games on. The huge boost in tourism never happened so now they are stuck trying to pay off a lot of large debt to Europe while also asking for more money. They were banking on that boost in tourism to cover paying the debt back. The reason they can't get tourists is due to the cost of everything there. The cost of inflation has killed their tourism because nobody wants to spend such a huge amount of money in these economic times when they can visit a place like Ireland for much cheaper.
#23
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And then there's this:
Greece Is Not Contagious - TheStreet Maybe the glory days of Alexander the Great are over. ![]()
#24
![]() Ummmmmmmm.......Greece's economy is what.........about the same as that of Tennessee and Mississippi combined??
You can not judge their economic situation by the size or the age of the country. You have to look at the people governing the country, the general business climate, and the population as well. Greece depends on Tourism to sustain their economy. With the majority of the "middle class" hurting world-wide....no wonder they are in trouble. Prime example of how the rich don't help.
#25
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And now it looks like Italy is back in trouble along with Greece. The future is looking bleak for them again.
'Weakening' Italy's Debt Rating Downgraded - Yahoo!
#26
![]() And now it looks like Italy is back in trouble along with Greece. The future is looking bleak for them again.
'Weakening' Italy's Debt Rating Downgraded - Yahoo!
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#29
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For anyone that hasn't been following this. Forced austerity has cut Greek expenditures but every person laid off means one less taxpayer and every dollar in benefits cut means one less dollar being "money multiplied". The net effect is a severe recession with negative gdp growth and higher expenses. To get the next bailout money Greece is being forced to fire 100,000+ government employees.
Default would hurt but at least then the Greeks would have the power to devalue their currency. As for Italy, Portugal, Spain and Ireland. They'll be watching what happens with Greece to see what their best move is. Meanwhile, money is flowing out of Euro banks and German politics is a mess (lol complete with a political party called the "Pirate Party" - I'm not joking). |
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