Greek vote beginning of EU’s end?

Greece has voted for a new government, led by the socialist Syriza party. They won on a campaign vow not to accept economic cutbacks demanded by the European Union, in return for a promised $336-billion bailout.

But as David Burge quipped, Socialism is like a nude beach. Sounds pretty good until you actually get there.” Or as Margaret Thatcher said, “The trouble with socialism is that eventually you run out of other people’s money.”

And with Greece, it is all other people’s money – their national debt is equal to 175% of their GDP. After a certain point, no one is willing to risk lending you more.

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  • Hard Little Machine

    There is ALWAYS someone to ‘lend’ (give) you more if you threaten to leave them. The EU will they won’t be extorted by showing how extorted they are. This is quite a savvy move for Greece. Take the money and then threaten them if they don’t give Greece more. Electorally they’ve already shown the EU that there’s nothing the EU can do to compel them to maintain austerity OR pay back the loans.

    • ntt1

      True ,it is like the saying that if you are bankrupt and owe the bank 1000 dollars you are in trouble, but if you owe the bank 1000000 dollars the bank is in trouble. If the EU bails out Greece it might sow enough discord to start the unravelling process on the other hand if it doesn’t and greece walks away then the financial shock might cause the EU to unravel, either way it is going to further destabilize a very unstable siotuation.

    • Ed Ellison

      Hmm, let’s see here.
      First the Greeks lied to get into the EU.
      Then they lied to get bailout funds.
      And now they are extorting the EU to reduce the debt owed and still get more funds.
      Sure looks like the money given to Greece is a tax on fools.

      • Jay Currie

        Quite right… Though it is not obvious that the Greeks were not coached on their admission lies and the EU certainly didn’t do anything by way of an audit. Willful blindness.

        Best thing for Greece is to leave, broke but proud, and start over with the wonders of ultra low cost tourism and wine. Few tough years – but no tougher than now – and Greece will find its own economic level. Now, they may pretty much eliminate immigration and pensions for 50 year old hairdressers. But the Germans and English men flocking to the beaches will probably like the absence of burkas and thieves.

        I suspect Spain, Italy and Portugal will take note of Greek success. The EU never made a great deal of sense so it’s gradual collapse into impotent failure will be no great loss.

        • Brett_McS

          I believe the Prime Minister (or maybe Finance Minister) of Iceland reacted to their financial meltdown: “Back to fishing!”. And they are now in pretty good shape.

          • Jay Currie

            And, other than the most beautiful women in the world, Iceland is not exactly a tourist Mecca.

    • Alain

      For a moment I thought you were talking about Quebec.

      • FactsWillOut

        Too bad Harper doesn’t have the balls to stand up to Quebec.
        ROC can just pay up, unless we get a conservative government.

  • Censored_often

    Maybe Greeks should all convert to Islam and join Turkey/Ottoman Empire?

  • FactsWillOut

    Maybe, if we’re lucky, the EU will collapse just in time for the anti-Muslim civil war.

    • winniec

      Genocide isn’t a solution. Shame.

      • I agree genocide isn’t the solution. But either is suicide.

        Genocide has worked for Muslims. Look at what they did to Afghanistan, Pakistan and the northern part of India.

        But we do need a form of intellectual genocide against the Islamic theological doctrine. It is toxic and needs to be destroyed.

      • FactsWillOut

        Cry me a river.
        War is what it is.

  • winniec

    MAGIC THINKING! Where’s this mythical money tree they voted into existence? I want one too!

    • Victor Brimmerte

      GROUNDHOG DAY

      The same parasitic socialists who sucked their civilization dry just posed as the new guy, and were voted in by mobs of aging, pensioned parasites to loot a bit more from their neighboring socialists.

      HILARIOUS.

  • Norman_In_New_York

    The EU should be happy that Greece is jumping ship. Just write off the bad loans, cut the losses and move on.

    • FactsWillOut

      When Greece starts recovery in a decade or so, other countries will also want to jump ship.
      No, I’m afraid that a stern example must be made of the recalcitrant Greeks.

  • Alain

    The Greek problem is peanuts for the EU compared to what they’ll get with Turkey. These numerous have-not countries may offer the Germans a bigger free market for their goods, but they will discover that the cost is more than they can cope with.