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Email this12:17 pm
July 10, 2011
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Does anybody believe Greece will broker a deal with the EU & creditors?
I'm on the fence persoanlly. I can understand the frustration in the EU with Greece yet understand Greece not wanting to pile on more austerity or start the tidal wave of countries leaving the EU. That being said I've heard there is a "culture" of tax avoidance within Greece.
It's a hard call..
1:07 pm
October 27, 2013
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Very true about the culture of tax avoidance in Greece. Also a relatively underwhelming work ethic as well. There are no satisfying solutions.
I suspect the EU (primarily Germany) and Greece will continue to play a cat-and-mouse game of paying off some debt while bouncing (re-scheduling) much of it down the road while at the same time keeping the pressure on the Greek government to maintain some discipline on austerity measures. Greece really cannot afford to leave the Eurozone because there would be no global confidence in their own currency and there would be rampant devaluation and thus inflation just like what South American countries like Argentina go through. At the same time, the EU does not need a precedent being set for a member leaving the zone. Hence the cat and mouse game.
Ultimately, I think Greece will stay in the zone and the bulk of their younger generation will leave for work elsewhere. IOW, a lost generation before Greece 'recovers' to some sustainability in 10-20 years.
5:13 pm
June 29, 2013
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Having some links to that part of the world - In addition to Greece, Portugal, Italy,and Spain have that same Mediterranean culture - cash under the table society, high tax avoidance, lower productivity, excessive vacations, expensive govt social programs, unaffordable pensions, etc. (very different culture compared to the northern counterparts eg Germany, Netherlands, UK, Poland, etc. etc. Greece is of course bankrupt and on life support - at one point, hard to say when, likely they will exit EU.
7:32 am
June 29, 2013
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Bad week - negotiations have broken off - Greece says it won't make any more concessions - the markets are uneasy- wonder if the exit is closer than we think - or will Merkel bend to keep Greece in the EU? The deadline is getting close!
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