Greece

[Phatscotty]

How did Greece rack up such a huge debt? Where was all the money going? Looking for answers from the "high debt levels don't really matter" people.

[thegreekdog]

Sponikopita, baklava, gyros.

[Phatscotty]

Sponikopita, baklava, gyros.

it seems a large chunk was going to unemployment benefits

[john9blue]

it seems a large chunk was going to unemployment benefits

Nope, just strange food.

[Pedronicus]

How did Greece rack up such a huge debt? Where was all the money going? Looking for answers from the "high debt levels don't really matter" people.

Try reading this: http://news.bbc.co.uk/1/hi/programmes/f ... 509244.stm

[jay_a2j]

Looking for answers from the "high debt levels don't really matter" people.

aka democrats.

[jaimito101]

How did Greece rack up such a huge debt? Where was all the money going? Looking for answers from the "high debt levels don't really matter" people.

Try reading this: http://news.bbc.co.uk/1/hi/programmes/f ... 509244.stm

wuhuhuhuhuh

"In Greece, if you try to pay for private treatment with a credit card, even the most distinguished surgeon might raise his eyebrows and click his tongue, which means: "What part of no don't you understand?"

Because the doctor wants cash. Stelios is one of the few doctors who will give you a receipt. He declares his income to the taxman and pays his proper dues to the state. As opposed to many of his colleagues who are pillars of Greece's thriving black economy. "

haha nice piece, but indeed the black market is huge, was in turkey on vacation last year and got hurt while sailing so had to go to the doctor, there you actually got a discount of 8% if you payed in cash! But this black market would still be of little problem as long as everybody would be employed.

I think the big problem in these economies is the large unemployment at the moment and to be honest the past 3 years, a large percentage of the workforce in these countries where employed in the tourism and construction. Spain for one had a huge loss in construction jobs, wich was one of the largest sectors. spain now has a 19% unemployment rate!!!

[Skittles!]

it seems a large chunk was going to unemployment benefits

Nope, just strange food.

Baklava is fucking awesome.

[Pedronicus]

the abusive acronym PIGS – coined to describe Southern European laggards Portugal, Italy, Greece and Spain – has recently been amended by wags in the City to STUPID (Spain, Turkey, United Kingdom, Portugal, Italy and Dubai).

[Timminz]

it seems a large chunk was going to unemployment benefits

Nope, just strange food.

Baklava is fucking awesome.

As is pretty much all food in Greece.

Now I'm hungry.

And want to go back to Greece.

[Skittles!]

it seems a large chunk was going to unemployment benefits

Nope, just strange food.

Baklava is fucking awesome.

As is pretty much all food in Greece.

Now I'm hungry.

And want to go back to Greece.

Man, I remember when I had a fucking MILK PIE! It was kind of sickening, but I just had to try it. I want to go back to Delphi, and Patras =[ Athens.. I can kind of live without.

[Timminz]

Athens.. I can kind of live without.

Agreed! When I say "Greece", I really mean, "The Cyclades".

I could spend a few lifetimes just hopping from island to island.

[thegreekdog]

Athens sucks. Dirty, smelly, dangerous.

My family is from a small island (really just a mountain coming out of the Mediterranean) called Andros. Idyllic place really. Beautiful beaches, beautiful mountains, beautiful people. I spent three months there when I was 15. Basically, the people would work from 8 AM to about 2 PM, then they'd take a little nap, wake up, cook a monster dinner and start eating and drinking and partying.

[Pedronicus]

Athens sucks. Dirty, smelly, dangerous.

My family is from a small island (really just a mountain coming out of the Mediterranean) called Andros. Idyllic place really. Beautiful beaches, beautiful mountains, beautiful people. I spent three months there when I was 15. Basically, the people would work from 8 AM to about 2 PM, then they'd take a little nap, wake up, cook a monster dinner and start eating and drinking and partying.

So why did you leave?

[thegreekdog]

Athens sucks. Dirty, smelly, dangerous.

My family is from a small island (really just a mountain coming out of the Mediterranean) called Andros. Idyllic place really. Beautiful beaches, beautiful mountains, beautiful people. I spent three months there when I was 15. Basically, the people would work from 8 AM to about 2 PM, then they'd take a little nap, wake up, cook a monster dinner and start eating and drinking and partying.

So why did you leave?

Excellent (and large) question. I left because I had to begin high school in September; seriously though, I don't know why I left.

[BigBallinStalin]

Athens sucks. Dirty, smelly, dangerous.

My family is from a small island (really just a mountain coming out of the Mediterranean) called Andros. Idyllic place really. Beautiful beaches, beautiful mountains, beautiful people. I spent three months there when I was 15. Basically, the people would work from 8 AM to about 2 PM, then they'd take a little nap, wake up, cook a monster dinner and start eating and drinking and partying.

So why did you leave?

Excellent (and large) question. I left because I had to begin high school in September; seriously though, I don't know why I left.

Surely, they had at least one high school there. Good god, man, you've passed up paradise to wage war on taxes with your taxclub and shield of binders.

Any regrets?

[thegreekdog]

Regrets? Not really. I think about a simpler life a lot, but I love my life and I love my wife, so I've got that going for me.

[bbqpenguin]

back to the OP...
not sure how directly relevant this is, but I remember reading that Greece ended up spending about a third of its GDP when it hosted the olympics a few years back. im sure they made up some of it from all the cash flowing in, but I wouldnt be surprised if they ended up pretty far in the red because of it

[Phatscotty]

ECB keeps lid on Greek bond data
By Gillian Tett
Published: February 25 2010 20:33 | Last updated: February 25 2010 20:33

Somewhere in the bowels of the mighty European Central Bank, there is a number that many investors would give a lot of euros to see.

It refers to the volume of Greek government bonds that are now sitting in the ECB’s coffers, after being lodged there by European banks through central bank repo operations.

Sadly, the ECB considers this number far too “sensitive” to release, even after a delay. Nevertheless, as fears about sovereign risk rise, those hidden data are assuming ever-greater importance.

On Thursday, yields on Greek bonds rose sharply higher, after Moody’s warned that it – like Standard & Poor’s – might soon downgrade Greek debt. The yield on Greek two-year notes, for example, rose 74 basis points on Thursday to 6.4 per cent.

[Army of GOD]

Regrets? Not really. I think about a simpler life a lot, but I love my life and I love my wife, so I've got that going for me.

I love her too.


Er! I mean!

Pancakes?!?!?!

[Timminz]

Pancakes?!?!?!

Now I'm hungry.

[Phatscotty]

http://www.youtube.com/watch?v=8tAtTs58mKc

"February 2010 Greece faces further economic uncertainty with debts more than 100% of its GDP..."

Greeks Chant

You give the banks money, we will give the bullets.

Too much debt...

[Serbia]

Pancakes?!?!?!

Now I'm hungry.

Not me. I just ate a potato. With sour cream.