As Greece falls in arrears, one man wants to crowdfund €1.6 billion payment

British campaign organizer: “Right come on guys, let's just get this shit sorted.”

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[tjones2]

bluesdrivemonster[/url]":2b04mtmn]How true is it that the current PM of Greece won't impose higher taxes on the upper class of Greece to get them out of this mess? And would that even help a lot?

How true is it that the IMF won't allow for tax increases, and wants spending cuts? Quite true as they recently rejected a tax-heavy budget .

 

[tjones2]

theoilman[/url]":1fivaa7j]

saru-kun[/url]":1fivaa7j]

Thrasius[/url]":1fivaa7j]Greece didn't do this on its own. I can't find the Krugman column showing that Greek debt levels weren't too outside the norm pre financial crisis. So I'll post this:

http://mobile.nytimes.com/2015/06/29/op ... &referrer=

European Central Bank and IMF imposed austerity caused the current crisis, not Greece.

And Greece's inability to inflate to get out of the liquidity trap has forced its hand. Germany is holding a gun to Greece's head to enact its own ideological agenda.

This is basically what I meant when I said that the Euro is flawed. You can't have a nation that controls its own budget, but does not control its own currency. Its just a bad idea, and Greece is the proof. Greece is obviously not blameless, but they are also not entirely responsible (except in that they joined the Eurozone in the first place, but it probably seemed like a good idea at the time).

States in the US have their own budgets under a national currency managed by the federal reserve which is outside state control. The euro is in trouble for other reasons.

US states don't face this issue because the federal budget is enough to stabilize the business cycle. Fiscal and monetary policy can be coordinated on a national level.
I would guess that the Eurozone's issues would go away if most health, retirement, and military spending was ran in Brussels.

 

[tjones2]

theoilman[/url]":2072wnv7]

tjones2[/url]":2072wnv7]

theoilman[/url]":2072wnv7]

saru-kun[/url]":2072wnv7]

Thrasius[/url]":2072wnv7]Greece didn't do this on its own. I can't find the Krugman column showing that Greek debt levels weren't too outside the norm pre financial crisis. So I'll post this:

http://mobile.nytimes.com/2015/06/29/op ... &referrer=

European Central Bank and IMF imposed austerity caused the current crisis, not Greece.

And Greece's inability to inflate to get out of the liquidity trap has forced its hand. Germany is holding a gun to Greece's head to enact its own ideological agenda.

This is basically what I meant when I said that the Euro is flawed. You can't have a nation that controls its own budget, but does not control its own currency. Its just a bad idea, and Greece is the proof. Greece is obviously not blameless, but they are also not entirely responsible (except in that they joined the Eurozone in the first place, but it probably seemed like a good idea at the time).

States in the US have their own budgets under a national currency managed by the federal reserve which is outside state control. The euro is in trouble for other reasons.

US states don't face this issue because the federal budget is enough to stabilize the business cycle. Fiscal and monetary policy can be coordinated on a national level.
I would guess that the Eurozone's issues would go away if most health, retirement, and military spending was ran in Brussels.

The federal budget is mostly loans itself. The US has managed not to miss any payment deadlines thus far by taking more and more loans each year, but there's been a number of close calls.

Loans in a currency you control are way different than loans in one you don't.
The close calls in the US were because the Tea Party was holding up debt payments for political leverage.
Greece's issue is there is no way they can pay their debts without a massive recession. Such an issue would be effectively impossible in the US.