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Old 04-30-2012, 01:54 PM   #61
casino is no lie
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Yes it will.
I would be interested in understanding why you believe that to be true. I'd encourage you to be specific and detailed with your response (i.e., financials, tax revenue, long-term budgetary forecasts, programs in question, State vs. Federal, parallels to Greece, etc.)
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Old 04-30-2012, 01:57 PM   #62
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I would be interested in understanding why you believe that to be true. I'd encourage you to be specific and detailed with your response (i.e., financials, tax revenue, long-term budgetary forecasts, programs in question, State vs. Federal, parallels to Greece, etc.)
I'm curious about this, as well.



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Old 04-30-2012, 02:00 PM   #63
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The Junta is probably working on their comeback as we speak....
I wonder if its possible to revert back to the drachma, so they actually have some control on their monetary policies.
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Old 04-30-2012, 05:10 PM   #64
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The Junta is probably working on their comeback as we speak....
I wonder if its possible to revert back to the drachma, so they actually have some control on their monetary policies.
Not as far fetched as it sounds. Greece goes to the polls this weekend in an election that is expected to be dominated by non-centrists not in the coalition. Not that I can see anything other than an EU backed technocrat coming out in charge (as is the case now) - unless the Greeks say no to the EU.
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Old 04-30-2012, 05:21 PM   #65
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I would be interested in understanding why you believe that to be true. I'd encourage you to be specific and detailed with your response (i.e., financials, tax revenue, long-term budgetary forecasts, programs in question, State vs. Federal, parallels to Greece, etc.)
I'll do it for him, although most of us here have a big difference of opinion on the issue. The reason why he US is even worse than Greece is that our "debt" can't be "helped."

Our government is in debt up to its eyeballs, and a huge number or people are in debt to the government (student loans) on top of the private debts of the American public (mortgages, leased/financed cars, etc.) If the government keeps up the uncontrollable spending, the situation here will be FAR worse than Greece. Unfortunately for us, nothing will change until there ARE riots on the street, so IN MY OPINION, things will get FAR worse before they get better.
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Old 04-30-2012, 06:17 PM   #66
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Greece tries to crack down on fraud as mayor of Zakynthos faces revolt

Nearly 600 people on the Ionian island of Zakynthos - of which Mr Bozikis was recently elected mayor - managed to have themselves falsely declared blind, entitling them to fat monthly cheques from the state.

http://www.telegraph.co.uk/news/worl...es-revolt.html
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Old 06-04-2012, 03:35 PM   #67
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Nervous Europeans Snap Up London Property

LONDON - Britain may be in recession, but business is booming for Rupert des Forges, a real estate agent in one of London's most expensive neighborhoods.

He expects it will take just a few weeks to find a foreign buyer for a 1,530 square-foot, or 140-square-meter, apartment within a mansion, with concierge, in South Kensington that is listed at 3.25 million, or $5 million. Someone recently bought two larger properties nearby for around 7.5 million apiece. The buyer was an investor eager to move cash out of the euro zone - in that case, Italy.

From Italy, Greece, Spain and other countries in the European currency union, the affluent these days are moving money into hard assets valued in something other than euros, which have been plunging in value.

Expensive London apartments, valued in pounds, fit the bill nicely.

"Interest from buyers is closely connected to the politics of Europe," said Mr. des Forges, a partner at the Knight Frank agency who has been in real estate for 23 years and who said he has "never worked harder."

Flight of cash now poses one of the big financial risks for the euro zone. According to Spain's central bank, a net 66.2 billion flowed out of the country in March, the most since records started being kept in 1990. And analysts expect signs of an even brisker outflow when new data become available.

Although prime London real estate has long been an attractive investment for the foreign wealthy - whether in Russian rubles, Chinese renminbi or Saudi riyals - more buyers from Continental Europe now seem eager for sterling-denominated properties. They are aided by the European Union's guarantees of free movement of capital among its 27 members, making it easy for the rich to shop across frontiers. And they are abetted by London realtors who specialize in foreign investors.

It is not only the euro zone's biggest trouble spots that are sending money London's way. French investors also are seeking havens in Kensington and Chelsea, Mr. des Forges said. So are buyers from Germany, whose banks and bonds are widely considered safe harbors in the euro zone.

In this part of London, close to the Royal Albert Hall, most of the purchasers of similar apartments are foreign and more than half are from the euro zone, according to Knight Frank.

"Safe-haven flows associated with fears about a messy end to the euro debt crisis have boosted prime central London property prices over the past two years," according to a report published last week by Fathom Consulting and commissioned by Development Securities, a property developer here.

Foreign buyers were not willing to talk about their purchases for this article, and real estate agents spoke on condition that their clients not be identified.

With all the upheaval in the euro zone, buyers from the region have the long-term worry that a break-up of the currency union, if it came to pass, would result in their assets being re-denominated in a new, devalued currency.

But even shorter term, with the euro's value now near two-year lows against the dollar and the pound, and no bottom in sight, they see a de facto devaluation already under way.

Euro zone buyers have helped push up the average price of a home in the exclusive borough of Kensington and Chelsea to more than 1 million for the first time, put over the top by a 3.6 percent increase in April.

By contrast, the value of a home in England and Wales as a whole declined 0.3 percent in the same month to an average of 160,417.

As ritzy areas like Knightsbridge, Kensington and Chelsea de-couple further from the rest of the country, the average prime property in central London fetches around six times as much as the average property across Britain as a whole, according to the Fathom Consulting report. That multiple is at a record level, the report says.

"Prices are now far above the level they reached at the height of the bull cycle in 2007, prior to the crash, and in contrast to residential markets in the rest of the U.K. have resisted any major volatility and pricing weakness," the Fathom report says.

The report values the stock of prime housing in London's most desirable postal codes at around 130 billion and said prices there had outperformed greater London by 30 percent and Britain as a whole by 34 percent over the past three years.

The report also offers a warning: A collapse of the euro could send the London pricing trend sharply into reverse if the pound gained too much strength and global property prices crashed.

For now, however, it seems safer than the alternatives for buyers from the euro zone.

Whether for owning or renting most investors want apartments on one floor with high ceilings, a concierge and, ideally, a balcony or terrace, Mr. des Forges said: "It's what people are used to in Barcelona, Paris or Milan."

Georges Verdis, director of London Executive, a real estate company in London that was set up 20 years ago by his family from Greece, said the peak of Greek interest was in 2010, when his firm managed more than a dozen sales a month.

That figure is now at around five transactions a month, he said, and at the top end his Greek clients are cashing in on gains made in the past two years while keeping the proceeds in Britain.

Meanwhile, less wealthy Greeks are buying apartments worth less than 500,000, also in prime locations, which they aim to rent out.

But Mr. Verdis said that he had instructions to buy five large family homes worth tens of millions of pounds in central London if Greece has to leave the euro after elections that are to be held on June 17.

His clients fear severe social unrest if there is a default and a messy exit from the currency, he said. "They will close up their homes in Greece," he added. "Their money has already been wired outside the euro zone."
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Old 06-15-2012, 09:22 PM   #68
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Old 06-16-2012, 12:07 AM   #69
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i am 100% greek but i live in Australia. If i lived in greece i don't think i could own my e46....
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Old 06-16-2012, 06:38 AM   #70
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Wow... is anyone else paying attention to what's going on in Greece? They have pretty much two options at this point:

Cut gov't spending further which will trigger more riots.

Or, default on their debt which will tank the Euro and screw over everyone else in Europe.

Unless... "someone" comes to thier rescue with a bailout. But Germany's pretty much like "F-You, we already loaned them a metric ass ton of money and got screwed!"

What a mess.



http://www.dailyfinance.com/article/...tus-by/880748/
China would probably come to their rescue, China has deep interest in Euro
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Old 07-26-2012, 11:51 AM   #71
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Greece Hammers Out Austerity Cuts, Lenders Meet
EUROZONE, GREECE, AUSTERITY, EU, IMF, BAILOUT, IMF, ECB
Reuters
| 26 Jul 2012 | 09:43 AM ET
Greece has scraped together a plan to save nearly 12 billion euros over the next two years in an increasingly desperate effort to convince visiting EU and IMF inspectors it deserves to be saved rather than pushed out of the euro zone.

After days of wrangling, the new conservative-led government hammered out the austerity cuts hours before top officials from its foreign lenders began a series of meetings on Thursday to assess Greece's compliance with the terms of its latest bailout.

"The government has finalized the plan and will present it later today to political leaders," a senior finance ministry official told Reuters.

The 11.7 billion euros in savings for 2013 and 2014 will be submitted for approval to the troika of EU, IMF and ECB lenders after the three parties in Prime Minister Antonis Samaras's government sign off on it on Thursday, a Greek official said.

"There's goodwill and we're on a good course," the official said after the finance minister met visiting troika officials.

Near-bankrupt Greece is waging an uphill battle to convince skeptical lenders it merits further aid despite a history of failed pledges to reform and hit targets under two bailouts from the European Union and International Monetary Fund.

A conservative victory in last month's election averted the imminent risk of a Greek euro zone exit, but speculation of that has intensified once again amid the realization that the country is way off track in meeting the terms of its latest bailout.

The chances of Greece leaving the euro in the next 12-18 months have risen to about 90 percent and Athens is most likely to quit the single currency within the next two to three quarters, U.S. bank Citi said in a report.

In more bad news for Greece, ECB data released on Thursday showed deposits at Greek banks hit their lowest level in six years in June as savers worried about the country exiting the euro zone pulled their money out.

Juggling Act

Euro zone partners are keen to avoid a Greek exit that drags down bigger crisis-hit nations like Spain and Italy, but also face the growing reality of a third bill and debt restructuring to save Greece that they cannot afford.Samaras's government, facing a juggling act of its own as it tries to reconcile opposing demands from home and abroad, is hoping Greece can win back lost credibility by reforming its bloated public sector and restarting its privatization drive.

But it has faced resistance from its own ranks as well as from unions and an emboldened opposition as it has tried to identify the 11.7 billion euros worth of cuts promised under its bailout, which are set to heap more misery on the long-suffering Greek people.

About 5 billion euros of those cuts will come from areas overseen by the labor ministry, including pensions and welfare benefits - a difficult move for Samaras who campaigned on a pledge to renegotiate the bailout to lessen the burden on Greeks.

But with Greece set to run out of cash in a few weeks without further support from its lenders, Samaras's government has found its hands tied.

It has already been forced to put its request for an additional two years to hit debt targets on the backburner until it can claw back lost credibility.

"What we want is clear: an extension of the fiscal adjustment program. We always bring up this issue and we did so again today," the Greek official said after Thursday's talks.

"They made clear that they want us to implement everything the government committed to in March." The remaining cuts will be spread out across various ministries, including a big chunk from the health ministry.

The troika is due to wrap up its visit in early August but is not expected to finalize its assessment of Greece's progress until September.

EU Commission President Jose Manuel Barroso is also due to meet Samaras later on Thursday, in his first visit to Athens since June 2009.
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Old 07-26-2012, 12:01 PM   #72
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China would probably come to their rescue, China has deep interest in Euro
unfortunately, china has its own problems. years of internal corruption has built up a lot of bad debt (propping up bad businesses to maintain appearances). on top of that, wealth inequality is unbelievable.

it's the next shoe to drop.
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Old 07-26-2012, 12:27 PM   #73
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Funny how all of these socialist and far liberal regimes are all failing. Another glaring example would have to be the broke-ass state of California. And, you guys want to spread the liberalistic/socialistic way of life across the entire US?

Live long and prosper Texas! The home of the republicans
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Old 07-26-2012, 01:05 PM   #74
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Funny how all of these socialist and far liberal regimes are all failing. Another glaring example would have to be the broke-ass state of California. And, you guys want to spread the liberalistic/socialistic way of life across the entire US?

Live long and prosper Texas! The home of the republicans


Germany seems to be doing OK.



And at thinking Republicans are fiscally responsible. Funniest thing I've read all day.
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Old 07-26-2012, 01:07 PM   #75
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Funny how all of these socialist and far liberal regimes are all failing. Another glaring example would have to be the broke-ass state of California. And, you guys want to spread the liberalistic/socialistic way of life across the entire US?

Live long and prosper Texas! The home of the republicans
thats an uneducated response if I've ever seen one. Remind everyone how Germany is doing and how that fits into your take on the situation.
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Old 07-26-2012, 02:11 PM   #76
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Funny how all of these socialist and far liberal regimes are all failing. Another glaring example would have to be the broke-ass state of California. And, you guys want to spread the liberalistic/socialistic way of life across the entire US?

Live long and prosper Texas! The home of the republicans
that's hilarious

Germany says hi to your theory
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Old 07-26-2012, 02:32 PM   #77
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Funny how all of these socialist and far liberal regimes are all failing. Another glaring example would have to be the broke-ass state of California. And, you guys want to spread the liberalistic/socialistic way of life across the entire US?

Live long and prosper Texas! The home of the republicans
You are such an idiot
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Old 07-26-2012, 04:09 PM   #78
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Funny how all of these socialist and far liberal regimes are all failing. Another glaring example would have to be the broke-ass state of California. And, you guys want to spread the liberalistic/socialistic way of life across the entire US?

Live long and prosper Texas! The home of the republicans
Lol do you really think we're prospering? You must really be naive.
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Old 07-26-2012, 04:13 PM   #79
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Funny how all of these socialist and far liberal regimes are all failing. Another glaring example would have to be the broke-ass state of California. And, you guys want to spread the liberalistic/socialistic way of life across the entire US?

Live long and prosper Texas! The home of the republicans
You talk so much sh!t on California, yet you still live here? If you hate it so much, then leave. I'm sure your parents could afford to buy you a house in Texas.
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Old 08-03-2012, 10:02 PM   #80
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