Yet in many ways, this is a good thing, esp. if they dump the Euro and return to the drachma. That will force economic sanity on them, though I doubt any of those who voted 'No" understand that.
Taxpayer's being held responsible for the mistakes of their government/banking institutions is just a guarantee for more institutionalized irresponsibility.
Thankfully for Greeks, they're institutions are unable to rain debt on the citizenry on the scale the Federal Reserve and US Givernment can.
That in itself, makes me think Greek citizens have a better understanding of the situation than joe sixpack here at home.
I just read that Austria is considering leaving the EU as well.
I have a good supply of popcorn as I watch these events unfold. Not much else one can do. I'm aghast and extremely entertained as the plebs expect these institutions to solve the problems they themselves created as history repeats itself once again.
I totally agree.
As I noted above, I don't think the 'NO' voters were voting for anything other than refusing to give up even a dime of their feebies, all the while demanding Germany and the rest keep financing those freebies.
I would like to think this vote will lead to the European economic community to tell Greece, "Your time is up."
But I doubt it. The leftist 'one-world'ies' in Brussels will do anything to preserve the EU and the Euro.
I hope I'm wrong, but I doubt it.
Expect Greece to get a compromise offer in the next day or two,
Narlyhorn's Link
In my mind, yes or no makes little difference. It's like trying to stop a lava flow.
What the consequences will be is not exactly clear in my mind.
It seems important to now watch events on the ground as they unfold in terms of daily life, supply of daily essentials, black markets/markets in general, crime, currencies, banking restrictions, developing political association rejections/dependencies, etc. The consequences of the vote will be more clear going forward.
It will provide a preview for what other debtor nations will experience when and if they follow the same path.
I found this ZH article a bit helpful. Perhaps you will too.
Edit: Would anyone here vote for higher taxes and bail-in of their pension to pay off the US governments debt? I doubt it, I think that's what just happened in Greece.
