Greece SHOULD take more bailout money (well, if you insist, Ms Merkel)...and then default on the entire amount the next day! Stick to the Krauts!
Russia defaulted in 1998, not that long ago, no doubt they will at some point in the future do so again.
This is how i see this thread: you have on one side those who want Greece to pay back every cent that has been borrowed because it is the moral way, the German way (even though the Germans themselves did not pay back all their loans after the world wars that they started). Indeed, not only should they pay back those loans, they should borrow even more! Not only this, the Greeks should change their entire culture and identity and become like the Germans (what would germans be like if the debt they owed was not written off?), hard working, industrious and no doubt ready to pick a fight/start a war lol instead of being beach bums and ouzo drinkers. On the other side, you have those who realise the true reality, it is the german and french bankers, the bizarre euro project, the euro politicians who will all lose if greece does not agree to repay debt and accept more bailouts - the greek people will be enslaved so that the german banker can afford the petrol in his new bmw, this is what it boils down to.
Visaria, it's apparent you know nothing about history. The first world war was not started by Germany. Try to get the basics right, I'm not even talking about the details. German debt was nothing like the Greeks have. Greeks could pay back the debt with privatization and some belt tightening, it was actually working before the Marxists came to power in Athens. They just choose not to because they're Greeks, better than everyone else and therefore never have to pay their debts. Opinion of Germans is very high in most parts of Eastern and Northern Europe, for a good reason. Greeks can't even competitively grow olives or tomatoes for export, despite having the ideal climate for it. It's going to be very interesting seeing them trying to survive on package holiday tourists.
They survived just fine before the Euro. They can probably do it again. Or maybe you think the country will completely fade away and all it's people vanish from the earth like the lost continent of Atlantis?
I think you made one excellent point with one keyword: Competitively. The sense of competition and doing things better than others is what is lacking in Greece. Comparative advantage is of course an interesting textbook concept but works quite differently in the real world. Spain grows excellent almonds, olives, tomatoes and most other agricultural products that Greece also grows. Spains tourism industry is also far advanced compared to Greece's. In Spain European tourists are welcomed with open arms, in Greece you have to hide in a secluded resort so you do not get shot or beaten up. Comparative advantage works when other competing countries do not produce enough to satisfy demand. That is certainly not the case. Spain produces way sufficient amounts to serve most of the European market with products that are elsewhere not homegrown. So the question remains who would want to buy from Greece. Oh a cheap drachma is gonna deliver cheaper products? Sure, but the question remains how long Greek farmers can supply the market given that their import product prices will explode, that Greeks have shown that they cannot survive without huge farm subsidies. I do not see ANY way around becoming more COMPETITIVE. That is what is missing in Greece. Maybe in the end the Chinese will teach Greece how to operate competitive businesses. I would not be surprised if Greece becomes the No.1 Chinese stronghold in geographical Europe. And Greece has certainly not done fine before it joined the EU, else it would not have depended on the largest subsidies per capita out of all European nations from day 1 it joined the EU. If it had done fine it would have been a competitive market before which it obviously was not. And I have no idea how some real estate and abs expert who hardly knows shit about Europe suddenly becomes the self proclaimed expert on macro economic theory, competitive European markets, and tourism. Sometimes it is really better to shut up and just post articles from blogs and the FT, professor Anthony.
Lol, i've been to greece a few times, not had to hide in any secluded resort! The greek girls are very accommodating, let me tell you! Far friendlier than the german girls it must be said.
d08, yes, u r right germany didn't start the first world war. but they sure as hell started the second one.