in light of early indications looks like the masses have said enough is enough to austerity . and who can blame them in all honesty early predications looks like a big majority for the no vote but what knock on effect will this have across the rest of Europe with other countrys struggling with austerity measures namely Italy Spain Ireland AND france whos leader was voted in on an anti austerity ticket. a few interesting weeks lie ahead.

£200m off the gp nhs budget that sort of austerity.

GB is not immune

Edited July 5, 201511 yr by nigel dabster

Austerity is simply living within ones means, not above them as our previous labour government did.

As far as I can see whats the problem with it?

I know that Greek government has had a lot of support in regards to its stance on the measures maybe a bit of bum twitching across Europe in light of public anger but my attention switches more towards spain and Italy who also have suffered under austerity and any knock on effect this may have in light of tonights which seems like a resounding no vote . the fact the country received 240billion in bail out money in 4 years  but less then 10%  actually went to the greek economy with the rest going to European banks and a 40% unemployement rate and predictided austerity till 2030!!!! beggars belief.

 

 

what has austerity actually achieved.???

how do we "balance the books" without austerity?

how do we "balance the books" without austerity?

 

You start removing the money from the right people to start with, not the easiest to remove it from.

Keep an eye on the euro for cheap bike bits from abroad!......I have a friend who bought some genuine parts for his Fireblade from Greece at amazing prices!

I recently Bought a Brembo rear disc and pads for my TDM900 from Italy for £54 posted

Greece like many others should never have been allowed into the Euro Ponzi scheme, they are/were facing decades of hardships within a system that would never help them in the end. I'm pleased the Greeks have stood up to the EU totalitariates and the IMF, I think they had no choice in the end.

  

Austerity is simply living within ones means, not above them as our previous labour government did.

As far as I can see whats the problem with it?

 

 

 

the problem is the trillions borrowed and owed around the world on dodgy Ponzi schemes keeping interest rates artificially at low rates as they can hardly pay the interest on the toxic loans as the banks have lost trillions as well and have and continue to be caught out acting unethicaly been caught out on countless occasions selling add ons paying billions in fines. of course its joe muggins the public who catches the brunt of austerity measures.  

The lender of last resort will now wash his hands of the Greek people, highly illegal I expect and highly unethical. I hope the ECB/IMF and EU will make Greece's transition as easy as possible in the next few days (although unlikely) as the Banks fail and the runs begin.

Imagine waking up tomorrow morning and the shelves in the shops are empty, no petrol in the pumps and you cant get any money out of the Banks? the EU needs to understand what has happened and let Greece do what it needs to do for its people and it needs to do that this week starting tomorrow morning.

Edited July 5, 201511 yr by the addict

The No vote isn't much of a suprise.

No one who thinks paying income tax is optional is going to vote for austerity!

Around 80 billion Euros of tax went uncollected in 2014, even though they are in the brown smelly stuff upto their eyebrows.

That's over 80% of what should be their annual tax revenue.

To leave or be thrown out of the Euro when you've only 2 billion Euros or so of gold reserve isn't going to benefit them or anyone else either.

Sure their bank can start printing a replacement currency so everyone there gets paid, but no one's going to want to export to them for fear of payment and to allow them to service any debt with the stuff?

As we all know Monopoly money isn't really real!

So they get their hands on worthwhile currency via exporting? What have they to export?

The only real outcome is a deal that no ones looses (too much) face, a scapegoat needs to be found, a deal to be struck and I can go on my holidays without stuffing Euros up my a***!

Edited July 6, 201511 yr by goudrons

Buy a postcard and save Greece.

 

https://www.indiegogo.com/greek-bailout-fund.html#/story

 

I only use Greece as an example as its on a whole a European wide problem with maybe them being a catalyst to future events across other European countries who find themselves in the same mess scenario .?

 

and it is not the majority who got Greece in this mess in the first place but its the majority through austerity who have the most to lose through its implementation .  

how do we "balance the books" without austerity?

According to Martin Sandbu of the Financial Times persevere in austerity is not even in the interest of creditors. Further tightening of the austerity policy will lead to further economic decline and the economy will shrink more than five percent. Also the debt will increase wich will lead to more economic decline . Even from the perspective of Schäuble this is no solution.

 

Another interesting quote:

 

'The German economic miracle (Wirtschaftswunder) according Piketty based on the kind of debt that precisely the Germans now do not want to assign to Greece.'

Did nt the Germans lend the greece the money so they could in turn spend the money in..... Germany.  The Swiss are buying euros at the moment and with the bad news already in the rate I doubt the euro will go much lower. Lastly I find it amusing that the greek chap in charge is straight on the phone to francois Holland who is straight from the Russel Brand school of economics....what the f45k does he know,  apart from throwing good money after bad...Perhaps they think and hope the same.