They say Greece is not rich and economically powerful enough to be in the Eurozone together with Germany etc and due to those differences € is not working for them.
How come Slovakia, Estonia and Latvia are OK then? We are poorer than Greece and there are 0 problems with having € for us.
What am I missing?
Other urls found in this thread:
tradingeconomics.com
twitter.com
bump
PAY
Those countries just haven't had the need to devalue their currency yet.
Greece needs foreign investment and it can't get that because the euro is too strong because of other countries.
When the EU formed its monetary union (the Euro), this meant that less financially-sound countries like the PIIGS could borrow at an interest rate comparable to Germany's, given that all their debt obligations were effectively collateralized with Germany's strong economy. Several countries started to go on spending sprees, making massive tax breaks coupled with expensive social policies like low retirement ages, ample breaks/time off work, pensions, public spending, etc. They kept running deficits and procrastinated the bill to a later day. Then in 2008, the credit bubble burst and creditors weren't willing to keep lending to the PIIGS, and without money to foot the bills, they turned to Germany for cash. Germany started to negotiate austerity measures and countries like Greece protested because they felt like they were being manipulated by them. Germany just saw the Greeks as lazy and who couldn't keep up their way of life without improving their labour market productivity and cutting out some of these lavish social policies which they can't sustain economically.
The story goes a lot longer, but the gist is that Germany has subordinated many of the smaller European countries to their will, given that they have significant influence over their economies. And cleverly, whether it planned this from the beginning or not (I think they did), Germany has used the PIIGS' economic mismanagement as an excuse to pass "fiscal policies" across the entire continent, basically creating a political union. Their reasoning is that they need to enforce a common set of laws on economic spending policies, and constant judicial implementation of those laws, to make sure that countries don't simply abuse the Euro and spend at a level that the rest of Europe has a say in deciding.
This "fiscal union" shrinks national political power over important topics. For example, EU countries have no control over intra-EU immigration. Those in favour of the union argue that a functioning labour market is perhaps the single most important economic input to ensure a thriving economy, and the immigration policy effectively increases every European company's access to potential labourers by tenfold... this ensures that companies have much better selection for workers and (in their view) should reduce unemployment.
But the other side may argue that the fiscal union controls way too much and cuts into the notion of the Westphalian nation-state model. By having no control over intra-EU immigration, the borders of each EU-member state nation are blurred, or are made porous, by a potential population with a right to move in and work there which significantly outnumbers that nation's population. And of course, the flow of immigrants is primarily driven to the stronger economies, and away from the poorer ones, which has the effect of overwhelming some countries with migrants (ex. UK), and at the same time, depriving other countries of a labour force by stealing away all of their young workers and leaving seniors behind (ex. Poland), which presents a demographic struggle and reduces the quality of life for those left behind.
It also prevents certain countries from effecting policies which target some of their downtrodden workers in sectors that have been ignored or crushed by EU policy - for example, the UK fisheries industry is a sorry shadow of what it once was pre-EU, and the nation is helpless to save it because the EU controls fishing (manages access to the resource commons that are the seas).
The difference is that Greece's government spent uncontrollably and stupidly for a while unlike yours and now it has to pursue an absolutely motherfucking retarded monetary/fiscal policy to make up for it to please the higher ups in Deutschland.
Because Greek are bad goyim
Because they want you to become Greece (which mind you, you don't have to if you don't spend like a retard money you don't have) so instead of your government dictating your policies, German companies do.
Greece fucked itself up and is becoming a dystopian Cyberpunk hellhole without the cool "Cyber" parts of it, the error many people have is thinking this is bad news for Germany (well, it is for the average Hans who pays taxes, but not for the companies, who are basically who rule the EU)
Say fuck you to the ECB, trust me, I'm Spanish, I know what I am talking about.
Lazy Arabs who want to move away from Greece and into Northern European countries.
hm ok,
tradingeconomics.com
seems our bond yields did not change after joining the Eurozone so there were no sudden easy money for our socialists to spend.
you fall for greek tricks
>mfw i hoard drachmas
you are germoney's satelite states in the EU so you get a free pass
What my spanish fella just said.
European (German) banks are retards. They got the opportunity to guy Greece state enterprises at a discount. Instead, they let middle east and Chinese to get hold of them. Who can be so stupid as to let the Chinese Cosco buy exploitation rights for the Pireo port? Literally trojan horse for dumping Asian shit into Europe.
how can this be even measured?
it's not like if you ask someone on the street if they like sandniggers they'll say yes.
Ur just jealous that we're more anti Semitic than u ;)
>dumping asian shit into europe
i thought germany was already doing that with its immigration policy
greeks are lazy and sleep in the day time
>nightlife is a thing all year round
figures
nigga we're colonising israel
no reason to be anti-semitic
soon y'all gon be part of the romanian colonial empire.
Σkάσε
kek let's do it
>be greek
>go to work
>work for 30 minutes
>time for siesta!
>rest for 3 hours
>go work for 30 minutes
>damn I am tired time for siesta!
Its not the currency itself but the ecb fiscal policy and overspending