Greece is in economic crisis!

[lateminer]

Have family over there, and its not looking to good.

http://www.reuters.com/article/2011/07/21/us-eurozone-instant-idUSTRE76K6BI20110721

Doesn't sound too bad, but this and other videos say otherwise.

http://www.youtube.com/watch?v=xypsDmLNn2M&NR=1

http://www.youtube.com/watch?v=bwv2AZuXCIs

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[a63ntsm1th]

quick someone tell them they can be free if they all use bitcoin.   Oh wait, that means their fiat pensions will collapse.  Nevermind.

[imanikin]

quick someone tell them they can be free if they all use bitcoin.   Oh wait, that means their fiat pensions will collapse.  Nevermind.

The young Greeks throwing rocks at the police aren't getting their fiat pension anyway - same as the young people all over the world. We older people already ate their lunch... 

They might as well go into B and the like... 

[godofal]

i'l give it a few weeks, then i'l bid 10BTC on greece

[ctoon6]

I don't understand why the police fight for a government that is failing. not only that, the police are paid to "protect and serve" at least in the US, so far i have never seen or herd of a case where when it mattered most, the police did that.

[imanikin]

I don't understand why the police fight for a government that is failing. not only that, the police are paid to "protect and serve" at least in the US, so far i have never seen or herd of a case where when it mattered most, the police did that.

They are paid "To Serve and Protect" the ruling upper class, their hierarchy and social order against the majority.  That's the class that has the money to pay the police!

The dwellers of poor neighborhoods, where the police spend most of their time and effort, don't pay enough taxes to sustain the police.

So the police are really in those neighborhoods to protect the tax-paying citizens of the wealthy neighborhoods from the inhabitants of the poor neighborhoods... 

It's that way in every country i've ever visited... 

[mc_lovin]

i'l give it a few weeks, then i'l bid 10BTC on greece

I bid 15 BTC for greece.

[BioMike]

Heard already more jokes about selling isles or the Acropolis to other European countries to repay their debt.

About the Greek situation, a lot of European institutions (banks, pension funds, etc.) have been investing a lot of money in Greece due to the high interest rates they offered (anybody with some economical understanding should know that high interest means high risk, red flag). And this bail out is to protect these investors from loosing their money (and to keep the EU voters satisfied the banks throw also a nickel at the problem), not to help the Greece people.

Greece had about 75% civil servants (1 person having to pay the salary of 3 governmental workers through tax), previous governments lied about their debts to EU controlling bodies, lots of corruption and no taxes were collected. If I remember correctly the currently interest on their debts are about 60% of the GNP.

It would be much better for them (and everybody else) if they just went bankrupt, now it just costs a lot of money to extend the situation.