On the Greek Referendum

Seriously, it’s not language that is really conducive to a quick explanation down the taverna is it?,” says Tim Worstall, writing for Forbes, after pointing out sentences like this one:

“Amend legislation on installments to among others exclude those who fail to pay current obligations and introduce a requirement to shorten the duration for those with the capacity to pay earlier and market-based interest rates; The large debtor unit and KEAO will assess by September 2015 the large debtors with tax and social security debt above 1 million EUR to verify their capacity to pay and take corrective actions”.

Original here.

17 thoughts on “On the Greek Referendum”

  1. I see placards that apparently say “no” in Greek. Confusingly, it seems possible that it’s pronounced “och aye”. Is it?

  2. Just so long as those voting a particular way can live with their choice.
    Anyone want to make a guess about the banks opening in the next week?

  3. Betting markets suggest a yes vote tomorrow (i.e. approval of the demands made by the troika). The Greeks have had a taste of real change, and (unsurprisingly) they don’t like it. But it’s far from certain whether the banks would actually re-open as early as Monday.

    Incidentally, all the unions in Greece support the Yes canpaign, so the right answer must be No.

  4. Sebastian Weetabix

    It means the Germans are reverting to ancestral type; they have decided the crush the Greeks in an act of collective punishment, pour encourager les autres.

  5. Unions may be telling people to vote no, does not mean people will.
    Shutting the banks and restricting cards may be the biggest boost the yes campaign could have gotten.
    Give it a few days, may see ransacking of shops and holding up of businesses for cash.

  6. “It means the Germans are reverting to ancestral type; they have decided the crush the Greeks in an act of collective punishment, pour encourager les autres.”

    Bullshit.

    All Germany is doing, in effect, is telling Greece it’s time to move out of the basement and find a job. As they’re the ones actually footing the bill for Greece’s collective mooch, that’s rather unsurprising. Given that fact, the whole “Germany goose-steps across Greece” routine may feel good, but it doesn’t really resonate with the adults in the room.

    What I’d note is this: Those damning Germany and the Troika aren’t the ones with skin in the game. It’s real easy to be sanctimonious when its other peoples’ money – rather than yours – that’s involved.

  7. “all the unions in Greece support the Yes canpaign, so the right answer must be No.” Powerful argument, that.

  8. Dennis the Peasant,
    You’re confusing “Germany” with “Owners of Greek Debt”.

    It’s not just Germany footing the bill. They’re the biggest creditor, but hold only a minority of the debt. They are also the biggest beneficiaries of the Euro’s flaws.

    This isn’t relevant to whether Greece should do x or y, but I’m sure it doesn’t help that Germany has clout beyond her actual status.

  9. So Much for Subtlety

    Jack C – “You’re confusing “Germany” with “Owners of Greek Debt”.”

    How much Greek debt is not owned by the German, and to a lesser extent, French tax payers now?

    “This isn’t relevant to whether Greece should do x or y, but I’m sure it doesn’t help that Germany has clout beyond her actual status.”

    Germany has the largest economy in Europe. The 20th century was basically a struggle to prevent the Germans exercising the sort of power and influence their wealth and virtual complete intellectual domination of Europe entitled them to. The EU can’t keep the Germans down. They are entitled to that status and there is not a lot anyone can do about it. Unless they too work hard, save money and become a lender, not a borrower. That last bit gives the Germans even more clout.

  10. SMFS:
    “How much Greek debt is not owned by the German, and to a lesser extent, French tax payers now?”

    Most of it. (It’s easy enough to Google).

    Dennis,
    “Running the show” and :”footing the bill” are two different things. Germany is doing the former, but not the latter.

  11. SMFS,
    “Germany has the largest economy in Europe. The 20th century was basically a struggle to prevent the Germans exercising the sort of power and influence their wealth and virtual complete intellectual domination of Europe entitled them to. ”

    Are you for real? Virtual complete intellectual domination? Germany was a failed state twice during the 20th Century, as in total ruination. Germany hasn’t always been a paragon.

    By the way, I’ve been entirely aware of Greek short-comings for years. I wouldn’t have let them anywhere near the Euro, and would certainly never have tried to do business there. Those “running the Euro show” are at least partially culpuble, no?

Leave a Reply

Your email address will not be published. Required fields are marked *