Poll: Should Greece accept bailout terms?

Poll

Greek bailout: yes or no?

gordonbennetton

Ahead of the greek referendum on Sunday.

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Reply 1

Doones

Have you read the question on the ballot?

It's greek to me...

"The Greek people are asked to decide with their vote whether to accept the outline of the agreement submitted by the European Union, the European Central Bank and the International Monetary Fund at the Eurogroup of 25/06/15 and is made up of two parts which constitute their unified proposal:

The first document is entitled: Reforms for the completion of the current program and beyond and the second is Preliminary Debt Sustainability Analysis.

Whichever citizens reject the proposal by the three institutions vote: Not Approved / NO
Whichever citizens agree with the proposal by the three institutions vote: Approved /YES"

http://blogs.wsj.com/brussels/2015/06/30/read-the-greek-referendum-documents/

Reply 2

MatureStudent36

So, syrinx needs to accept the bailout, but has to embrace austerity to get the bailout, but got voted in to not accept the bailout, so is throwing a referendum at great cost to ask the people if they want austerity.

Prepare to see Cyprus and a few Aegiam Islands becoming Turkish.

Reply 3

SotonianOne

What a bias.

Iceland's economic success? Their GDP is still 31% below 2008 levels, this compares to 33% for Greece. Spain, at 15% lower and France at 5.5% lower are much better examples of economic success than Iceland.

Iceland's most recent recession was in 2014 ... http://www.tradingeconomics.com/iceland/gdp-growth

Ours was in 2009 ... http://www.tradingeconomics.com/united-kingdom/gdp-growth

Iceland still has capital controls, 7 years after the crash. This is because they know capital will jump out of the country immediately. Iceland's recovery has been good - it's future is not.

The main long-run economic problem facing Iceland is its low and falling investment rate. Before the crisis, Iceland invested at the same rate as the rest of Europe, around 21% of GDP. Last year, the Icelandic investment rates fell to 14% of GDP, the fifth lowest in Europe. This is set to worsen. The Central Bank forecasts private-sector investment will fall 23% this year, whilst overall investment may fall by 9%.Investment has been held back by three main factors:

•

Capital controls.

•

Political views on investment.

•

Tax policy.

Following its crisis in the fall of 2008, the government, the Central Bank and the IMF considered capital controls necessary because of the large amounts of money held by carry traders – this exceeded 40% of GDP. The authorities felt capital controls were necessary to prevent the money from leaving, causing the exchange rate to collapse.The controls were meant to be temporary – a few weeks at most. Years later, they are still present today, and getting stronger. The controls led to a collapse in investment for the very simple reason that any potential investor is worried about being locked in an unstable currency controlled by a less than competent government. Those with the ability to invest have preferred to keep their options open by keeping their funds liquid.Investment has also been held back by political interference in economic policy. The outgoing government was composed of two parties: left-of-centre Social Democrats and the left-wing Green Party (the latest incarnation of the Soviet-leaning Communist Party). The government has been overtly hostile to private-sector investment – especially foreign direct investment. They have frequently intervened in individual investment choices. Investment is also affected by the tax regime. Tax rates in Iceland, not surprisingly, have increased following the Crisis. Moreover, the tax regime has changed frequently, thus increasing the uncertainty for potential investors. This tax risk significantly contributes to low investment rates.

Iceland's government debt is at a "low" of 84%, while their external debt is 221%. Recovery? Far from it. Iceland, like Greece, will never be able to repay their debt.

Moreover, Iceland's debt write-offs have led to the small country having the highest cost of borrowing on the planet as bond-holders and investors are worried they may not get a full repayment from the untrustworthy Icelandic state. Iceland has ostracized the financial sector and the financial sector has ostracized Iceland. In the event of another recession, Iceland is in a ****.

Iceland's economic recovery is primarily down to the devaluing of their currency by 70% - the Greek referendum is NOT about the Euro. What amuses me more is that there are actually people who think that jailing "bankers" (vague) results in sudden economic growth.

Can we also mention that Iceland had Europe's heaviest austerity? Public spending halved.

Iceland, if anything, is a proponent of austerity.

(edited 8 years ago)

Reply 4

joddcfc

Why would include a stupid option like that in a poll when you know the results will be skewed by people voting for that as a laugh?

Reply 5

Doones

Original post by joddcfc

Why would include a stupid option like that in a poll when you know the results will be skewed by people voting for that as a laugh?

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Reply 6

Rakas21

Voting objectively they should leave (though i'd have kicked them out).

Voting as the Greeks would (they want to stay in the Euro), they should accept the bailout unconditionally. Moreover, they should have never kicked out the last government.

Reply 7

Valyrian

I've looked on every single news website to actually make it clear what the actual question for the referendum is?

What is the referendum asking the Greek people in the most simplest English ever?

Reply 8

41b

Original post by Valyrian

I've looked on every single news website to actually make it clear what the actual question for the referendum is?

What is the referendum asking the Greek people in the most simplest English ever?

Do more research and think for yourself.

Reply 9

Illiberal Liberal

Original post by Valyrian

I've looked on every single news website to actually make it clear what the actual question for the referendum is?
What is the referendum asking the Greek people in the most simplest English ever?

https://twitter.com/GreekAnalyst/status/615500572398088192/photo/1

Reply 10

41b

It's pretty debatable what the right thing to do is.

On the one hand, their people voted in largesse for years. They wanted to join the EU to get all its benefits.

On the other hand, the Euro stifled their competitiveness, German and French banks were happy to lend them money and the EU leaders wanted Greece to join (like they want Ukraine to join).

So on the one hand you have a lazy and socialist country and on the other hand you have a stupid, venal and corrupt mega-institution.

I think I'm with Farage on this one - it's better that Greece declares bankruptcy if only to cause problems with the EU.

Reply 11

tengentoppa

If they want to have a future within the EU, which is in their best interest, then they should vote yes.

If it also gets rid of Syriza and their idiotic position that would be even better

Reply 12

Valyrian

Original post by Law-Hopeful

https://twitter.com/GreekAnalyst/status/615500572398088192/photo/1

Where can I read these documents tho?

Reply 13

Jitesh

How can this be compared to the debts of Germany post-war? Of course reparations in the western zones were directly lower, but Germany recovered in the end, albeit about half a century later.

Didn't Greece cancel Germany's post-war debts? Why doesn't Germany do the same favour back?

Not sure if any of what I said is backed up with anything though.

The UK imo needs to play a bigger role in the recovery of Greece

Reply 14

Doones

Original post by Valyrian

Where can I read these documents tho?

In my link earlier
http://blogs.wsj.com/brussels/2015/06/30/read-the-greek-referendum-documents/

Reply 15

BrainDrain

They will keep pocketing the hand outs for however long we are stupid enough to keep pouring money into their bottomless pit.
It's a bit like your mate saying lend me £100 and i'll give you back the £10 I owe you next week ,and I'm sure to find a job soon, honest, so don't worry.
These guys have degrees in how not to pay taxes or anything else for that matter, how on earth we think they could pay back even more than they owe now escapes me ... cut our losses and pull the plug now.

(edited 8 years ago)

Reply 16

Soldieroffortune

accept the terms, stealing is wrong after all.

Reply 17

Amhorangerdgerriug

They've been quite happy to live beyond their means for years; retiring in their fifties, avoiding taxes and paying out gold-plated pensions to a bloated public sector. The chickens have come home to roost and they didn't help themselves by electing Syriza, paragons of illiteracy in all things economic and logical.

The Greeks signed their own death warrant and yet have been offered a stay of execution. For God's sake, take it.