Saturday, May 1, 2010

Fingers in ears, eyes wide shut, singing la la la la

From Granny:

The Greek prime minister, George Papandreou, told his nation's parliament that it must accept the main condition of the emergency loans - which would mean a further 24bn euro ($43bn)austerity package of tax rises and reductions in public spending. The spectre of a Greek default has retreated, if only temporarily.

Mr Papandreou told Greek MPs: "The measures we must take, which are economic measures, are necessary for the protection of our country. For our survival, for our future. So we can stand firmly on our feet. It is a patriotic duty to undertake this, with whatever political cost, which is tiny faced with the national cost of inaction and indecision."

Phil Twyford, David Cunliffe and Robyn Malcolm then paid Greece a visit and here's what resulted:

The Greek unions and opposition groups have promised yet more protests and strikes in response to the proposal that the Greek retirement age be raised from an average of 63 to 67, and the abolition of the "13th and 14th month" pay packets, payable to public sector pay workers at Easter and Christmas.

Fingers in ears, eyes wide shut, singing la la la la la.........


Anonymous said...

Pity that in terms of Debt/GDP ratio, tradable foreign currency, and overall economic health

Greece (and Spain, and Ireland, and Portugal) are actually better of than NZ)

We seem to have the luck of being small and not in Europe and next to a solvent Australia to keep the vultures away.

In his emergency budget, Cameron will cancel 25% - one quarter - of government spending immediately

Key needed to do the same the month he took office. Because he hasn't, NZ's position has just got worse and worse and worse.

But look on the bright side: perhaps Key has soon many short positions on NZ's solvency that when we go bankrupt, he can refloat the country as his personal fiefdom by claiming on the insurance.

The Gantt Guy said...

Well said, Anon. I confess (from my affluent lounge room in Melbourne) to being surprised that the MSM have failed to point out the similarities between Greece's financial and economic position (termed by professionals as "fucked") and that of good ol' New Zealand. I watched with interest news reports of many thousands of useful idiots waddle down Queen Street to protest against New Zealand's only hope of (quite literally) digging its way out of the crapper. What a socialist nirvana these people live in. They think "wealthy" = an income of >$70K per annum, topped up of course by Welfare For Fuckwits payments. What a shame Helen Clark was able to steal the 2005 election from Brash; had she not hoodwinked the nation, it would not be quite so knackered as it is now.

Anonymous said...

So do Greek rioters actually think that formenting civil unrest in Athens will force German banks to lend to them?

I know that socialists are stupid but this is moronic?

Anonymous said...

So some facts. Greece is borrowing 150bn Euro over three years with an economy about 400bn Euro pa - about 40% of the economy over three years.

NZ's economy is about 100bn PA and we're borrowing "only" say 50bn for the next three years - that's 50%.

Comparatively, NZ is worse than Greece, Portugal or Ireland.

We're close to Iceland - which, let's see - is close to losing its sovereignty as an independent country