tell me one country with IMF that gone well..I do agree that the IMF enforced policies in many countries that were not immediately successful and often not even successful long-term. But I'd also like to make the point that the IMF is an international institution financed by the citizens of the rest of the world. If they offer you credit you can refuse! If you don't refuse you should be thankful that people offer you money at a point in time when nobody else does. You don't need to accept!
they sold all their resources in 1/100 of real price and then they destroyed..after that they throw away the IMF and they rise again from the ashes..This is drastically exaggerated.
so what is happening now to southern countries will not help them in the long run, it will help the bankers to have the smallest possible loses from the crisisIt is true that the money the EU gives to Greece will mostly flow towards banks. Most importantly, Greek banks, which manage money for Greeks. It would be much cheaper for Europe to just save its own banks. Europe has decided against this.
It's also very important to distinguish between Banks and (past) bank managers. Banks right now are in dire trouble because they lost lots of money. Banks profit from what the EU does because they are supposed to profit. They need to profit unless you want them to go bankrupt which would cause dire problems for Greece and the rest of the world.
Now, as for the (past) managers: they swim in money. The money the banks lost went towards their managers and some customers. I'd be very willing to use legislation to get this money back. It's a result of a broken economic system during (at least) the last decade, when some people (most prominently many bank managers) made lots of money without giving society anything remotely as valuable in return.
But unfortunately such legislature could have bad side effects and it's also a moral problem. If you are a bank manager and rewarded for behaving in a specific way, and then you spend your money on houses and wives and cars, is it 'just' for society to come to you a decade later and tell you that while you, like most other people, behaved according to incentives and laws, you did wrong and now have to sell your house and your car? I don't think this question is easy to answer.
some times we must just put numbers aside and think that these numbers are humans starving, humans suicide..in my country 3 days go we had the 1200 suicide...Agreed. 100%. But we also know from aid to 3rd world countries that just handing over money indefinitely isn't helpful, either.
400.000 more unemployed people, how this can help in the long run?It does not help. But 400.000 people who work for companies which don't make enough revenue to pay them and thus are paid with the taxes from citizen from other European nations isn't going to happen.
Can you name me 1 country in the world that don't have a debt?only 1..Greece have debt, Germany also have a debt, USA have the biggest debt..to whom all these countries own money?if Greece owns to Germany and other europian countries as I hear in the @@ media, then Germany owns to whom?USA owns to whom? the whole economical system is a joke and the whole humanity are in debt to some bankers that you can count in the fingers of 1 hand...All countries have companies, public and private, which collect money from customers and invest it in e.g. bonds. If you have any insurance, your insurance company does exactly this with the money you transfer every month: they invest it. This way, should the insured event happen, they can give what you agreed on. There's also people giving companies money to give it back to them when they are old. The companies invest this money in e.g. bonds. Of course, there's also rich people who don't know where to put their money and some of them buy bonds with it.
All of these, and many more, are the private creditors.
Governments do not usually own much money to each other. Moreover, the system of public debt is quite useful in many ways. It only gets into trouble if creditors lend money to people who turn out to not repay it. As this is a very common thing to happen, we should probably rethink public debt a bit. The market is not very efficient here - otherwise it hadn't given money to Greece for such a long time at such low interest rates.
you accept their rules and you talk based on these rules and their right and wrong, I just don't accept the rules..if Greeks in the coming elections do not vote for a party that will throw IMF away and they will deny the illegal debt, they are lost..Maybe so. But the alternative is not much better. Look, the basic narrative is this:
(1) Since Greece joined the Eurozone, the Greek government borrowed money from the rest of the world and gave this money to their citizens (in a very unfair way. Some got incredibly rich, some got nothing. Most got something).
(2) A few years ago, creditors (insurance companies, pension fonds, rich people, etc.) suddenly (lol) realized that the Greek government won't be able (willing?) to repay this money. At this point they stopped giving money to the Greek government.
(3) Unfortunately, this meant that the Greek government couldn't pass the money on to their citizens. And if there's no money then there's no money. If you think time is hard right now, you are right. But imagine what would have happened if overnight nobody had given any money to the Greek government !!
(4) Instead of accepting that Greece turns into a failed state with a government unable to pay virtually anybody, European citizen started to give many hundreds of billions of Euros in form of credit to the Greek government in return for the promise to slowly adjust to the fact that private investors aren't willing to give them any more money.
(5) But Europe isn't going to give ever more billions indefinitely. The citizen of the rest of Europe know that they take an enormous risk: if the Greek government doesn't repay them (just as it didn't plan to repay the private investors), all the tax payer money will be lost and taxes will have to be raised to pay back their debt now. And, let's be honest: Greece won't pay back the debt ...
yes illegal..when Germany take money with 1% interest from the CEB and then it gives it to Greece for 7% interest, I can safely say that this is not a Europian help but I can say it is a loan shark7% is wrong. It's rather 3-5% while inflation is at about 3% right now. So the effective rate is rather 0% to 2%. The fact that no private investor wants to give Greece this amount of money right now, should be proof enough that it's not a very profitable thing. Would you be willing to give some of your money to the Greek government right now? Neither would I; it is NOT profitable!