Oxi

Greece has voted “oxi” to the EU’s demands. Fair enough, they’ve achieved nothing but making an already bad situation infinitely worse over the past 6 years. Over the last week there were countless threats from all corners of the Old Continent should the Hellenes not bow to the pressure of the Huns and Allies. So will the sky now fall? Will the Flying Dutchman sail on Syntagma Square? Will Godzilla tear down the Acropolis? Or will, in extremis, the Bank of Greece simply print 20-euro notes by the stone? It’s worth keeping in mind that the Latin Monetary Union collapsed after Greece and Italy printed banknotes past the last inch of credibility.

Author: Christopher-Dorset

A Bloody Kangaroo

25 thoughts on “Oxi”

  1. What counts as survival now? The economy is already shot. Even if they remain in the Ezone and bailouts continue the money wil not filter through to the ‘demos’. With such massive debts, even a 50% write-off won’t relieve the problem. If they return to the drachma who will lend them money and at what price? Uncharted waters.

  2. Uncharted waters. Yes, a very good description of it. This should have happened 6 years ago. The IMF admitted that there is no way for Greece to recover without debt relief. In reality there is no way that Greece can survive within a Germanic currency bloc, although everyone dreads a weak drachma. Europe is paying in blood for the follies of its political elite. The worst part of all is that Greece’s social fabric is already stretched, frayed and exhausted. At this point a steady flow of food and medications is the best we can hope for. Rot the Huns, Finns, Dutch and those who thought it would be a good idea to let it come to this.

  3. I’m sure the Greeks voted the right way albeit for the wrong reasons. Their only hope is to go back to the drachma or become some kind of vassal state clinging to the eurozone coat tails and using the other states’ euros without being able to print their own.
    I don’t think it is right to blame the Germans Dutch etc the ordinary folk of the Northern states didn’t create this mess, it was their politicians who turn out to be stupider than anybody realised.

  4. Jazz: of course it is the fault of politicians. However, the self-righteous prattling in Northern Europe is also grating. It is also, nearly to the wo/man incorrect. There has been little effort to understand the root of this or seek a sensible solution. “We’re good, they’re bad”. This will all end in tears.

  5. The Europrats are incapable of agreeing in a crisis like this. The germanic tendency is opposed by the latinate tradition. Hollande will appease and talk about ‘helping the people’ – meaning his lot are always helping themselves to Euromoney. Ditto Italy. The Iberians will demand that whatever terms Greece gets must be applied retroactively to them. Ireland ditto. What a mess – and all in the name of……what?

  6. In the name of what? The impossible.British empiricism triumphs over continental idealism every time, yet the continent continues to pursue the impossible ideal. At this point, as you rightly say, cultural rifts are being made very clear and wide.I have little sympathy for the German position. Germany is the world’s worst currency manipulator and with an artificially high currency hollowing-out Southern European industries, the blatant hypocrisy becomes too much to ignore.

  7. christophertrier “..I have little sympathy for the German position. Germany is the world’s worst currency manipulator and with an artificially high currency hollowing-out Southern European industries, the blatant hypocrisy becomes too much to ignore…”

    Well they’re going to get theirs taking a huge hit on the unpayable Greek debt.

    When I was at sea we all knew what the Greeks were like. I recall as berthing/load master aboard a Greek VLCC in Nigeria. Loading was complete and all that was required was a reconciliation of the ship’s figures against those of the terminal ( a difference of < 0.001% generated a letter of protest). When I asked the Mate for the ship’s final figure he told me to ask the Master. I went up to the master’s dayroom and he fished a tattered piece of card from his desk with a figure on it which wasn’t a million miles off the terminal’s although outside the limit. I think they just filled the tanks to a fixed ullage and left it at that. I guess the Greek govt did something similar with the €uro.

  8. Re. “….. million miles of the terminal’s ……”

    Can the kind editor change the ‘of’ to an ‘off’ ?

    Thanks.

  9. Not much of a choice really. Leftwing Lala Land or EU dystopia. I guess the Greeks only hope is to reissue the drachma and take the hit as it rapidly devalues. Any other solution will leave them in thrall to Brussels for a semi-infinite amount of time.

    Remember, though, that this is not just down to EU kommisars and bankers that caused this. The Greeks, themselves, were quite happy to vote themselves huge amounts of other peoples’ money to fund their ridiculous welfare state and early pensions, and to tolerate their less than rigorous tax system.

  10. Jazz: The Greeks are not the most exact of people — they never have been.They’re survivors and, frankly, often scammers. The fable of the frog and the scorpion come to mind. Everyone knew how the Greeks are, yet they expected things to turn out well. In Southern Europe tax evasion is an art form. Everyone knew that they could not count on Finnish-style accounting from anyone there yet when it blew up, they react this way. It will amuse me to no end to see the smelly brown stuff flung from the fan.

    FEEG: the choice is pain of a kind or pain of a different sort. The Greeks are not innocent. I simply can’t stomach the hypocrisy of Northern Europeans. The Greeks happily took the money at artificially low interest rates, but northern banks were just as happy to lend it to them. A pox on all their houses I say.

  11. What worries me is that Angular is increasingly setting herself up as the self-appointed Führerin Head of Europe. It’s been tried before, luv, several times, and it always ended in tears And what the hell is little Hollande doing poodling up tonight for a Franco-German summit in advance of the full European Council meeting tomorrow?

    OZ

  12. OZ: give a Hun a little bit of power and s/he immediately begins dreaming of world domination. It’s strange. Merkel has managed to undermine her opposition domestically. The only question now is who her coalition partners will be — a small ally, or the main opposition party. Hollande just wants to be on stage. Splendid isolation looks better by the day.

  13. I’ll definitely second the “pox on all the houses”
    The sooner the whole shebang collapses the better, Eurozone, EU, open borders etc etc.
    Then we can close the borders to the UK and keep the wogs out!
    Personally I am all for blowing that damned tunnel. (Plus of course rebuilding Hadrian’s Wall, Offa’s Dyke and blowing the Severn Bridge!)
    And finally resetting the landmines in the front drive!
    You think I am joking?

  14. I do not speak Greek, so when I saw signs saying “Oxi” and “Nai” I assumed that the former meant yes and the latter no, and that I thought would explain the origins of the term “Ok”. I was disappointed to learn the truth.

  15. Interestingly (well, to me) ok is said to come from the Greek ‘(h)ola kala’ – all well. Or is it ‘och aye’ from closer to home?

  16. OK in Greek by the way is εντάξει – pronounced ‘endàx(y)’ – as common as ‘yassou’ – cheers!

  17. So now, after hearing the will of the people (OCHI), the Greek gubmint says it will do what the creditors demand. How does that work? Who is kidding whom here?

  18. I suspect the situation in Greece will get extremely vicious.

    I think you’re right. When the Greeks finally realise that there is no jam tomorrow things will get ugly.

    Time for the colonels to take charge ?

  19. Greece is in a dangerous position. If 61pc of Greeks exercised their right and voted “no” only to have that democratic right shunted within the week after years of failed policies and desperation…. Greece will fall into civil war at this rate.Perhaps the colonels taking charge will be the least bad option.

  20. I’ve just read how Greece managed to appear solvent for so long. They don’t write off old/bad tax debts! So all the uncollected money sits happily on the asset/plus side of the national balance sheet! If Greece followed accounting ‘practice’ and wrote them off within a reasonable period, they would have been down the tubes ages ago!

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