The Mudcat Café TM
Thread #157574   Message #3720351
Posted By: Nigel Parsons
01-Jul-15 - 04:39 PM
Thread Name: BS: Greece in meltdown? What do you think?
Subject: RE: BS: Greece in meltdown? What do you think?
Don't agree - the election was not fought on whether or not the dept should be paid - that is the situation nowThis is an emergency and it is only right that the Greek people should be consulted
I thought an 'emergency' was an unforeseeable bad situation.
I'm sure the papers have been saying for a long time that this was all on the cards.

It's all very well for Greece to consider 'welching' on their debts. But those who do so usually find it much harder to raise any form of credit in the future, and face paying higher rates for any credit they can raise.

I remember a Scout camp in the Netherlands in the 70s. This camp was held every five years, and our Scout Troop attended every one. Only once did a Greek troop attend. Their leaders arrived, and went to the bank to change their Drachmae for Guilden. (Greek currency for Dutch)
They had a very good camp, spending freely to give their Scouts a good experience. At the end of the camp their leaders changed their remaining Guilden back to Drachmae, and like the feeding of the 5000 the leftovers were greater than the original input.
While the camp was happening, the Drachma had been devalued. There were rumours that one of their leaders was attached to the Greek Treasury, but we were never sure.