Re: Beware of Greeks bearing gifts............?

With the austerity we are going through I do keep wondering who borrowed what and why we were not asked what we wanted ? did anyone here actually say let's borrow this money ? I know my answer would have been let's not.

Re: Beware of Greeks bearing gifts............?

Governments always borrow money. Even Gladstone did it in the Nineteenth Century. The most obvious reason is to get enough revenue to meet payments due at certain dates before the tax revenue is received. The practice often goes beyond that but it usually it is all manageable.

In 2008 a massive problem arose when most of the UK’s major banks had got into extremely serious difficulties. There was a serious risk of these banks going broke taking with them the savings of millions of people. Gordon Brown decided to bail out those banks by injecting billions of public money in order to keep them afloat. (Personally, I don’t think that was a mistake.) But the result was this huge financial deficit. The majority of the current austerity measures are being taken to get rid of the deficit.

Re: Beware of Greeks bearing gifts............?

Very nicely explained Mr Magoo.

Re: Beware of Greeks bearing gifts............?

There is something Fishy about Fiscal stuff.

Re: Beware of Greeks bearing gifts............?

Poor buggers. I would rather they don't pay back whatever is owed and continue to be happy. They are known for dancing in the street and downing copious amounts of wine. Why spoil the occasion?

The whole world has to become responsible now?

Let em live ...



Peanuts in the scheme of things anyway.

Re: Beware of Greeks bearing gifts............?

I think it's a case of the old "domino theory" as exposed by some crack pot dictator in the USA and then they dropped agent orange and still they lost - think we may have learn't a trick or two since then.

throwing a life jacket to Greece means they'll grab it and pull the rest of us in the briney!

there once was a Greek
who danced with his feet
and kept on dancin till dawn

then he dropped off to sleep
and never a tweet
till all of his money had gawn

Re: Beware of Greeks bearing gifts............?

Thank you but I do wonder if we were all asked our opinion at the time what the outcome would have been because very few people I know supported supporting the banks and more would have said that if they had realised what it would mean further down the line.

Re: Beware of Greeks bearing gifts............?

Ah Julie, are we aware of the facts enough to make such a decision? Despite what we think, there are people of far greater intelligence of you or I trying to sort it out.

There are more benefits and handouts now than at any other time in history, I'm not saying they are undeserved, but when spending exceeds income there will be only one outcome....

Re: Beware of Greeks bearing gifts............?

And the outcome is misery as Mr Micawber said. Gordon Brown to his credit admitted making mistakes in the run up to the financial crises. http://www.bbc.co.uk/news/business-13032013

Re: Beware of Greeks bearing gifts............?

The idea was not to save the banks but to save the economy. The alternative was seen as being a re-run of 1929 which led to the Great Depression. That brought much greater misery than is now experience and led inexorably to the rise of Hitler and the Second World War.

As to why the banks behaved as they did and why they had become ‘too big to fail’ that is quite a different matter.