Any predictions for Greece?

[Clocker]

Originally Posted by DeltaLover

The fact that pensions and the other social spendings appear to be so high in comparison to the GDP, has to do with the gradual decrease of the domestic production in Greece.

I have read that part of that problem is that Greece has a much larger underground economy than most other countries. Which also means lower tax revenue.

Greece also had a big problem with early retirements, a lot of which they cleared up with recent reforms.

[DeltaLover]

Originally Posted by Clocker

I have read that part of that problem is that Greece has a much larger underground economy than most other countries. Which also means lower tax revenue.

Greece also had a big problem with early retirements, a lot of which they cleared up with recent reforms.

Both are valid points,accurately reflecting the existing situation . Still, neither of the two lies in the core of the problem creation, which I have explained before.

[DJofSD]

Originally Posted by Saratoga_Mike

Googled it - it was the Greeks. Retirement at 50 for hairdressers ... equals very little sympathy for the plight of your countrymen. Sorry Thask.

On a related note, I seem to recall some of the changes made in France a year or two back included raising the retirement age. From what age to what age I can't remember.

[Saratoga_Mike]

Originally Posted by DeltaLover

Your post is implying misinformation.. Have been off the list since 2011.. The regulation lasted a few years only. http://www.tovima.gr/society/article/?aid=431705

I don't read Greek. If it's changed, I apologize. The Guardian reported the hazard pay for hairdressers was still in place as of last month, even though the current regime wanted to phase it out. Has hazard pay (and the associated early retirement) for TV reporters been phased out too? There are germs on microphones, making it hazardous work - can't make this stuff up.

[Saratoga_Mike]

Delta - what is your proposed solution? Sorry if I missed it.

[DJofSD]

Hazard pay for hairdressers? They must have been viewing "You Don't Mess with the Zohan."

[DeltaLover]

Originally Posted by Saratoga_Mike

I don't read Greek. If it's changed, I apologize. The Guardian reported the hazard pay for hairdressers was still in place as of last month, even though the current regime wanted to phase it out. Has hazard pay (and the associated early retirement) for TV reporters been phased out too? There are germs on microphones, making it hazardous work - can't make this stuff up.

I assure you that the article I have submitted, clearly states that they were removed from the early retirement list since 2011

[Saratoga_Mike]

Originally Posted by DeltaLover

I assure you that the article I have submitted, clearly states that they were removed from the early retirement list since 2011

How about TV reporters?

[Saratoga_Mike]

Originally Posted by DJofSD

Hazard pay for hairdressers? They must have been viewing "You Don't Mess with the Zohan."

That had to be one of the dumbest movies of all time, but there were funny moments, I hate to admit.

[DeltaLover]

Originally Posted by Saratoga_Mike

Delta - what is your proposed solution? Sorry if I missed it.

Solution for what exactly?

If you are referring to the economic disaster Greece is facing in its near future, I have to admit that since I am not an economist, I cannot propose any original solutions or concrete measurements.

I can only state that based on my opinion, the only way out, is to improve and increase the domestic product, change the related legislation to attract international investments and strengthen the relations among the poorer European countries as a means to promote their views against Germany.

[DeltaLover]

Originally Posted by Saratoga_Mike

How about TV reporters?

Let's not focus on this kind of details, that are causing us to miss the forest for the trees..

[whodoyoulike]

Originally Posted by DeltaLover

Some of the expenses in Euros:

Olympic Games: 10B
Athens Metro: 20B
Highways: 22,5B
Airport: 2,5B
Millitary: 200B

Add to these expenses the interest and you will get a good answer to your question... Since the last 5 years, the only purpose the payments of the IMF are serving is just to pay the interest, while there is absolutely no investments to new development.

I thought I recently read that they owe approx., 284B (still 30B +/- needs to be accounted if our numbers are correct). It appears a lot was spent on infrastructure and labor. Again, someone needs to follow the money.

Didn't the recipients spend their payments in Greece (i.e., impact of the velocity of money in the economy)?

Why the high unemployment since the fund borrowings?

[Saratoga_Mike]

Originally Posted by DeltaLover

I can only state that based on my opinion, the only way out, is to improve and increase the domestic product, change the related legislation to attract international investments and strengthen the relations among the poorer European countries as a means to promote their views against Germany.

At a high level, the crisis in Europe (going back 5 years) was caused by productivity differentials between various countries. Traditionally such differentials would be solved through currency devaluations. With a unified currency, that obviously wasn't/isn't an option for Greece. Plan B: reduce wages to become more competitive (internal devaluation) - see Spain.

Lesson: never, never, never enter into a currency union. Such an act is ceding one's economy sovereignty, and it's borderline treasonous.

[Saratoga_Mike]

Originally Posted by DeltaLover

Let's not focus on this kind of details, that are causing us to miss the forest for the trees..

No, it's the forest. It's this type of detail that the Germans resent.

[whodoyoulike]

Originally Posted by Saratoga_Mike

ATHENS — Vasia Veremi may be only 28, but as a hairdresser in Athens, she is keenly aware that, under a current law that treats her job as hazardous to her health, she has the right to retire with a full pension at age 50.

March 12, 2010, NY Times

Wouldn't the pensions be paid by the employers similar to the U.S.?

They can retire or quit whenever they like. Now, if the government ends up paying the pensions at 50 then there's another reason for their problems.