Merry Christmas from Greece!

Posted by $ blarman 9 years, 4 months ago to Economics
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And just when we thought we could enjoy the holiday season, Greece comes along, threatening to revisit its economic woes and plunge the Eurozone into financial panic once again.
SOURCE URL: http://www.businessweek.com/articles/2014-12-09/why-the-greek-stock-market-is-crashing-again?campaign_id=DN120914


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  • Posted by edweaver 9 years, 4 months ago
    I am not surprised. They got bailouts but did nothing to solve their problems. There will be others following and sooner or later. We will be there too. Just a matter of time. :(
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    • Posted by $ 9 years, 4 months ago
      I lived there for two years and could have told anyone their membership in the EU was a recipe for disaster. So was holding the Olympics. They're nice people, but I wouldn't classify them as anything close to "motivated".

      True story:

      When I was there twenty years ago, the Greek government had no systemized tax system. They used the police to go around and shake down shop owners based on their business classification. It didn't matter how much money the shop made, they were expected to pay a fixed amount in taxes. Why? Because they had no national registration system like Social Security numbers for their populace.

      The government wasn't completely stupid, so they asked the United States Internal Revenue Service to come over and study how such a system could be put in place in Greece. After nearly eight months, the IRS gave up. Greece's lack of computer systems in government and reliance on paper just made the process of managing their populace of ten million impossible.

      Even the process of monitoring who was in the country was a disaster. When I had to get my visa renewed every three months, I walked into the main office in downtown Athens and stood in line. I took my passport and 25K drachmas. I handed my passport and the money to a clerk, who filled out some papers while I watched, affixed a 10K drachma stamp to the passport, and put the other 15K into a drawer. I received a receipt for 10K drachmas and my updated passport. Then I walked out.

      Not a computer in sight, and even electrical lighting was sparse. The building was only open from about 8 am to 3 pm, when all the government workers would close up shop and go home for the day, and that excluded holidays which were at least once and usually twice A WEEK.
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