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I'm sorry but this is shoddy journalism. The article leads with "unemployment has hit an unbelievable 70 percent in some places" but waits 16 more paragraphs b

by SamAtt 16y ago

I'm sorry but this is shoddy journalism. The article leads with "unemployment has hit an unbelievable 70 percent in some places" but waits 16 more paragraphs before saying the nation wide number is expected to be 12.1% by the end of the year (which incidentally is lower than the state I live in which is California) The whole article is stuff like that. They go on about the guy who used to work 300 days a year but now can only get 25 or the street where half the shops are closed but gloss over the reality that GDP only dropped 1.5% in the last quarter (2.5% in the last 12 months) In the end Greece has it a lot better than they could have had it. To me this is like the guy who spent all his money and had to be bailed out by his neighbors complaining that his neighbors aren't doing enough for him.

shaddi 16y ago
To me this is like the guy who spent all his money and had to be bailed out by his neighbors complaining that his neighbors aren't doing enough for him. Arguably it's not merely like that, it is exactly that.
- watchandwait 16y ago
  Actually, it is worse. Greek politicians cheated foreign bond investors and lied to the EU about their budgets.
  - robak 16y ago
    Actually, it's not that simple. Greek Government hired Goldman Sachs to run their bond operations and GS ran amok with that. So, now IMF which is in bed with GS, advised Greek Gov what to do and they're screwed even more. What a surprise!
robak 16y ago
I think you have a reading problem. Yes, the unemployment did hit 70% in some places this is correct according to the article. They even give the name of the place and a short interview with someone living there. Secondly, GDP dropping 1.5% in a quarter is horrible. Their purchasing power is like in 1984. In other words last 25 years of their economic development has just been erased in a year. Nothing shoddy about this statistical fact. And in the end Greece listened to Goldman Sachs when its employees advised Greek Government how to create all these shady statistics. On top of that GS recommended and performed very risky operations with Greek bonds that just went very bad and that's why Greek bond market blew-up taking with it the whole economy. The difference is that the Greece is actually suing GS in an International Court instead of bailing them out and the Greek people are rightfully angry not letting Government waste their money. Now compare this to some other people who will complain about Greek, but then borrow more money from China to bail-out GS and their friends who screwed you ignorant in the first place. You're as socialist as EU, maybe even more. The only difference is that you donate money to failed corporations instead your families. That's why Greeks have a few thousand years of history and you look like you'll be done after another few peasants from a desert will decide to blew up a building or two.
phunel 16y ago
I second the parent's comments. I'm living in Greece at the moment (am actually on a ferry to the islands typing this right now) and the country, which of course has seen better days, is still humming along strongly. The cafes are packed, the hotels are booked, and people are living, I assure you, a spectacularly fortunate life. One of the primary disconnects is that the economy has traditionally been cash based, and to an extent still is. This means much of the money coming in and out of the country is not declared, making accurate statistics of the country's financial health difficult at best. People are anxious and have been through a lot, no doubt, but the exaggeration by the media is extraordinary. Though, I have to admit, I don't blame the ship owners for repairing in other ports. The bureaucracy and union strikes are maddening drains on productivity.

by SamAtt 16y ago

shaddi 16y ago

To me this is like the guy who spent all his money and had to be bailed out by his neighbors complaining that his neighbors aren't doing enough for him. Arguably it's not merely like that, it is exactly that.

watchandwait 16y ago
Actually, it is worse. Greek politicians cheated foreign bond investors and lied to the EU about their budgets.
- robak 16y ago
  Actually, it's not that simple. Greek Government hired Goldman Sachs to run their bond operations and GS ran amok with that. So, now IMF which is in bed with GS, advised Greek Gov what to do and they're screwed even more. What a surprise!

robak 16y ago

I think you have a reading problem. Yes, the unemployment did hit 70% in some places this is correct according to the article. They even give the name of the place and a short interview with someone living there. Secondly, GDP dropping 1.5% in a quarter is horrible. Their purchasing power is like in 1984. In other words last 25 years of their economic development has just been erased in a year. Nothing shoddy about this statistical fact. And in the end Greece listened to Goldman Sachs when its employees advised Greek Government how to create all these shady statistics. On top of that GS recommended and performed very risky operations with Greek bonds that just went very bad and that's why Greek bond market blew-up taking with it the whole economy. The difference is that the Greece is actually suing GS in an International Court instead of bailing them out and the Greek people are rightfully angry not letting Government waste their money. Now compare this to some other people who will complain about Greek, but then borrow more money from China to bail-out GS and their friends who screwed you ignorant in the first place. You're as socialist as EU, maybe even more. The only difference is that you donate money to failed corporations instead your families. That's why Greeks have a few thousand years of history and you look like you'll be done after another few peasants from a desert will decide to blew up a building or two.

phunel 16y ago

I second the parent's comments. I'm living in Greece at the moment (am actually on a ferry to the islands typing this right now) and the country, which of course has seen better days, is still humming along strongly. The cafes are packed, the hotels are booked, and people are living, I assure you, a spectacularly fortunate life. One of the primary disconnects is that the economy has traditionally been cash based, and to an extent still is. This means much of the money coming in and out of the country is not declared, making accurate statistics of the country's financial health difficult at best. People are anxious and have been through a lot, no doubt, but the exaggeration by the media is extraordinary. Though, I have to admit, I don't blame the ship owners for repairing in other ports. The bureaucracy and union strikes are maddening drains on productivity.