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View Diary: They aren't solving the European Debt Crisis (71 comments)

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  •  Argentina's situation was different (4+ / 0-)

    Argentina had a debt to GDP ratio of just 41% and a public sector employment of 12%.  Compared to Greece debt ratio of 143% and public sector employment of 22.3% it was in a fundamentally different situation. Nevertheless the impact of the crisis on the Argentinian middle class was devastating. Bolting from the Euro is depriving Greece of the only hope to survive this. The 20,000 homeless Greeks on the streets of Athens are just a glimpse of what the social crisis will look like if Greece chooses to default.  
    The interest of Germany to save Greece is more rooted in the preservation of the Euro than German exports to Greece which were a paltry .5% in 2010 (34th rank) and tourism to Greece is down from approximately 2.3 million in 2009 to less than 2 million in 2010. Germans prefer to spend their vacation in Spain, Italy and Greece.
    By the way,  I love Greece and lived in Corfu for some time.

    Good tests kill flawed theories; we remain alive to guess again. Karl Popper

    by hanswall on Fri Dec 09, 2011 at 06:22:02 PM PST

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    •  err (1+ / 0-)
      Recommended by:
      Cliss

      meant to say: Germans prefer to spend their vacation in Spain, Italy and Turkey.

      Good tests kill flawed theories; we remain alive to guess again. Karl Popper

      by hanswall on Fri Dec 09, 2011 at 06:25:53 PM PST

      [ Parent ]

    •  THAT is the problem..... (0+ / 0-)

      The amounts being thrown around are staggering.   Not just actual debt, but derivatives and derivatives of derivatives of that debt.  I see a 100% guarantee of a far more devastasting financial crisis than the one of 2008.   And it will affect every corner of the planet....nobody will be immune....

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