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View Diary: GDP Up Again; Job Growth Will Continue to Strengthen (110 comments)

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  •  Greece and Portugal are not big (1+ / 0-)
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    consumers of anything; they are small countries. They are not exactly major consumers of agricultural machinery.

    You fell victim to one of the classic blunders, the most famous of which is "Never get involved in a land war in Asia".

    by yellowdog on Fri Apr 30, 2010 at 06:57:48 AM PDT

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    •  They are big consumers of some things (0+ / 0-)


      Greece is a major buyer in the European defense industry.

      Also the largest buyer of French agricultural goods.

      When people wonder why non-Greek Euro banks hold so much Greek debt, they should perhaps look beyond the bank's stupidity for lending to Greece, or altruism (ha,ha) and look at the quid pro quos between gov'ts and banks, the kind of corporate welfare that allows you to lend money to a country (after a few bribes to politicians) only to see that country then sign off on big arms purchases or public works projects (mostly unneeded).

      If you look at how Greece ran up its debt, you'd see that some European countries profited immensely. The numbers are not insubstantial, so that--even though Greek GDP is only 2% of Euro GDP--Greece's debt is considerably higher, and a good portion of that debt ends up somewhere else than Greece.

      There are two kinds of people in this world. The kind who divide the world into two kinds of people, and the kind who don't.

      by upstate NY on Fri Apr 30, 2010 at 08:10:18 AM PDT

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