Good book on Greece crisis

[whiteoaks7]

Here's an interesting read - Boomerang, by Michael Lewis. Chapter 2 describes how Greece arrived at it's present economic meltdown (started by lying its way into the EU). Did you know Greek railways turn over 100M per year and pay out 400M in salaries (average salary is E65,000) and 300M in operating expenses!! I found it frightening - it seemed like he was describing a sub-saharan African state. His closing remark might give you something to think about if you bank in Greece: "if Greece defaults all the Greek banks will instantly be bankrupt" !!

The question I was left with was how on earth did the EU not notice that Greece was lying about its deficit? Says something about the acceptance procedures!!

 

[Sandyman]

Seems to me the Euro Empire fanatics were more concerned with political union than financial.

 

[Swagman]

IMHO membership of anything should involve both give and take.

Sadly if the number of billboards we've read on the marinas and harbours in Greece thanking the EU for it's xx million contribution toward rebuild is anything to go by, then once Greece joined the EU they certainly adopted the taking quite well. I still struggle to see what Greece put into the 'giving' kitty.

But for a really good read to get a balance on the complex Balkan origins, culture and politics is 'Balkan Ghosts' by journalist Robert Kaplan. It explains a lot of the problems that all sides and all countries in the region have lived through. Including Greece.

Cheers
JOHN.

 

[ianabc]

zerohedge.com

www.zerohedge.com

for the latest on this and other information/thoughts on the crisis

 

[CodStewart]

I shall purchase the Balkan book. Looks interesting.

 

[boatmike]

I shall purchase the Balkan book. Looks interesting.

Just watched a TV programme on Putins youth movement in Russia followed by a discussion of the total ineptitude of European leaders and Berlesconi's corruption and resultant Italian collapse. I don't think I could face a whole book on the total degeneration of the culture that gave us democracy (whatever that is) just now...... Think I will open another bottle..... HELP!!!!!!

 

[CodStewart]

I also like the zerohedge site and funnily enough, a friend in The States, who is always well-read, has started sending me zerohedge links, so I know it's good! Thanks for sharing.