You may be aware that the European Union has rules that all the members have to abide by.
Greece's debt crisis came about by following EU directives that drastically altered the country's traditional
way of sustaining itself.
During the 20th century, Greece enjoyed a modest public debt and considering it's average global market impact,
kept its head just above water. But when joining the Eurozone and being hit by the global recession (and the little-known
European debt crisis), Greece's income from tourism and small industry just couldn't sustain its GDP position.
Greece wasn't alone, Italy and Spain were struggling too. The rules and regulations that were mandated by the EU had
taken these coastal countries -known for their tourism and tourist-orientated industries, and urged more debt onto them
with the EU trade-diversity plans.
Settled economies based in culture and tradition were weakened and loans began to pile up and to avoid default on its
sovereign debt, the EU loaned Greece enough to continue making payments. Russia had offered assistance, but since
the European Union is built on controlling the countries within the union, it took other countries monies and bailed-out a
still-flagging Greece.
To counter the falling economy, the EU imposed austerity measures. Worried investors, mainly German banks, demanded
that Greece cut spending to protect the banks' past investments which were basically loans.
What happened -alongside external influences created by the global recession, was that the 'poor cousins' of the European
Union -mainly funded by Germany, France and Great Britain, were stuck in an agreed pact that they couldn't afford to maintain.
Constant fines and other penalties from the EU are not helping either.
Greece owed too much money to the EU and that's a no-no. God forbid any of the 'big boy'-countries ever got into difficulties!
That would be like the USA bailing out California because it likes to pay Mexicans to clean the pool.
Waaaaait a moment?!!!
It only works when it benefits you.
Greece's debt crisis came about by following EU directives that drastically altered the country's traditional
way of sustaining itself.
During the 20th century, Greece enjoyed a modest public debt and considering it's average global market impact,
kept its head just above water. But when joining the Eurozone and being hit by the global recession (and the little-known
European debt crisis), Greece's income from tourism and small industry just couldn't sustain its GDP position.
Greece wasn't alone, Italy and Spain were struggling too. The rules and regulations that were mandated by the EU had
taken these coastal countries -known for their tourism and tourist-orientated industries, and urged more debt onto them
with the EU trade-diversity plans.
Settled economies based in culture and tradition were weakened and loans began to pile up and to avoid default on its
sovereign debt, the EU loaned Greece enough to continue making payments. Russia had offered assistance, but since
the European Union is built on controlling the countries within the union, it took other countries monies and bailed-out a
still-flagging Greece.
To counter the falling economy, the EU imposed austerity measures. Worried investors, mainly German banks, demanded
that Greece cut spending to protect the banks' past investments which were basically loans.
What happened -alongside external influences created by the global recession, was that the 'poor cousins' of the European
Union -mainly funded by Germany, France and Great Britain, were stuck in an agreed pact that they couldn't afford to maintain.
Constant fines and other penalties from the EU are not helping either.
Greece owed too much money to the EU and that's a no-no. God forbid any of the 'big boy'-countries ever got into difficulties!
That would be like the USA bailing out California because it likes to pay Mexicans to clean the pool.
Waaaaait a moment?!!!
Quote:Macron in meltdown: Ratings hit record-low as £9bn concession sets up clash with EU.The Express:
'French President Emmanuel Macron is struggling to contain the anti-government protest movement 'gilets jaunes' despite
giving up £9bn concessions that will set up a clash with the EU.
The embattled French president Emmanuel Macron has suffered a record-low plummet in poll ratings after a fifth weekend
of anti-government protests. A shock survey showed the French leader drop to 23 per cent approval rating -an astonishing
turnaround for a leader who was elected last year with a 66 percent of the vote.
Even though Mr Macron backed down from his controversial domestic policies and given in to a £9bn concession, 66,000
people still turned out to protest his leadership on the weekend.
In Paris, the 8,000 police far outnumbered the 2,200 protesters estimated by local authorities.
According to a major poll, published by the Journal du Dimanche newspaper, Macron's approval slipped to just 23 percent.
The number of people "very dissatisfied" with his leadership jumped six points to 45 percent of the country.
Mr Macron remains under extreme pressure despite cancelling controversial fuel tax rises and even raising the minimum wage.
The huge concessions, intended to quell the furious and violent protests, could put the French leader on a collision course with
the European Union.
The cost of the concessions will blow a £9bn hole in the 2019 budget which will raise the public deficit next year to 3.4 percent
-above the mandated ceiling of three percent, per European Commision rules.
A major survey of the French private sector saw the economy shrink for the first time in two and a half years.
The IHS Markit survey showed the purchasing index dropped from 54.2 points in November to 49.3 points -officially becoming
an "economic contraction". Veteran sociologist Herve Le Bras from the School of Advanced Studies in the Social Sciences
(EHESS), said the anti-Macron government was waning due to the Christmas period and the concession.
But he added: "It is calming down, but what remains of it all is a strong feeling of hatred towards Macron.
"Even by being more humble, it’s going to be complicated."
Richard Ferrand, the head of the National Assembly, welcomed the “necessary” weakening of gilets jaunes rallies on Saturday,
adding that “there had been a massive response to their demands"...'
It only works when it benefits you.
Edith Head Gives Good Wardrobe.