The Greek Debt Crisis - 5 Minute History Lesson
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- Опубликовано: 8 май 2024
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The Greek Debt Crisis was one of the more recent economic disasters that required three bailouts. While Greece is far from out of the woods, here's a brief history lesson on what happened.
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Now I understand when I traveled to Greece and everyone wanted cash. They all claimed they didn't trust banks.
I don't actually even like the whole fucking system - you pay your taxes and see it all go to bludgers who sit on their arses sponging on welfare claiming to be "poor" while they piss it up on booze or use it to buy drugs then drag their kids out going "oh look my poor children are living in poverty boo fucking hoo" motherfuckers know how to manipulate the system while we go about saying "oh well" and the government wastes O U R money on this scheme or that investigation costing millions and acting like there's plenty more where that came from .. taxes, taxes and more taxes - its never-fucking-ending . . do cash jobs where you can and chuck the money under your bed .. the whole thing stinks !
And Banks don't trust them. Believe me.
@Baldur for the win.
@Baldur When a country's shitting its pants what good are banks ? You've got high inflation driving up the price of everything and your money's worth NOTHING - it becomes a cash economy like how things started . . I travelled around Vietnam & Cambodia . . It's all cash mate
@Baldur Evaded taxes from normal people still circulate on the country economy, bad spending of taxes ends up in offshore politicians' accounts.
Hey guys, I have this idea for a kid's game: Basically, you look into a colorful history book of major world's economic disaster, and spot the Goldman Sachs banker.
lold too hard
U didn't have to come at them like that😂😂😂😂
🤣
So basically Greece made a deal with the devil, and you're blaming the devil?
@@DevoutSkeptic You literally just call them "the devil"...
Maybe the devil is not the main one to blame, but the devil is neither innocent.
I live in Greece and I’m 16 years old at this time.Back then when the crisis first started I didn’t understand much.I remember my father always complaining about the government and troika.Everyone in every place I went was talking about debt and high taxes.Of course i was so young to understand what was going on and I was always asking others why EU “hates” Greece so much .The people seemed angry and mostly frustrated blaming Germany for the crisis and thus I was convinced that my country was right and Germany wrong.Well I’m studying Financial and Economy right now and the only one who needs to be blamed is the former greek governments
And Greeks who voted populists and never bothered to learn basic economics.
no, that's not entirely true. I'm german and we're not the good guys in this story. The video is misleading by only showing the faults of the greek side and not the faults of the others. First of all: The Greek crisis is part of the Euro crisis. And the Euro crisis is part of the aftermath of the global financial crisis. Greece in the Euro crisis (it was not just a greek crisis, Ireland, Portugal, Italy and Spain were affected as well and were helped, too) were the weakest links in the chain of Euro countries. The fact that it hit Greece was the fault of Greece itself. But the fact, that it hit SOMEONE was not. My home state Saxony for example also heavily invested into credit default swaps through a state bank. That bank not only went bankrupt but also accumulated massive amount of debts and was given away to a bank in western Germany with the saxon state also assuming a massive liability in case of further failure.
When the Euro crisis started it also wasn't just a natural cause, it was a coordinated speculative attack. A lot of money was bet on Greece defaulting on its debt and the Eurozone not coming to help it because before the Euro crisis helping other countries with their debt was explicitly not part of the Eurozone agreement. And that was the money that used to be in the housing market but had nowhere to go after the financial crash. Another instance where that money was used to sinister effects was the global food markets, where it drove the demand and thus the price of food to huge heights, which caused the famine in Haiti (they were forced to produce cash crops for the global markets due to neocolonial financial policy which compromised their own food security. When food prices on the global markets went up, that backfired massively as many Haitians had no way of getting food and many died.)
It took the other european countries a long time to react properly to the Euro crisis, because such decisions basically have to be made unilaterally and many countries thought that all this happened because southern europeans are lazy and so they didn't want to pay for laziness, even though greek workers for example have longer work weeks on average than german workers do. The german minister of finance at the time, Wolfgang Schaeuble (a proven corrupt criminal btw.) explicitly used the opportunity to "teach Greece a lesson". He was the one who enforced austerity measures on an ailing economy instead of combining a proper reform of taxation with investments, knowing full well it would plunge the country into a deep recession (costing lives btw., child mortality in Greece skyrocketed when the public sector was basically being ruined willfully). Maybe he had ultimately good intentions, but it was a grim reminder of how for example the "irish potato famine" played out and the way to hell is paved with good intentions.
Anyways this whole thing only fired up the speculative attack on Greece and since it all looked so bad and it didn't look like Europe was going to help and everyone thought Greece would default sooner or later, so noone wanted to lend them money anymore. Their interest rates climbed to astronomical heights. Germany has loads of debt, too, and if we suddenly had to pay that interest rate, we'd basically be directly on our way to bankruptcy, too. But what happened instead was: Everyone was perceiving Germany as a "safe bank" (which in reality we aren't - at least not any more than other countries) and wanted to invest in Germany instead. It was absolutely bonkers. People actually PAID Germany so we would borrow their money. We had NEGATIVE interest rates for money lent to the German state. So we borrowed money with a negative interest rate and then we lent that money to Greece for a rate that we ourselves would NEVER pay for a loan, not even in bad times. Germany EARNED money on the bailout for Greece. (I mean there's a reason Portugal wanted out of that foul deal as soon as possible. And the greek minister of finance Varoufakis - an economics professor by the way - rightfully called us out for all our bullshit) And not only that. When the greek government tried to cut military spending and wanted to cancel a deal for 2 german submarines, the german government directly intervened so that the Greeks would cut expenses somewhere else (presumably the social sector). They basically attacked the greek sovereignty to protect the interests of german companies.
And that all with the background of Germany being an extreme dick to everyone. We've been running a huge trade surplus for a long time now which means we exploit our trading partners by outcompeting them, ruining their industries and exporting unemployment and plunging them into debt and our companies exploit also the german population by not paying them wages that correspond with their overall productivity leading again to a subpar domestic demand and an increasing wealth gap (which is its own sack of bees). And with this we created an extreme imbalance that weakens the other european countries and created the basis for the Euro crisis in the first place.
The video here is one-sided af.
@@animalwatchpatrol8162 well I only wrote it a day ago. I got recommended this video and it made me angry cause the guy in the video acts like he tells us how it is, when he doesn't even seem to know half the story. And seeing a greek with what I basically consider economic Stockholm syndrome, triggered me to write this long ass comment. =3
People also forget that after the "global" financial crisis, which also started in the "united" states and king-CONNED-om, China, Russia and other countries started openly questioning the rotting dollars' reserve currency status and started dumping the dollar and using primarily the Euro more as well as doing deals in their own currencies - Russia now has NO dollar reserves! Bad 'rushah'!
Now Saddam and Gaddafi must be laughing their heads off in their graves as they were the first to dare sell oil NOT using the dollar! Oh, and btw, guess why Iran has WMDs too?
So yes, dumping the pound and joining the Euro would wreck the "special financial relationship" but wouldn't be the first time the well being of the British people has been sacrificed to maintain the parasitic tax haven status of the cesspit of London - oh, and the main reason for the treasonous brexit fiasco.
So to divert attention from the REAL crisis on Whore st in NY and the cesspit of London - and especially the printing of TRILLIONS in bail outs for the bankster scumbags - the Euro "crisis" was created using Greece as the "weakest link", followed by Italy, Spain, Ireland - which had at the time a far greater debt problem than Greece - and Portugal.
Of course the Greek economy had problems, but they were NO worse than many others and in fact much better than some. But the then government led by the treasonous Papadumbfuck - aka as amerikanaki - also started giving "interviews" to the 'financial' presstitutes likening the Greek economy to the Titanic etc, and then all sorts of scams started with the Credit Default Swaps! This of course led to the "severe debt crisis" which needed the "help" of the IMF.
Turns out that on top of all that, the fucking IMF was about to go bust and the "loans" to Greece, paid by using the EU "bail outs", were used to save the IMF and in turn the Greek and Euro "crisis" were used to save the dollar - until now!
It is now obvious the reserve status is again being openly challenged due to all that criminally insane printing, monstrous debt and derivatives time bomb.
So now with the "covid crisis" and climate change time bomb, we are now heading into a perfect storm and after all the usual repeats, new history will be made...
@@Konterfeit All very interesting, but like the video only covering part of the story... People also forget that after the "global" financial crisis, which also started in the "united" states and king-CONNED-om, China, Russia and other countries started openly questioning the rotting dollars' reserve currency status and started dumping the dollar and using primarily the Euro more as well as doing deals in their own currencies - Russia now has NO dollar reserves! Bad 'rushah'!
Now Saddam and Gaddafi must be laughing their heads off in their graves as they were the first to dare sell oil NOT using the rotting dollar! Oh, and btw, guess why Iran has WMDs too?
There was even talk of the UK joining the Euro as the pound fell to parity, but dumping the pound and joining the Euro would wreck the "special financial relationship"! Mind you, it wouldn't be the first time the well being of the British people has been sacrificed to maintain the top parasitic tax haven status of the cesspit of London - oh, and btw, guess what the main reason for the treasonous brexit fiasco was.
So to divert attention from the REAL crisis on Whore st in NY and the cesspit of London - and especially the printing of TENS OF TRILLIONS in bail outs and "QE" for the bankster scumbags - the Euro "crisis" was created using Greece as the "weakest link", followed by Italy, Spain, Ireland - which had at the time a far greater debt problem than Greece - and Portugal.
Of course the Greek economy had problems, but they were NO worse than many others and in fact much better than some. But the then government led by the treasonous Papadumbfuck - aka as amerikanaki - also started giving "interviews" to the 'financial' presstitutes likening the Greek economy to the Titanic etc, and then all sorts of scams started with the Credit Default Swaps thanks to Goldman Shits! This of course led to the "severe debt crisis" which needed the "help" of the IMF.
Turns out that on top of all that, the fucking IMF was about to go bust and the "loans" to Greece, paid by using the EU "bail outs", were used to save the IMF and in turn the Greek and Euro "crisis" were used to save the dollar - until now!
Because it is now obvious the reserve status of the rotting dollar is again being openly challenged due to all that criminally insane printing, monstrous debt and derivatives time bomb.
So now with the "covid crisis" and climate change time bomb, we are now heading into a perfect mother of a storm and having learned nothing after all the usual repeats, new history will be made...
Greece: "I have 182% of my GDP in debts! We are ruined!!"
Argentina: "What? So little?? Have you tried to default and not pay? It worked great for us!!"
Venezuela: "Look those two rookies talking about debt!"
Still better than the German approach to a debt crisis.
@@loganvanderwier8866 what did germany do lmao?
@@n00bkiller6767 learn history lol
@@Dimisyf lmao it's usually me telling people that
@@n00bkiller6767 WORLD WAR TWO
Greece in 2020: “ just when I thought I was out, they pull me back in”
And guess what it's going to be 10 times as worse in the next decade
THEY CANT KEEP GETTING AWAY WITH IT
@@likemysnopp I don t know from which shithole of the world you are commenting and I don’t even care , Greece has given the world way more than what we have gotten back , you owe Greece a respectful percent of what you are enjoying today .
@@TheBarbariAnS11 άραξε μπατριωτη που θίχτηκες. σκάτα τα έχουμε κάνει, παραδέξου το
@@thanasis7965 ontws
Is it a bird?
Is it a plane?
No, it's a buttload of money
If €110bn is a buttload what is €130bn?
I thought he was gonna say China!
The money lent to Greece as a bailout was almost entirely to pay back German and French banks. Coincidentally the Plain Bagel doesn't mention this vital data point that actually shows why the EU lent Greece so much money. There are many, many sources about this topic.
www.dw.com/en/most-of-greek-bailout-money-went-to-banks-study/a-19234391
www.theguardian.com/world/2015/jun/29/where-did-the-greek-bailout-money-go
www.thelocal.de/20180621/germany-made-billions-on-greeces-debt-crisis-berlin-confirms
www.express.co.uk/news/world/1100003/eu-news-germany-eurozone-euro-imf-greece-financial-crisis-debt-spt
The EU wasn't "saving" Greece. It was the EU saving their own largest banks (mostly in Germany and France), refusing to allow them to default like with any creditor, and shove all the blame on to the Greek people.
Sure tell that to all the european banks in which all the money ended up ;) So basically they funded themselves in order not to lose their money, crediting all Greek people in the process. Ahem, if Grexit had happened back in 2015, Greece economy would be in great shape today.
@@omnislasherRX7 yes, that's exactly why that money has been loaned to them: to repay their debts. What do you want, banks that give you money for free and that let you get away with a simple "don't do it again" when you spend it all on futile things? If Greece left the Euro, it would have found itself in the same situation where Argentina and Venezuela are now in, with a currency that loses value every single second, making the lives of the poorests the worst (it's kind of ironical, considering that this is the direct consequence of policies meant to "help" them). Now Greek's economy is approaching full recovery, with a good growth rate and bond yields lower even than Italy's, which has decided instead to continue increasing the public spending, and, as an Italian myself, I can tell you that it isn't going well.
Actually during late 2019 - early 2020 we were starting to recover and show signs of a bright future, then covid happened and boom, tourism (aka a major part of our economy) got screwd
Better prime minister
7th like :)
debt to GDP was still well over 100% before COVID
But, there arr like 3 preople in greece ..
Sorry mate but it's hilarious to me.
Greece suffers for 20 years due to this scam and just when greece finally found a way to recover and started to recover then it meets another disaster aaaaaaaaaand its almost dead.
My Good sir, That Shaun of the Dead reference is excellent
The 'opa' was perfectly plasted because it can also mean "wait a minute".
Oh I see, to me Opa was like Opa gagnam style xD
@@oossgl ooooof
Im greek and I think I can say that that's not accurate its more like an "oh shit" or "hey are you OK?" well it does mean wait a minute but it's depending on the situation
@@compatriot5204 οπα, κατσε ενα λεπτο
@@compatriot5204 in Brazil Opa also means something along the lines of "Oh shit"
When you're Greek, experiencing the crisis first hand, but no one ever bothered to tell you how the heck Greece got into this mess...
I hope you get through this sir/mam.
@Alexandra Delliou, you may be complaining about what others did or did not, but actually it is your responsibility to educate yourself about things that have an impact on you
Then you haven't been looking very hard for answers.
Ontws
@@bazzkiller1331 Surely you just killed his buzz
I need to rewatch this on lower speed but that was really informative. Classes are currently focusing on Asian economies but knowing about Greece too will make a good case study on fiscal policy failures
Do not think of it too high. Ask some greek people, they would rather tell you about the perspective , how much greece was a victim in this. While Greeces Wrongdoings are reltively vleaer and clean told, it misses out on A TON LOAD of facts. The programm, that greece was forced/blackmailed to obey too, which was agreed by all, The Banks, hedgefonds, Worldbank, EZB, and so on, was based on one guys numbers, and they were very cocky and strict about those numbrs. Turned out later, it was not even pseudoscientific, as outrihgt wrong. Mostly an Excelmistake. A Studentn uncovered that HUGE ERROR that cost Millions their job, destroyed a ( for the people ) lot of good stuff in their social systems, took their jobs. One could say, which would be as one sided as this clip is for example, greek was the victim. This perspetive, of how a country was literally raped by organised financial lobbys, how tsiprasand the wish of a hole nation was ttaken down by a few phone calls, all those facts fall VERY short here. So, yar, there is more to it. For sure ;-)
It's a good way to help people understand Basic Economics
My hearts go out to the Greek people. I hope things get better for you guys soon.
Even if things get better in 10 or 20 years, we have already lost our generation and productive life. So what is the sense???
Greece should never had left the Greek drachma and entering into euro. That is the biggest mistake Greeks have made.
Hello i am a Greek 17 year old high school student and i can say that NO ONE! not a SINGLE person in schools even mentioned anything about how all this crisis happened, started, or even what we can do about it! this 5 MINUTE recap told me almost all i know about the Greek Dept! Hope to see you as a Teacher in the future
I bet they didnt tell you how greeks killed macedonians 1913 to drive them away from their lands ;)
@@deod116 you do not want to open the balkan history sht box.
@@deod116
Well see all the teachers don't say all the things
Greeks didn't say about their crisis and ur country didn't said that the government is a lying b*tch
@@deod116 your teachers didn't tell you that you are not a macedonian but a skopjian.
No one told you about that because Greeks prefer to blame Berlin and Brüssel for their government's fuck ups.
Goldman Sachs at the center of all this? What are the odds?
They are also the ones who shorted MBS during 2008 recession. Goldman has a hand in everything where there is a financial crisis.
U must be Greek
Goldman did them a favor extending credit when others wouldn’t. Greece didn’t have to take it. Is it wrong of Goldman to expect to be paid back?
@@ez4039 No, but it's wrong for Goldman to tell someone to do something that violates the law.
Prior to anything else, I apologise for my long response! Although GS is involved in its way, I personally cannot blame GS for the crisis. The main responsible for the crisis is, first, all people being part of the 1996-2004 Panhellenic Socialist Movement (a.k.a. PASOK in Greek) who decided to proceed to such political and economic movements and transactions. GS did not force anyone to sign Currency Swaps and CDSs. Yes, they did speculate, but who permitted to open such conversations and reach such agreements? Greek government...! Unfortunately, the next administration did not manage to change the situation. Speaking of reforms and fiscal policy, they were moving slowly and the whole situation was evolving rapidly. And there IMF comes into play...But when the Greek society starts eventually to see some light at the end of the tunnel, the people decide to vote for an administration consisting of uneducated, left-ish politically people to run the country (after a utopian and totally hollow pre-election political agenda) at a very critical point - not only from a economic point of view, but from a social one as well - and then the Greece's default starts to count down. They pretend being the new Che Gueveras, they do not negotiate with Troika, they believe what they believe and then they decide to proceed to sign two Memoranda, stop the operation of the Athens Stock Exchange and the whole banking system forcing Capital controls, reach new loan agreements using as collateral Greece's and its people assets (bound for 99 years) and follow a quite austere policy causing the extinction of the middle-class, the shrinkage of the upper-class and - it goes without saying - securing the relative "prosperity" of the lower classes giving them money for free (this is mainly their pool of votes) and making the term "brain drain" known to each and every Greek family. These are only some facts amongst many others; I just scratched the surface. Fortunately, these times seem to have gone past. The administration has changed following a realistic economic plan building the foundations for economic growth. As a result, despite its recent oath of allegiance as the new government, Greece has already issued bonds with higher credibility, borrowing at the lowest ever rates (historical low), attracts many new investments and enterprises (large institutions or start-ups) open offices in Greece (again), since the current liberal Government inspire confidence at an international level. Fingers crossed!
Living my teeage years when the crisis happens it was devistating seeing my parents with no job and money struggling to pass each day trying to support our family with loaned money from family memebers aboard, a really shity feeling and a hit in the gut because we used to live really comfortably life, after few years i started to realize that it was not only our family that was suffering and struggling but the whole country. pretty much everybody i meet was living in similar situation which made me realize how sad this crisis was but at the same time it conforted me. I really hope everybody would recover from this soon. i think we are getting closer and closer to make it a reality.
What's the current situation with your labour laws? Are they still as rigid as they used to be or have they moved towards something more sensible?
All of the "old" EU members in Southern Europe have ended up with a two-speed labour market where the lucky ones get nice benefits and are really hard to fire and the unlucky ones get paid very little and are easy to fire (because they either work on short term contracts as single-person "companies" or work entirely outside the official labour market).
The way to solve the problem is to make it easier, cheaper, and safer to fire people in the official labour market. It's one of the many things the EU wanted reformed as a condition for all that bailout money.
Do you know how much progress there has been on that? My guess is "some, but really not much". I hope I'm wrong...
@@peterfireflylund Yeap pretty much this situation, obviously a lot of people are trying to avoid paying vat tax and insurance the payout is already very low, enough that with added taxing it gets even worse where its almost impossible to live without end up being hungry. For some reason its stated that the minimum hour wage is 4.23€, but in reality its 2.60€
shouldve implemented austerity measures. Yall were given like 9 lifelines and destroyed them all.
@lazyox what things are the crisis ? I mean , you have food or what is lacking?
“History is the one constant that can guide us through the ambiguity [of ever-changing norms]…”
Brilliant lesson and video, thank you!
theres a word for this massive mismanagement of public finances. corruption.
Corruption? The Greek people choose to elect politicians who promised to increase social programs while ignoring the rampant tax evasion
@@christianweibrecht6555 Like any person would do.. Especially after decades of socialism.. It fucking destroyed my fellow countrymens' brains..
9 out of 10 people aspire to get a good position in the public sector.. Why? Easy work, no "evil" boss above your head, good money, plenty of leaves and most importantly you never lose your job so you essentially secured your future..! However, all these wages are paid by tax money so it's 100% logical that not all can work in that damn public sector..
I persue a career in the private sector and I ignore false governmental promises about more hirings in the public sector for that exact reason.. Too bad the majority of my countrymen do not do the same.. It would solve tons of problems!
@@christianweibrecht6555 Believe me we don't have an other choice... Everyone who is in politics here in Greece is corrupt.. That's the problem.
@@christianweibrecht6555 hello Chirstian, my point was the greek government lied about there ability to meet the criteria to joint the euro zone. some responsibility lies with the central european bank. but this was the begging of there troubles
@@roberttopliss8512 while I agree that the the ECB should of conducted a more comprehensive investigation before allowing Greece to join the EU, it's hard to out sneak Goldman Sachs, hell America failed too.
Greek here.
We're still feeling it's after-effects even though it's been over a decade since it started.
Man i feel bad for you guys, but we as kurdistan are just as bad if not worse
@@alanjacker1374 yo man can u show kurdistan on map to me?
@@pomak-turk6267 its a semi-autonomous region in north iraq.
Take your petty insults elsewhere
@@alanjacker1374 That seems Iraq to me. Also fuck our past governements like Özal for supoort your clannish mambo jambo LOL
@@pomak-turk6267 “Yo CaN u ShOW KuRDisTaN oN tHe MaP cAUsE I’m DUmB AF AnD DOnT kNoW GeOgRApHY”
I’m Greek/American, and it’s a shame that this five minute video told me more than I’d ever learn with some Greek articles I had found online.
Doing a 1000-word essay about the Crisis that’s due tonight. Wish me luck!
Hope it went well
@@placeholderdoe Went well, yeah! Passed the Macroeconomics class with flying colors and then went to Greece that same summer. Haha
@@JossPeura sick!
I'd love to read it if you can share a link!
I always use GDP to debt ratio to explain to foreigners the Greek financial crisis!
Bravo you are one of the few that talked about the currency swaps. Yet you forgot to mention that Eurostat higher ups knew about it
No surprise to see Goldman Sachs was involved... no financial crisis happens without Goldman Sachs involved.
Aple Card is in partnesrhip with Goldman sachs. Suprised?
No "finance" happens without Goldman Sachs, full stop.
Hire the best and the brightest... and instead of using their brains to solve real world problems... they get them to come up with "financial products" to steal from the common man.
Assholes... Goldman Sachs didnt force Greece. Fucking bunch of leftist cucks hating on America here also.
@@sumeetsidhukhuddian5448 - language please. Or you will just look like a moron.
"the Euro will be shared by its members" *Shows the UK*
And Sweden which still uses the Krona.
Look at the i-card, he corrected that
This video was uploaded in august 2019
@@Unknown-vf8qz and? the UK has never, and never will use the Euro
@@morganharris3710 He's Canadian btw.
Wow, i didnt even know how much of this I've lived through... Mad respect to my parents for getting through this.
The value of this video is insane, well done!
as a greek every word of this hurts me
Yes but...
I suck
Το διχνει το pfp σου
That maybe true but half the fault lays in the people of Greece.They always want better retirement wages and much more services from the government.Not even Germany having a strong economy used to enjoy these benefits.
@@forkrust9296 first of all the people of Greece want good retirement plans simply because we usually have to wait a really long time to get one so imagine going into the public sector while you're 20 or so and being able to retire once you're 70 to 80 years old that is the reality that most Greeks face. However I do have to agree with you it is us the people of Greece who vote for dumbasses that fuck us over at every chance they get.
@@doctorolo I am not talking about the current retirement wages.I am talking about the time before the crisis occurred.The retirement before was significantly lower than rest of Europe.The government did this so that it could favoured among the population.
Apart from that I come from a country where the politician steal from front and we cant do shit about it.I mean the current government is surviving on the sole reason that they have no scams or corruption yet unlike the previous one.I mean just imagine these incompetent guys are staying on power just because they are bit more truthful than the previous assholes.So i get where you are coming from.
When americans bump into each other : "Ohh sorry man." or "my fault sorry"
When a Bulgarian and a Greek bump into each other: " Opa "
You forgot when American Midwesterners bump into each other: "Oop"
Slay I’m texan and I do that too
Opa could also be used in Croatia
@Főfasírozó depends what region/race
Also all Slavic balkaners
I'm sunny on the outside but i'm dying inside
~greece
“And wait for this recession to blow over” Love that Sean of the Dead reference
opa!
Vadim Blyat! Privet Boris.
I can’t believe I found you here
Can a Greek like me become Slav master?
BORIS :D
happy to see you in a vid about my country Greece :)
haha i thougnt of you whrn he said that
opa!
And here comes Argentina! Oh wait, there goes Venezuela!
Stupid Storm Turkey is also havin
I'm from Argentina and everything happened exactly like in this video
Well, thanks to Macri we now have bought debt to the FMI, so we can all buy more debt from our local banks. You need more money to get more debt, because debt has a limit ( sort of), the amount of money, which our current president has printed is those shiny new FIAT currency called Pesos in the amounts of 2,5,10 (coins) and 200,500 and 1000 (paper). Now, what did they exactly invest in with it? As far as i know his plan was spend the money and because he is HE other countries would invest in Argentina? Companies only care to maximise profit and reduice costs, so unless you reduce the living conditions of people somehow and start acepting the bare minimum just to survive, or comodities they will not care. So, how can you get more debt? Getting more money. repeat, repeat, repeat, you will never go away. You are not supoposed to go away. You need to produce, and as far as i know OUR current president in Argentina has not invested in priduction, but trivial consumption, add to that he has downgraded our living conditions with subsides cutting and tax reformation. Politicians work for the banks, and the banks control the world, so on and on. You shoulkd inform yourself better on the subject on WHY Venezuela is in the current state as it is today. Want a hint? It has to do with banks of certain country blocking all the world currency used to buy petroloum on the world, that happened to be of that particular country who is making the blockade. If you can't get the money you can't acces to more DEBT, as your FIAT currency worths nothing without backing (more debt). Venezuela is being subjugated, that is for sure.
@@ThunderBatero Can you please explain if this is only your current president's fault, and not a chain of all corrupt presidencies before him?
@@ThunderBatero Venezuela is in that crisis becuase of the Chavez - Maduro Goverment. They spent - Robbed all the commodities money.
Here’s an essay I wrote back around 2012 on Greece’s financial crises.
Greece has several interacting issues:
1. Its debt is about 3X its 200 billion Euro GDP and also about 2X the value of government assets.
2. Its tax receipts don't cover government outlays for services and government worker salaries.
3. Citizens have no faith in its corrupt government and so resent paying taxes, and many avoid paying altogether.
4. It has run out of sources of new debt financing.
5. Its weak political structure hinders real reform.
The underlying issue is the fact that Greece is not a highly industrialized country like Germany, and yet its government has promoted a lifestyle for its citizenry on par with the rest of Europe. This disparity has been ignored for too long and has caused Greece to live beyond its means and run up unserviceable debts and deficits.
Given the above problems, there are very few real solutions:
a. Greece could privatize more government assets (it began doing this in ernest about a year ago).
Privatization of public assets can yield three simultaneous benefits:
- Privatization allows the government to raise cash which can be used to pay down its debts.
- Privatization eliminates government costs in maintaining and operating the assets that are sold.
- Privatized assets are often more efficiently managed by private enterprise, which then pays taxes on the ownership of the assets (think property taxes) and on any profits generated from the ongoing operation of the assets.
The problem of privatization is that, on its own, it doesn't fully resolve the underlying problem. It can help to reduce government expenditures, but unless the government has a lot of assets to privatize, it will run out of assets before it gets its house in order.
b. Greece could implement austerity programs to reduce the costs of operating government services. Unfortunately, cutting spending can deepen the country's recession. Greece does not have the alternative option of monetary easing, as it doesn't control its currency (the Euro). But if you are spending more than you are able to take in, then you really do need to cut spending, and so Greece should embrace the austerity measures being demanded by its creditors.
Greece could, and should do both A and B, above.
c. Greece could default on its debts and leave the Eurozone. This would allow it to print its own money to fund its government, but the value of that money relative to other currencies would greatly diminish the wealth of its citizens, many of whom are already on the edge of being totally insolvent.
----
In the end, the problem of Greece is that it's a country with mostly agricultural resources and not much in the way of industry compared to countries like Germany, for example. Greece should have remained a small country with a small government until it, on its own, could have caught up to the rest of the more industrialized nations of Europe. The Eurozone may ultimately not hold since rich industrialized countries that run a trade surplus (because they produce lots of output that is in high demand) will never be happy supporting the populations of less industrialized countries that run a trade deficit at a standard of living nearly equal to that enjoyed by the richer, more industrialized nations. Due to differences in geography, life philosophy, and even luck, these countries are not equal and cannot continue to pretend that they are, and that their citizens all deserve the same benefits and standard of living.
If Greece doesn't exit, Germany, eventually, will. If Germany leaves, or even France, the Eurozone is dead (ergo, Greece will exit because all 17 members will exit all at once).
this was an exceptional video, very well delivered, thank you
I'm italian and I'm both sad and scared. Sad for our cousin Greece and scared because here in Italy many people can't comprehend the basics of economy
Basically common problems, Italy just does better.
Greece can be a cautionary tale you you guys. Glad if we can be of help for that.
Italy was a big victim of the 2008 recession, but thanks to the fact that it was the fourth world's economy because of the economic boom it was able to dodge the debt, but it got out of the g7
Rest assured, it seems people generally dont get basic economics worldwide. Hooray...
Both of your countries are shitholes
that is what leftist cuks want. An uneducated public. Should hang the lot of them
from the video it seems that it was like 90% governments fault
From this video
ruclips.net/video/2mnvKLoMC7Y/видео.html
because i was and still is
@@hahafunny1317 what about the people voting for the government?
@@MkkTO well they're at fault too but it's mostly the government
Yeah it's not our fault and we are not lazy, but all the greek politicians are trash
That "OPA!" made me realize how often I use it lol. Other than that, great video, actually makes me wonder how my parents' generation managed to screw up that bad smh
As someone who works in finance/investing, I'm honestly CONSTANTLY in SHOCK when I discover just how many entities are as short-sighted as a man who is currently on death-row.
The infrastructure of most economic systems is engineered to create more through-put, yes, yet this is done by substantially increasing volatility.
Consequently, when times are good in the world, no major wars, no fanatical political regimes stirring the pot, no serious environmental catastrophes, one could argue the engineered economic systems are superior.
HOWEVER, in times of chaos, these systems break-down. Always. Every time.
The perfect microcosm for this is stock buy backs. (Some stock buy backs are valid strategic approaches, but many are invalid.)
Company X makes a profit for the first time in awhile. Yet, instead of investing that money into something that promotes stability, or paying off some of their debt ahead of schedule, they buy back their own shares. This will make shareholders happy, and more importantly, attracts new shareholders.
Then, when something unforeseen happens, and share prices PLUMMET, the Board Members throw their hands-up saying, "WELP, NOTHING WE COULD HAVE DONE!"
2020 be like: Road to recovery? Not on my watch.
yeah we are FUCKED. Greece gets almost 1/4 of ALL its income from tourism and more from trade/shipping. Now with this virus bullshit tourism is fucking dead, so no more income for us.
@@literallyafuckingspoon8801 prepare for Merkel's ban hammer
@@cantspeakcantspeak79 let me help you with your debt. By forcing you more take on more debt lol
@@literallyafuckingspoon8801 C'est la vie! We went through harsh reforms for almost decade and a year after our first surplus a global pandemic strikes.
Comrade Hellas right! As if we cant survive this year, i believe that it’ll be better. And I believe that the economy will be better
Three very important lessons to be learned here:
A. Never cheat. It always comes back to bite you in the back.
B. Check you government. Because when they fail, YOU are going to pay the consequences. Those bastards have enough money to live wherever they want as kings. You don't.
C. Don't trust people who offer easy and fast solutions. They have their own agenda and your interests are not included.
A. Not really. If you do it smart, you never get caught. Many politicians and businessmen all over the world are "cheating" the system for decades.
B and C we can agree on that.
@@eluminatti corporations and bussines men can do that, but at a national level it s pretty hard to impossible
@@Emanuel-on5sv ESPECIALLY at a national level is easy. They pass bills for their own benefit, about amnesty, and they put the cases into archive.
@@eluminatti ok, then tell me what Greece should ve done to no get such a big debt while they were cheating the system
@@Emanuel-on5sv vote better.
I am Bulgarian from a town near the Greek border, and I totally respect our Greek friends but this situation that their governments has led them into is very sad
Awesome video. Great information. Shout out from Puerto Vallarta, Mexico 🌊☀️
Hippity hoppity economy's faulty!
@uh wot Opaaaaaa.
@uh wot But austerity doesn't work...
@@trotzkii in optimal situations it isn't however yea this was kinda needed
@uh wot No, seriously, it doesn't work. It just causes you to shrink your economy because of the reduced spending, making your debt-to-gdp go crazy.
@uh wot I've read a few books dealing with the debt crisis in Greece and about austerity, but this video from before the Grexit debate pretty accurately explains the problem with austerity; ruclips.net/video/go2bVGi0ReE/видео.html
The thing I love about this comments section as a greek is that even though my hard working familly (like many others) has not taken a single loan or been in debt ever, I will still get lectured by a random person on the internet about how to not be lazy. You gotta love media propaganda from 2015. Remember guys, government and people are two different things. Most Greeks did nothing to deserve these harsh austerity measures that have been going on for WAY longer than they should have.
What about the many retail businesses who prefer cash payments rather than debit/credit card payments in order to avoid paying the VAT and other taxes? I agree that we can't put everyone in the same bag, but surely the Greek crisis is not limited to the politicians only.
@@southernboy7791 I will somewhat agree to that. That's a pretty common phenomenon sadly. Although I think if the taxes weren't so unbearable compared to income this problem could have been mitigated. When you have taxes comparable to Sweden and salaries comparable to Slovenia that tends to happen.
@@alextheo9766 I sympathise, but surely the black market issue was must have been rife even before Greece joined the Euro. Is it not this that caused the massive deficit in the first place?
@@southernboy7791 Listen, I'm not blindly defending my country. It's economy has never been it's strong point and corruption and tax evasion have always existed here. Their status is legendary. What I'm saying is simple: judge the political establishment of greece, judge the greek mindset, but please do not make general statements about greek people without getting to know them first.
@@alextheo9766 I'm not. I appreciate that some Greek people managed their finances very well and paid their taxes. But there is no such a thing as a free ride, all actions have consequences. It's a real shame for those who've done the right things and end up being dragged down in this mess; especially the younger generation.
Greece in its way to recover
Corona: peace was never a option
Greek Gov: We will rise!
World: No
Greek Gov: We will stabilize!
World: Non
Greece: Hard times are over!
World: Nein
Thats the problem when +20% of your economics is just tourism when i remember correctly
That’s the same story about my uncle:
My uncle on his way to sobriety
Corona: Peace was never an option
Lobbyism : We can calculate with free propaganda, via reproduction.
Charith : Here we goooo !
Wow 5 mins on the dot. Good job. Ain't nobody got time to hear a 45 mins youtube video. Subscribed & liked
Everyone: Who would host a multi-billion dollar athletic event when your country is spiraling in debt...
Greece: oh boy the olympics are coming to town! ...
The problem is that people at that time didnt know that their country had manipulated data to join the eurozone so they thought their country was doing well. If the people who knew what was happening in Greece declined to host the Olympic games it would have been very suspicious. So yeah. We celebrated the home coming of the Olympic games blissfully unaware of the crisis that would come 4 years later
Theres actually an entire video dedicated to debunking the idea the olympics made any type of difference in the situation of greece you should look it up
The Olympics bill is $10 billion and the amount of money borrowed is $200 billion which is 20x the cost, so how do you explain the other $190 billion in debt?
Laughs in Brazil
@@rafa1326 Come to brazil
lesson: don't trust Goldman Sachs.
the first "lifeline" was to bail out Goldman Sachs. Greece should have defaulted on them!
1. Don't trust governments.
2. Throwing money at something that's broken, won't fix it.
3. Don't trust government.
4. Social programs ultimately fail.
5. Don't trust government.
6. Greed works both ways. The rich and the poor. Both are greedy.
7. Don't trust government.
@@naphtal agreed
The lifeline would have worked with better planning, the real problem here is too much government spending. Greeks got lazy and entitled, this is the end result of too much welfare.
@@Shyhalu politicians promise stuff to get elected and people take them at their word and then years later it becomes untenable.
example: in Turkey, years ago the pension plan was set up that after 20 years working you could retire (maybe 25, not sure) and get back like 50% of your earnings. Later, when they realized that they were unable to fund it, they set a minimum age as well, and people lost their minds. I was talking to lady who started working as a teacher at 22, was going to retire at 42 , and start a flower shop (that was her plan). She was livid, said that she earned her pension and paid in. My question: "how did you expect to pay in 30% for 20 years and get back 50% for 40 years? How did you think YOUR taxes paid for YOUR benefit? they also have to use those same taxes to fund the government!"
Her answer: "that is the deal they made with us; they should honor it!"
So you can say the Greeks got lazy and entitled, and maybe that's true, but I think the politicians who offered the people some life/benefit that was not mathematically feasible is at least to blame in equal part. People believe what their governments tell them. Not everyone is as cynical as us to know they are lying to get elected and will push the consequences down the road. maybe the real problem is that people believe socialist politicians, not that they are lazy. Socialisst will always take prosperous countries and run them into the ground and then blame the people.
@@naphtal You're blaming that on poor and social programs?
How can the poor be responsible for a crisis when like 90% of the population get like 50% of the wealth or even less. In the US, the top 10% owns 80% of the wealth. How can the poor mess the economy when they are almost out of this economy? (Even in Greece, as of 2014, the top 10% owned 40% of the wealth, which is quite average with the most successful nations of Europe like Belgium, France, Luxembourg, Portugal or the UK). "Greed works both way, rich and poor" I've never seen anything so stupid.
And keep crying, our social system worked perfectly fine in Europe, until those &é$^ùµ&é$ Americans screwed this up again. And as we are forced to put money in our banks, and the banks go bankrupt, we are the ones who suffer. And it's always the Americans screwing this up. Don't cry next time when China is going to buy half of the US because you went bankrupt once more (they're already doing it anyway), as they're exactly doing in Greece and S-E Asia.
Gives me over simplyfied vibes, Which is a good thing. Amazing Video!
Just discovered this channel. Absolutely hilarious and awesome content!
Please make a "5 minute history" about Argentina chronic inflation and their obsession for being in crisis one and over and over again.
Their obsession with short term relief, their love of magical thinking, how they abhor the idea of honest work and long term stability.
Just nuke us, please!
Yep, I would love to see this
@@georgewilson7432 "Just nuke us, please"
Weirdly enough Galtieri feared exactly that kind of irradiating gift of instant night time sunshine from the RAF during 1982 XD.
The RAF did have several WE.117A's to hand in the theater though... so technically it was doable.
That... and the RN had no shortage of Polaris... but that was mostly up north, keeping M.A.D. in effect.
You guys want Socialism, there you go. Feel the Bern'.
Bankers force government to take piles of credit which has to be paid with real money.
Wow... the quality of this video is just too good. 👍
Thought the same all the time.
Dan I liked it as well!
The animations are amazing.
Wow. Thanks for this vid. It really explains a lot.
They forgot to use Skillshare
Lool
Nope, they forgot to tax the poor and not the Clergy and the Aristocrats.
a new prime minister got elected that found investors but Idk something tells me nothing will we fixed
@@ermis_efth Because it won't. Or it might, but i doubt it. At least in the near future
@@paulchan171 We are not pre- revolution france
I see plain bagel, I stop what I am doing and just watch. Definitely one of my favorite financial channels!
Alex Xhane What debts could I help with Yaangs UBI
They way you explained everything like it's some children story is amazing. It's so much easier to understand. Feeling sorry for Greek people though. I hope everything gets better with time.🙏
it wont mate. of all the people i know, noone trust banks. as soon as they get their paycheck they go and get cash. greeces prime minister is also a scum fuck
@@sm2aoty831 arent they all
@@sm2aoty831 Tsiprs was not. He really wanted to help the people. But he was taken down b a few phonecalls. Heres what they told him : "Your Countrys economy will be comletely destroyed, we will make it, that its your responsibility aline, in the eyes of 90% if the world, everthing you try to accomplish, will fail. UNLESS, you obey. " IM pretty sure about the last part. Well, the winner of a free democratic vote stepped back, after bein told, "no, you wont" Because... He wanted. One day later... Not so much anymore. While it is nnot "the trth" to show greece a vcitim here, if international powerplay with money, it IS a very valueablae and very important part of the story. Because all parts belong to it.
You are an excellent communicator. Keep it up!
Much love and strenght to the greek people from Turkey.
thanks man, i really like turkish culture and people, unfortunatly there far right retards on both sides preventing us to live happilly next to each other
@@dcy4063 there are literally no difference in both greek and turkish cultures I think , love greeks from republic of Turkey
Thx ❤🇬🇷🇹🇷
Finally I found a comment section where Turks and Greeks dont curse at each other. Love and respect from Greece.
@@dennischritskou3631 everytime i open a comment section about Turkey and Greece its a warzone
This video has a OVERSIMPLIFIED vibe to it.
No kidding, especially how the lack of control of monetary policy is a two second clip. Focusing on debt servicing comes from a financial institution approach to explaining the crisis. Even a cursory look at comparative inflation rates of EU core and Greece shows a massive difference. Greek inflation was way above EU core before the Euro even came in, but once they were tied to the Euro, they gradually lost any competitiveness. Yes, tax evasion was an issue, but they also shot themselves in the foot by joining the Euro. They depend on tourism and exports, and when their exports and tourism grow in costs faster, demand drops.
@@maximiliangebhardt7919 dude, I'm talking about the oversimplified RUclips channel
Porky Studios ur not woke enough to understand international monetary policy lel
It's a five minute history lesson what the fuck were you expecting when you willingly clicked on a video specifically titling itself to be a gross summary?
It's meant to give a brief introduction to strangers and it's expected that they'll do some more research on the matter.
@@maximiliangebhardt7919 The design of the bailouts made the issues much much worse, the bailout terms being entirely dictated to Greece and ignorantly designed neo liberal stupidity. Large increases to sales taxes hurt the tourism industry, core government owned businesses sold at penny's on the Euro, less then the average yearly profit of those businesses(in the case of the airports and seaports), fire sale style pillaging of public assets was the only method allowed to them, Greece proposed placing assets into a fund to sale over time to maximize return on the sales and this was veto'ed by Germany. Pension's and all government wages where cut to 30% of what they where before the crisis, and Remember that 40% of all workers in Greece are government, so huge effect across the economy. The creditor cuts pointed out in the video only applied to privately held Greek debt, the debt owed to the ECB/IMF was not cut. The large wage cuts also lead to alot of immigration out of country, many doctors working for the national health service left the country, well not just doctors anyone with skills that could make money elsewhere. And then they up'ed the stupid to 11, capital controls, limits on daily bank withdrawals, all government worker salaries being paid via debt cards, attempts to force businesses to accept only card payments. And then the stupid hit 12, When they forced the bank bail in, all account holders with savings accounts had a portion of their savings taken to help cover the banks debts.
And the crisis is far from over, its all just delayed, next major market disruption and we will be here again. They should have simply let the banks burn. and defaulted on their debt.
The most fundamental lesson of all this, debts that can't be paid won't be. Debt is not a purely debter liability, Its the responsibility of the lender to insure the debter can pay their debts. Greeces private debt holders should have gotten rinsed, rather then having the debt mostly bought out by the ECB and IMF.
The biggest thing that lead to all this, is that in Europe when the private banking systems of their counties fail, its the local government that is required to recapitalize the banks rather then the European Central Bank. Europe needs some Eurozone wide banking regulation, an equal to the FDIC, and a process to wind down failed banks.
Do not forget the first bailout was specifically to recapitalize the Greek banks, well around $80 billion of it was.
I have found this channel, this day, in my recommended. I have found a jewel that I am going to enjoy.
Thanks for the video, it would be very interesting to see an update of Greece's economy and understand how much they recovered.
Just noticed that 2:54 and 3:26 are a reference to Shaun of the dead
Surprised I've only found one other person comment this.
My thoughts exactly! Four months after anyway
Greece: We have the worst money problem in the world.
Puerto Rico: Exists
Greece: Is okay it could be worse.
@Alex Mulvihill *you're*
im pretty sure venezuela is in a worse state
Cries in turkish lira
@@smyrnamarauder1328 nah greece has it much worse
@@Scourgeoftengri ?????
Just found your channel and now I can’t stop !!!
The jazzy bassline just sold this whole thing for me.
Lol i really appreciate the “ shawn of the dead “ reference at 2:55 😂
I scroll all the way down to see if anyone saw that too.
I remember asking my Uncle how Greece was going to get the funds and build stadiums for the Olympics. My Uncle laughed and said Germany was going to do it for Greece. They did.
No Greece did
and got our debt even bigger and now we are the ones who pay for it ....
Nice ....
and then troika gave us 110 billion ....with interest...and they apologized because they made an oopsy on the calculations.
And then they made the same mistake
And then once more
...And once again......
and I'm sure they will do it again why not no ones stoping them
@Πάτρικ Αστέρης
Greece's last hope is the oil that has been found in the eastern Mediterranean Sea
@Πάτρικ Αστέρης Unless the troika take all the oil money lol
@Galios Elvensong Kissing Germany's feet eh?Right right.Germany,the best buddy of Turkey,the biggest investor there.Helping them grow and grow and grow and acting now like a mafia boss in the area.Making us buy dem German Leopards and dem German submarines.Submarines that cost billions but when they were delivered they werent able to operate.So fuck you and tfuck those Huns.
Moral of the story... never trust Germans baring gifts... there will always be strings attached.
Amazing. This was a fun video to watch!
“Money cannot fill that gaping hole on someone, but it can fill that little hole in everyone…”
- Confusius
“Everyone except Greece…”
77th like :)
@@EBGamez1 88th like :)
Ah yes, Confusius, the often-confused cousin to Confucius
Small correction for clarity. The UK, Sweden and Denmark still retains their original curency. It is true that the UK no longer is a part of the EU. However, it could be confusing for someone without a background knowledge of the Union to display them all with the euro curency countries as they are proud of their status as independent curencies. Again it is just to clarify
Also Poland, Czech Republic and Hungary
If this took place 100 years ago, I feel like Greece would've gone communist.
edit: oh fuck my joke turned into the politic
Comedic Noob It was almost going communist during the Cold War
@@imitatsiya oh yeah
that's funny because the communist party is getting popular there now
@@imsearching4yearsnowforana966 bro I was making a joke bro calm down
@@TrafficPartyHatTest I commented to the wrong guy, Sorry dude
It's not the first time
The video was very accurate. Nicely done.
Oh really? People also forget that after the "global" financial crisis, which also started in the "united" states and king-CONNED-om, China, Russia and other countries started openly questioning the rotting dollars' reserve currency status and started dumping the dollar and using primarily the Euro more as well as doing deals in their own currencies - Russia now has NO dollar reserves! Bad 'rushah'!
Now Saddam and Gaddafi must be laughing their heads off in their graves as they were the first to dare sell oil NOT using the rotting dollar! Oh, and btw, guess why Iran has WMDs too?
There was even talk of the UK joining the Euro as the pound fell to parity, but dumping the pound and joining the Euro would wreck the "special financial relationship"! Mind you, it wouldn't be the first time the well being of the British people has been sacrificed to maintain the top parasitic tax haven status of the cesspit of London - oh, and btw, guess what the main reason for the treasonous brexit fiasco was.
So to divert attention from the REAL crisis on Whore st in NY and the cesspit of London - and especially the printing of TENS OF TRILLIONS in bail outs and "QE" for the bankster scumbags - the Euro "crisis" was created using Greece as the "weakest link", followed by Italy, Spain, Ireland - which had at the time a far greater debt problem than Greece - and Portugal.
Of course the Greek economy had problems, but they were NO worse than many others and in fact much better than some. But the then government led by the treasonous Papadumbfuck - aka as amerikanaki - also started giving "interviews" to the 'financial' presstitutes likening the Greek economy to the Titanic etc, and then all sorts of scams started with the Credit Default Swaps thanks to Goldman Shits! This of course led to the "severe debt crisis" which needed the "help" of the IMF.
Turns out that on top of all that, the fucking IMF was about to go bust and the "loans" to Greece, paid by using the EU "bail outs", were used to save the IMF and in turn the Greek and Euro "crisis" were used to save the dollar - until now!
Because it is now obvious the reserve status of the rotting dollar is again being openly challenged due to all that criminally insane printing, monstrous debt and derivatives time bomb.
So now with the "covid crisis" and climate change time bomb, we are now heading into a perfect mother of a storm and having learned nothing after all the usual repeats, new history will be made...
Those Shaun of the dead references were on point 😂
Can you discuss about negative interest rate and its effect on economic ?
Not on his level, but negative interest rates lead to systemic changes, like banks no longer underwriting housing loans, because they lose cents on every dollar loaned. The flip side is that money is free. This leads to speculation and investments in products like credit default swaps. Credit default swaps on bad housing loans played an instrumental role in the 08 financial crisis, as you know. My prediction is that there will be a massive global market correction and recession.
@@majormalfunction0071
You are assuming that banks only collect the interest rates from consumer loans, that is not true, there are also bank fees that apply to the loans, those fees are called "spread", in Europe banks use APR to calculate how much you pay back from a loan, that includes the interest rate and the fees, the fees keep going up to catch up with the euribor rate that keeps going down.
@@majormalfunction0071 when
Rafał Soon, according to recent financial reports. American investors are pulling money out of the stock market, on the order of 600 million daily. 6-8 weeks is my prediction for America. As soon as decreases in corporate profits are reflected in pay cuts, the bottom falls out. The American economy is built on cheap labor (outsourced or undocumented immigrants) and consumer spending. Threaten either, and things slip. Threaten both? God help us all.
Simple normal people will just hog their money at home. not at banks. that is the result
Holy!!! what a video!! the animations and information was paired so well. well done!
This was hilarious and informative!
As a Greek I lmao'd at the OPA part, gj making this, unless you had a caring teacher nobody will ever bother explain how this all started, only nag how this is never gonna end.
I think there are some nuances missing in all this, mainly the amazing amount of money that was embezzled by government officials throughout the whole period you talked about, but for a 5 minute summary this is surprisingly accurate.
This video is incredibly well done to the point the vector images reflecting real buildings (Greek parliament and stock exchange) and a lengthy complicated issue summarised perfectly in 5 mins. Te only small mistake that I see many people making is thinking that the term Grexit (which predates the term Brexit) referred to Greece leaving the EU, that was never the case, the term Grexit referred to Greece leaving the Eurozone not the EU, I think that confusion stems from the term Brexit that indeed refers to UK leaving the EU.
I think that in the end of the furious negotiations of 2015 it was about leaving the EU as well. If I'm not mistaken all 27 leaders were invited with all possibilities open in a summit where eventually an agreement was established. Something about major EU treaties concerning fiscal limitations would be incompatible with a country trying to stabilize after leaving the common currency.
"Let's cook the books and ignore piling debt. This can't possibly go wrong!"
Let's just blame the Germans later :D
We're about to see this everywhere in world.
Also! Greeks aren't lazy. They have the highest work hours per week! (42h/w) coming second to korea and honestly, if you ask me, civil servants hours lower the numbers....
yeah greeks are not lazy, they just let emigrants do this low pay work
@@TheGentry000 Most Greeks would be overjoyed to even clean passing car's windows since there's such a huge demand for work but no positions available
@ELITE EXTREME GAMER Greeks aren't lazy, cry about it
@ELITE EXTREME GAMER stfu rich-boy both my father and my mother work almost 60 hours per week and i still sometimes have to eat food from 2 days ago. If you think that we are lazy just count how many hours your stupid ass/parents' asses work per week
Number of "work hours per week" do not measure work efficiency, maybe in Germany an employee can do the same in 20h ? Work smart, not hard :)
The problem with Greece needing money has three variables imo.
a) The civil servants that work less than their private sector counterparts, earn more than their private sector counterparts and live at the expense of everybody else. No reforms happened to equilize the system and that's why the inequality between people's earnings and work changed for the worse in the private sector (aka the majority of people).
b) The fact that every government do not respect the taxes of the people. The spendings for useless stuff and people that literally do no work and get paid is nuts. We buy ships that do not work, get money for roads and schools and buildings and the politicians do not actually build these things. So Greece has a transparency problem and ancient infrastructures that affect costs.
c) Taxes weren't a known word before '09. That changed but not fairly. There is no income-based criteria for tax payment. So people consider taxes the worst abbomination of all time.
and yet taxes are hiw ALL developed nations maintain economics for their government.
" You live here? Thats still our land, you owe us a cut"
In days of Yore, it may not have been physical coins, but tax-by-trade was VERY much a thing.
Food, livestock, land, housing, personal valuables, EVERYTHING about an economy dictates trade.
Yet BOTH government and people seem in this recent browl over "Only ONE should eran ehile the other works to the gains of that!"
Call it what it is: A compromiseless Anarchy vs Autocracy deliema where NOBODY leaves the hill theyre born on, chained to die on it regardless of their opinion.
sounds like America 😳😳😳😳
Nice little nod to Shaun of the Dead in there... I went to Greece a couple of years ago with a college prof and his students and our tour guide pointed a few of the squares in Athens where the protests were the wildest -- one such place was Syntagma.
Well done video! Very engaging!
well holy shit i didnt even know much of that and ive lived through it
πολυ ενδιαφερον ηταν
Same
It's actually even worse than that. Every step of the way, Greece was forced to promise to do something eminently sensible in return for the next bailout, and every step of the way, Greece dragged its feet, refused to implement part of the deal or even tore down something that had already been implemented.
An example is the way unemployment benefits works (or worked -- I'm not up to date with the situation). The old system required people to show receipts for their expenditures which they would then get reimbursed for. This is an extremely slow and inefficient process (but it requires lots of public sector workers!) and it doesn't let poor people manage their money wisely, for example by saving up for bigger expenses (that could even be investments in a better future) and it gives no incentive to poor people to find cheaper alternatives.
So it is not a good option for the people on unemployment benefits and it is expensive.
But on the other hand, it means the ruling party can find lots of jobs for people who are friendly to the party. And those people also have a chance to be nice to people they know (or somebody else with the right guanxi knows) and less nice to people they don't like.
Early on, Greece was forced by the EU to implement a small scale experiment where people just got a lump sum every month, just like they do in Northern Europe. It's cheap, fast, efficient, provides better incentives for the recipients, and makes it harder to cheat the tax payers.
One of the first things Syriza did was to scrap the experiment.
There are many, many more examples like that.
"The crises of the past."
These are dire times...
The references from Shawn of the dead are great good video
Perfect video!! make a 2nd part.
How does this channel JUST have 156k subscribers?? Very underrated!!
Goldmans never ceases to sleaze. Comes in times needs reaps benefits and leaves a path of destruction.
@Stephen Jenkins: Even if Goldman's primary purpose is to make money for its investors, we should be able to expect it to operate within certain ethical boundaries. Helping Greece defraud European institutions is at least a bit suspect.
Just great video
Does Plain Bagel further explain how the currency swaps are used to hide the debt? Would be super interested in that.
This guy seems to give a pretty good breakdown of how that deal worked: ruclips.net/video/EFER92t5XhE/видео.html
I also heard it in a video this was a very strange technique which the experts in that time didn't know at all and if they knew was difficult to understand.
I love how you explained the Troika's plans the way Simon Pegg did in his movie "Shaun of The Dead".
the best part of the video.
How does this video only have 30k views? This should have at least a million
Brandon Spiegel - Future Millionaire Alphabet suppress any videos that make socialism and government spending look very bad...
Brandon Spiegel - Future Millionaire dk
It's already at 300k and it's only been 4 days since your comment.
@@kevinboros7427 Yah, I guess I just commented right after the video was posted. Looks like it will end up getting to a million then!
=)
Brilliant video!
Woww the animation was sooo good!
Ancient Greece: *slaps modern Greece* WTF IS WRONG WITH YOU?
Christianity....
@@petrosnikolaou7316 based
@@petrosnikolaou7316
Funny when other Christians country are the top in the world on everything. Lol
@@astaloaf2113hahahahhahaha like which country? Sweden, Iceland , France , India , China , Japan , North korea , Denmark , Estonia , Finland , Canada , etc are atheist / non-religious countries (or different religions ) with the greatest cultural (and
economic ) reflection. But you are right! there was a time in our history that christianity was the dominant religion , and the church ruled the world ,
this (time) era was called DARK AGE!!!! :)
@@petrosnikolaou7316
USA, UK, France, German,Italy, Russia.
All these major countries lead many invention, discovery, rediscover that lead to modern world.
“Grexit.”
Doesn’t sound quite as right as Brexit.
Brexit doesn't sound right either.
@@venomfanatic02 listen kid, the referendum was about accepting the new austerity measures brought by tsipras. There never was a grexit question thank god...
@@informitas0117 It is not going to happen
Brexit sounds indeed nicer
Though tbh Nexit sounds pretty decent as well
@@venomfanatic02 clearly you haven't read the ballot paper.
And non of those who read it, understand which the question was.
I've never laughed so hard while learning about financial history
*when a 5 minute video teaches you more then a whole hour or lessons*