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Greek Debts?


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On the subject of debts:


Britons are struggling with an astronomical collective personal debt of ?1.46trillion.


Advice agencies are under siege, with an increase of 30 per cent in the number of people seeking help in one year.


Some are being forced to wait up to six weeks for an appointment.


Others are being turned away, with two debt agencies refusing new clients because their waiting lists are too long, according to a report from spending watchdog the National Audit Office.


The debt mountain, which includes everything from mortgages to credit cards and personal loans, has soared to record levels and is now equal to about ?56,000 for every household, 60 per cent higher than average pre-tax income.


The figures were issued as debt experts warned that a record 150,000 people could to be plunged into insolvency this year - 15 per cent more than last year.


They said there is usually a time lag between the start of a recession and people losing the battle with their finances.


Mark Sands, head of bankruptcy at the accountants RSM Tenon, said it is not necessarily losing their job which tipped people over the edge, but losing overtime pay or a bonus.


He said: 'If you've got ?50,000 of debt on your credit card and you've lost one of your shifts then you are going to hit the end of the line.'



Read more: http://www.dailymail.co.uk/news/article-1248310/1-5trillion-Britons-rack-record-personal-debt-mountain.html#ixzz0eZQq5UAK

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The problem is Paul; as with people - as with Nations, we now have a culture of buy now pay later; all part of the "I want it now" syndrome. The problem with the Tory's attempt to be honest about the need for austerity and cutting the budget deficit, is that voters don't want painfull truths, they want to hear more comforting spin - that's why Dave may not do as well as he expects in May! :wink:

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Greek is well up the creek minus a paddle, not only do they have huge debts they have a weak economy so they are unable to make the cuts needed.As they are members of the Euro they've also lost the ability to devalue their currency.I doubt the Germans will bail them out, they have their own problems to deal with.

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"The Greek government's emergency efforts to revive the country's ailing economy met with angry protests in Athens yesterday, as customs officials and tax collectors went on the first of an expected rash of rowdy strikes.



The two-day protest comes after the government enacted a brutal reform package in response to a disastrous economic picture in the eurozone's weakest economy. The absence of the customs workers was already making itself felt yesterday, as lines of trucks formed at the country's borders unable to bring imports into the country except perishable goods and pharmaceuticals. Fears arose that a fuel shortage would soon result.


Public sector workers are unhappy at what they see as excessive cuts announced this week, and claim they break the new socialist administration's campaign pledges. "We have already made sacrifices and will accept no more cuts," said Argyris Sakellaropoulos, the union leader of Greece's customs officials."



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A little more on the Euro crisis: seems there is a general problem with record global debt, arising from the borrowing and spending binge of the past decade or so. The normal fiscal corrective mechanisms are not available in the Euro zone, leaving only draconian austerity measures, which ordinary folk don't appear prone to accept. There is no central "bail out" fund for Portugal, Italy, Greece or Spain; and if Greece defaults on it's debts, it could destroy the Euro zone and possibily the EU as a consequence. So we have now come to a cross roads: which will mean either more centralised political control of national economies in the EU - ie A Euro Super State with centralised fiscal control of the economy OR popular demand for national sovereignty will finally overthrow this artificial construct. :?

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