Just heard from Greece...

TIDE-HSV

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Or rather, my client who is there for the summer, his usual lifestyle. He's a pretty canny retired UAH prof, so he protected himself in advance by drawing down his cards' limits in cash for a while. However, there are lines of pensioners waiting outside the banks at 1:00 AM, waiting for banks to briefly open to draw down their $60 max. I know that predominant sentiment here is going to be here that the Greeks made their beds - and they did. However, I was caught in Switzerland in 1972 when the dollar and gold standard crashed. I had a pile of worthless Travelers' Checks and an Amex office with a "closed until further notice" sign on the front door. I could draw down daily $50 for a family of five at Credit Suisse. Each time I went in, I had to endure an argument with the manager about how profligate the US had been in spending - hard to take from a sanctimonious Swiss. I eventually fled Interlaken for Bern, where I could exchange $300 at an awful exchange rate (no complaints). A little hotel let us stay for several days - on credit, to send them a check from back home! I've blessed their memories ever since. Of course, at the the temporary exchange rates, we couldn't even afford to eat at that their expensive French restaurant. All this to say I know acutely how the elderly Greeks feel, having been caught in a currency crisis myself...
 

Tidewater

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Or rather, my client who is there for the summer, his usual lifestyle. He's a pretty canny retired UAH prof, so he protected himself in advance by drawing down his cards' limits in cash for a while. However, there are lines of pensioners waiting outside the banks at 1:00 AM, waiting for banks to briefly open to draw down their $60 max. I know that predominant sentiment here is going to be here that the Greeks made their beds - and they did. However, I was caught in Switzerland in 1972 when the dollar and gold standard crashed. I had a pile of worthless Travelers' Checks and an Amex office with a "closed until further notice" sign on the front door. I could draw down daily $50 for a family of five at Credit Suisse. Each time I went in, I had to endure an argument with the manager about how profligate the US had been in spending - hard to take from a sanctimonious Swiss. I eventually fled Interlaken for Bern, where I could exchange $300 at an awful exchange rate (no complaints). A little hotel let us stay for several days - on credit, to send them a check from back home! I've blessed their memories ever since. Of course, at the the temporary exchange rates, we couldn't even afford to eat at that their expensive French restaurant. All this to say I know acutely how the elderly Greeks feel, having been caught in a currency crisis myself...
Syriza is running around Athens posting "Oxi" (No) posters (with the face of the German Finance Minister) all over the place. In other words, the governing party is spending money campaigning hard against the deal that it (the governing party) negotiated. The other Syriza slogan is "We will make history."

Yup. These guys made history too:
 

tidegrandpa

All-American
Or rather, my client who is there for the summer, his usual lifestyle. He's a pretty canny retired UAH prof, so he protected himself in advance by drawing down his cards' limits in cash for a while. However, there are lines of pensioners waiting outside the banks at 1:00 AM, waiting for banks to briefly open to draw down their $60 max. I know that predominant sentiment here is going to be here that the Greeks made their beds - and they did. However, I was caught in Switzerland in 1972 when the dollar and gold standard crashed. I had a pile of worthless Travelers' Checks and an Amex office with a "closed until further notice" sign on the front door. I could draw down daily $50 for a family of five at Credit Suisse. Each time I went in, I had to endure an argument with the manager about how profligate the US had been in spending - hard to take from a sanctimonious Swiss. I eventually fled Interlaken for Bern, where I could exchange $300 at an awful exchange rate (no complaints). A little hotel let us stay for several days - on credit, to send them a check from back home! I've blessed their memories ever since. Of course, at the the temporary exchange rates, we couldn't even afford to eat at that their expensive French restaurant. All this to say I know acutely how the elderly Greeks feel, having been caught in a currency crisis myself...
Thatcher was right
 

4Q Basket Case

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Yeah, it's not their fault for this mess.


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Individually, maybe. But maybe not. Collectively, they did support economic policies that were unsustainable. Mainly the pension system with an early and generous retirement benefit and lax to no enforcement of tax laws.

Earle -- I'm curious as to the sentiments of the average German citizen. Do they regret getting into the Euro? Or maybe they think it was a net positive in the unification with and re-integration of East Germany -- though those events were a few years apart.

I know the Brits are saying, "Toldja" under their breaths, and wonder about the German perspective.
 

Gr8hope

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Nothing is free, someone pays until they can't. Then you have Greece.....and Italy, and Spain, and Portugal, France, and eventually The U.S.
 

Tidewater

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Yah that aspect truly sucks.
Closer to home was a story I saw on Sky last night. Greek pharmacies are running our of necessary medicines (two people in this story were taking MS meds).
Being limited to €60/day is really inconvenient. Not getting your meds can be deadly.
But by all means, Syriza, "Make history." Badmouth, and then stiff your German creditors. Let us know how that works out for you.
 

TIDE-HSV

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Individually, maybe. But maybe not. Collectively, they did support economic policies that were unsustainable. Mainly the pension system with an early and generous retirement benefit and lax to no enforcement of tax laws.

Earle -- I'm curious as to the sentiments of the average German citizen. Do they regret getting into the Euro? Or maybe they think it was a net positive in the unification with and re-integration of East Germany -- though those events were a few years apart.

I know the Brits are saying, "Toldja" under their breaths, and wonder about the German perspective.
Actually, Shelby, the Germans are among the biggest supporters of a united Europe. I think it's a reaction against the years of being pariahs. Of course, they know that they'll always dominate. The only evidence of chauvinism I've seen is, when they buy something durable, then, by God, they want it made in Germany. A few years back, the PTB in Brussels removed country of origin (like the FDA is proposing doing with beef right now). As long as it's made in the EZ, it can't be labeled and that they really don't like...
 

TIDE-HSV

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Closer to home was a story I saw on Sky last night. Greek pharmacies are running our of necessary medicines (two people in this story were taking MS meds).
Being limited to €60/day is really inconvenient. Not getting your meds can be deadly.
But by all means, Syriza, "Make history." Badmouth, and then stiff your German creditors. Let us know how that works out for you.
Actually, it's $60 or 54 Euros...

Edit: Tidewater was correct and my client was wrong. It is 60 Euros. Of course, I could tell he was in a distressed state when he emailed me...
 
Last edited:

4Q Basket Case

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Actually, Shelby, the Germans are among the biggest supporters of a united Europe. I think it's a reaction against the years of being pariahs. Of course, they know that they'll always dominate. The only evidence of chauvinism I've seen is, when they buy something durable, then, by God, they want it made in Germany. A few years back, the PTB in Brussels removed country of origin (like the FDA is proposing doing with beef right now). As long as it's made in the EZ, it can't be labeled and that they really don't like...
I understand that part. My last three cars have been BMWs -- the Z3 assembled in South Carolina, and a 328 and a 650 assembled in Germany. All built well, though I did notice slightly better build quality in the 328 and the 650.

They ain't cheap, but as long as I can, I'll stay with BMWs.
 

mikes12

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I understand that part. My last three cars have been BMWs -- the Z3 assembled in South Carolina, and a 328 and a 650 assembled in Germany. All built well, though I did notice slightly better build quality in the 328 and the 650.

They ain't cheap, but as long as I can, I'll stay with BMWs.
I'm still driving my Z3. My favorite aspect of BMW is that I don't have to get the oil changed but once a year.
 

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