they did what other poor people lent money they couldn't pay back lol

110% agreed. imo this video kinda doesnt give an accurate image

This is just one of the reasons

Kevin Lu l Storm Chasing

raypretty i think that unfortunatly its as plain as this guy sais it is

Strange, nobody responded to you.

@@quakeknight9680 in three years😹

Spartans!

@@kexek7975 ok.

@@tepmurckcin188 the fact that it is true doesn’t necessarily guarantee no response. There will always be people on the internet willing to disagree with the most common sense statements/arguments.

Ikr

LOL

Ikr there’s nothing here

First comment to your comment

Fourth comment to your comment

O Hi Milan

Don’t be upset because it’s true. Many people of all nationalities have stated the EU is unsustainable. Like thousands of years of wars can just be forgotten.

I watched 3 videos before this thinking Vox would give some more insights but alas. Your comment made my point.

Well no dip Sherlock

Plus, they spend half of that three minutes setting it up. So it's basically an attempt at a 90 second answer.

They talked more about people of the EU eating their currency rather than talking about the Greek economic crisis!

i like how you say serius mistake when youre talking about mistake

No, I have to disagree, this the main problem with many countries sharing the same currency.Unlike many other videos by vox in this topic this is by far the most accurate.

The vox's explanation was: You know Greece has worse economy than Germany and they use the same currency but they are not fully united...

This video doesn't really say anything false, the issue is that this is only part of the story. The main point is correct that economists knew having Germany and Greece on the same currency is economically irresponsible...how could they not have?? But Germany (and other European countries that are largely donor states) saw it as a way to control a larger share of the global economy while Greece (and other Southern European countries) initially received money. The main issue that no one foresaw the global recession that began in 2008 and they definitely did not foresee how devastating it would be globally but especially in Southern Europe.

It’s true tho

😂

Odd comment

@@sparks1792 what's odd?

***** You would have a stronger case if the US didn't have a healthier recovery than Europe.

***** I don't really think that was what they were trying to do, they just needed an example of a big country that is heavily subdivided (Which america is a prime example of) to compare to.

rasp I'm not saying they lied, and you're not wrong. But the crisis in Europe is more complicated than “Their problem is that they're not the United States, to solve it, they MUST be the United States”. Which seems to be Vox's dumb, obnoxiously imperialistic and outdated, bottomline.

FalconGunner99 Sure, I don't think their intent was THAT propagandistic. Still the discourse in the video, to me, as a non-American, feels wrong, and weirdly self-congratulatory. Perhaps this video was not meant for non-americans?

***** That is your defense of the Euro? Because it is not an American institution, it must be defended? Maybe you should keep your focus on topic. The conversation is about the Greek crisis and how the euro restricts their recovery. You grumbling about American imperialism is not very relevant to this.

One negative about Greece right now no offense the bank crisis could lead to a civil war

Ihsan Mujdeci Maybe because it is bullshit? Or maybe because it does not explain why specifically Greece in is trouble?

Ihsan Mujdeci It covers the basics of it, but leaves a lot out. The main problem I have is that it suggests that, because the Euro hasn't worked it can't and never could work and that a transfer union is the only way. This is a more elaborate, but less fatalistic account: www.princeton.edu/~amoravcs/library/after_crisis.pdf Important excerpt: "Jacques Delors, who was president of the European Commission from 1985 to 1995 and who is often considered to be the father of the euro, told me shortly after the Maastricht Treaty was negotiated that he saw the single currency as a failure because he had been unable to persuade the Germans to compromise."

Ihsan Mujdeci I agree. The problem with Euro is that it didn't monetize its debt, thus it can't be a sound currency.

Ihsan Mujdeci I agree. The problem with Euro is that it didn't monetize its debt, thus it can't be a sound currency.

Sadly it did match mine :(

@@tiaxanderson9725 are you american?

Πιστεύω πως ενώ έχεις δίκαιο στο γεγονός πως το βίντεο είναι υπερβολικά υπεραπλουστευμένο. Επίσης όντως το πιο πιθανό είναι το βίντεο να έγινε για να προσελκύσει κόσμο ( άλλωστε vox είσαι μην περιμένεις αντικειμενικότητα ). Παρόλα αυτά είναι γεγονός πως ένα ''ισχυρό'' νόμισμα όπως το ευρώ έχει περισσότερο αρνητικές συνέπειες παρά θετικές σε μια χώρα με ανεπαρκώς ανεπτυγμένη οικονομία όπως είναι η Ελλάδα ( ειδικά όταν αναφερόμαστε σε πρωτογενή και δευτερογενή τομέα ). Συν και τον τουρισμό για εμάς. Η Ελλάδα υιοθετώντας το ευρώ ταυτοχρόνως έδεσε τα χέρια της. Με δικό της νόμισμα θα μπορούσε να το υποτιμήσει έτσι ώστε να αυξήσει την ανταγωνιστικότητα της και να έχει ένα υγιές εμπορικό ισοζύγιο. Θα μπορούσε γενικότερα να το ελέγχει και να το προσαρμόζει στις ανάγκες της. Το ευρώ δεν είναι φτιαγμένο για οικονομίες όπως η Ελλάδα στην παρούσα φάση της. Για αυτό και η ΕΕ βάζει ορισμένα κριτήρια για να υιοθετήσει μία χώρα το ευρώ . Το ευρώ και γενικά τα "ισχυρά" νομίσματα είναι για ισχυρές οικονομίες. Και αυτό είναι ένα σοβαρό πρόβλημα της ΕΕ. Υπάρχουν χώρες στην ζώνη του ευρώ με δυνατές οικονομίες που το ευρώ εξυπηρετεί τις ανάγκες τους ( όπως Γερμανία, Γαλλία, Ολλανδία κτλ.) ,ενώ υπάρχουν και χώρες με πιο αδύναμες οικονομίες που χρειάζονται ένα πιο υποτιμημένο νόμισμα (Ελλάδα). Και από την στιγμή που αυτές οι ισχυρές οικονομίες είναι περισσότερες από τις αδύναμες και υπερτερούν και πληθυσμιακά είναι αναμενόμενο η ΕΚΤ να διευθύνει το ευρώ σύμφωνα με τις δικές τους. Επομένως έχει ένα δίκαιο εδώ το βίντεο. Τέλος να προσθέσω ,πως η επιμονή της Ευρωζώνης να επιβάλει τόσο αυστηρά μέτρα ρευστότητας για ΤΡΙΤΗ συνεχόμενη φορά ,ενώ αυτή η πολιτική είχε τα αντίθετα αποτελέσματα ΔΥΟ ΦΟΡΕΣ, δημιουργεί προβληματισμό στην καλύτερη περίπτωση. Εδώ μάλιστα έχει δίκαιο ο Βαρουφάκης... αν δεν το έχεις ψάξει γενικά καμιά φορά λέει ενδιαφέροντα πράγματα. Αυτά 😂. Σπουδάζω και εγώ κάτι παρόμοιο.

Yep, and they could talk about how the greek economy is solely made out of tourism (mostly), the undiversified economy is one of the reasons, euro is too. But they only mentioned the Euro rather than all reasons why, for example the 2008 global economic crisis which hit harder on Greece than other countries, and ect.

I tottaly 100% agree; you can see the ignorance of the writer on 2:34 when he talks about how germans didn't help greece; peace

Wasn't the idea of greeks economy to be based on tourism, if so thanks EU.

@@rosenberry9150 Having an undiversified economy is having a "weak economy" and he said that. It's not necessary to go into why

+mpogias13 Cheap credit is The cause of the problem, because that interest rates didn't represent the actual value of greek economy, and caused the growth of an enormous bubble that once an exogenous schock happened (the 2008 financial crisis) made it burst. Add to this the disproportionate value of the euro for such a small country and that's why Greece finds itself in the actual situation. Corruption episodes between politics are trivialities.

+Gival Sorry but you are dead wrong. Unlike the cases of Spain and Ireland, where asset and financial bubbles burst weakening the banking system making it need a state bailout, the Greek crisis is mainly a fiscal one. Our bank sector was completely healthy even in the start of the crisis. In 2010 when the free markets stopped buying our bonds out of fear of bailout, we signed an MoU promising to reform our public sector and increase taxes. Instead, populist politicians only taxed the private sector so as to save their voters in the public sector. This weakened investment & demand, leading to a recession. Instead of minimizing the wasteful and counterproductive Greek public sector, and lowering taxes and investment costs to stimulate growth, politicians avoided fiscal reforms like the plague since in Greece you only get elected when the trade unions of the public sector vote for you. Samaras was the last PM who actually pushed for reforms but SYRIZA (left) populists promising privileges to the public sector overthrew him and won the elections. For the last year these guys have proven themselves incompetent in every single sector, and almost made us go bankrupt on July after many years of sacrifices. The Greek problem stems from political indecisiveness and lack of will to modernize our economy by shrinking the public sector and stimulating investment on the healthy and productive private one. It has nothing to do with the structure of the euro.

It has to do with the euro, otherwise Spain and Italy would not be in the exactly same declining situation (only a little better). It's known that the birth of European Monetary Union brought a decrease in the interest rates, because everyone was more credible, the system was supposed to be a solid one. Well, it's exactly that fall in the interest rates to be the one of the real causes of Greece and PIIGS countries in general. The fact of having low interest rates, in addition to having common currency, allowed Germany to avoid the devaluation risk that existed before the adoption of the euro, i. e. the risk that with a Greek currency devaluation the German investors could lose part of their investment. With euro this was no longer possible, and this fact let Germany be willing to have a soft budget constraint that allowed them to lend with no worries tons and tons of money (from the theory, it is known that capitals flow towards those regions that are less developed, in order to build infrastructures and so on, and also because, on average, interest rates are surely higher than in already developed countries). These money increased tremendously the private debt (the debt owned by private citizens and SME), not the public one (unlike what media want to show us with the stories, true but not relevant, of the corruption episodes of the bureaucrats) and made, little by little, the bubble grew and grew and grew, until an exogenous shock, the financial crisis of 2007, made it burst. In that moment, when it came to be clear that all those debts coudn't be easily paid back, the dream of the euro showed its weakness that took to the actual situation. That's what is perfectly explaind by the "Frenkel cycle".

+mpogias13 Don't forget Greece likely financed most of the 2004 Olympics as well. That sure wasn't a very sound investment.

+mpogias13 Yes, and don't forget that they got a lot of "advice" from American banks who have a reason to destroy the euro. Since the Euro is in direct competition with the petrodollar. The invasion of Iraq came to be AFTER Saddam announced he was going to except Euros for Iraqi oil. This explains also the refugee crisis in Europe at the moment. It's very simple the bigger the mess in the middle east, the more refugees. And many country's in Europe do what they have always done. close their borders and point at others..

+lukaszepesi Yes, tax evasion runs rampant in Greece, and I'm not sure how much can be done because it's now so engrained into system that the average person in Greece sees absolutely nothing wrong with it.

we have to give Europe 20something billion of €. Because the politicians and the rich people spent them for their own needs. But firstly Greeks asked for money from the other European countries and the money ended and we asked for more... so we have to give them back. Γεια!

You are putting the problem on the people, which is from misinformed or plain stupid to straight up racist.

One small correction to this; Government jobs are not well paying, but they have a system similar to tenure. The pay was actually less than what a person with equal years in the private sector would have been payed.

The bigger goverment story is true but its expenses (although heavily unoptimized -btw most countries have an unoptimized slow public sector Greece is not a singularity in that - ) were never the issue since they along with all the other expenses for education, military and health etc were all bellow Greece's GDP the issue brakes down as such 1) Greece's economy is not poor Greece has tremendous wealth both tangible and intangible and also the human resources to make use of it. 2) Greece's economy did not borrow and borrow from Europe until it collapsed! In fact it was borrowing less and less while paying unfair loans taken 100 and 200 years back (e.g for their Independence wars against the ottoman empire and of which no actual wealth came into greece but it had to pay the long term fees and compound interest rates.. ) 3) Greece's so called "Crisis" (catchy name for the news papers instead of "foreign hostile takeover" ) began when the *Private banks * "of Greece" (I put that in quotes since they are just operating and located in greece they are owned and controlled by foreigners outside of greece even the banks whos name is "national bank of Greece" is owned by a jewish guy named Rothchild) lost their liquidity because they all invested heavily in CDO's. Search more for the term "CDO and American Crisis" to learn more. A very cut down story is that people in the USA were talking loans those loans were sold as a financial product on the market and when people in the US stopped paying their loans on time those products (CDOs ) stopped to have value so everybody who bought those financial product literally had 0 value... Thus the Greek government (lead at that time by a guy who is half American and also has been educated, rised and lived in america and taught in american universities-such a coincidence- called Papandreou) decided to *bail out* those "greek banks* that lost their liquidity because of the american crisis since they heavily invested on those CDO's He used to pressure the public by saying thinks like "if we dont finance the banks then they wont be able to have bank notes to load the ATM's so nobody will be able to get money from his paycheck" and stupid foolish tricks (which eventually confused the public) The problem was that Greece did not have the cash to *bail out* those "greek banks" (which are held by foreigners mind you again) so he decided to get *loan-shark* money with very harsh conditions on which he agreed on and which knelled our economy and that money is what Greeks try to pay off now by accepting an other form of very harsh loanshark money laons from the IMF etc. to pay of the first loan that wen all for the *bailing out* of the "Greek banks" and which they need like 50-70 years to pay off while living under conditions of *sever austerity*

Exactly

I guess these people don't understand why us Europeans want to help each other out, even if it doesn't come across that way.

@Kordell Swoffer Whether you personally don't want to go somewhere, doesn't mean that they don't require a miniscule amount of help from a collection of member nation states. Remember that the world does not revolve around you. Further more there is 'something wrong with that' as when you join the European union, that member state knowingly signs up to various laws that make up the EU. Wherein they invest into the European pool of money which is distributed to less well-off states to boost they productivity and economy to be on a more homogenous level. Those who wish to betray the laws that they signed and leave can, you are always free to leave the EU just like the UK has.

Two centuries... The country is two centuries old...

@@VVMagi and ur point is?

The not so united states of America.

Unitedn't

I gotta say, I didn't expect this comment xD

Tsar Alester hahaha my dream but Turkey holds Istanbul/Constantinople so tightly it’s impossible

Haha.

haha loved it

i gotta disagree with that one, but i see what you are trying to say

Majed Gallivant What was he deflecting? If you don’t know how the EU system works why would you compare it to the US system? They missed all the structural funds, the obligations, the benefits and the regional funds. How could that be compared to “currency flowing around”. The money has to be spent correctly.

@Majed Gallivant maybe it's because in Europe, we have things sorted out much much much much better than they do in the US. Imo, many Americans don't fully realise this.

@Majed Gallivant the video heavy handidlycompared the EU to the US, it's not randomly cropping up in the comments.

@Majed Gallivant it's called jealousy

yes this, the video ended way too soon

for example? what's wrong with the vid i your opinion? not to be rude, i'm genuenly curious

+feketetv It's doesn't fully explain how the economic side of the EU works at all, as well as it compares its structure to that of the United States, which, in many ways, is the opposite. And that's just 5 seconds of the video. Could go into a rant, but I think, if you're curious enough to research the EU, in no way being rude, you can quickly work out how they've altered and changed a lot.

1. Greeks had same catastrophies before and WITHOUT THE EURO, this is why most Greeks want the Euro to stay. Drachma was devalued like you suggest and everything fell apart completely because once you start printing money or devaluing, there's no stopping it. 2. Greeks don't get money from the richer EU countries? Is that a joke? Greece is the number one country recipient of EU funds. It's net received via EU funds is in the BILLIONS of Euros every year. You need to read...

Then if you're so incredibly knowledgeable why not list some misinformations instead simply writing: "Wow, this is really stupid." Do you really think your comment added to the conversation? Now we all know exactly the same stuff as before plus that one random Scottish guy is not content ...

Some corrections to the video 1) Greece's economy is not poor Greece has tremendous wealth both tangible and intangible and also the human resources to make use of it. 2) Greece's economy did not borrow and borrow from Europe until it collapsed! In fact it was borrowing less and less while paying unfair loans taken 100 and 200 years back (e.g for their Independence wars against the ottoman empire and of which no actual wealth came into greece but it had to pay the long term fees and compound interest rates.. ) 3) Greece's so called "Crisis" (catchy name for the news papers instead of "foreign hostile takeover" ) began when the *Private banks * "of Greece" (I put that in quotes since they are just operating and located in greece they are owned and controlled by foreigners outside of greece even the banks whos name is "national bank of Greece" is owned by a jewish guy named Rothchild) lost their liquidity because they all invested heavily in CDO's. Search more for the term "CDO and American Crisis" to learn more. A very cut down story is that people in the USA were talking loans those loans were sold as a financial product on the market and when people in the US stopped paying their loans on time those products (CDOs ) stopped to have value so everybody who bought those financial product literally had 0 value... Thus the Greek government (lead at that time by a guy who is half American and also has been educated, rised and lived in america and taught in american universities-such a coincidence- called Papandreou) decided to *bail out* those "greek banks* that lost their liquidity because of the american crisis since they heavily invested on those CDO's He used to pressure the public by saying thinks like "if we dont finance the banks then they wont be able to have bank notes to load the ATM's so nobody will be able to get money from his paycheck" and stupid foolish tricks (which eventually confused the public) The problem was that Greece did not have the cash to *bail out* those "greek banks" (which are held by foreigners mind you again) so he decided to get *loan-shark* money with very harsh conditions on which he agreed on and which knelled our economy and that money is what Greeks try to pay off now by accepting an other form of very harsh loanshark money laons from the IMF etc. to pay of the first loan that wen all for the *bailing out* of the "Greek banks" and which they need like 50-70 years to pay off while living under conditions of *sever austerity*

1) Greece's economy is not poor Greece has tremendous wealth both tangible and intangible and also the human resources to make use of it. 2) Greece's economy did not borrow and borrow from Europe until it collapsed! In fact it was borrowing less and less while paying unfair loans taken 100 and 200 years back (e.g for their Independence wars against the ottoman empire and of which no actual wealth came into greece but it had to pay the long term fees and compound interest rates.. ) 3) Greece's so called "Crisis" (catchy name for the news papers instead of "foreign hostile takeover" ) began when the *Private banks * "of Greece" (I put that in quotes since they are just operating and located in greece they are owned and controlled by foreigners outside of greece even the banks whos name is "national bank of Greece" is owned by a jewish guy named Rothchild) lost their liquidity because they all invested heavily in CDO's. Search more for the term "CDO and American Crisis" to learn more. A very cut down story is that people in the USA were talking loans those loans were sold as a financial product on the market and when people in the US stopped paying their loans on time those products (CDOs ) stopped to have value so everybody who bought those financial product literally had 0 value... Thus the Greek government (lead at that time by a guy who is half American and also has been educated, rised and lived in america and taught in american universities-such a coincidence- called Papandreou) decided to *bail out* those "greek banks* that lost their liquidity because of the american crisis since they heavily invested on those CDO's He used to pressure the public by saying thinks like "if we dont finance the banks then they wont be able to have bank notes to load the ATM's so nobody will be able to get money from his paycheck" and stupid foolish tricks (which eventually confused the public) The problem was that Greece did not have the cash to *bail out* those "greek banks" (which are held by foreigners mind you again) so he decided to get *loan-shark* money with very harsh conditions on which he agreed on and which knelled our economy and that money is what Greeks try to pay off now by accepting an other form of very harsh loanshark money laons from the IMF etc. to pay of the first loan that wen all for the *bailing out* of the "Greek banks" and which they need like 50-70 years to pay off while living under conditions of *sever austerity*

"IoannisFromGreece" is a classic example on how such bullshit confusion keeps on residing in Greece.. this guy for example doesnt know what he is talking about he didnt do any research on the matter he just is parroting what he hears from the media or from friends (who parrot the media as well for the same or similar reasons as him) because a) he just lives in a predicament and therefore he needs a scapegoat which vaguely all politicians can be b) he is a supporter of a rival (to the democrats ) party so anything that is against them is good news for him no matter if it is true or not or in other words the people who are really in fault for the economic crisis in Greece (the foreign interest so called "Greek" banks) just apply a *divide and conquer* tactic to make the population hate each other as if they are not all from the same country and have a common interest... The economical requirement in the Maastricht agreement was to not have more than 3% financial deficit that was the requirement that concerns this topic And "the papers that democrats faked" is a propaganda spread from Greece buying shares from the Greek Railroad company (ΟΣΕ) which belonged to the public sector and which was loosing money because people didnt buy train tickets anymore and went public... thats what the people that brainwash you refer to when they said to you that the bad democrats "faked papers" And buying shares from a struggling company to increase its liquidity so that it can re arrange it self to be more attractive to customers is not "faking papers" nor a "scam" thus Greek Crisis has nothing to do with what happened 20 years ago... It is DIRECTLY correlated with the "Greek" private bank *BAIL OUT* which means the Goverment of Greece under the administration of a raised and born american prime minister "Papandreou" decided to give a bunch of money to the banks to save them from defaulting with the money of Greek people.. The problem was that the Greek treasury couldnt affort the entire mount of the Bail out money upfront and thats why it got loanshark term loans to be able to *bail out* the banks. The banks needed to be bailed because they lost huge percentage of their cash by investing in CDOs the value of which is *DIRECTLY* correlated with the American crisis (thats why I dont find such a coincidence that the man who took such a crazy risk and got all that money Greece didnt have to pay banks Greece doesnt own for loosing their money which they wanted to make from american deals... I am quite sure some Grecoamerican "diplomacy" went on in the shadows and some individuals got a great bulk of money on the account of the Greek people and to help foreign interest banks that are located in Greece.

You don't know anything about greece do you?

50% unemployment? from where tou get that stats man?

'global economy' is a scam.

Yeah same, I think the euro works if the country itself works - like Lithuania. If countries like Greece are struggling, we should all put in a little bit to lift them up.

@@nicolassegonds-pichon5009 I wonder whether Lithuania keeps on "working" for a long time

Since what happened in Greece, hopefully that hard lesson was learnt. Greece didn't collect tax properly, and therefore racked up immense debt, and they cooked the books to cover it up and join the club.

​@@grassytramtracks they lied about there economy and paid the price (literally) so hopefully now countries can see that lying about there finances is bad and it won't happen again

😂😂😂

😂😂😂😂😂

😂😂😂😂😂😂😂

Welcome to the comments where some people actually know economics

And sociologists too ☺️

***** Replace "Greece" with "the corrupt greek government at the time, in collusion with ratings houses and german and international bankers" and you're good.

***** I see this all the time, Greece didn't lie about the euro criteria to enter the eurozone, the government did, one specific asshole called Kostas Simitis who paid Goldman Sacks 1 billion euro to hide the debt from the criteria. That guy is on the top 10 of the most hated people in Greece, it's not like we don't care he lied to E.U, it's not like we congratulate him for being "more clever" than the rest of E.U, we were also betrayed in our own fucking home. If only the justice system wasn't protecting those in power, these guys who caused that problem wouldn't walk freely among us.

KateDenthimamai Is that corruption you speak about? oops.

Emanuel Scirlet Of course, I didn't say the opposite. Oops. But do you really think that eurogroup is not corrupted?

KateDenthimamai I am not sure what are you referring to but I genuinely believe EU wants to save Greece and have no intention to further injure greek people. I believe both sides are at fault but Greece clearly takes the lead on that one.

Yeah let's just buy new Greece! [I'm kidding lol]

The point of this video is that Greece had no way combating the issues youve stated because they had no control over their currency. If they had their own currency, they could have controlled their own money supply to combat issues youve just stated.

Parliament1mg But that doesn't fix the problem. If they had control over their own currency they would at best only combat the symptoms for some time until they appear again. And I guarantee you that's how they would've done it instead of fixing their economy. They would've also not gotten all the benefits from joining the euro.

what? how does making a law to force people to pay taxes have anything to do with a Single currency? Hell even poor country's like North-Korea can make laws. You sir do not understand a single thing of how politics work u don't need money to make rules! this isn't America. Greece failed to change their rules and stuck with their own bad tax program. other country's even offered to help FOR FREE to change it but Greece refused they thought Germany and other EU country's would Bail them out.

Moreover, if the issue was only that the euro is to strong for Greece, Greece could also decrease their minimum salary which would have a similar effect than devaluating the currency (every thing would be cheaper for strangers)

Lol TF2 Reference

This deserves so much more recognition.

the example you given is a rare case of hyperinflation. to be honest i can't remember if experts advised against the euro.

A rare case of hyperinflation? really? How about the hyper inflation on the Escudo, the hyper inflation on the Peso and the astronomical hyper inflation on the Lira. Southern Europe was plagued with hyper inflation problems. These problems not only lead to mass emigration right through to the 1980's but also mass disinvestment by the local nationals (let alone foreigners). Who wants to invest in a country where the government routinely devalues the currency. This was a key issue behind the Euro. As for 'experts advising' against the Euro - I don't understand the statement.

just cut him some slack, the poor guy just wants youtube views.

What a vomit of a comment.

***** Yes and perhaps that's is the problem the video tries to explain about why the Euro is a bad idea.

FermiToll Very poorly. It's not that simple, simply put, and America's system is hugely flawed, a nice wee graphic showing gold coining zooming about may look like it could be legit, but that's such a gross oversimplification of the economic system it utterly devalues the (quite obnoxious) message of the video.

FermiToll Euro is not a bad idea this video explains nothing but the higlight of an ignorant attitude saying EUR caused the Greek crisis now americans or anyone who watch this will think EUR fucked up Greece. Now these people know nothing about the greek politics, society etc. in the 20th century. Greece would have got rekt anyways, EUR sped up the process? Maybe. Because EUR is bad? Nah because Greece's fiscal policy is bad.

oz osvathzoltan I agree with you that blame solely the Euro for this mess is very simplistic view of a very complex problem. However in moments of great crisis governments have currency policy as a powerful tool to try to start fixing things, Greeks have not that tool and tied to the Euro are partially handicapped to deal with their crisis. Assuming your say is right and it was foresight, then where is the blame of the lenders? They made profit and already had been “rescued”, their debt had been bought, as always the profits are in few irresponsible hands that have nothing to worry now while the loses should be paid by the people in either case in the present situation

FermiToll Erm sometimes i'm not sure if i exactly understand the essense of your words because the interesting usage of english. However the question of responsibility in the relation of the lenders and the receivers or GER/FRA/EU and the Greek Goverment i guess you cannot really blame the EU for leding for profit or lending money although they foresaw that Greece wont be able to repay. I mean this is the EU everyone tries to act kindly here even though if it's not the best idea in every situation i mean if the Greek goverment present a proper plan of paying back the money and establishing higer tax raters EU gonna say okay then have the money even though they might think at their hearts that Greeks wont be able to repay they still going to lend the money because the Greek goverment met all the requirements artificially or with some tricks does not matter. But you know the thing with your pension system + the high wages - high prices system i mean this is what only a welfare state like Norway,Luxemburg can allow not Greece, so this has it's consequences.

I dont hear about Luxembourg a lot

@@jaif7327 so?

EU and Eurozone are different.

@@RandomEyes100 But Luxembourg uses the euro, and has never had its own currency anyway.

Ez countryto invade = irrelevant

My big fat Greek wedding!!

Thats two words.

It goes way before Greece created this word... USA is part of that too...Let's not talk about Germany... If you read some history everything will be cleaner for you ;)

MARI Actually this phrase contains no words wih greek origin edit: that is wrong the phrase "euro crisis" is 100% greek

one of them is swimming

Like what

@@imsearching4yearsnowforana966 maybe hosting the olympics in 2004 and lying about their costs and how it destroyed the greek economy

@@imsearching4yearsnowforana966 they falsified their books when they applied for the euro, they showed a healthy budget and balanced debt situation, in reality before they even applied for the €, the situation was grim. They had a budget and trade deficit, in 15% every year. In 2001 they applied, in 2004 the EU find out that they lied, in 2010 they found out they still are lying and the government debt is too high.

Joining the Eu didn't change the fact that we had corrupt politicians that put money in their pockets

​@@arsenvarelis2676 How is the situation now in Greece ?

Greece isn't expensive? If only you knew...

@@idkmyname7211 for sure it is expensive by Eastern European standards, but not by Western European standards and not by tourism standards.

right, the EU austerity policies and Euro now exacerbate the problems... they didn't cause them. No one forced the Greeks to borrow irresponsibly high amounts, then use the money unsustainably. Look at another Euro zone state Estonia as a counterexample.

that is just another problem cause becasue a country can do whatever its wants and bring the countries down.

Look at poland fastest growing economy within the euro zone.

There are multiple problems! The one you list is one, I definitely agree. I think that the argument in the video is also one, one since monetary policy does not work for the whole eurozone. (And there are more problems.)

+BountyFlamor Im gonna reply to you just so it is not only the retarded comments here getting all the replies. Well said.

+BountyFlamor the problem is nazi german is ruining europe as they have been for more than a hundred years

embiggen chaos lol germans on the enemy side for both world wars, end up ruling over europe anyways

BountyFlamor they already are a political union by they are all run by the bankers.

BountyFlamor

It seemed pretty meaningless imo

You really didn't grasp the analogy? It seemed simple as hell. Every country in Europe has its own requirements and needs to keep their economy afloat and one currency (or dish) can't meet all of their unique needs. How was that not clear as day?

Explain to me why he said Greece is the only vegetarian in the barbeque except in currencies there are no side dishes. WTF is he talking about.

+Vezu Greece is struggling to use Euros (a currency that doesn't suit their economic situation) and need an alternative. Side dishes are an alternative to meat.Greece only has the Euro which is like a barbeque only having meat.

+atemptytables Ohhh Thanks

sure, that's the beautiful part of life

cant w8

So let's get high...

you dont say?

hope so

hectorae86 hahaha true

παρολο που ισως να ηθελες να συνεχισεις πανω στην μουσικη, μπραβο που ειχες αρχιδια για ενα τετοιο turn around διοτι να φανταστω περασες 2 τουλαχιστον χρονια στο χαος και πανω απο το πσ να μαθαινεις ολημερης JS κτλ. :)

you should move to Turkey.

You realise Greece has a better economy than most of its neighbours right? F.Y.R.O.M.'s economy is just as fake as the heritage they claim and Albania is... well its Albania.

Daderpman 101 Albania is awersome ofc not that rich but still AWERSOME!

Depends what you mean by awesome

arxidia malaka gtp ola

@Floki Vilgerðarson Swedish?

but from what I read, Greece's only income is from their destination place. is it true though?

Razif FA do you mean their tourist industry ? Im not actually sure but that is definitely one of the major industries.

Apart from tourism, greece has the largest merchant fleet in world. en.wikipedia.org/wiki/Greek_shipping

Something that doesn't really benefit Greece, as the base of those shipping companies is not in Greece.

I was born in grece in 2 weeks i will go back there for a trip. I sometimes feel like in afghanistan or irak for some seconds 😂. So sandy and some houses looks poor. But it’s a very beautiful country and place. And the food? Omg its great!

+RetributionAngel False!

BlunderCity wow what evidence

RetributionAngel No, no, you are the one making ridiculous comments. YOU are the one supposed to provide evidence. Let's hear it!

www.tagesschau.de/wirtschaft/fraport-regionalflughaefen-griechenland-101.html Fraport gets 14 Airports at bargain price. They will be cutting jobs to make the airports profitable. Most of the money never left the Lender Banks. Greece is and was in dept. They use the money to pay of the depth & save the Banks. Or do deals with forgien Industrie. Thats why new Lending will be needed. Its not like the people get the money.

RetributionAngel So your argument to a 200 billion euro bailout is a privatisation? Pathetic! _"Its not like the people get the money"_ Why would the Greeks get the money? It's a debt that represents the cumulative budget deficits of the Greek state (that's what the national debt is) so the Greeks already got the money, when those deficits occurred. You can't get the money twice, first spend it and then spend the bailout money too. Imagine I lend you 10 grand and you have to repay my at X date. You spend the money on food, whatever, the money is gone. At the date agreed, I come back to you and ask you for the money and you say you're broke. At this point, logically, the debt should be passed on to a debt recovery agency. But you say "hey I have an idea". My mum is going to give me 10 grand so I can pay you. I say OK. Your mum gives you 10 grand but of course that money doesn't go to you. It goes to me. You can't get the money twice. In this example, you represent Greece, I represent the creditors (who are mostly EU countries) and your mum represents the EU. There is nothing strange in Greece not being able to spend the bailout money. It's to get a debt off the backs of the Greek state, not spending money. Or again, do you think the Greeks should get the money twice? If so, you are insane!

You don't like that Americans talk about America then make a channel featuring your country. Complaining does nothing.

+attack on titans 000 If it is I don't get it

attack on titans 000 its a joke

+Astraphic USA. USA. USA.

+Astraphic What a stupid thing to wait for. American company with American viewers. America is also a well-known country that makes sense to a lot of foreign people. I'm waiting for a comment section that doesn't make me want to shoot myself. I suppose we are both waiting for things that will never happen.

Kevin Uchiha Sweden don't switch to euros, it's a trap.

KateDenthimamai True Story!

***** still using pounds over here..

Kevin Uchiha We are the Euro, you will be assimilated.. resistance is futile. XD

Kevin Uchiha You still pay your membership contributions as a Swede to the EU, even if it is in Kronor.

Yes, but what Kind of things produce Venezuela ? oil, only fucking oil, Argentina was in default in 2001 because contract their debts in US dollars not pesos or what is the value, is simple if you have your value and make debts whit that you can't be fail because you can print whatever you need for repay your debt, is that a solution? Nope, but is better if you have debt in euros a value made from a a private bank, and you must repay every single euro and print another public debt in a foreign currency, amazing.

+aviomaster I (Slovak) think Euro has many pros and we certainly aren't top and this video oversimlifies the whole problem

+Javier Campos What's Monetary Nationalism? I haven't come across that term before.

+Paolo Galluzzi "only fucking oil"? It's true recently oil prices had been going down, but Venezuela had a crumbling economy long before that. Oil is not a bad business at all. Or at least wasn't. Saudi Arabia had quite a stable economy until oil prices started going down recently. And regarding Argentina (I'm an argentinian myself), he was referring to the recent argentinian policy, which was reaaaaaally different from the ones that made us default in 2001, but that still made us "default" (not exactly, but technically) no more than year ago and were leading the country to a real fucking disaster.

+Agustin Simoncelli i don't know Argentina politicians and way to do, , but the beautiful idea to have a pesos whit the same value of dollar destroyed your export and your capacity to growth, back the reality after 2001 in only five 5 years whiteout, when the pesos had depreciated against dollar for 70%, your gdp increase of 50% debt to gdp decline under 20% and unemployment decline under 8%, in 7 years whit out a control of their monetary politics Greece unemployment remain high more than 25%, debt to gdp is 180%, the gdp was 330 billion dollars in 2009 and 207 in 2015, -37% the last time happen something like that, someone did it whit panzer. We speak about industrialized countries in Europe we speak about developed countries who became poor, no future for south European countries and France too if remain in the eurozone, or yes maybe a future like colonies or only tourist destination, more they become poor and corruption it will be get worse, just wait for the end of eu

Could work if the video information was accurate, sadly it's not : /

Miguel Castillo That won't bring Leonidas back

Panos M. Sooo what is your profession?

Panos M. Personally I prefer Alexander.

chamba12345 Iam thinking getting into comedy, I hear it's really popular in developed nations

Panos M. Ahooooo! Ahooooo! Ahooooo!

really? then how did a country that in the last 25 years has had an anual budget of 50% of gdp manage to fund it if "literally no one pays tax"? not greek btw, so dont give me a moralistic answer.

The hostility

+Patrice Lumumba We try to integrate but we have euroskeptics who prevent us from doing it. Given that fact, how do you recommend Europe should proceed?

+BlunderCity The truth is ugly. Think of the American Civil war, the Southern Confederates were 'Unionskeptics' of their time. They were crushed and will of the Federalists was imposed upon them.

Patrice Lumumba Are you suggesting we should wages an armed conflict against them? Also, the confederates were not really against the union. That was a pretext. It was all about being able to perpetuate slavery. And since the southern states where heavily reliant on agricultural output, they stood to be the big losers if slavery disappeared. If the federal government had not abolished slavery, they would not have been against the United States. The situation with euroskeptics is different. They have no goal to speak of, they are just nationalists for purely ideological reasons.

+BlunderCity I don't mean it literally. The situation is the same in principal. Slavery as an issue raised the question of sovereign rights of the states that chose to defend this practice causing the southern states to unilaterally exit the union. In Europe today those many questions that are tearing apart must be solved by the union center, or else they will cause further disintegration. Today the EU largely resembles USA in the mid 19th century by level of integration, so in a way it is at a crossroads either integrate further or revert back to national state status. It is no longer a confederation and not quite a federation either. One major problem that the EU will face going forward is the desire for a nation state, which is something the USA did not have, since all states were more or less Anglo-Saxon and nationalism was not an issue. As far as waging and armed conflict, no that is not necessary, but there must be strong leadership that is willing to further the European cause. For example passing a constitution would be a start (this has failed in the past). Further EU must start enforcing its own laws, so far it is failing to do so especially when it comes to immigration and unfortunately it makes it look incompetent, thus underlying the need for strong national governments...

Patrice Lumumba _"Slavery as an issue raised the question of sovereign rights of the states that chose to defend this practice"_ Slavery was an issue with huge ramifications for the economy of southern states. Give me one example of something similar for country wanting to leave the EU. There is nothing even approaching that order of magnitude. Wanting to leave the EU is nothing more than a caprice brought about by sheer ignorance of how the world works and the constitutional order of the European Union. Slavery on the other hand was a existential threat to large sectors of the economy of the south or at least it appeared to them as such, and for good reasons. The later discovery and widespread use of fossil fuels meant it did not end agriculture there but one could hardly have foreseen that. _"One major problem that the EU will face going forward is the desire for a nation state, which is something the USA did not have, since all states were more or less Anglo-Saxon and nationalism was not an issue."_ Yep, that's true. But it is also perfectly possible for the EU to equip itself with the necessary governance tools without having to become a full on nation state with all the nationalist propaganda that comes with one. It could become a hybrid nation state like India. _"Further EU must start enforcing its own laws, so far it is failing to do so especially when it comes to immigration and unfortunately it makes it look incompetent, thus underlying the need for strong national governments"_ Actually, the problem is that member states trump the will of the EU because of the overwhelming power that the European Council yields. The EU is and always has been run through intergovernmentalism and driven by national egoism, never as an autonomous federal entity. The heads of state and government of each country meet at summits and fight for their own national interest and then a process of negotiation begins to find a consensus. The result is logically a compromise that fully satisfies no one and produces a bureaucratic and dysfunctional form of governance. And it by-passes the citizen completely. Despite what they claim, euroskeptics love that. They want the states to be solely in charge and that's largely what's going on. They would hate a system where the citizen made decisions through their elected representatives at the parliament. Euroskeptics hate democracy. The only way for the European Union to survive and thrive is to become a Federal entity where the power of the nation state is greatly diminished. It means significant transfer of power from the Council to the Parliament. And possibly a president elected through universal suffrage. Otherwise, it will remain a mere club of countries and clubs always end up dissolving when they outlive their purpose. The European dream will have truly been realised when a German will vote for an Italian President of Europe and find it perfectly natural.

Check 0:22, you'll see it

thank you!

Truth, but if I am not misstaken, only 2 of the eurozones countries did meet the requirements, Germany and France. The rest were let in the same way Greece was.

So the UK entered in the same way Greece was? Your logic is messed up.

Since when does the UK have euros? If anything its your understanding of reality thats messed up.

LOL

As a Greek I totally agree with your comment although Brussels forced our governments to do some hard reforms in order to gain more credibility. Progress is made, by force, but it's made.

Thats right.... Better way to say it was like, greece is an alcoholic who got invited to drinking party, guess what he did, got him self wasted and ruined a whole party, you can blame him or those who invited him.... Eu needs to be careful with italy, spain, portugal, irelan(yes ireland is growing great, but have a huge debt, crisis could end the show), and croatia tommorrow when she enters eurozone

arent the people who offered the low interest loans just as gulty? it takes two people to tango. from what i remember they were all bailes out

I totally agree, its a general short view, but to get deep look at the problem its worth a documentary or a few of them. Cant expect that out of a 3 min video.

Except that Mexico is the 13th largest economy in the world

Federico D So? There is still extreme racist resentment. Those people don´t care about facts.

Semper Invicta Germany was rebuild only with the help of immigrants and outsiders. The fascists destroyed it. Blind hate and racism will only bring you destruction. Be you radical islamist, radical christian, radical atheist, radical whatever. Racism offers nothing for humanity.

Semper Invicta That depends on how the argument is formulated against allowing illegal immigrants. Just quote Trump to see what I mean.

Semper Invicta The correct quote goes "SOME of you white guys" there are black racists too. I am just not the racist part of the white guys.

lol not YET

there is no YET, it's not gonna happen.

The Lost Uchiha ;)

Fam, I love the EU but my main problem is the lack of economic solidarity. Being British and French, I come from the economically stronger member states. These states should invest and economically lift off weaker economies, especially Greece - by all giving a little.

SirCreepus roasted vegetables and veggie burgers

Chaeyoung's peach lol just eat you’re backyard

Your words is more simple than explanation in this video about greece and euro

+Leo Bat Wake up! This is what is now happening. Real wages are decreasing all over europe and pensions are reduced. Do you see any improvment in the economic situation? I don't think so. To go out from the crisis we should adopt anticyclical policies, to reverse the tendency, not procyclical ones like austerity, that further weaken people.

Gival I did see the improvement when Germany did it. Also, ceteris paribus (a.k.a. the stimulus was not big enough).

Germany is a case that stands apart. Euro was clearly created to its and only its advantage, and so it was normal that the introduction on new reforms (Hartz 2003 and further ones) would have given Germany another help, in addition to the euro itself.

Is that how you'd describe yourself getting a paycut - 'unpopular'?

Gival The euro was not designed to the sole advantage of Germany, because a) in that case the other countries would have not joined and b) a currency is to no one advantage. And anyway, there is no reason why the german reforms would have not worked if employed by other countries.

fahd el omari bloomberg has a really cool animation on this.

fahd el omari great eye.

Vaibhav Gupta Bloomberg has a really false animation on this as well. This video is full of "falsitudes".

João Mamede really, what are they?

This one or bloombergs?

Lol it’s not that ship is crashing

When Greece was under ottoman occupation it had to borrow money from countries such as UK, France and Russia in order to buy weapons to rebel against the Turks. That's why Greece was bankrupt in the past as well. On the contrary the recent economic crisis has nothing to do with the previous bankruptcies.

+pedro lopes I really hope Spain is recovering, and as a consumer I do what I can, but current spanish GDP ($1381mln) is not only lower that the pre 2008 crisis ($1635mln) but even lower than the pre-austerity value ($1488mln in 2011). It's true that is growing faster than many other countries, but still we are speaking of less than +1%, at this rate it will require 8-9 years to go back to the same wealth of the yet not brilliant 2011 :( Austerity really was a dramatic mistake for europe, and still I see people thinking it was a good think. I don't know if is possible to have euro and avoid austerity, but I know that austerity just kills economies and peoples alike.

Barrank Obama "but still we are speaking of less than +1%" Not true, the Spanish YOY GDP grew 3,5% in 2015, and it grew 0.8% in the last quarter of 2015 (that is the last 3 moths of 2015). They haven't recovered to the 2008 levels, but they are growing fast and accelerating. sources: Quarterly GDP: stats.oecd.org/Index.aspx?QueryName=350 YOY GDP: www.tradingeconomics.com/spain/gdp-growth-annual I have no business talking about Spain because I'm not Spanish, but I checked the actual numbers, not the misinformation campaigns that some news agencies deliberately throw in order to mislead the public opinion.

My figure was surely incorrect. I hope this one is cirrect.

check out mark blyths videos for indepth information on greece and the euro crisis

Lol no m8. America's success initially is the opposite of the reason you described. America (USA) used to be the world's leading creditor (lender) nation in the world for most of it's history since it's founding. Think of Latinamerican affairs, rebuilding western Europe/Japan with Marshall plan after world war 2, World bank, etc. It wasn't until after the cold war (1990's) where the US started owing trillions of dollars in national debt. The US has always had massive industry, innovation (technology, inventions), and natural resources valued at 45 trillion dollars (2nd most only to Russia).