Why Grece collapsed in 2015 crashing

The Greek Government did nothing in the 5 years they have bailout funds But now July 2015 no way they will ever repay their debts

This is a question I must have heard a number of times within the last couple of weeks but basically the government lied about what the situation was like. Typical when you do business in Greece you need to grease many hands then wait ages to get anywhere. On the other end of the line I would be talking to travel agents or travel professionals trying to decipher news reports and stunning images from Syntagma Square.

How is it possible for a country that only 6 years back showed the world it was able to not only organize the finest Olympic Games but to also support a growth rate of over 3%, to now seem unable to get off a recession spiral? Not only that but to feed cameras all over the world with protesters clashing with the police only a year after similar shots went around the world in 2019?

Why the Greeks are in the shit & why would you trust them?:

Cuts that have been reversed, such as the reopening after two years of the state broadcasting company ERT, which started programmes again this year.

Greece has wasted five years of the bailout without making serious attempts to fix the structural problems that beset the economy - and in many cases it is actually gone backwards.
If it had started five years ago, it might have been seeing the results by now as countries like Ireland and Spain have done, but one of the reasons that the Greek bailout has reached another crisis point is that it has hardly started.

Heres why I said taxes & pensions:

Greece have six different rates of VAT tax. The normal rate is 23% - there are two reduced ones for items like food, fuel and medicine. Greek Islands enjoy reduced rates of VAT to encourage people to stay in remote parts of the country and help tourism. That makes six rates in all, creating plenty of opportunities for dodging tax. eg. A recent surge in tourism on the island of Mykonos has led to lower payments of VAT to the Greek government.

Greece has a pension system that is complex, with numerous exceptions for different jobs allowing for early retirement. The pensions are not very generous on average, but overall the Greek government is spending 30% more on pensions than the British does. The whole system needs simplification in order to make it cheaper to run.

Then there are the privatisations. At the start of the crisis, the Greek government committed itself to bringing in €50bn from the sale of state assets. That target was reduced to €30bn and then €20bn.
In total, the government has managed to raise about €2-3bn so far.

Things like the privatisation of the port of Piraeus are supposed to be bringing in more, but they have been delayed, cancelled and then relaunched.
It is not the kind of record that is likely to make the countries that are lending Greece all that money trust them with some more.

In Greece unions have it all there way---do little get more money, If you get sick during your vacations, you get another one. 1 in 3 Greeks work for the government many do nothing. They get high wages, benefits, and earlier retirements than private-sector employees. Many of the private sector employees also receive perks and benefits mandated by law. Greeks are lazy and they cheat. With free public transport they avoid paying anything. The government also is corrupt.

Civil servants can retire after 35 years of service at 80 percent of their highest salary and enjoy lavish health plans, vacations, and other perks. Because theres many of them, Greece being highly centralized, public-sector unions hardly have to negotiate. They simply vote in their preferred bosses. T he average salary on Greece’s railways is $95,716.00, which includes cleaners and track workers. This is around 3 times the average salary in the country & a joke for doing nothing.

Perks for government workers. All civil servants receive 14 yearly checks for twelve months work. Government unions have over the years built this into their contracts. It is mandatory each worker receive 25 paid vacation days each year. On top of this they also have 12 paid national holidays.

In addition to the holiday and vacation pay, employees who have completed 10 years of service with the same employer, or 12 years with two or more employers, are entitled to 25 working days of paid leave per year. This paid leave can be for anything the employee says it’s for. Its a joke.

Greek pastry chefs, radio announcers, hairdressers and masseurs in steam baths are among more than 600 professions allowed to retire at 50 (with a state pension of 95 per cent of their last working year’s earnings) — on account of the “arduous and perilous” occupation.

Productivity for workers in Greece is zero. Most studies put Greece at or near the bottom of the list for worker productivity. Greece is in much worse shape financially than anyone has been lead to believe. Greece’s population has a generation and a half of corrupting socialism that will be hard to fix as the battlkes continue by the lazy lot. Would you lend them money or help as they are basically the cause of their own demise?

Don’t feel sorry for them. They did it to themselves. All one has to do is look around at most of the countries in Europe. Italy carries more debt as a percent of GDP than Greece. Italy’s debt will be next. Then we have the United States heading the same way as they print more money & have a bloated public government sector as well.

THE REAL Mario Draghi OF THE EUC

Goldman Sachs arranged secret deals to hide Greeces debt in order to give the appearance of complying with the EU Central Banks debt ratio requirements. This enabled Greece to take on more debt and precipitated the crisis ongoing today. Who is the head of the EU central Bank today? Mario Draghi, formerly merchant banker at Goldman Sachs. Allowing unsustainable debt to create a crisis then enables the same operators to come in and buy the assets of that now stressed entity. That is exactly the position Greece finds itself in, engineered by Goldman Sachs. n the Greek case the US bankers devised a special kind of swap with fictional exchange rates. That enabled Greece to receive a far higher sum than the actual euro market value of 10 billion dollars or yen. In that way Goldman Sachs secretly arranged additional credit of up to $1 billion for the Greeks.This credit disguised as a swap didn’t show up in the Greek debt statistics. Eurostat’s reporting rules don’t comprehensively record transactions involving financial derivatives. ‘The Maastricht rules can be circumvented quite legally through swaps,’ says a German derivatives dealer.

Greek laws to be passed & should have been done 5 years back

VAT changes: Top rate of 23% on processed food, restaurants etc... 13% to cover fresh food, energy bills, water and hotel stays, 6% for medicines and books
VAT discount of 30% to be abolished on islands, remotest islands to keep discount until next year
Corporation tax up from 26-29% for small companies
Luxury tax for big cars, boats and swimming pools up from 10-13%[ not big enough] ; farmers' tax up from 13-26%
Early retirement to end (phased in by 2022); retirement age raised to 67

Some of the world's largest hedge funds are even saying that the Euro currency will sink to trade at an even level with the U.S. dollar BUT who would start a headge fund in 2019 as many are not in good positions for their shareholders.

The most terrifying prediction for 2019 involves Nostradamus "Satan's arch of fury". Although the precise nature of this prediction is left open to interpretation -could it be a comet, a war but definitely a disaster???