tag:blogger.com,1999:blog-35384986745805675352023-11-16T08:21:16.481-08:00A Future You Wouldn’t Wish On Your Enemykillerjoehttp://www.blogger.com/profile/15130431270737735926noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-3538498674580567535.post-65094485666607769692015-07-09T07:35:00.001-07:002015-07-11T00:30:43.239-07:00A Future You Wouldn’t Wish On Your Enemy<div dir="ltr" style="text-align: left;" trbidi="on">
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<br />
If
you told me, 5 years ago, that I would be willingly writing an article
about the financial situation here in Greece I would call you a crazy
man and I would have walked away.<br />
<br />
I am now 30 years of age and most of these years have been pretty
good, money wise. The 80's and the decade of the 90's was an era of big
spending without limits here in Greece. We did spend more than we
earned. Loans were given by the banks for nearly everything. There were
loans available for someone to go on vacation or get married. Loans to
buy cars and spend it on almost anything. The banks asked for nothing,
they did not know if people could repay the debt and they did not check
it either. The only thing they cared was to provide the loans. So people
became depended on the banks and a false promise was made, of never
ending money and a prosperous life.<br />
<br />
A life that was peachy up until 2009. Most people did not save money
because the banking system assured them with multiple loans nothing
could go wrong. Some people even took a second and a third loan to pay
for their first and so on.<br />
<br />
The 1999 introduction of the euro as a common currency reduced trade
costs among the Eurozone countries, increasing overall trade volume.
However, labor costs increased more in peripheral countries such as
Greece relative to core countries such as Germany, making Greek exports
less competitive. As a result, Greece saw its trade deficit rise
significantly.<br />
<br />
So it was in late 2009 that the Greek Depression started. In late
2009, fears developed about Greece's ability to meet its debt
obligations, due to revelations that previous data on government debt
levels and deficits had been misreported by the Greek government. This
was called Greekonomics. This led to a crisis of confidence, indicated
by a widening of bond yield spreads and the cost of risk insurance on
credit default swaps compared to the other Eurozone countries. The stock
market collapsed along with the housing sector. Land lost almost all of
its value, unemployment rose to 30% amongst the general public and
people stopped paying their debts to the banks which accumulated a great
number of 'red' loans.<br />
<br />
Another persistent problem Greece has suffered in recent decades is
the government's tax income. Each year it has been below the expected
level. In 2010, the estimated tax evasion costs for the Greek government
amounted to well over $20 billion.<br />
<br />
By the year 2012, Greece's government had the largest sovereign debt
default in HISTORY. Greece became the first DEVELOPED country to fail to
make an IMF €1.6 billion loan repayment on June 30, 2015. At this point
in time, the Greek government has debts of 323 billion €.<br />
<br />
In February 2012, it was reported that 20,000 Greeks had been made
homeless during the preceding year, and that 20 per cent of shops in the
historic city centre of Athens were empty.<br />
<br />
Moving forward 2013 will mark the sixth year of my countrys
Depression, during which the country has lost more than a quarter of its
GDP. Personal income has been in free-fall since 2010, and it’s
unlikely that wages will rebound for many years. Seldom has the cost of
political incompetence and peoples incompetence to manage finances has
been spelt out so vividly.<br />
<br />
At the same time as the welfare state is being gutted, the
expectations, income, and quality of life for an entire generation and
the generations to come are being constantly adjusted downward. The same
generations that became accustomed to cheap credit following Greece’s
accession to the eurozone in 2002 is now trying to learn to live on far
less. Wages in the private sector have declined more than 30 percent
since 2010, and minimum monthly wages have fallen 22 percent, and 32
percent for those younger than 25. Meanwhile, lack of competition,
oligopolistic behavior, and rising taxes have kept prices elevated. With
joblessness on the rise and the middle class squeezed from all
directions, the "new poor" of Greece are fast rising. The percentage of
Greek households at risk of falling into poverty increased to 21.4
percent in 2011 from 20.1 percent in 2010.<br />
<br />
You can point to a lot Greek politicians and we the people have done
wrong, such as lying with statistics to get into the euro zone in the
first place. Oh, and the widespread tax evasion that seems to have
pervaded the country for decades. And the ridiculously cushy public jobs
with lavish pensions.<br />
But even with all that, there’s no excuse for deriving any kind of glee from the very real difficulties we Greeks are facing.<br />
<br />
The latest report on the return of malaria to Greece shows the shocking decline in recent years.<br />
The Greek depression has already surpassed and outlasted those of
Argentina (1998-2002), Indonesia (1997-1998), and even Germany’s pre-WW2
economic crisis (1929-1932) which contributed to the fall of the Weimar
Republic.<br />
<br />
Only the Great Depression in the U.S. and Russia’s 1989-1998 output
collapse saw a steeper and more-protracted loss of national income.<br />
<br />
The past ten days we are having a bank holiday. People are being
forced to live on a petty amount of euro. Gas stock and Food stock is
really running low for everyone. Tourism which is our heavy industry has
taken a major blow leaving more and more jobless (I am one of those
people working in this sector of the economy). Most people now are
unemployed for more than 2 years. I personally had a job that I lost due
to this phenomenon. I have been working 1 month now. I had not worked
in the past 2 years. Right now I am converting every cryptocurrency I
own to fiat (by selling to friends) just to be able to live a normal
life. I am a proud Greek though and its not my intention to beg here.<br />
I just keep in mind that the ultimate goal is to have a good health
and a decent life. I myself have never received a loan from anyone. But I
am here because I need help.<br />
<br />
For anyone that does not believe this story I can dox myself via killerjoe@aol.com<br />
<br />
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killerjoehttp://www.blogger.com/profile/15130431270737735926noreply@blogger.com0