Glezos

Sunday, 26 August 2012

Greece and the EU-Who props who up?

Junquer head of Euro Group Greeces problems started 30 years ago...

Greek Trade Deficits

1980 till 2008 Greece’s trade deficit with the rest of the world went up 9 times
In current prices from £5.2b in 1980 it reached E44b in 2008 and E34b in 2009
In 1980 Greece had a surplus in its farming budget at 3.3b Drachmas but from 1981 the year it first joined the EU it went to a deficit to E290m. The deficit has now gone to E3b Euros an increase of 934%

Foreign Loans by Years
Foreign loans taken out in 1990 were equivalent to E694m
In 2000 equivalent to E7.16b
In 2009 equivalent to E85b
So by 2009 the Greeks were 1,009% more in debt than in 2000 (decade of the Euro!!)
Public Debts
In 1980 it was E600m
Three decades later it was E298b
The debt went up 497times in joining the EU

EU ‘AID’ to GREECE
Four major packages
-1986-1993 for E471m
-1994-1999 E12.3b
2000-2006 E26.1b
2007-2013 E27b
If one aggregates them all they equal to about E65b
In a period of 33years from the joining the EU Greeks ‘received’ ‘aid packages’ equivalent to 196Euros a year or 0.54c a day!

Greeces Trade Deficits with the EU
Imports equivalent to E379b for the three decades of entrance
Exports equivalent to E125b
Conclusion we gave them E254b for imports received E65b in ‘aid’.
In other words for every Euro we received we gave back 5
Christine Lagarde = Greece’s Deficits are Germany’s Surpluses Oct 2010

Taken from the Greek book Ειναι ο Καπιταλισμος Ηλιθιε "Its Capitalism Stupid" Nick Bogiopoulos

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