Should Greece be bailed out!

The IMF and World Bank put into place tight guidelines and obligations. However, they do vary from country to country ..

When financial bailouts do the IMF and World Bank just give those with their eyes closed?

the kind of facilities that you get in the western universities are not available easily in most of the colleges/universities in India, though it is changing nowadays

Actually it costs India $2 billion a year because of the emigration of computer experts to the U.S.

Indian students going abroad for their higher studies costs India a foreign exchange outflow of $10 billion annually.

In America and the UK – Indian students are very well accepted and seen as amongst the brightest.

There is no brain drain to India at all – first of all India does not need ‘the brain drain crowd’ – they handle themselves very well.

Working in academia – yes of course India is accepted and respected – but apart from joint research ‘ funded by governments’ at Masters or PhD level; students from the West very rarely enrol in University’s in India.

This is not an insult at all to academics in India but it is a fact. They, however are keen to come to us.

has always has it financial troubles and always will.

Roosevelt delivered a speech to the UN in 1947 and highlighted the difficulties with Greece and predicted that Greece would always have troubles.

Fantastic beautiful country - had many a wonderful holiday there.

I don't know if anybody can sort out the problems they face.

Rather like Ireland - they are such a risk at the moment - they like Ireland may be the last to save if money is left over.

Very true.It seems they,the people, are focusing on very short termed gains instead. And doing so certainly doesn't make the Greeks, as a nation,look very principled and worthy of help. But ultimately I suppose interdependency will win..again!

FathimaH,

I agree with you that the wrongdoers are well positioned way up in the power lines.

But surprisingly, in Greece, not even the people who are suffering the consequences are demanding this investigation and prosecution!

Isn’t this strange, considering the amount of strikes and protests they are organizing to fight the austerity measures but none to demand the investigation of who are the guilty ones.

The tentacles of those responsible reach far and beyond that they are able to get away without being exposed. To be able to forge audits is not a small time crime and obviously has to have the co operation and support of very very influential and powerful players. Will they be brought to the book? Hard to imagine, and yet until this is done bailing them out shouldn't be a subject of discussion among the EU!

s_isale,

In Greece, the problem goes beyond that common global virus.

In Greece, besides the banking problem, they forged audits to be admitted into the Euro.

And this anomaly is not being investigated and brought to justice!

basically the whole banking system is at fault. unless the banking reform is done earnestly, things are not going to improve.

What the US is doing now is their version of a bailout for Afghanistan.

And yes s_isale--America's best and brightest are all leaving to work in India. Brain drain.

When will US bail out of Afghanistan????

Fatimah and s_isale,

That is what I don’t understand.

Nobody is assessing and accounting what and who was responsible for the mess!

are they willing to take on the bankers.

Yes but only after a thorough investigation and upon the assurance that such a diabolical situation will not reoccur. Oh and those responsible for such a disaster should obviously be removed from their posts. A slap on the wrist will certainly not suffice here!

so where those in charge of EU a bunch of fools who could be hoodwinked easily?

back to topic, as pointed above, Greece s part of the new Union, so they need to bail it out! It's how the Union works!

The issue shouldn’t be if Greece should or not be bailed out.

The issue should be about what and who caused the problem and corrective and preventive measures should be adequately introduced.

The Greek government lied and forged documents fooling all auditors upon its bidding to become part of the Euro. Why they have not been prosecuted and punished accordingly!!??

The wrong doers are not being identified and accounted for what they did and this is not acceptable!

How this can be is beyond my comprehension!

answer is Yes, but big question is-

Is erosion statred? (for EU/europe?)

Erosion starts from side/edge always.

Good morning, Nazrin!

Donate 1 QR for helping Greece! :)

Good morning...TFS..

How are you doing flor1212?

now isnt that the problem with UK and US as well.

Look at them now, drac! They behave like Arabs,. They also had bright people way back then. And now? They have to import brains and skills. They never learn from history.

The Greeks have been the people who gave birth to many aspects of modern civilization, including numerous forms of art and science, and evolved many others:

Philosophy was born in Greece (Socrates "the pop star", Plato, Aristotle, the Sophists)

Democracy was first seen in ancient Athens

Theater was first performed in Greece (Sophocles, Aeschylus, Euripides, Aristophanes)

Greek mythology was the basis of Roman mythology, and both mythologies inspired thousands of renowned works of art

The first full-fledged alphabet was created in Greece, and the Greek language has been the source of many words in the Latin language and in those derived from Latin

Literature and poetry in ancient Greece created works still read by thousands of people, including Homer's Iliad and Odyssey, Aesop's Fables, as well as influenced greatly the Roman literature

Art flourished in Greece, including pottery, sculpture, painting, jewellery, architecture (which was the inspiration of many styles of architecture, including neoclassical, Roman, Renaissance, Imperial, Beaux Arts, Soviet, etc.)

The Olympic Games were born in Greece, as well as many sports that are in them today; the concept of fair play were also of Greek origin

Politics and rhetoric evolved in Greece, mainly Athens (Pericles, Aristotle, Socrates)

Science knew great advances in Greece, including medicine (Hippocrates, Galen), history (Herodotus, Thucydides), zoology (Aristotle), physics (Democritus, who first defined the atom, Archimedes, who developed the law of buoyancy), engineering (Archimedes, Hero), mathematics (Pythagoras, Archimedes, Diophantus), geography (Eratosthenes, who first calculated the circumference of Earth), astronomy (Aristarchus, who first developed the heliocentric model)

Maritime trade, minting and other elements of an organised economy developed in Greece

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Some things are simply not to be joked about, "2012 Olympics"!

Qatar doesn't have enough money to 'buy' Greece!

Qatar should just buy Greece and then run it the right way. Save EU the hassle.

it's part of their "home" they need to fix!

The rating agencies have also a hand in this problem. The chickens are coming home to roost anyway.

..."may be granted". That doesn't mean they "have to". And the measures the EU imposes on Greece are tough.

The EU had to bail out Greece to preserve the creation of their beloved United States of Europe. Article 122 of the Lisbon Treaty states that EU financial assistance may be granted when a member-state "is in difficulties ... caused by natural disasters or exceptional occurrences beyond its control". The Greek government claim that the 2007-09 world financial crisis was an "exceptional occurrence".

The main import and export partners of Greece are Germany, Italy, and France. If Greece fails, theses countries lose a major market (about 10 million people). If you want to sell your products, you must make sure that the buyer has money! Otherwise you'll hurt yourself.

Is it right that the whole of EU should pay for the mistakes of the Greek Fiscal policy.. Or are we all in the same boat and need to help each other out..

it is not the bailout thats going to be problematic. its the interest associated with the bail out that cripples the country.

see how the 3rd world countries suffered because of the policies of IMF and World Bank. Only difference now is it has started to hit their own shores. And they realise the difficulties that the third world countries suffered a few years back.

Helping millions of immigrants from Africa and Asia and not helping an European country????

YES!

should the banks have been bailed out for their recklessness with tax payers money?

Yes.

the root cause has not yet been treated the world over. Europe is going to suffer whether Greece is bailed out or not.