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Originally Posted by AmeNoJaku
My bank back in UK offer 4.5% and was also involved in illegal activities, should we slash all deposits because of mismanagement? Should we plunge UK government with more debt?
As for IMF, you are forgetting that in return for their help, they bloat the debt, shrink economies, increase unemployment, slash wages and sell out all natural resources. IMF started helping a Greece with $340 billion and in three years plunged it to $290 billion, debt/GDP from 115% to 175%, official unemployment from 8% to 24%... instead of requiring the government to fight against tax evasion and corruption, they ignore it and press only for more levies and taxes to loan more money and increase their debt... great help indeed.
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That UK bank should be allowed to go under and you should be insured to your government insured limits. Y'know, just like how the deal that is getting done in Cyprus now is getting done. Here's something else: do you not understand something? The old GDP numbers? The old employment numbers? THEY WERE A LIE! They were based on artificial government overspending fueled by debt.
Y'know what's the coldest and hardest move they could have done? Automatic ejection from the eurozone upon defaults. Instead of money going to prop up Greece and all of these other countries? Provide a one time recovery fund for domestic investors and let everyone else flounder.
Why was that not done? Fear of contagion. Fear of moral hazard. But y'know what, Germans, Britons, French, the public in all those countries would have loved it. Then what would have happened to Greece? If you think 24% unemployment is high, think about what it would have been if the country literally went bankrupt and all international markets immediately froze them out?