Greece’s Economic Disaster - How The Fallout Continues

[@Economicshelp-Global]

It would be great if you could consider subscribing. There will be lost more content like this coming soon. www.youtube.com/@EconomicsHelpGlobal-sf5iv?sub_confirmation=1

[@vvwalker7261]

It would be great to get your take on how Ireland handled their bail out. If you haven't already

[@Solomon449]

I am Greek, and I confirm that the privatisation of electricity you mention on <a href="#" class="seekto" data-time="515">08:35</a> is HORRIBLE. We pay the most expensive energy in Europe.

[@effienyc]

People who make the standard monthly salary and they are many many people pay 1/3 of their salary on electric alone. This is tragic!

[@pinrap7507]

The recent privatisation of energy, which you present as a great im provement, coupled with the transition to"green energy" setup, has made energy in Greece far more expensive than it was, for businesses and consumers. Now, that is obviously AGAINST productivity! In addition, it is known that productivity is not only dependent on working hours , but a mix of conditions e.g. taxation, government policies, the legal system etc.

[@innosanto]

No provatisation is a good and successful move. Increase in enwrgy is global it is down to the post covid global money printings, the Ukraine war, and the impact on supply chain from Israel Palestine war, and the kmpact from increase of demand globally.

[@efthimisp]

As a Greek every time I watch one of those videos that explain our economic crisis I find countless mistakes. In this one there were about 7-8. That means that every other video on yt that explains things about other economies is probably full of mistakes too.

[@innosanto]

About the big economies they have fewerr mistakes especially since people maling them are from thise countries but about Greece they male huge mistakes

[@kostaskarras9416]

Since our news outlets, analysts, and statistics agency are incompetent or politicaly driven.. it seems it is a problem of our making

[@Olympiakarapiraeus]

I also want to add what Priest Pithea said for Greece over two millenias ago(Ασκός κλυδωνιζόμενος ουδέποτε βυθιζόμενες)A swaying ballon never sinks.

[@ermodoroslakedaimonios]

This is the classic view of the matter from someone who has not understood yet how this world is running....

[@EuropeanQoheleth]

Do elaborate.

[@ermodoroslakedaimonios]

@@EuropeanQoheleth "It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." Henry Ford And it's not only that the tunnel goes deep.

[@gerassimos.fourlanos]

What economists always forget is the impact of normative standards, which requires a qualitative analysis rather than metrics. Greece suffers from incredibly poor quality of legislation, which give rise to a terrible system of public administration and lots of impediments and bureaucracy to enterprising. As a result, Greece is missing out of all the opportunities, given to her by geography, history and nature: tourism, shipping, and the millions of Greeks in the diaspora, who possess capital, know how, ideas and networks, but almost none of them is willing to take the hurdles of investing at home. - To be sure, a country like Germany also has her fair share of terrible rules and terrible bureaucracy, but the Germans have the culture of obeying the Law and obeying the Authorities; not so with the Greeks... The Greek, not particularly Law-abiding by nature, needs reasons to follow the Law, and only smart Laws can offer such reasons.

[@Olympiakarapiraeus]

A few decades ago, Greece was one of the very few countries in Europe where the citizens owned 100% of their properties with ZERO debt.The Country had almost finished paying the external loans and that was bad for the loansharks of the world.Somethimg had to happen to put the country back behind the bars. One mistake that the Greeks have made was that they forget their roots and wanted to be EUROPEANS again (like we weren't before). So when they were introduced to the loans from the banks they fell into their trap borrowing against everything they owned forgetting the wisdom of our ancestors (Το δανείζετε εστίν αρχή δουλειάς) Wich loosely translates BOROWING IS THE BIGINING OF YOUR SLAVERY. Learning from our mistakes is a great lesson for every living creature but not for us Greeks . All our European allies have stolen our wealth , yes I know sounds bad but the truth does not make everybody smile. Remember those Crusades that they stripped Constantinople from any kind of wealth and weapons . Remember the Geneside of the Minor Asia that with the help of our British allies Turks and Europeans empty the Bank of Anatolia from the accounts of the slaughtered GREEKS. Even after the World war 2 that left our Country crippled and our banks once again stripped from gold ,GREECE was forced from its Allies once again to give loans to the ones who we fought most in WW2 ........ to the Germans who after they start paying us back those loans once again we're forced to stop receiving payments from who?You guessed right, our Allies . Coming to the recent years we felt in the same trap again , yes we joined the EURO .What a joke, because we again wanted to reassure ourselves for our European heritage . The death of Greece's economy was by being awarded to have the 2024 Olympics and our Country sank into the great depration of the memorandum that made many politicians millionaires and many Greeks to fall into poverty .And guess who put the tomb stone in our economy,once again the country that we GREEKS forgave the lones we gave them after the WW2 , the GERMANS who they never overcame the fact that we kept fitting them so hard even during their occupation to our Country. My father always used to say to me (Στον τρελό χαρίζουν και χαίρεται καί στόν γνωστικό και λυπάται) Giving to the crazy makes him happy , giving to the thoughtful makes him sad. We reached this point by falling in every trap because our leaders didn't give a damn for our Country and all of us became too busy trying to pay back loans and get our lives back.Is it too late?If everyone said yes there wouldn't be any Free or Independent Country in this world . I would like to think there is a hope and the hope dies last as we say(ή ελπίδα πεθαίνει τελευταία)

[@user-kq7id3ui5l]

❤❤❤❤❤

[@user-rf5fg4dz9c]

@@Olympiakarapiraeus true

[@user-rf5fg4dz9c]

@@Olympiakarapiraeus correct

[@user-rf5fg4dz9c]

@@Olympiakarapiraeus right

[@user-rf5fg4dz9c]

@@Olympiakarapiraeus 💙🤍

[@dinkeydink9376]

The Trojka reduced saleries by 50%, mortages intact and huge increase in living standards food etc. YOU try that!

[@vgstb]

Your analysis is on the same superficial and flawed level than the majority of the analysis you see on the mean stream media. I would say that you pretty much copied 100% of the narrative. Yes, Greece has a tax collection problem, but it isn’t collecting taxes of peasants with a year income below 10% of the average EU household income. The tax collection problem is situated in the high income trades (layers, doctors, etc…), the hand full ultra wealthy stock trade families and the few large scale industrial business, of which the ownership is aggregated in the hands of 5 families. Also, on it’s high point, the Greece flag flew on one third of the global maritime trade fleet. No wonder, as Greece was a tax haven and collected close to zero taxes on that fleet. Tax collection problem? No, a tax haven problem. Roughly 25% of the Greece economy is based on the tourist industry, and a third is based on import/export trading businesses, less than 15% is manufacturing industry. The classical productivity metric is thus almost meaningless. Yes, Greece had a spending problem; but it was not German cars, it was the MASSIVE purchase during almost a decade of German, French and UK top tier military equipment and weapons. Why? Because the neighbouring NATO power (and old time foo) Turkey was flooded with high tech US weaponry. This is also the reason why 90% of the EU monetary aid to Greece was literally syphoned off directly to Germany as a bail out of the Deutsche Bank.

[@serebii666]

"Why? Because the neighbouring NATO power (and old time foo) Turkey was flooded with high tech US weaponry." Wow even decades later, you still can't take responsibility - it's always the fault of other countries isn't it lol. It was Greece that chose this spending recklessly, you cannot be serious in trying to blame Turkey modernizing for your mismanagement. Both of you are in NATO so the claim is even more moot.

[@santostv.]

Blaming turkey 😂 about high taxes for the middle class that’s the standard in most eu countries the only difference is isn’t of let’s say of 1500€ in Greece,Germany is 3,830€, before you accuse me of something although Greece is worse I know the shenanigans the government do because I’m also from a southern European country in a place were most businesse owner don’t have the 4th grade and were tax evasion is common. Also we need to pay for our sins during the financial crisis, there’s no free lunches.

[@alexitselentis7904]

Also Greece has 62 minsters compared to Europes average of 15-20 ministers ..Political Elites parasiting off the people's taxes, luxury villas, cars, holidays all paid by the people.

[@horror11]

@@santostv. well greece has to have a very expensive and high quality military because of turkey. greece has not the luxury of all other countries to have a peacefull neighbour in europe. turkey openly claims they want half of the agean sea and the greek islands and turkey also has adopted a casus belli in the parliament if greece would act its international right and duty to adopt the 12nm teritorial water borders. let also not forget they cyprus conflict where turkey still occupies illegally the northern part of a sovereign eu memberstate. imagine all this money for military could be spend peacefully like most nations on earth can do.

[@santostv.]

@@horror11 I understand that but unless I’m misremembering, the Greece crisis it’s was entirely the Greece government fault. I also know what governments and people do because my country has the same problem although I think is worse in Greece, my country is also started to be heavily reliant on it too, our growth like Greece is “fake” because it’s the known phenomenon of a poor country developing faster than a rich one and not even accounting the eu money we get in exchange for our highly skilled workforce. If you want to blame turkey,Germany or whatever go ahead.

[@sakis5244]

It is not the self employed who are the problem .It is the corporations who have low tax rates .Maybe you should learn your stuff from business people living here .

[@user-bt9mt6eb9k]

Το πρόβλημα είναι η πουλημενη κυβέρνηση.....

[@user-rf5fg4dz9c]

Cool man, Greece is not the worst country in the world. Relax. Any economic analysis that does not take into account historical parameters and geopolitical factors, is failed from the very beginning.

[@petrilio]

Yeah, Greece had only one crisis, while in Argentina is happening periodically.

[@Ikaros23]

Greece economy pre-2008 was a bubble based on freaud.

[@jonathonkent9900]

Fault of turks my brother

[@Userjunior2016]

​@@jonathonkent9900yep yep yep Thanks for the great laugh 😂

[@mudball220]

Taxes not collected, crazy high pensions, early retirement...

[@Ikaros23]

@@mudball220 That was the fraud!. Fooling the population with populism and that they could pay little taxes, high pension, retire early. And that the bill should be sent to the EU 🙈🙉🙊. But today they have learnd the lesson as far as i know they know have a 6 workday week to pay down the money they have borrowed.

[@linobenetti6578]

truth one : greek gdp was overblown to a level of 30+ percent truth two: the annual embezzlement of public funds by a corrupt to the marrow public service had been estimated at 20B ...( annually calculated by a credible Canadian firm hired to assess the country s chaotic public sector. truth three: The orgy of the Olympic games.......would put to shame 10 Roman Caligula emperors in total....overspent threefold....guess who got the lions share....some obscure Israeli security companies....billions upon billions... when the subprime crisis flared up it found greece overly exposed n totally unprepared..... bottom line....the country lost its mind n intellect all of it all the serious greek people left the premises in disgust n despair...its unlikely they ll ever come back. a serious corollary to that....the rest who were left behind either embarked on the bandwagon of kleptathon...that still to this day galloping unabated of they simply faded into the background as active non participants. make no mistake ...the ruling class in greece as we speak are criminal law violators... please bare with me.. all of the above content is NOT meant for greek born people not even for over the atlantic audience... It's addressed for european minds with biased free attitude. p.s. the current state of affairs and the perspectives are critical for the country. paradoxically it doesn't make it to the news . greece is a sad story...is a modern Kleptonistan ! kalimera from Kalamata

[@elsoto72]

Efficiency in the electricity market? Are you joking?

[@skypickle29]

curious how the crash of the subprime loans in the US happened in the same year that Grece's financial crisis hit. one wonders if the shadow bank system (the people who made the loans to Greeks and the homeowners in the US) hit a speed bump

[@history_repeats8201]

You need to update your information. What you stated about Greece is Wrong!!!!!

[@user-abcxyz-xr2eg]

I'm a EU-foreigner knowing Greece since 1974. In 1986 I moved to Greece permanently as my wife for some reason could not leave Greece. Before the introduction of the Euro there existed many Greek companies in many fields. Back then all imported goods were very very expensive, especially cars (due to high taxation). Most Greeks could not afford imported goods, but there were cheap Greek products, which were not very fancy (clothes f.e.) And these (mostly small) companies needed labour force. Inflation was very high, interest rates for savings were very high too, but for ordinary people it was nearly impossible to get loans. Only companies were able, but at a high cost. Greece then was a very poor country, very old cars on bad roads, and generally a much lower standard of living compared to Central European countries. Now, with the Euro things changed dramatically. Imported goods became much cheaper and Greeks turned away from Greek products. Companies closed as a result. Loans were at once possible for nearly everybody, also for people with a low income. I remember receiving phone calls from different banks, which offered loans for cars, holidays, household items and of course for property. In the beginning interest rates were so low and many, many Greeks couldn't resist these tempting offers. One result: prices of property started to rise (in touristic areas they still do) and some people were not able to pay back their loans. You mentioned the high expanses for the military. So are the expenses for pubic servants who are not doing a good job for good money and even better retirement payment compared to ordinary people in the private sector. I know what I am talking about as my wife was a public servant and I have heard stories about cheating, stealing and not working properly in her office. There is no room for other odd things having happened in Greece then. What I don't understand is, how many Greeks blame other European countries for their own failure, but then again that's just human: It is never our own fault, when things go wrong.

[@Kastoraki]

A few lines are not enough to describe the situation in a country but you are close enough.... I would summarise, in my opinion the major issues: A) The country has a large commercial deficit B) Huge public dent since Pasok era in '80s which cannot be paid and through the capitalization of interests is becoming larger and larger (spiral effect). C) Large public sector with a lot well paid public employees D) A lot of well paid retired ex public employees in early age. E) In general a lot of retirees and less and less active working people. Last but not least the politicians and the big capitalist of the country who care only for their wallet....

[@user-abcxyz-xr2eg]

@@Kastoraki Well, you wrote nothing i could criticize. One thing I would add is the unjust "meson". If we don't put the right people to the right posts (in the public sector) , things will not go the way they should go. Unfortunately this is not only a Greek phainomenon. Gia sou, file!

[@gkotro4530]

How do you evaluate the Greek pension system as one of most generous in the world ?

[@georgebethanis3188]

Yes, the Greek economy is about 20% smaller than what it was pre-crisis. But now its far more resilient and more productive.

[@lavague7648]

Really? Productivity my friend is linked with the scale of the economy. Even Greeks will work 24/7 we will still be less productive compared with other economies in eu.

[@user-lz8nu1yh8y]

How do you manage to make so many videos? You are incredible!

[@richiesd1]

This is what a debt trap is like. In parallel, China investing is infrastructure is a gift notwithstanding what the media says.

[@bernardheathaway9146]

The quality and accuracy of information, is very low.

[@user-yg2zp2zb2u]

Greece is declining because the politicians that have been elected and hold the prime minister role have done nothing for almost 50 years to increase productivity, raise salaries, improve working conditions, modernize the country that will welcome investments in the private sector. Until today if you have strong bond with the political party that rules you operate above the law . Nepotism, unprofessionalism and of course corruption are holding back the county's future and security and this is miserable because my country has suffered a lot until now and very few support us and even fewer will help us in those difficult days that are coming

[@Arkoudeides.]

Living in Greece i can say that life and economy in Greece is much much better than UK.

[@johntheo5789]

As a person living in Greece too, You're Lying

[@user-oi4cn7rt8t]

​@johntheo5789 Depending on the job, the qualifications, the productiveness of a person and the way he wastes his money. So, I can believe him.

[@ct.p.7493]

It's easy for all of us to generalize silly trivial arguments, but economic reality is more complicated. Italy already has a higher problem than that of Greece, when Greece was made an example for the other EU members. Italian public debt as a percentage of its GDP is higher than the Greek one in the beginning of the Greek crisis. French and Spanish ratios of public debt to GDP are also huge. The ECB saves so far these countries purchasing their junk bonds and makes them look cute, but refused to do so with Greece even obliging simultaneously the country to an austerity program. Instead, Greece went through other "salvation" programs with extremely hard austerity, supposedly forgiving part of the debt which was transferred to the ownership of other governments rather than private investors. In the end, Greece lost 25% of its GDP and got 1.2 million of new unemployed people. The public debt to GDP ratio moreover, was finally ... increased! So much for the "salvation", which had to do with euro mostly and with making Greece an example which can not be done easily with bigger economies (too big to fail). Now of course, Greece has achieved primary surpluses in its budget and a reduction of its debt to GDP ratio. True, there is bureaucracy and corruption in the country, but this happens elsewhere too without such crises and suffering. Big European, especially German, companies (most notably Siemens but not only) had participated in the party conducting all sorts of illegalities, tax evasion and briberies. Greece would not have suffered more by defaulting ("bankruptcy"). There is no worse after all than what happened with such a recession and unemployment. The Europeans insisted on "saving" Greece in order to save euro, simple as that. (Greece offered a good service in that, even though when the debt crises erupt in other countries too, there will be no place to hide for all smart asses criticizing Greece). The political personnel of Greece served the EU plan because this way politicians saved themselves too. In all countries, that defaulted for example, the political personnel was replaced. The so called bubble here, has to do with the bubble of debt. It was created, subsidized and increased by the ECB monetary policy. There would be no overspending covered by debt to such an extent, without the monetary policy. After all, the 2008 crisis did not start with the Greek bonds. The whole EU lives on a debt bubble, maintained with money printing and bond purchases. This favor was not extended for longer in the case of Greece, and that's the only reason other Europeans look...financially "better". The only real reason Greeks should be accused of, is their choice to join euro. Turkey was more fiscally irresponsible for example, but having its own currency can create inflation and devalue without resorting to more debt. This cannot happen indefinitely but it can happen. Greece, a country destroyed repeatedly by wars and civil wars had significant growth rates (among the highest in the world competing withJapan) after WW2. Before joining the EU, Greece had higher per capita GDPs than Spain, Portugal, Ireland. It seems that together with inefficient politicians, EU membership did not work well, economically, for Greece...

[@user-oi4cn7rt8t]

I agree with your analysis. Actually Greeks were treated awfully by EU.

[@aselbeishenova3391]

I agree that membership in eurozone was the biggest mistake of Greece. Nobody expected that it will stimulate so much growth of debt rate, instead of economy’s and people’s wealth growing.

[@billpetrak]

Facts! 👍

[@lavague7648]

The only reason thay Greece is borrowing money in rates less than 10% is the fact that most of debt is hold by mechanisms. Only 40billions of Greek debt is floating in the market. But same are applied also for a couple of other eu countries the bonds of which are hold by ecb.

[@benlamprecht6414]

Thanks for an excellent explanation of one of my favourite countries

[@mariakip8737]

80%of Greeks still suffer.... We saved the Banks and we are poorer than ever and this is the fault of EUROPEAN Community....

[@atanasstoilov421]

Well right now Greece's debt stands at 229%. A staggering number.

[@iamasgroup]

So interesting, a British KZbinr attacking the Greek economy by presenting his own reality from the worst perspective. The only country that has no future in the European continent is the British Economy, not the Greek or EU economy. Living costs and inflation in Greece are the most sustainable in the European zone, I can not say the same for the UK. Greece is one of the EU food exporters that provides food security to the UK. After the UK left the Eurozone things got worse for them. The lost part of the market and political/geopolitical influence to many European regions including Greece and Cyprus. I feel sorry for the UK's bad performance and will be better the British KZbinrs to focus on and promote their own problems. Maybe this way they can find a way to get out of the disaster spiral they spinning lat 5 years.

[@jhors7777]

I am so glad I recently found your channel, thank you so much for your analysis and reporting

[@sargon4451]

After more than a quarter century it is safe to say the only two countries that benefitted from the Euro are Ireland and Luxembourg as they are tax havens and hubs for parking offshore money for companies awash with Euros. The population of these two countries combined is only a little over 6 million (in a block of almost half a billion people) which is why there are no celebrations for the Euro and little to no media coverage to remind the people of the anniversary of the Euro.

[@Daytona2]

Insightful stuff, as ever, thanks Tejvan +<a href="#" class="seekto" data-time="15">0:15</a> Chained Euros ? Why the US language revisionism ? +<a href="#" class="seekto" data-time="121">2:01</a> Greece debt to GDP was more than double the Euro entry requirement. Between them, the corrupt Greek government and the corrupt EU have caused untold misery to the Greek people. Which provokes some more general questions - have currency fixes ever worked, long term ? effectiveness of austerity as a strategy ? vids ? Like the timing 😉

[@Economicshelp-Global]

Chained Euros is because I got the data from St Louis Fed - it's the most accessible source.

[@Daytona2]

@@Economicshelp-Global Sorry Tejvan, I wasn't criticising you - I assume that it's some kind of rebasement, but the Feds description is meaningless to me, unlike, say, PPP. ...I'll google.

[@vicovanlit1296]

This was after the Olympics.France goes the same way

[@innosanto]

Nothing to do with Olympics, Olympics had around net zero impact

[@kmiladopoulos]

​@@innosantoOlympics had an enormous impact. Really enormous.

[@lavague7648]

Disagree. That was due to corrupted goverments that we were willing to tolerate as long as we participated to the party. Voters assume and continou to assume 100% responsibility.

[@julioalmeida4645]

I just notice the amount of subscribers of this channel. I assumed by the quality was 200k+. Good job!

[@goodsir7298]

Hey has a channel that focuses on UK finance that is much more popular if you are interested. This guy makes very good videos

[@user-tm2sr6yo3o]

Thank u for work. Your chanel motivated me to learn economy. Good luck!

[@RoniiNN]

Learn?

[@user-oi4cn7rt8t]

Every one deals with the financial problems in Greece amd our lives, except the Greeks.

[@carlosmurgelcddr.1418]

Thanks for the video

[@PMAR041]

The Greek is a pilot crisis for all members of emerging corporative superstate of Collective West. Credit surmounting is the key mechanism after a period of any type of production collapse, and economical inputs get manipulated. Why Greece? Some reasons, below: 1. Greeks is a historical nation with culture deep in the past. Could social engineering be effective? 2. Greek total wealth rises to 100trillion$ in 1977 prices. Could this be taken? 3. In 2009, an agreement since 1949 had come to an end, and this should be renewed. It said that all resources of Greece were at USA disposal. (Prime minister of the time had also an American passport...) 4. (His father who started the overcrediting procedure, the demolishing of all state hierarchies, the downgrading of basic education, the corruptive uncontrolled practices in the public sector, the corruption of all social classes and not only the typical in the highest, the neutralisatiion of opposing opinions, the production having been made unattractive for investing, had the same too.) 5. Monopolistic trusts in the small volume submarkets, and governmental customer big purchasing share, prohibited from lowering proces, when salaries have been cut down in half, in terms of purchasing power. 6. Geopolotical bargaining and losses for Greece have casted big doubt on these creditors' policies, proven to take over the whole Greek wealth, leaving nothing for the Greeks. 7. In addition, muslim inflows make societal unrest and disorientation from exiting crisis, even more difficult than before. Immigrants are being organizing themselves politically, and the country becomes a multicultural soup, made in USA.

[@PMAR041]

8. When all member countries become empty shells in their border structure, multiculturally homogenized in a same kind of ethnocities merging in their societal features, financially highly credited due to production.collapsing and investments unattractiveness, due to this total turmoil in their interior, then one Government will rise in order to zero debts, and to rule by itself in exchange. Conquering of the West by its elite of one country of origin, Medieval Ukraine 9. Other countries had been planned to obey this too, but their reactiion via BRICS+ has become rather a deadend obstacle. Nuclear war may be the product of this stubborn progressiveness of this leading people group. However, the partially qccomplished plan will be a success, if it takes place in the next run.

[@PMAR041]

10. This one western government may zero credits for putting its New World Order ideals in practise. 11. Absolute power will bear absolute corruption, and fast deterioration to its fall thpugh.

[@rudywooders9602]

by the time Greece adopted euro, all indexes collapsed .

[@harrykapnopoulos4253]

What happened if Greece says I can’t pay the debt it is impossible what the the lenders do?

[@TSAPRON]

It's all about how to get countries in debt, that's why the EU looked the other way. You don't know what you're talking about. Try another profession

[@shroomguy1891]

Μας γαμανε και λέμε ευχαριστώ

[@dosara1]

μας γαμανε η θα μας γαμησουν?θα μας κλασουν τα αρχιδια.]]

[@dosara1]

το θεμα εχει ως εξης.απο τοτε που η θαλασσα εγεινε προεκταση της στεριας,η κατακεφαλην εκταση που αντιστιχει σε καθε ελληνα ειναι απο τις μεγαλητερες παγκοσμιος.και δε μειλαμε για ερημο γη.η διαχειρηση της ομως ειναι πολυ δυσκολη.γιαυτο μερικοι ιλλουμηνατοι [φωστηρες στα ελληνικα] θελουν συνεκμεταλευση και παραχωρηση.βαστατε γερα.γη και υδορ δε δεινουμε.οσον αφορα το δημογραφικο ξερω να πω,πως και ενας ειναι αρκετος.

[@sargon4451]

Introducing the Euro had a negative effect on all economies in the past 18 years which is probably why it is not being introduced in Poland, Romania, Czechia and Bulgaria though these economies are "ready" for it. In Slovakia the wealth gap with Czechia on the eve of the divorce between the two countries was estimated at 30%. Today it is 50%. Cyprus lost a quarter of its GDP and many of its citizens went bankrupt literally overnight following the banking collapse there that happened a few years after the introduction of the Euro. In Croatia most sectors went into decline following the introduction of the Euro. The only reason Croatia is keeping it's head above water is because it has a resident population of 4 million and 35 million tourists annually (some speculate that had the Euro not been introduced the number of tourists would have already hit the 45 million mark)...

[@serebii666]

"In Slovakia the wealth gap with Czechia on the eve of the divorce between the two countries was estimated at 30%. " It is not nearly that extreme. At the divorce Slovakia was about 80p.p. of Czechia's wealth level, now it is closer to 70p.p.. But this has little to do with the Euro, as Slovakia did not see the growth Czechia did in the 90s due to their worse regulatory and corruption position (which is also why they could only join NATO later), the Tatra Tiger phase only caught up partially. Slovakia primarily suffers today from being peripheral in the EU (bordering poorer and non-EU countries), which also increase transport costs and FDI being funneled only into Bratislava (which sees over 80% of all FDI on regional basis) In reality, Czechia not having the Euro hurts it more, what it would gain from having it's own devaluatable currency for exports is moot when logistics chains are so integrated and reliant on German partners and since all upper level financial decisions and transfers with Czechia's export partners is done in Euros, as well as loans in the various banking institutions. In reality, this means Czechs miss out on the low interest rates afforded by Euro denominated loans, since the Czech Koruna has a much higher inflation rate (typically 2-3p.p. higher than the Euro), which leads to more servicing costs and loses in conversion.

[@sargon4451]

@@serebii666 Thanks for your detailed response. It would be impressive had it only been correct 😂😂 In reality all Czech companies and even most small businesses who trade and/or are supplied by EURO countries have Euro accounts and conclude deals in Euro so what you say is simply inaccurate. The higher interest rate for the Czech Krone actually works in Czechia's favour because the banking system is solid and unlike Switzerland or Sweden real interest rates are not negative. Negative interest rates were at the core of the financial collapses in Greece and Cyprus and a major factor in the never ending stagnation in the Italian economy but I guess some people are so agenda driven they can't admit facts though they stare them in the face.

[@sargon4451]

@@serebii666 Slovakia is at the heart of Europe so your attempt to find excuses for its lacklustre performance is not convincing. The Euro is not a bad idea when implemented correctly. My grandmother knew next to nothing about finances but she had a lot of common sense. She used to say that to succeed and enjoy life you need good timing.

[@serebii666]

@@sargon4451 "conclude deals in Euro " That is exactly what I said. "you say is simply inaccurate." No, it isn't. Exactly because trade is done in Euros, Czechs lose out on conversion due to their weaker currency and also reduces competitiveness. "Czechia's favour because the banking system is solid" It is not. Czechia being grouped with other CEE countries together for international investors means the currency is affected by other countries' decisions, especially Poland's Central Bank and Zloty. I am dumbfounded by your assertion that Czechia has a more robust banking sector than Sweden or Switzerland of places. That is completely detached from reality. "Switzerland or Sweden real interest rates are not negative." Huh? The utility for these rates is in small business, household and construction loans - all of which are much more expensive for Czech consumers and businesses. What you don't realize, is in the era where Euro interest rates were 0, between 2013 and 2017 Czechia artificially fixed and devaluated the Crown ostensibly to keep deflation at bay and improve exports - which resulted in imports, which make up a significant percentage of GDP, much more expensive. Having the Crown actively made Czech households poorer. Please don't tell me you keep your money on some basic savings account. Yikes. "were at the core of the financial collapses" No they weren't. "never ending stagnation in the Italian economy" No it wasn't. I recommend you actually look up Italian economic history of the 1980s and early 1990s. Their stagnation was arguably more caused by German reunification and China's entry to the WTO in 2002 than anything to do with "negative interest rates". "can't admit facts though they stare them in the face." You said I'm wrong, then parroted exactly what I wrote and then you made a series of baseless non sequiturs on other economies that you fundamentally don't understand. You're an economic dilettante.

[@serebii666]

@@sargon4451 Slovakia literally has one of the EU's external borders - to Ukraine. It is not a secret that is not on any of the main logistics transport networks of the EU, and due to it's extreme ruggedness in the North and East and lack of infrastructure even connecting cities within (I heard the D1 is being pushed back, again, to 2030 lol) within also will not become one for some time. It's most important international connection is the Port of Bratislava - but the Danube is much less important that the Rhine et al. The most important industrial centers in Southern Poland focus West, Hungary's too - they completely ignore Slovakian geography, and it's not even worth talking about Romanian connectivity. No, fam you really are proving how little you know of EU logistical systems. I bet you don't even know that Slovaks have more expensive food then Czechs for this exact reason - about 60% of the cost is transport alone. From what you write, your grandmother knows more about finances and the economy than you.

[@georgekiriak7027]

This video is problematic and has some misinformation. One of the biggest is in <a href="#" class="seekto" data-time="524">8:44</a> that says that Greece wants to implement 6 days work hours (leftie propaganda, they did it again 2 years ago). This is totally false .Those who claim such things are totally ignorant of European laws that Greece follows. There will be a law for 6 days work per week only In a very limited number of big factories where they normally work 7 days per week and shifts are not easy to regulate with the current system Greece has, that was not flexible and was one the reasons many Greek factories were closed. Even the workers themselves are those businesses liked this reform because many of them for extra hours had to work in the black economy With their extra working hour not counting to pention. Also, any extra time will be payed as extra hours, meaning double salary in those days

[@user-oi4cn7rt8t]

Do not explain, they will not understand because they do not want to. If you just want to blame Greeks all the time, you will always find a reason to do so.

[@user-xi7vd2ex6m]

If Greece hadnt switch to euro Germany wouldnt be able to sell its products without taxes. Also if debt was the problem the government wouldnt have sold out its most profitable assets. Economy isnt just numbers. Geopolitics come first. All of this was a plan which began back in the 80s.

[@makismoisis4948]

It was not economic disaster, it was an economic distraction. Greece needed just some elementary reforms in the state. Instead of this they gave 500 billion euros to the banks. We know that the banks just overlending illegally citizens and countries, which leads to disaster the global economy. Economic sacrifice of Greece showed this dead end!

[@funkymanos]

in the comments, the voters of Μizotaki tell us that everything is fine

[@blackbird-l9k]

They speak for greece like the only poor country on earth... 😅😅😅😅😅 most of countries are very poor...

[@user-oi4cn7rt8t]

Because they hate the country and there is a prejudice.

[@spyrosasproudis6337]

i disagree to a large portion of this analysis !

[@user-zv6id8lb3m]

The legal system is fast when it deals with collections firms there are cases of firms based in lreland collecting money from loans gone bad, that actually liquidated foreclosures without documentation to the central bank for permits. A member of the parliament had resign after word went out that he owned an Irish based firm with capital eur 3000 that was liquidating housing of debtors....

[@user-hd8mx6hf7t]

You dont mention that we maintain a huge army because we have a big aggressive neighbour... Turkey. If we dont buy weapon systems from Germany, Usa , France etc.. Our economy will flourish . Create Euro army as soon as possible and you will see our country grows economically

[@georgemoschos768]

I think Greece is interesting from both an economic and political perspective. It is interesting in that it is always (as in her ancient past) ahead a few steps (though not in a good way, kinda like a premonition of where EU can end up if the course is not fixed). Politically, if you look at the situation, you will see that the EU has degraded to a point that resembles the Greek status quo of the past century, one of false promises, misrepresentation of the voter's interests and constant scandals. Then economically, the Greek miracle was more of a bubble based on wildly optimistic scenarios, and ran almost like a ponzi (shove money into it and make it seem rich). If you look at the modern economic meta, a lot of companies aim at a rapid growth model, often fueled literally by investor money and no revenue. And that now commonly accepted in the whole rapid growth model charade...

[@allcars2315]

Will be interesting if you can explain how Kosovo ( newest Nato puppet country ) exist with out ANY industry ( legal ) and on top of that using EURO like legally ????Very interesting at least to me!

[@gretareinarsson7461]

Importantly Greek remains in the EU🇪🇺

[@TheoDeligiannidis]

make a video about kyriakos mitsotakis the prime minister please

[@george-zq1ek]

for everyone economists genius in the world Greece have economic problems only in the papers in the reality others countries have huge GDP and everything its ok for all you!

[@kostask8851]

You must be wrong somewhere my friend.Greece is thriving, How else would you explain the fact that most if not all of the politicians own dozens of houses, lucritive business for their families and friends, spending billions on the millions of illegal migrants, billions worth of weapons to Ukraine etc.Does this sounds like a poor country to you? You obviously didn't do you research right.

[@CheeseLovingGuy]

Good clear video. Thank you.

[@mymonster156]

The Greek National Sport was escaping taxes and demanding cash for every transaction!

[@user-rf5fg4dz9c]

And what is yours??? Blaming and hating the Greeks?? 😊

[@mymonster156]

@@user-rf5fg4dz9c .. I got tired of every service company in Greece demanding cash even though they had VISA signs on their desks! You explain it!!!

[@Blue_22511]

Yet we recapitalised German Banks 🎉

[@gkaralis1]

You are very wrong as far as the last 4 years, you should look at the numbers again, worry about the U K and stop playing games. Greece is doing much better than most European countries.

[@timphilby]

The austerity policies that Germany proposed to Greece were completely wrong and disastrous. Wolfgang Schauble was a very poor ministrer of economics for Germany that did not even understand basic economic principles , and he was stubborn to punish the Greeks for their defiance . It took years to hear from the Germans that the austerity measures were wrong and never paid off , quite too late after they had already ruined a generation. The wheel will now turn to the rest of Europe...

[@kevinu.k.7042]

Great video - Thanks But please those sound effects were awful ! Though they did make me laugh a bit.

[@Economicshelp-Global]

thanks for feedback

[@muddywaters538]

This is wrong, your information is incorrect, Greece has turned around and is prosperous and going in an upward direction, thank God

[@larsnielsen1852]

Poland has the biggest military spending in Europe.

[@MegaCooliam]

Poles are so delusional

[@RoniiNN]

Not impressive knowing most eu countries under invest in there defense

[@larsnielsen1852]

@@RoniiNN until lately but not anymore. A few pay more than the US now (% of GDP)

[@RoniiNN]

@@larsnielsen1852 few are at like 3% to 2% but majority are at lower than 2%. Germany in 2023 was just 1%.

[@larsnielsen1852]

@@RoniiNN yep but 10 (except the US) do and rest moving upwards. It is quite clear that being close to Russia (or Turkey) drives top countries while the ones further away fro the buffer zone are relaxed which is not OK really.

[@IcarusIcarus76]

Its not all numbers, on which also you made lots of mistakes, lets dont forget that everyday life of Greek people is much more enjoyable than to UK,Germany,France etc , you stay with the numbers and we with the sun,sea,nature etc😄😄😄

[@loovthejungle]

We are bombarded with videos informing us we are in a rocket destined to go beyond the moon and suddenly this wtf

[@iwannisbalaouras1687]

The thing with productivity is getting ridiculous, we don't have factories only hotels. How to be productive when you only serve coffee to tourists?

[@mariakip8737]

You forgot Airbnb ,and Cheap Tourism ... They still eat 1 Souvkaki each and 1 Greek Salad :4 pax 😮

[@user-py6ql2lg6w]

Lots of loans.

[@gjs2900]

I have never heard a more flawed analysis to this. It is quite obvious that this person has no idea of economics. Perhaps a tik tok video would have been more appropriate, or an analysis of the UK financial situation.

[@Achelleas67]

Τα ακούτε;

[@Syn4kh]

Well explained

[@Polythinker]

This is what happens when you live on EU welfare.

[@gg-ij8xb]

Again?

[@guest3069]

There wasn't any economy in greece so it is not valid to mentioned economic disaster.All western tax payers money goes to greece since the establishment if greece under the name of help.therefore they never have economic crises.thanks to europe and usA.

[@davidkruger7265]

I like your videos, nevertheless.... PLEASE, "Firstly", "secondly", "thirdly", etc., ARE NOT WORDS IN GOOD FORM! You can just use "First", "second", etc...

[@RoniiNN]

I don’t know about British education I learned this has kid… He’s pretty old he should know this.

[@CheeseLovingGuy]

I don't know how others do it but they are reading from screen but it is less noticeable on their face shots

[@D3F1CAT0R]

That’s how a script works, he ain’t gonna make it up on the spot

[@victheod]

I would expect a more educated and scientific position on some issues. Your are making your point but you manage to do so by giving half of the truth. A false story covered with some truths. disappointing

[@SinzPet-]

U know ur saying eu-up instead of Europe, right?

[@user-bt7nj3nh9b]

Propaganda😂😂😂 luxury cars now its everywhere, and the Europe failed to organised all .only money tax and squeeze the poor people

[@3dScience8]

you need to visit an amazing greek beach in an island, enjoy the nice views and women - you really need that badly. come on get out of this miserable office 😊 (as others stated, you have done lots of mistakes in the video)

[@pc2collection]

at 08min 57sec.....This is not true .....In reality Greeks doesn't work afternoons

[@guest3069]

Democracy,civilazition,philoposy started with roman's in western world, not greece..this is only baseless advertising of greece.,it is better you should go roman times first.

[@Zaxos123]

Go back to school mate 😅

[@astroganov]

Democracy is a Greek word that means "power of people". Socrates, Plato and Aristotle - where did they live? 😂

[@user-oi4cn7rt8t]

Hating the Greeks is one thing and talking nonsense is another thing. Go back to school immediately.

[@user-oi4cn7rt8t]

Also democracy and philosophy even economis are all Greek words mentioned by the Greeks first. Where do you live? In a Roman cave???

[@user-rf5fg4dz9c]

😂😂😂 such a ridiculous comment

[@geosake2831]

The hole analysis is a joke, noone elsa payed any depth except Greece.

[@nisantasicoocugu216]

Greece never industrialized. They imported almost all consumer goods. It is an extremely small-scale economy that, apart from tourism and shipping, exports olive oil and small amounts of wine. Greeks are a people who have been spending many times more than they earn for almost half a century. Although a significant portion of the population may seem like "CIVIL SERVANTS", the majority of them are people who receive salaries from the state without doing any work. Greece is a country experiencing terrible budget deficits. The Greek state took on a debt exceeding HUNDREDS OF BILLION EUROS in order to spend much more than it had. THEY HAVE NOT YET STARTED PAYING THE DEBT GIVEN TO THEM TO EMERGE FROM THE ECONOMIC COLLAPSE IN 2008. IN fact, according to ESTIMATES, THE TOTAL DEBT OF THE GREEK STATE, INCLUDING THE 2008 IMF AND THE EUROPEAN UNION, AND THE DEBT AGREEMENTS MADE WITH THE IMF AND THE EU, REACHES AROUND 1.3 TRILLION EURO. TOTAL DEBT IS WAY OVER THE AMOUNT GREECE CAN PAY. GREECE, WITH A SIMPLE ECONOMY OF 200 BILLION DOLLARS, NEEDS TO SELL OUR ENTIRE COUNTRY 6 TIMES IN A CONSECTION TO PAY ITS TOTAL DEBT TO IMF, EU, GERMANY AND AMERICAN FUNDS. IN THIS WAY THEY CAN PAY THEIR DEBTS REACHING 1.3 TRILLION DEGREES. THEY CAN ONLY REACH LEVEL ZERO WHEN THEY DO THIS. AS I SAID AT THE BEGINNING, THE FUTURE OF GREECE IS VERY ENJOYABLE, WHERE IT HAS NO INDUSTRIAL PRODUCTION, NO ENERGY RESOURCES, AND A VERY LIMITED POPULATION OF 8 MILLION PEOPLE WHO ARE AGING RAPIDLY. THE fact that they have been experiencing population loss for many years and that their current citizens are in the middle and older age groups is truly a harbinger of a nightmare future.

[@DeLaVeGaGR]

What a bunch of horseshit, before joying the EU Greece had a lot of factories, from textiles to tobacco and even the most advanced (for the time) car manufacturing (Nissan). Germany never paid for the WW2 atrocities, instead of that Americans made millions from the Marshall plan. Also, our EU/US friends blocked the Russian Burgas pipeline for cheap energy, closed down the coal mines and the energy plants. Forced that bullshit green energy with made in Germany wind turbines and solar panels to a collapsing economy. Didn't even bother with the aggressive Turks, as long the Greek army was spending millions on German Steel and US Fighters. Also, Deutsche Telekom bought the national telecommunication company for cheap, and now they are making millions, but before that Siemens made millions from illegal transactions with our scum politicians and bankrupt the same company. So don't fucking tell us that Greece owes money to EU, they made millions, and they still do.

[@Olympiakarapiraeus]

It amazes me how well do you know all these details , it seems like you're judging the Greeks under a hidden hatred against the oldest nation in Europe . You sound like a Turk or Albanian who always bites the hand that feeds him.