Greece (and many others) suffered a brutal occupation at the hand of the Nazi's. However, that’s simply not the same as stating that there’s some legal requirement for Germany to pay damages or reparations now. Those have, as far as the legal system is concerned, been paid. That issue is done and dusted and no amount of complaining is going to change that. So, while there might be a moral claim there isn’t that legal one.
Funny how a country which has not been able to calculate a budget for decades can come up with that sum in less than a week. Next I would like to know how much Greece owes Egypt for centuries of occupation.
Will you please stop spamming this forum. Anyone with an ounce of a brain does not trust a 'financial expert' with a f@cking gmail address.
Currency boards don't change non-monetary fundamentals. If you have a corrupt, inefficient and kleptocratic economy before the currency board (Argentina *cough* Argentina) you will have a corrupt, inefficient and kleptocratic economy after the currency board.
The only difference is that the government will have heavily indebted itself to the West and the IMF to obtain the necessary foreign reserves to peg its currency, and even then speculators or market panics may test the government's resolve. And no doubt, these loans would come with countless strings attached, as is typical for any IMF "assistance" package. I guess the EU isn't that concerned about Bulgaria after all!
And inflation? The peg to the euro may keep import prices from rising but would require Bulgaria to adopt near zero short-term interest rates. But that's only helpful if you have a positive export balance. What does Bulgaria export and how does that relate to what Bulgaria imports? I'll let you draw your own conclusions.
Bulgaria will not be able to assert its territorial sovereignty by abdicating its monetary sovereignty. The Bulgarian economy is long due for a massive structural rebalancing, and some of this will play out on the currency markets bur it's the so-called "little fish" who will end up paying for this complete and utter incompetence of the Bulgarian government and central bank. If I was a foreign investor I would avoid Bulgaria like the plague. Shaky banks on every corner? That can be brought down by a simple text message does not give much confidence.
And another damning article from Forbes. No wonder they are scratching their heads in Brussels why they ever let BG join the EU.
"No other bank in the EU has been allowed to remain in limbo for two months with no decision regarding its future and no payout to depositors. Even in Cyprus, bank closure was only for two weeks: admittedly, large deposits remained frozen after that, but at least insured deposits were covered.
But the problem is that insured deposits are NOT covered. As Shaun Richards explains, Bulgaria’s deposit insurance fund is insufficient to meet claims from insured depositors. No wonder the Bulgarian authorities are keeping the bank closed. If they re-open it, there will immediately be a massive bank run, which will force it into bankruptcy and could break the Bulgarian currency board due to the need for leva and possibly Euro liquidity to support such a massive run: while if they wind it up, they will have to pay insured depositors within 20 days under EU rules, which they don’t have the money to do."
Warfou please explain because you are not making much sense to me.This is not about the Eu - which I think is an overrated and overstated talking shop - but about economics in BG. Maybe I'm just stupid but I think by pegging the lev to the euro BG has had an overvalued currency for decades thereby making BG un-competitive and hampering BG's exporting the few things they're good at producing. Now letting go of the currencyboard is a scary decision.It is always more easy to let someone else do your dirty work. Does BG trust it's political, judiciary, and independent media class enough to try it? No, they don't and with good reason. Therefore what would economically have made sense in any other "grown-up or economically powerful country" for BG did not happen. It did not enhance ordinary peoples lives, sadly. But it did bring some form of stability. And to be truthful I'd scared to look behind the sofa's at the finance ministry. One good audit and that deficit might be bigger than anyone thought. For example the privatised but 100% state owned railways. Since they are privatised no need to put them on the governments balance sheet, but who ends up paying? Yes the taxpayer.
I would also like to say that as much as I dislike the man for ordinary Russians he has been good and now he's stuck between a rock and a hard place. Somewhat by his own gamble but still what can he do now? Withdraw support for the "separatists" hurts him at home. Continue supporting them and he will be an international pariah.
Sha-sha I jumped up and feel much better. Here's your favourite Moscow Times judging by the article some form of free press is still allowed in Russia. http://www.themoscowtimes.com/opinion/article/russians-will-suffer-in-putin-s-new-cold-war/503782.html
Now I might be the MSM generation but I certainly dont buy the US spin doctors nor do I buy the Russian spin doctors. Here is a nice US piece http://www.washingtonpost.com/blogs/monkey-cage/wp/2014/07/20/putins-grand-strategy-is-failing/
Want an international business perspective here's Bloomsberg http://www.telegram.com/article/20140721/NEWS/307219787/1237
On a positive note this article says Ukraine but lets give credit where it is due in this case the so calles "rebels". http://www.reuters.com/article/2014/07/21/us-ukraine-crisis-recovery-idUSKBN0FQ14Q20140721
@sha-sha my post was from a time when there was limited access to the site. Luckily reports coming from there are now much more positive. Let's get the victims home first, that should be a first priority and then figure out who exactly did what and how. And yes I agree with you on one point: Ukraine bombing their own people is plain wrong as were the snipers on Maidan. However, that is no excuse - mistakenly or not - to shoot down a plane filled with innocent people. And their relatives deserves a decent answer to get some sort of closure.
Please get the victims of this terrible atrocity home to their families and friends for a decent burial. Allow these people to say goodbye to their loved ones. Anything else will condemn the "Rebels" and their colluding partners or whoever is in charge there to decades of isolation and poverty. NATO won't bomb you but Mr. Putin, please don't forget that NL gives you the 2nd best FDI and their economy is double the size of Global player Russia. An isolated Russia won't be a global player. Nor are they dependent on your energy and after this they will be happy to reroute some of those pipelines to for example Germany. Mr. Putin don't be a fool and make sure independent international investigators have access to the crash site. So we can truly find out what happened.
50% more Chinese Tourists in Bulgaria
Potentially Defective Aluminum was used by All Car Manufacturers in Japan