This is about Scottish football but I take a while to get there. And I don’t think you’re going to like it, but something has been bothering me with all this news about Greece, there’s been a little dissonance.
Greece has come through seven years of devastating poverty and economic turmoil, the like of which has not been seen anywhere else in Europe, and within weeks it could get a lot worse.
Many Greeks with economically portable skills emigrated. Those left, the old, the infirm, the unskilled, and those who don’t want to abandon their family or country, have been left to deal with the consequences of a debt which dwarves their earning capacity.
Greece joined the euro and overnight were able to borrow money at cheaper rates than ever before. They borrowed and invested, but poor governments and lax taxation systems left them vulnerable. When the crash came, Greece was hopelessly unable to pay its debts, largely owned to German and French banks.
Back in 2008 the world’s banking system was on the verge of collapse. It is not an exaggeration to say that our economies, jobs, welfare systems, public services and more, were in jeopardy. Governments took steps to keep the banks afloat, but Greece owned money beyond their borders.
If they still had the capacity to issue their own currency, they would have defaulted, offered their creditors 10 lepta to the drachma, and quickly moved on. Prices would have skyrocketed overnight, many people would have been priced out of the basics, but tourists would have flooded in, as would new employers, to take advantage of the newly cheap Greek labour.
But since 2002 Greece has been using the euro. They could not print euros after the crash so had to come to a deal with their creditors, and that meant paying all their debts, in particular to the German banks who loaned them money, at an appropriate interest rate, years earlier.
It was appalling. Greece was not blameless, no European governments – or ultimately their electorates – were, but they were boxed into a corner and forced into a deal. Foreign banks, who were well-placed to weigh-up the commercial risk of their Greek loans, were beneficiaries of the squeeze put on some of Europe’s poorest people.
In January this year Greece elected a radical government. Syriza were voted in on a ticket to renegotiate the terms of what the world calls the ‘bailout’.
The bailout is an affront to the European Union, the IMF and the European Central Bank. The world’s governments needed to protect their banks to prevent complete collapse, but the deal imposed on Greek citizens is pernicious and disproportionate.
A game of brinksmanship is going on between Greece and their lenders, the Troika. Syriza are mandated for one thing and one thing only, renegotiate the current deal. I admire their resolve and hope the Troika accommodate their request for change, but the consequence of a failure to find an agreement is enormous, the like of which we have never seen in a modern economy. Those sitting at the Syriza side of the table know they may be marching their citizens off the edge of a cliff.
What’s this got to do with Scottish football?
For the Troika, read Mike Ashley, he was the lender of last resort, he was also the beneficiary of the loans. In fact, he loaned Newco money he’d already made from them. Those loans came with pernicious conditions. The profits he’ll earn from seven years merchandise rights are spectacular – and they will come from what I could argue is the most impoverished football club in Europe. Mike is the ugly face of capitalism (and there are pretty faces).
The analogy is not perfect. Rangers spectacularly defaulted. Newco’s early years have been more painful than they necessarily could have been, largely as a consequence of an organised group of Real Rangers Men who were determined to grab control of Newco’s assets for as cheap a price as possible. But if you are an unskilled Greek living on handouts, or an easily-led Rangers fan, who just wanted to watch his team, you were not the architect of your own misery.
Alexis Tsipras is no Dave King, he is an engaging leader and is not a criminal, but if he leads Greece into an abyss, he will be guilty of one of the classic failures of leadership – telling people what they want to hear in order to gain power, without any way of delivering on the promises made.
King may be doing the same. He strikes me as a man intent on recreating Jonestown in Govan. Unlike Tsipras, who appears to be making progress with his creditors, King has inspired division and boycott. I can’t picture him now without scenes from Jonestown flashing through my mind.
While I know I’m stretching the analogy between Greece and Rangers, there are many who have lost their livelihood, or football club, through the fault of more powerful men, who were paid to look out for their interests.
Mike Ashley is a figure of fun for us but be sure, he is not our ally. Our enemy’s enemy is not our friend. He’s just another in a long line of naked opportunists we were wise enough to avoid.
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macjay1 for Neil Lennon
03:45
Poor wee Greece? Give us a break.
macjay1 for Neil Lennon
03:55
I just don`t get it. Who forced Ireland to borrow from Goldman Sachs or it`s susidiaries
Macjay1 – I’m not here to defend Greece nor any other country for that matter.I am merely highlighting the fact that British and US economies are also in grave danger of collapse.
Now the Greeks were in debt to the tune of say €10billion? Britain’s debt now stands at over £1trillion, the US owes over $18trillion.
And nobody is paying off any of the said debt. What both respective governments are attempting to do is to repay some of the interest on the loans.
That is the scam,the interest rates on the borrowing.
Look at the speed of the debt clocking up.It is virtually impossible to pay any of the initial money borrowed, because the interest is off the scale.
Default is the answer.
HH.
.
Taps Aff Opportunists..
Bail Sammi Oot of the Desert and Get Samimaldini Back..
Summa of GetSammiBackCSC
macjay1 for Neil Lennon
04:01
No not me. I would not have passed him by…
;0)
16 roads – Celtic über alles…
04:05
Perspective….
A million seconds is 12 days.
A billion seconds is 31 years.
A trillion seconds is 31,688 years.
pjbhoynyc
04:09 on 24 June, 2015
16 roads – Celtic über alles…
04:05
Perspective….
A million seconds is 12 days.
A billion seconds is 31 years.
A trillion seconds is 31,688 years.
————————————————-
I know mate.
The sad thing is that it is all a complete scam.
Is there even that amount of money in the entire world? Gold reserves even to back it up?
Numbers clocking up, that’s all it is.
Incredible city btw chief. The Irish still standing strong over there.
Oiche mhaith.
HH.
16 roads – Celtic über alles…
04:16
Aye. A Scam for debt slaves.
Well audits have been requested for Fort Knox. Denied. Requests from politicians and even depositors. Nope. Aint happening.
Love this city, but profoundly perturbed about the future of this country, and my kids living here. NYC, if it was to secede? That would be inviting…. ;0)
Good Night to you too sir.
16 roads – Celtic über alles…
04:05 on
24 June, 2015
Macjay1 – I’m not here to defend Greece nor any other country for that matter.I am merely highlighting the fact that British and US economies are also in grave danger of collapse. ————————————————————————————————–
Good.What the Greek govts.have got away with is indefensible.
Currently,the major danger to British and U.S.economies is further insecurity about Greece.
Default probably.
Let`s get it over and done with.
It was decades ago… & she was on holiday FFS.
Yefsi Adonis CSC
:0)))
Whither the cash strapped scrofulous hillbillies the day?
dbbia 6.13
Greece?
:-)
Good morning friends.
It is with a heavy heart that I have to report a return to the grey clouds and drizzly rain this morning in ole EK.
This part time job of mine is no longer fun, beginning almost every day now with a doom and gloom weather report. Early retirement could soon be on the cards even though I’m still only 11.5……………….(ºCelsius)
Jobo, same same but different here in phnom penh.
Just bought a bose boogie box for fifteen bucks, whit a bargain:_)
Still no Celtic signing news?
My friends in Celtic,
Further to the posts about the UK and the USA being economic basket cases. Simplistic question ;- where does the IMF get all its money from?
Reading back , what is wrong with the principle of ” those of the people who have plenty shall assist those who have none”
Capitalism is a fact, it’s always going to prevail in any modern society but my / our quest should be to add a caring backbone. Collectivism , inclusion and equality should not be incompatible with a modern capitalist country. Redefine the boundaries.
Re the fact of our lack of Irish players : simple, they are not good enough. Our aspiration is to sign and play players who will fit our Jersey, no matter what race, creed or colour they are. We should not sign players who will shrink the jerseys to suit an off park agenda. In RD I hope and trust that this will never happen.
I wish you all a mega HH.
HH.
morning Timdom!
HH jamesgang
Gunaydin
I think i can see a cloud Jobo 80 at the moment (9:45) am -)
Wonder what will come 1st…..sunshine or a striker?
Place yer bets.
Good morning CQNers
Having just read the last 2 pages of posts with notable contributions from macjay who produced a robust defence of the banks it was with some irony I greeted the 07.30 radio news the Queen, God bless her, is to receive a 6% increase from the public purse.
She, it would appear, is more in need than working families relying on tax credits, public employees, the increasing number of children sliding into poverty through Tory policies, those relying on food banks….ah to hell with this make up your own list.
murdochbhoy,
Good morning CQN
Not been on so much this last wee while – close season is pash
Sitting here thinking – are dem zombies really that daft to fall for the big con AGAIN ( and again and again etc) .
Seriously – signing a 35 year old who we never heard of and he’s been injured since January
Morning all.
Well for those in Scotland at least, you will have had your summer.
Has the deid team had their chips, wrapped in the rags?
nae clouds in the desert but very windy with shamals.
a low 37c.
Firmino for 29 million?
It really is a different game out there.
A whole different level, one which the whole world looks to.
And makes our level look really small.
I really hate the imbalance, and refuse to accept the reality.
murdochbhoy
To be fair it also shows how it costs each of us only 56p pa to make her one of the richest people on the planet!!!
HH jamesgang
We are all Susan Boyle.
Interesting change in the ole reporting from one website to another.
http://www.bbc.co.uk/news/uk-scotland-edinburgh-east-fife-33239923
http://www.edinburghnews.scotsman.com/news/susan-boyle-threatened-by-sectarian-abuse-caller-1-3809926
Have a good day fellow Tims.
LB
Jamesgang
That’s less than the cost of a 1st class stamp!
Bolton boss Neil Lennon wants winger James Forrest at former club Celtic to spearhead the Championship club’s promotion drive next season.
No Chance!
LB
LiviBhoy
Agreed, Bolton may want to get out of that £160 million pound overdraft before they start looking at buying players!
livibhoy
Maybe the BBC think it was just banter?
South Of Tunis (if/when you look in) –
Purchased the Mr. Spaulding LP we “spoke” about a few weeks ago. Not sure of it yet TBH – think I need to give it a few listens.
Awaiting arrival of – Poet & The Roots – “Dread Beat an’ Blood”
In July – off to hear Jimmy Cliff. Festival gig but better than nothing…
Last week I mentioned in passing a girl I know who had to sell her flat here so she could send cash to her dad in Greece, as he was destitute after having his pension slashed. For those of you commenting on the situation in Greece, this post from her Facebook page this morning is worth a read:
“Writing this on my phone after seeing a particularly ridiculous comment on the Greek crisis on Facebook.
When I watched my father cry in front of me four years a ago on a train from the airport to the centre of Athens, I knew the economic situation was at best irredeemable. This was a 70 year old Greek man, an economist who had travelled the world and had that very morning watched a man shoot himself in the head in Syntagma Square not 4 blocks from our home. Talk to me about the humanitarian crisis in Greece before you talk to me about the economic situation . My father makes sandwiches every morning for the children at the local school. A superior sandwich maker , the children already fight for his vittles. I cannot express the undeserved(yes undeserved) shame that Greek people feel for the way their beloved country has been represented. It was not the Greek Everyman that brought this great nation to its knees. I dread next week knowing that the promises that were made have yet again been broken and that these poor impoverished people I saw on the streets of Athens not four weeks ago will take to their feet to fight against the all consuming greed of lenders who will never witness or experience the mental and physical degradation of a nation.”
Good morning CQN
Amazing scenes in Serbia obviously no H&S in the capital……so many flares
Population just over 7 million, fantastic achievement
http://lockerdome.com/bbcsporf/6169461380096065/7790354690744596
Bolton wanderers is a financial basket case, buying James Forrest ?
http://www.theguardian.com/football/2015/apr/01/bolton-wanderers-debt-increases
murdochbhoy
Seems she’ll need to use these 60m stamps in lieu of wallpaper as Buck Palace hasn’t been decorated since her coronation, the wiring’ as old as Philip and it’s full of asbestos.
Remind you of anywhere?
Nae wonder she enjoyed coming to Paradise last summer. Timmy Plushness though with variable pie availability.
HH jamesgang
chavez
08:45 on 24 June, 2015
Thank you for posting this. Difficult reading to say the least.
Laters Timdom
HH jamesgang
Id take any decent offer for Forest. Great player for about 4 games a season but we need more than that…
But as Macjay and his fellow capitalist devotees say, it’s all them socialists fault, for what exactly, not paying their taxes ?
Since our chancellor has taken over in the UK and applied austerity the UK’s debt has doubled, how does that work ?
Time for bank regulation has come, time to apply austerity to the banks.
From twitter
“@SkyNews: Refurb may force Queen to move out of BuckinghamPalace http://trib.al/V06Ul78 ” HomlessUnit or CouncilHouse?
Chavez
Was it you who posted about a fellow Tim being unwell in Spain?
Excellent piece on Etims today about Broony
http://etims.net/?p=7318