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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Of course, a little contact with Irina soon unmasks her. Without the makeup (ie election promises), she will soon be about as appealing as an Albanian dwarf.
You could say Sevco are beef stifado’ed or they’ve got nante like zante.
Oooohhhh Captain!
That’s a bit saucy for this website, never mind this time of day!
Mind you I think you have analogy a bit mixed up.
Whispers in Norwich that Norwich are interested in signing VVD for £8m plus sending Hooperman back to us.
Would you take it?
hmmmmmmmmcsc
Mon the Alabanian Dwarves…
Sizist Beefy sizist..extremely disappointed in you abusing the dwarf population of Albania…
Humdrum Brenda your People’s Friend:))
THOMTHETHIM
Tbh,my reply read differently from how it was written. I saw that when I read back. But your post did not answer my point,as I stated.
Signing say VIC67 for £1m,developing and selling for £12m doesn’t mean that I think our next signing should be for £12m.
But it should mean that his replacement should have been sourced and of similar or better quality. We cannot continue to hope to get lucky with bargain-basement signings. Porto,for example,are signing players for higher fees now than before.
And still selling at a profit.
A bigger one,in fact. They have stepped up. We need to do that.
Dharma,
Right you are. I was mixed up. First the socialist will spend your money and then you will be donald ducked.
Oot.
Agent Green
14:25 on
23 June, 2015
Whispers in Norwich that Norwich are interested in signing VVD for £8m plus sending Hooperman back to us.
Would you take it?
hmmmmmmmmcsc
=================================
Nah, I reckon Hooper would make a lousy defender…
We’re up to our knees in Albanian dwarves?
Signing deadlines for Champions League from UEFA regs …
43.07 List A has to be submitted by the following fixed deadlines:
. 22 June 2015 (24.00CET) for all matches in the first qualifying round;
. 9 July 2015 (24.00CET) for all matches in the second qualifying round;
. 23 July 2015 (24.00CET) for all matches in the third qualifying round;
. 10 August 2015 (24.00CET) for all matches in the play-offs;
. 1 September 2015 (24.00CET) for all further matches from the first match in the group stage up to and including the final.
43.08 For the three qualifying rounds and the play-offs, a club may register a maximum of one new eligible player … such registration must be completed by 24.00CET on the day before the relevant first-leg match ….
Oot’s and aff oot are awful popular on CQN.
Kevjungle has a lot answer for.
Anyone notice that John Eustace has a few clubs on his cv?
So what have Hereford,Derby Co,Rangers,Middlesborough,and Coventry got in common? And but for a last minute reprieve,Watford too…
I seem to be missing or wrongly typing at least one in every post I make, today.
BMCUWP,, death and taxes?
bobby, is it that none of them play their football in greece
DHARMA BAM
Close. Very close indeed.
Paul
Sitting on a beach in Greece as we speak.
Some folk on here might know I sometimes write wee stories about being in Greece.
I love Greece, the people, climate. Mostly everything.
Are you calling me a Hun?
EC67
Greek stories on my web page. I’ll post address when I get back to my apartment .
KEVIN HUGHES
It’s good-but it’s not right.
If one was to purchase an Android box or Amazon TV thingy and have Kodi installed, how would one go about recording stuff?
Absolutely right Paul, Ashley is not a good guy. TRIFC is not a good club. They are matched well.
On Greece and so on – not sure I agree with all of your take. 90%of the bailout money has gone and will go to paying back lenders. This in turn has to be paid back. Vicious circle territory.
Debt cancellation is,the way. The end of usury is the next step so that ultimately useless people doing useless stuff in useless offices in various useless finance houses get to experience real work doing real things instead of screwing real people who are already doing real work.
Rally, rally round the flag, Bhoys…..
‘though it’s worn, and it’ old…………..
Rally, rally round the flag, Bhoys…..
Rally round the Green and White and Gold………..
Now, Green’s the song of Irish freedom……
White’s the pureness of her soul..
Gold’s the wealth of Irish history…
So, rally round the Green and White and Gold………..
ALL TOGETHER NOW….Rrrrally…
BMCUWP,
Without googling, I think that Middlesbrough only came into existence in 1986. Something similar to the club that currently plays in Ibrox.
So,I think the player has signed for clubs which are treated by many as being the same club as a deceased club but aren’t the same club, really. And he has done the same thing when he has joined his current club.
Phew!
An interesting comparison, and a thought provoking article on a few levels.
Extending the analogy …. who/what are Celtic in this fiasco? Are we the Eurobanks who are getting fat off of this? Doesn’t seem like it. IS DD the European banks who are hoping for a Euro/SPL collapse, so that he can then say we have to move Celtic to another league (which, it seems, has been his aim since he got involved), and he makes a mint when it happens and he sells his shares?
Whether we like it or not, Sevco are still (at least by fan base, and seemingly impact on policy decisions for Scottish football), the second biggest club in Scotland. Their demise will almost inevitably impact Celltic …. sure, some clubs have increased seats, but, seats aren’t where the money is for most clubs….
Outside (in the European leagues) we are falling behind (I think Murdoch paid $1 Billion for broadcast rights to the eredivisie for the next decade …. so, about a $100 million per season…. compared to the shirt buttons paid for SPFL right).
Gambling on making up a portion of that revenue each season by hopefully getting into the CL group stages is not a viable long term solution ….
Greece, like Sevco, may have once been a powerhouse… but have now fallen on hard times. However, the default by Greece could have significant consequences for all of the other EU member states…. like a further collapse by Sevco would have consequences for the SPFL, and by extension Celtic.
If they die, what impact will this have on Celtic’s bottom line? If they dont die, but continue to drag Scottish football down into the gutter, what impact will this have on Celtic’s bottom line? We may be a giant, and getting bigger in Scotland as our only real financial rival dies, but we are still a giant in a land of midgets, while the former ‘midgets of Europe (the Belgian teams make over 60 million euros per season from TV) pass us by.
And before anyone accuses me of ‘old firm’ism’, I would be happy never to see, let alone play, Sevco ever again, and would happily cut our financial cloth accordingly.
however, like Greece’s default is not just Greece’s problem, but is a EU problem, Sevco’s demise is not just a Sevco problem, but is damaging the SPFL product. This means indirect (smaller TV pie) and direct (lower sponsorship deals) for Celtic.
If, as we are told, PL is all about financial planning, how is Celtic dealing with/preparing for a post Greece Euro/ a post-Sevco SPFL.
DHARMA BAM
All suffered administration and in some cases,worse.
I reckon his first name should be spelt Jonah…
Is John Eustace an administration/ liquidation expert? Is he the new Duff & Phelps?
FFin’ feelgood factor:
“This word ‘value’
I am liking the way we have started doing our business,i wake up this morning to two new CH’s and it has cost us 200k for them both,i would say these boys will be say worth a couple of mill each and rising.
We can quickly see what Warburton is talking about in regards to value,i think the days of us losing players for a pittance are over,you will need to pay for our players now and pay the correct price or higher if you want them.”
——
“I,m loving the way warburton conducts himself during his interviews,he speaks very well and says all the right stuff and doesnt give the journalists any info whatsoever”
——
“I read a while back that Brentford’s owner had offered the funds for a “marquee” striker as a big push towards promotion. MW turned it down stating he would rather have unity in the squad without risking someone on higher wages to the rest causing a lack of harmony.
To me that speaks volumes of the man and his vision of real teamwork from top to bottom.”
——
“There’s a definite balance to be had though.
Ultimately, Brentford weren’t promoted. Would that signing option he was offered have made the difference?
Would it be acceptable to demand that we do buy that kind of player to ensure we return to successful ways?
We can’t have the alternative that Brentford ‘accept’ as they’re punching above their weight and they’ll ‘try again next time’ ”
——
“Hopefully we will be generating the money required to sign higher profile players when we move up next year”
——
” His appointment is going to be long living and King can be proud of his decision!”
——
“You just get the feeling that come the first game at Ibrox in the league these boys will be hungry to get at the peasants next season!”
——
“Warburtonians and Warburteenies
Two words FF should copyright.
Any more ?”
——
“Warburtonettes
One for the ladies”
http://brucemctague.com/wp-content/uploads/2011/02/cancelled-ThinkingMonkey.jpg
It would be wrong to avoid the opportunity, naked or otherwise.
https://eurochamps67am.wordpress.com
EC67
Bobby Murdoch’s Curled Up Winklepickers,
Thank you.
Europe’s financial woes
Bhoyata looks like a big strong chap…
https://twitter.com/celticfc/status/613345315417104385/photo/1
EIREANN
No,he’s considerably cheaper.
Zombies and Greece……….I will name that tune in wan……ugh ugh ugh Staying alive staying alive ….ugh ugh ugh ugh staying alive …..
as is well known and covered often on here…the Zombie Huns are into Coprophagia…so it is only fair and just to accuse Big Mike of being into Necrophilia…..it used to be a perk for the executioner ….liking ones meat cold …..so all is fair in doshandfitba…
braw
Bhoyata photo.
Read the comment re GMs
Had me laughing
Mike..,
Greece is serving a purpose for Europe in the current condition as are all other heavily indebted states like Portugal, Ireland and Spain, they are keeping the strength of the euro low which suits the stronger countries, one of the reasons they don’t want Greece or any other weaker countries to pull out the euro is it would strengthen the euro and their own countries economies would suffer.
I’ve watched loads of bullshit over the last couple of weeks my fav is the western meeja telling everyone the over 75% of Greeks want to stay in Europe yet no polls or proof to support that claim just the usual shite, we’re the telly believe us.
bobby murdoch’s curled-up winklepickers
Lol, but will he be able to save them
Fox deal with Eredivisie is €1 Bn over 12 years.
Headline figure is attention grabbing, but the reality is each club gets about £3.4M per season, with no uplift in value for over a decade.
Factor in the cost of capital at say 1.75%, and the realtime value is closer to £3M per season per club over the period.
NB Celtic get about £2.4M from the current dreadful deal with Sky.
A Fox type deal in Scotland would be very significant to the smaller cubs in the top division – doubling Partick Thistle’s income for example – but wouldn’t change Celtic’s world, beyond our competitors being better resourced, which is of course imo a good thing.
It goes back to the issue about life in the margins of European football, and clubs relying on finding marginal improvements here and there, rather than Game changers.
Paul.
Impressive article.A stretched but fair analogy.
A good debate on the previous thread regarding CL qualification and investment/downsizing.
My take on it last season was our preparation on all fronts was negligent.
This season with a central defender purchased and the absence of a pre season globe trot (Ronny was mocked on here last year for suggesting the new preparation) we are better placed to qualify although some new recruits would be helpful.
There was also mention of the forever injured…..Forrest & Lustig.
I recently had a short conversation with a close relative of James Forrest.
I asked about the difference under Ronny compared with previous management regarding injury recovery.
Night & day was the reply.
No more injections ! Better patience, less pressure and most interesting…..one to one sit downs with Ronny for insight into the players thoughts feelings and general welfare.
The more I learn about Ronny the more I like. HH.
Eurochamps67,
I enjoyed reading your blog entries, however I am jealous of the fact that you are currently in Greece.
Pining for the gorges csc
Like the Huns Greece borrowed and agreed the deal
Pay back what you owe – simple
If not – suffer the consequences
My own view Greece and most of Eastern Europe should not be in the euro
Their economy is not built for it (% of tax collected is small)
The Euro is built for a strong exporting country (Germany)
I have no desire for the UK to go into the Euro
But I don’t mind the Huns going bust again and I don’t wish any harm to the Greeks
67ECW