Understanding Greece

It’s complicated…maybe some rubber duckies can help:

Wondering why Greece’s debt crisis is rocking the global economy? Reuters Finance Blogger Felix Salmon explains with a kiddie pool, pirate ship and yes, rubber duckies! Papandreou, Merkel and Lagarde star as ducks in Felix’s theatrical production.


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  • Orange

    Just makes me seasick

  • Hakimofphut

    The private lenders  dont want to take a ‘haircut’. ie lose part of the principal

  • TCrwdb

    The EU is so fucked…plant a garden and buy a gun…it’s gunna get rough.

  • Euan Rt

    Maybe they should get the Greeks onto the Pirate ship first and then just push it out to sea.

  • Anonomis

    John Clarke explains it much better http://www.youtube.com/watch?v=I5QwKEwo4Bc

    • Steve (North Shore)

      Even Fred had it sorted in 1975

  • It is a mess. 

    Yet Iceland has recovered and is doing quite well because they defulted on bank debt. 

    • Boss Hogg

      AT only about 320000 population deemed not too big to fail.  Went back to catching fish and selling to the rest of Europe and got over their delusions of granduer.

      100’s of millions in a community as complicated as the EU, quite glad to be on an Island nation with it’s own curency, etc.

      Interesting times indeed.  Just started reading “The End of Progress”…………

  • ConwayCaptain

    The national sport in Greec is not to pay taxes.  The number of people who ownPorsches, Lamborghinis that have a declared income of 20000 Euros is amazing.  People have to pay taxes on swimming pools but no one does butv there are an incredible no of pools in Athens.

    If a house isnt finished then yoy dont pay rates so there are 3 strey houses that havent been foinished so they dont pay taxes.

    The Athewns Metro doesnt hav e turnstiles and ticlet machines so no one pays the fares.  Greek Trains have a wages bill of 1.2 BillionEuros but has an income of 500 million and that is before they have to pay for rolling stock etc.

    If the Greek shipowners psid tax no problem.  The biggest nationality buying property in London at the moent are Greeks as capital is flying out the door.

    Read the UK papers nd see how much the economy has contracted innthe klast tyear etc and the EU, IMF,ECB wants to makenit worse.  There will be a revolution innGreece, ten SpnIt Port etc.  You cannot keep putting in EU Gaulieters in an expect the population to agree and be compl;iant.

    • Orange

       How many drinks exactly?

  • Arniet M


    I think I have sorted out your terrible spelling etc and understand what you are trying to say. If I am correct  I agree with you but please sort out you spelling.

    Note I have had 3  whiskey’s as well