Greek Man Cries After Cash Withdrawal Refused, Netizens React

Greek Man Cries After Cash Withdrawal Refused, Netizens React

A Greek senior citizen who broke down after being refused part withdrawal of his wife’s pension funds four times has sparked reactions from Chinese netizens. 77 year-old Giorgos Chatzifotiadis said he couldn’t bear to witness his country being met with such adversity, which shocked him more than his personal problems. One netizen thinks that one should endure hardship for one’s country, and a country shouldn’t let its servants be poor, one pondered if Chinese retirement funds were enough while another said Greece was stupid and just needed to print money.

Source: Netease

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  • A Gawd Dang Mongolian

    But this is Greece, where doctors report only making 1200 euros annually yet live in mansions. Where the subway has an honor system of ‘pay what you will’…and no one pays anything.

    Money dries up, so of course it’s going to bite back eventually.

    • Alex Dương

      Currently, it looks like the Greeks are voting “no” to the EU’s bailout terms en masse. I doubt this will end well for Greece.

      • scarybirdman

        Well it worked for iceland. Unfortunately Greece has some sketchy political parties that might take advantage of the situation. But it might be better for them in the long term to say no to those terms.

        • Eurotrash

          Yes, it worked for Iceland!

      • Jahar

        I can’t wrap my head around this at all. I don’t know all the details, but isn’t it pretty much, “Accept the deal, tax increases and spending cuts, or the country falls apart”?

        • KenjiAd

          They just voted “no” overwhelmingly. This sort of decision should never have been subjected to popular vote in my opinion.

          It’s like letting employees of a bankrupt company to decide whether the company should cut their salaries. They would vote no of course, simply because they don’t understand the consequence of their decision at the company level.

        • Alex Dương

          Pretty much. But PM Tsipras spun it as “accept the deal and suffer; reject the deal, and I can get you a better deal with no suffering!”

      • Zappa Frank

        it’s not that voting ‘yes’ it get any better.. after years of austerity nothing is changed and the debt is even bigger.

        • Alex Dương

          Things were improving in late 2014 before Syriza won early this year. (Of course, we’ll never know if things had kept improving.) I’m of the opinion that some of the debt has to be written off, but it can’t be written off unconditionally. Otherwise, in the short term, Spain, Italy, etc. will demand the same treatment, and in the long term, the problem won’t be solved.

          • Zappa Frank

            Spain debt is around 80%, lower then France’s. The problem is not just the debt, else Japan would be the worst country in this world.
            Sincerelly it didn’t seem to me that things were improving, after 5 years the troika asked for new sacrificies.

          • Alex Dương

            You’re right that it isn’t just the debt figure; in Japan’s case, most of its debt is held by its people. That isn’t true for Greece etc.

            Greece was improving by late 2014. Many Greeks didn’t “feel” the improvement, but it was there nonetheless.

          • one difference is that Japan can print their own money.
            Greece can not
            Greece is the Euro’s bitch; Germany needs them.
            I recall that Greece has only 3.5 million working people and a population of 11 million. their debts are chump change compared to the 1000 trillion of derivatives that is a house of cards….mind boggling

    • Eurotrash

      The debt that Greek is supposed to owe is the debt of the dirty bankers who are forcing the population to pay. Greece should tell the bankers it’s their debt, deal with it; like Iceland did.

  • Amused

    I suppose they could always hold an auction and flog off a few islands if their creditors won’t accept payment in olive oil.

    • A Gawd Dang Mongolian

      That might be a problem as at least one island is entirely on welfare. By sheer coincidence, everyone on the island is blind but can still see well enough to collect the benefits check that comes from being blind.

  • 42

    Greece was the cradle of western civilization and the birthplace of the concept of democracy. How ironic that even with democracy in place, greek politicians have sold out and plundered their own countries resources to the brink of bankruptcy without anything to fall back to.

    However it is not entirely the greek fault, they lived their lives on a high note for years and for years they managed just fine, however nobody would have thought that the American financial sector have misled them to make massive investments, have misled the world with their dodgy not so transparent financial economy which eventually led to the financial crisis and thus ruined the greek nation and many others

    I just hope China would learn the downside of capitalism and not to get carried away with it. This also shows us that democracy alone is not entirely the answer for nations. Greece was once a great nation before, and thus proves that used to be great, doesn’t mean you will achieve and keep greatness in the future. A country will only be remembered of the successes one achieves, not the losses.

    • Alex Dương

      Capitalism is definitely not the cause of the Greek debt crisis.

      • 42

        the greek debt crisis is caused by short term decision making, which is a characteristic of a democratic country. short term decision making as in investments, without spreading the risks. going for the quick win without creating buffers.

        the greek debt crisis is the result of consuming more than their income, and thats downright core capitalistic behavior to blame for, there is no other way to put it.

        • Alex Dương

          Spending more than you make is hardly “core capitalistic behavior.”

          • 42

            spending more than you make, the credit system, is a capitalistic tool, and is the mother of all fuckups for a healthy financial economy.

          • Alex Dương

            The core of capitalism is private ownership of the means of production, not spending more than you make. Your argument would predict that every capitalist country will end up like Greece. That simply has not been true.

          • 42

            private ownership has nothing to do with capitalism, state owned enterprises can be as capitalistic as private owned, that definition should be rewritten.

          • Alex Dương

            In “state capitalism,” the means of production are still privately owned.

          • Vance

            The government can participate as an organization in a capitalist system. It can buy and sell along with Trump and others, but due to the inherently inefficient nature of governments, they usually will not do well unless they unfairly pass and skew laws to favor them. Then they still do not do well, but in that case, the other players will also not do well under the burden of unnecessary regulations.

          • A Gawd Dang Mongolian

            No, spending more than you make is just a tool, not capitalist exclusive.

            It doesn’t help that many practice this without knowing you do it with the expectation of making back what you lose.

          • Jahar

            Capitalism is Economics, not politics. China is not democratic ,yet they have been overspending as well.

          • 42

            the difference is, China isn’t overspending, it is earning more than they spend, and they are investing in durable economy rather than in stocks exchange, for instance in mutual trade and economy in Africa, which leads to sustainable source of income.

          • Jahar

            China is overspending, just not on a federal level. The cities and provinces have huge debts. They are just from off the books loans, so they can pretend they aren’t. They don’t report it to Beijing, and it seems like everyone is making money.

          • David

            LMAO Sorry, I have to laugh when I hear China and Africa mentioned in the same sentence as the word ‘Mutual’. The only thing ‘mutual’ about their relationship is that leaders in Africa are also being bribed to allow the rape of the land, like in China..

        • Vance

          Capitalism is using assets you have at your disposal to earn a living.

      • Jahar

        Nor is the US.

    • takasar1

      the cradle of western civilization was mesopotamia.

      • 42

        mesopotamia didnt had democracy.

        • Vance

          Mesopotamia was not the cradle of democracy, but it was the cradle of western civilization.

        • takasar1

          and neither did athens.

          mesopotamia had everything else though.

      • Amused

        Mesopotamia was ONE of the cradles of western civilization. Egypt, Anatolia and Persia were all adding things as well as Greece.

    • actionjksn

      You’re an idiot, the financial problems with Greece is that they have so much socialism that it is cosing them more than they are bringing in, you buffoon. In other words they don’t have enough capitalism to fund their socialism. which does not produce wealth, it only consumes it as Greece is finding out.

      • 42

        socialism is equal distribution of social care, as in healthcare and other social safety nets. if they have a socialist system as you are assuming, then the citizens of greece would have immense taxes to pay,but they dont. if they had high taxes then they wouldnt be in the trouble they are now. because thats a characteristic of a socialist nation, high taxes. many countries in europe have a socialist system. but greece aint a socialist nation. so who is the ape now huh? oeh oeh oeh, aaaah aaahh aaahh (mimicking a chimp)

        • Vance

          Under socialism, individuals do not excel as much as they do under capitalism. Why work harder for an equal share with others who do not work as hard? Greece has a system where far to many people depend on government for their well being. So not enough people paying into the government system, so they’ve run out of money.

          • 42

            thats not true, dont misunderstand, socialism is not the same as communism. communism is equal share of wealth, where capital is state owned. under socialism you still can have capitalism and private owned companies who compete with each other heavily, but the fact is the more you earn, the more taxes you have to pay.

            China however is obviously not core communism anymore, and have developed itself into a mixture of polical systems leaning towards a one party social capitalist nation. Actually the chinese government is running its country as if it is like a company. Have you never noticed that companies dont have a democratic system aswell? if democracy works so well, why dont people incorporate it in their companies? Because democracy is flawed in efficiënt decision making…

          • Zappa Frank

            Greece’s crisis doens’t have anything to do with socialism..else north europeans countries (by far more socialist than greece) would be miserable

          • scarybirdman

            socialism isn’t communism

    • Vance

      We didn’t tell them to put a giant part of their population on the government payroll and handouts.

  • redgirls

    Yes! Lets all have a good long look at our own national debt. and just for fun lets have a look at Quantitative easing and lest we forget our GDP.. Hurrah! oh what a lovely war…

  • Foreign Devil

    government should never be allowed to borrow. Full stop. All these problems would be prevented. If they need more money they must raise taxes or revenues.

  • Foreign Devil

    Greek is just what the USA would look like if their currency was not the world’s trade currency.

    • David

      I suspect you do not know much of economics in general and that of these two countries in particular if you really believe that. Of course people always say things they don’t believe here.

      • Foreign Devil

        Feel free to enlighten me then. . or to point out my error. Greece could have sold bonds to the world market as the US does whenever they need more money to pay off their debts or finance their wars. . however nobody wants to buy Greek bonds because it is not the world’s trade currency. . it is therefore not considered a “safe haven”.

        • David

          They did sell bonds, lots and lots of bonds and are now many of those bonds are due (actually been due for some years). They have even sold other bonds to cover the first bonds they could not cover (robbing Peter to pay Paul on a massive scale). This has been happening for decades in Greece, it is not a new problem. Now, they are defaulting on their bonds and nobody wants to buy new ones from them (because who would trust them to pay it back when they just stiffed the last idiots dumb enough to trust them). The last time nobody would buy their bonds they got a bailout from the IMF (mostly Germany) by promising to make spending changes. Instead they took the money, did not pay back their debts, spent the money and now they simply have debts upon debts. This take a special kind of selfish stupidity. Their debts are 197% of their GDP and now Merkle is tired of Greece sucking the life out of her countries economy.

        • Alex Dương

          I don’t know if this is what you had in mind, but one difference between the U.S. and Greece is that the U.S. can print its way out of trouble (and suffer inflation as a consequence) whereas Greece cannot even print its way out.

  • redlobster

    You can’t spend other people’s money forever. If you’re smart you won’t even try. Mama Merkel won’t keep paying for Greek socialism.

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