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Will the Collapse of Greece affect Canada?


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#1 Rocky Road

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Posted 01 March 2012 - 09:00 AM

One has to be pretty resilient to be an optimist in Greece, especially since they are in a predicament where disaster is at every corner and there are no roads to somewhere, anywhere, with those blessed green shoots.

My question is how will the continuing exponential growth of the debt in Europe and the US affect the World Economy, more specifically, how will it affect Canada?



#2 Wild Bill

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Posted 01 March 2012 - 09:31 AM

One has to be pretty resilient to be an optimist in Greece, especially since they are in a predicament where disaster is at every corner and there are no roads to somewhere, anywhere, with those blessed green shoots.

My question is how will the continuing exponential growth of the debt in Europe and the US affect the World Economy, more specifically, how will it affect Canada?



Well, one thing past history tells us, it will be FAR worse than the powers-that-be are telling us now!
"A government which robs Peter to pay Paul can always depend on the support of Paul."

-- George Bernard Shaw


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#3 CPCFTW

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Posted 01 March 2012 - 10:44 AM

Well, one thing past history tells us, it will be FAR worse than the powers-that-be are telling us now!


Some would argue that the market has already priced in a Greek default (or at least a high probability of one).

Edited by CPCFTW, 01 March 2012 - 10:45 AM.


#4 Michael Hardner

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Posted 01 March 2012 - 11:10 AM

Canada imports/exports about $400B worth of goods annually.

The Big Picture

Canada and Greece have enjoyed a vibrant trade and investment relationship for many years. While there have been fluctuations over time, 2004 was a banner year, with bilateral merchandise trade reaching almost Canadian $421 million.

...

In 2005, merchandise trade between Greece and Canada was down by 32% from the previous year, to $285.5 million.


Greece seems to represent about .1% of our business. There is more of an effect in finance and banking, and the issues around undermining confidence in the economy.

#5 Rocky Road

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Posted 01 March 2012 - 12:31 PM

Canada imports/exports about $400B worth of goods annually.

The Big Picture

Canada and Greece have enjoyed a vibrant trade and investment relationship for many years. While there have been fluctuations over time, 2004 was a banner year, with bilateral merchandise trade reaching almost Canadian $421 million.

...

In 2005, merchandise trade between Greece and Canada was down by 32% from the previous year, to $285.5 million.


Greece seems to represent about .1% of our business. There is more of an effect in finance and banking, and the issues around undermining confidence in the economy.



I agree, the financial impact on banking will also be felt -- one has to wonder if peripheral effects will be felt in countries like Italy, Spain, the UK, Ireland, Portugal and to a lesser extent - Germany and France.

Another question - Do you believe Austerity measures help or hinder an economy ??

#6 Rocky Road

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Posted 06 March 2012 - 10:10 AM

http://www.theglobea...article2359921/

"Wall Street fell on Tuesday on renewed concerns that Greece and private bondholders may not meet a looming deadline to complete a debt swap and as caution grew over the global economic outlook after recent weak data.

The Toronto stock market was sharply lower as commodity prices fell for a second day."

#7 PIK

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Posted 06 March 2012 - 10:50 AM

I think ONT will effect canada more then greece.
Toronto, like a roach motel in the middle of a pretty living room.

#8 Rocky Road

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Posted 06 March 2012 - 06:09 PM

Things are pretty bad in Greece,
the unemployment rate for youth is 50%.

#9 Smallc

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Posted 06 March 2012 - 06:12 PM

I think ONT will effect canada more then greece.


Ontario isn't in the same kind of shape as Greece, sorry.

#10 dre

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Posted 06 March 2012 - 08:02 PM

Greeces bailout has already affected Canada. Where do you think the money came from? Ya think the IMF gets its money collecting bottles? Mowing lawns? They take from Canadian taxpayers.

But more importantly the bailout is going to effect Canada because it isnt going to work! You cant fix debt problems with mountains of more debt. The ECB's desperate attempt to keep the Eurozone together at the expense of tax payers around the world is going to fail. Greece is just the first country, the same thing is coming in portugal, and eventually spain which would make the bailout in greece looking like borrowing $5 from a friend to buy a burger.

This plan is only gonna push the problems back a year or two, and make them worse when they finally come, and then definately youll see problems in the eurozone and elsewhere that will most definately cause big problems here.

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#11 Rocky Road

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Posted 07 March 2012 - 06:52 AM

Ya that is what I think too, the severity of the situation is serious.



#12 Rocky Road

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Posted 09 March 2012 - 03:08 PM

http://www.theglobea...article2363237/

"The EU and IMF policies, in effect, have pushed large segments of the Greek population toward poverty and the extreme political fringe. It will be the unenviable task of a new Greek government to keep implementing necessary structural reforms while providing an answer to the country’s social ills. If the coming coalition government fails, the Berlin-Brussels approach to the European debt crisis may well result in Europe’s first failed state since Yugoslavia."

Edited by Rocky Road, 09 March 2012 - 03:10 PM.


#13 CPCFTW

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Posted 09 March 2012 - 09:27 PM

Why do you keep posting this as if it is recent news? Have you been under a rock for the past 2 years? This Greece stuff has been ongoing for a while and has already affected Canada. That is part of this extended recession/slow growth period.

#14 eyeball

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Posted 10 March 2012 - 01:45 PM

Why do you keep posting this as if it is recent news? Have you been under a rock for the past 2 years? This Greece stuff has been ongoing for a while and has already affected Canada. That is part of this extended recession/slow growth period.


the unemployment rate for youth is 50%


That's approaching the sort of tipping point that can lead to world wars, especially in Europe. People seem to have a bad habit of forgetting that - much of it deliberately I think.

Edited by eyeball, 10 March 2012 - 01:51 PM.


#15 MACKER

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Posted 10 March 2012 - 09:10 PM

Where will Canadians turn to for Democracy after the fall of Greece?



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