Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Greece Will Get Some Form of Austerity No Matter What (Video)

  by    2   0

Peter Schiff shared his take on the Greek crisis with RT. Peter argues that Greece needs to dismantle its giant government and embrace free-market capitalism to grow its economy.

Highlights from the interview:

“I don’t know what’s next [for Greece]. The people who voted ‘no’ believed that they were voting against austerity. But that’s impossible. There’s going to be austerity regardless of what happens. The question is where is it imposed? Is it imposed from Brussels or Germany? Or is it going to be imposed internally from Athens? I think it might backfire on the Greeks, because I think the austerity that will result from an exodus from the eurozone and the euro currency and a readopting of the drachma – I believe the massive decline in the purchasing power of the drachma will basically deliver a much bigger decline in the average standard of living in Greece than they would have endured had they agreed to the type of reductions that the Europeans were demanding…

“I think Europe [would benefit from a Grexit]. Everybody thinks that it’s important to keep Greece in the eurozone… If Greece was to fall into line and adhere to the terms of the bailout, then maybe it would be in Europe’s interest to maintain the union. But at the cost of creating a moral hazard that would disintegrate the entire monetary union, they cannot allow Greece to hold everybody else hostage. If Greece can secede, then what about Portugal, what about Spain? There will be no credibility to any other discipline within that union…

“There should never have been any unconditional bailouts of Greece that involved Greece going deeper into debt, because that was never going to work…

“The type of austerity that they really need is not the type of austerity that they have. What they need is a substantial dismantling of the Greek government. That is the problem. What they need is more free-market capitalism in Greece and less government. They need to privatize assets. They need to reform their tax structure. They need to deregulate the labor markets in exchange for a reduction in debt. There’s no question that Greece owes too much money, and they need to have substantial debt forgiveness. But in exchange for real, concrete reforms that will stop the bleeding. What the Greek politicians want to do is have their cake and eat it too. They want to continue the massive government that is the root cause of their fiscal problems and stay within the European Union…”

Get Peter Schiff’s latest gold market analysis – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning more about physical gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

Peter Schiff: The Recession Everybody Denies Exists Is Going to Get Worse

Peter Schiff recently appeared on Dan Bongino’s Unfiltered on Fox News to talk about the economy, inflation, the stock market, the Federal Reserve and investing in 2023. Peter said the recession that everybody denies exists is going to get worse, and so is inflation.

READ MORE →

Peter Schiff: More Economic Pain Ahead in 2023 (Video Interview)

Last year was a tough one for investors. In fact, it was the worst year for Wall Street since 2008. The Dow was down about 8.8%. The S&P 500 fell by 19.4%, dropping more than 20% from its high. The Nasdaq took the worst hit, tumbling by 33.1%. Meanwhile, the bond market tanked, bitcoin collapsed, […]

READ MORE →

Peter Schiff: I’m Even More Bullish on Gold Now!

Peter Schiff recently appeared on Kitco News and chatted with anchor David Lin. Peter gave his outlook for inflation, stocks, and gold in 2023. Peter said we had better get prepared for an inflationary depression. He also emphasized that he is very bullish on gold in the year ahead.

READ MORE →

Peter Schiff: The Private Sector Can Lead Us Back to a Gold Standard

Peter Schiff recently appeared on the Jay Martin Show. During the interview, he explains how the private sector can ultimately lead the world back to a gold standard.

READ MORE →

Peter Schiff: The Game Has Changed

Peter Schiff joined Liz Claman and Andrew Brenner of NatAlliance Securities to talk about the December Federal Reserve meeting and the messaging from Fed Chair Jerome Powell. Peter said investors need to understand that the game has changed. Inflation isn’t going away.

READ MORE →

2 thoughts on “Greece Will Get Some Form of Austerity No Matter What (Video)

  1. Paul B says:

    Socialists take, Capitalists build. The problem is that some capitalists will loan to socialists for short term gain, so they deserve to go broke for their stupidity. But alas, socialists will inevitably bail them out because they need the capitalists to keep on lending, and the cycle continues unabated.

  2. Dave says:

    It is interesting to notice how these countries vilify money and business desiring better that the neighbour have less than both more.
    Honest capitalists countries usually desire good for fellows, are strict on robery and the rule of law, and though can be at times less honest, usually that coincides with or a turn to left, or lack of rule of law. Indeed from left, unhonest people have better grasp at perverting the law.
    Morally left, overall with theft, is pretty unconsistent and deceitful. Starting by looking at work as a exploitation. Since robbery is OK for them, I think I will stop asking about how else they see the world, because it looks like a bunch of baloney excuses to live as lazy as possible. But please, at lest do not sell it as moral.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Call Now