Greece about to default

[norseamd]

When you owe someone $100K, you should worry, when you owe someone $100B, they should worry.

True.

 

[norseamd]

The Greek's should have given their bond holders the finger long ago.

This.

 

[norseamd]

Seems to me Greece might want to consider withdrawing from the Euro and start bringing criminal charges and lawsuits against any bankers from Germany and other European countries who were involved in the Greek economic collapse.

 

[Greenman]

Seems to me Greece might want to consider withdrawing from the Euro and start bringing criminal charges and lawsuits against any bankers from Germany and other European countries who were involved in the Greek economic collapse.

I thought the Greek government caused the problem by presenting false information when they joined the EU, then exacerbated it with very generous social welfare programs, and high pay and early retirement for government employees?

Isn't the basic issue that the Greeks simply spend far more than than their tax base can support? They don't control their currency, so they can't inflate themselves out of debt.

 

[mrjminer]

Seems to me Greece might want to consider withdrawing from the Euro and start bringing criminal charges and lawsuits against any bankers from Germany and other European countries who were involved in the Greek economic collapse.

ROFL.

Greek's economic collapse is a result of their refusal to compromise. Not the bank's fault that Greece used the massive loan they got and completely blew it. The banks don't have a problem loaning them more money, but, at this point, Greece needs to make changes to make their system sustainable.

Let's say I go into a bank. I get a one-hundred thousand dollar loan to start a business and get approved. A few years down the line, I go back and asked for another one-hundred thousand dollar loan. They go ahead and give me the loan. A few years down the line, I ask for yet another one-hundred thousand dollar loan. Now, they are probably going to want a plan that they believe will work; I can believe in my plan as much as I want, but if they don't, they aren't going to just give me some money.

Greece needs serious reforms. They took the loans they got and blew them on problems they refused to resolve, and are still refusing to resolve. If they don't make the changes, in a few years they will just be in the same situation again. Why would banks just keep loaning them money just to have to loan them more money so that they can pay back the money they originally borrowed?

 

[norseamd]

Then read this.

http://webcache.googleusercontent.c...man-exports-greece/+&cd=1&hl=en&ct=clnk&gl=us

 

[desy]

That article doesn't say anything about why Greece collapsed, its all about how Germany benefits by them being tied to the Euro
The fact is Greece shot themselves in the foot period and have now realized even if they owe tons of money they won't be held accountable, nice. . . .

 

[lamedude]

Looks like their not paying tomorrow. Should I stock up on gold and survival seeds?

 

[OverVolt]

Did they forget to cancel their comcast service and let it balloon out of control or what?

 

[Ns1]

Looks like their not paying tomorrow. Should I stock up on gold and survival seeds?

Who cares about tomorrow? Isn't tomorrow's payment "only" 300 million Euros? They got 1.2bn coming due after that. If they can barely scrape together the 300 how could they possibly get the 1.2.

 

[Genx87]

Im hoping the markets have already baked in this default?

 

[Phokus]

1.6 billion Euroes doesn't seem all that much for a country, wtf... they should just sell some land or something.

 

[glenn1]

Did they forget to cancel their comcast service and let it balloon out of control or what?

Worse, they listened to the Keynesian "stimulus" cheerleaders. Now they've completely maxed out their borrowing and wasted it on frivolous shit. Now instead of one earlier retrenchment they'll get to enjoy a complete collapse and see their standard of living revert to somewhere like Bolivia for a few years. Of course they'll be OK again once their wages and imports drop enough that they can be competitive with places like Pakistan.

 

[fskimospy]

Worse, they listened to the Keynesian "stimulus" cheerleaders. Now they've completely maxed out their borrowing and wasted it on frivolous shit. Now instead of one earlier retrenchment they'll get to enjoy a complete collapse and see their standard of living revert to somewhere like Bolivia for a few years. Of course they'll be OK again once their wages and imports drop enough that they can be competitive with places like Pakistan.

No they didn't. Greek debts were mostly run up during good economic times, not bad ones. It was literally the opposite of Keynesian stimulus.

I strongly question your grasp of the term.

 

[Ns1]

1.6 billion Euroes doesn't seem all that much for a country, wtf... they should just sell some land or something.

they already sold it to the monks

:awe:

http://www.vanityfair.com/news/2010/10/greeks-bearing-bonds-201010

 

[JTsyo]

1.6 billion Euroes doesn't seem all that much for a country, wtf... they should just sell some land or something.

How much would the Parthenon go for? For sure the baby boomers here wouldn't hesitate to sell off our past to fund their retirement.

 

[feralkid]

How much would the Parthenon go for? For sure the baby boomers here wouldn't hesitate to sell off our past to fund their retirement.

You put a what where?

 

[spacejamz]

How much would the Parthenon go for? For sure the baby boomers here wouldn't hesitate to sell off our past to fund their retirement.

At least they are thinking about retirement...I don't even think I want to know what millennials are doing right now....Wonder how much you can save after buying the lastest iphone/ipad with unlimited/10G data plans and eating out every night while paying back their 100K student loans used to get a history or arts degree....

 

[werepossum]

At least they are thinking about retirement...I don't even think I want to know what millennials are doing right now....Wonder how much you can save after buying the lastest iphone/ipad with unlimited/10G data plans and eating out every night while paying back their 100K student loans used to get a history or arts degree....

Don't dis my art repair shop, dude. It's gonna take off any day now. Any day . . .

 

[fskimospy]

At least they are thinking about retirement...I don't even think I want to know what millennials are doing right now....Wonder how much you can save after buying the lastest iphone/ipad with unlimited/10G data plans and eating out every night while paying back their 100K student loans used to get a history or arts degree....

You realize that's basically no millennial, right?

 

[feralkid]

At least they are thinking about retirement...I don't even think I want to know what millennials are doing right now....Wonder how much you can save after buying the lastest iphone/ipad with unlimited/10G data plans and eating out every night while paying back their 100K student loans used to get a history or arts degree....

 

[irishScott]

Again?

 

[StinkyPinky]

1.6 billion Euroes doesn't seem all that much for a country, wtf... they should just sell some land or something.

That's a big chunk of cash for a nation the size of Greece. Their population is half that of Texas and I imagine their economy probably 20%. They're a poor country by western standards. Most of that is on them though, the Greeks are notorious layabouts and union lackeys even by European standards.

I wonder what would happen if China said "we'll bail you out, but you need to let us build a few military bases on your soil". I imagine the rest of the EU and the US would suddenly find some way help them out.

 

[Indus]

That's a big chunk of cash for a nation the size of Greece. Their population is half that of Texas and I imagine their economy probably 20%. They're a poor country by western standards. Most of that is on them though, the Greeks are notorious layabouts and union lackeys even by European standards.

I wonder what would happen if China said "we'll bail you out, but you need to let us build a few military bases on your soil". I imagine the rest of the EU and the US would suddenly find some way help them out.

I'll personally throw a shoe on every US politican who wants to bail Greece out.

 

[Ns1]

good luck greece!

The Athens government will have until 30 June to pay the €1.5bn total, which is also the day on which its bailout deal with the EU and IMF runs out.