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3,070 hits Rate me! Share Favorite | Flag 7 years ago by Raisinman

Should Greece be allowed to default?


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7 yrs ago, 9 mos ago - Friday 2/17/12 - 11:32:26 PM EST (GMT-5)
I don't think so, but what the hell are we gonna do about it? If they can't pay, they can't pay. I do think that it will hurt their ability to be a respectable country to invest in in the future.

Will they fall into a third world level of poverty? Dobutful....but they're not gonna see the Olympics again anytime soon.
7 yrs ago, 9 mos ago - Saturday 2/18/12 - 5:14:03 AM EST (GMT-5)
No.
7 yrs ago, 9 mos ago - Saturday 2/18/12 - 3:07:00 PM EST (GMT-5)
I think they should be able to.

My Finnish ex-boyfriend would disagree though. I guess the Greeks weren't well liked in Finland because they gave Greece a lot of money and couldn't pay it back. They also supposedly spent the money poorly.
7 yrs ago, 9 mos ago - Sunday 2/19/12 - 12:30:04 PM EST (GMT-5)
"I don't think so, but what the hell are we gonna do about it?"

"We", as in the US Federal Reserve, the IMF, and the ECB, have been doing quite a lot actually. Last fall, the Fed drastically lowered the price that foreign banks have to pay to borrow dollars. I've read that EU banks can borrow dollars cheaper than American banks.

In addition, the IMF and the ECB have been directly bailing out Greece for at least the past 2 years, giving them money every time their debt payments are due. In exchange for these bailout funds, usually around $150 billion, they require that Greece impose strict austerity measures - i.e. cutting govt spending and raising taxes. As you might imagine, the Greeks are not too happy about this and there have been numerous riots and protests.
6 yrs ago, 10 mos ago - Monday 2/4/13 - 9:15:45 PM EST (GMT-5)
What's funny is- - - it really don't matter what anyone thinks- - -they are going to default....here we are on like the 3rd round of "Euro problems" and off we go to do the same thing over again- - without changing the habits of the participants....so, austerity will fix greece, but it'll take a generation....and Spain, Italy are going to follow- - -there is not enough money in the world to pay all these debts off, and greece certainly does not have enough....
It's a slow train wreck we are all watching and will for the next few months....I predict 2013 sees the end of it...



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