Posted on 02/11/2015 3:18:31 PM PST by NRx
Iceland just allowed their banks to fail, and they are doing great now. Still turning down EU membership.
I’ll take that and raise you 4; 3 years and that will happen.
When more people are working for the government and most of the rest are on the dole, how do you possibly prop that up long-term?
I am guessing that Europe will be relieved and Russia and China in a panic if Greece carries out it’s threat...
As soon as one town has a large Russian-speaking minority, BAM! It becomes defacto Russian territory according to their apologists.
I wonder how many in Southern Cal speak Spanish?
The EU should be happy to dump Greece
Thanks. And damn! I’d swear put something like “Of possible interest...” in the comment section. Sorry if replies take a while to get through. My comments and thread posts are moderated, presumably as a newbie.
Well, look at the bright side. This should scare the s@@@ out of Turkey and perhaps make the Turkish military come to its senses, stage a coup and get back in NATO’s good graces.
Laughable.
Any loan to a known bankrupt entity is in fact legally fraudulent.
Remember the NINJA loans of the subprime crisis? Same difference. It was, and is, just to keep the Ponzi going.
Please stop comparing the equivalent of an S&L collapse to a sovereign debt default. Iceland's (and Ireland's) banks got too big for their britches. They were allowed to fail. Iceland's government compensated foreign depositors to the limit of deposit insurance guarantees. Anything beyond that, tough luck. Shareholders obviously got bupkis, much as bond holders and stock holders of Lehman and Bear Stearns got the stiff arm.
Greece's government got too big for its britches. Even if the debt were forgiven, Greece's government can't afford its regulations and handout programs. The solution is to pare regulations back and cut those programs. Do you see Greece doing that? No - its "solution" is to expand regulations and increase the size and scope of the handouts. This is why the next stop on Greece's itinerary, economically-speaking, is Egypt, without the religious strife, unless it bends to EU demands for economic reform.
check.
The EU knew.
Very, very sly by Russia. Forcing a Grexit wreaks havoc in Europe, and Putin has Tsiparas wrapped around his finger (likely with threats to arm Golden Dawn if he doesn’t obey orders: remember what happened to the commies in the last civil war)
Touche Putin, touche
Greece is a sovereign country. It has plenty of assets it can sell, and plenty of expenditures it can cut. It's not bankrupt, except in a moral sense, i.e. it is unwilling to pay its creditors.
Re Denninger’s statement “Any loan to a known bankrupt entity is in fact legally fraudulent”, Greece isn’t bankrupt. A bankrupt entity has a coupon or principal payment due in a matter of months or past due, but cannot pay and cannot refinance. Greece manifestly can refinance - it just doesn’t like the terms. Because the terms get harsher along with greater indebtedness. Denninger’s merely being flip. If he said something that asinine at an actual creditor meeting, he’d be looking for a new job, whichever party he represented.
Beware of Greeks wanting gifts.
"Moral sense" has nothing to do with contracts. It's just a line that thieving banksters try to run on peasant rubes.
Banks, including central banks, are not encumbered by "morals".
They kept loaning money to Greece to keep the Ponzi Party going.
Now they don't like the fact that the loanee has realized that they can just flip their thieving @zzes off...
The people of Greece are being little bitches over the issue of their debt. I fear they are behaving like many of ours would if we withheld the dole from all the users in our country.
Greece didn’t want to elect anyone who said we had to budget and live within our means. Instead they got a socialist who like many theological Muslims pointed to someone else to blame for their financial ruin and the people liked being told there was no price to pay for their behavior.
Facing the ramifications of their political choices they want more on their terms or to turn much further to the dark side towards two countries that rule by tyranny.
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