Topic: If Greece defaults - page 11. (Read 45250 times)

It might be the beginning of an epic to be honest, if other EU countries in debt decide to default, or copy the effective IMF boycott by not paying back their debt obligations.

Austerity does not seem in a good sample of countries as it chokes their economic growth, taxing powers being weak aside. On the other hand there are still limited examples to prove that economic default can become a better option and choice for a country than retaining and protecting the banking system in the modern age, historically England and France default histories show that too many times in a row affects trust in the long run in regards to funding but defaulting once may not impact it as severly.

The case of Iceland illustrates one examples where banks were allowed to fail and economic growth followed, Greece could well be the second case if they decide to revert to the Drachma as they will still be able to secure trade with China, Russia and the EU who want to retain influence in Greece. I didn't including Zimbabwae in this sample as they decided to adopt a basket of currencies instead of retaining their own official currency which might be what the Greeks decide to do.

http://www.businessinsider.com/greece-is-looking-into-a-return-to-the-drachma-2015-6
http://www.telegraph.co.uk/finance/11673989/Syriza-Left-demands-Icelandic-default-as-Greek-defiance-stiffens.html

Taking your bank back might work a few documentarys such as the Money Masters use the example of the Greenback and the good old illuminati Central Bank, a financial system under the control of a sovereign owned public bank does have its perks.

Syriza sources say measures being drafted include capital controls and the establishment of a sovereign central bank able to stand behind a new financial system. While some form of dual currency might be possible in theory, such a structure would be incompatible with euro membership and would imply a rapid return to the drachma.

who know if this is a really bad thing for them, maybe not, they can rebuild from zero, and start their own economy without depending on anyone, the problem is that they were not in a good condition even before entering in the euro community

so the question is, they will be able to rebuild like many think?

No it isn't.


Syriza made its position very clear from the beginning. They want people to vote against austerity. And they were elected for that exactly.


Thought the troika was representing French, German and American banks, not the people of Europe. And did the bailout money ever go to the Greek people? Wasn't it all given to the government to be given directly back to the banks that had loaned the money? Meanwhile forcing austerity, huge unemployment and destroying the Greek economy to pay for that? This can't be solved by worsening the situation.

Trust our governments, how cute.

They can still drag it out, for someone needs to utter the word default, write off debt, close the accounts. They don't like that, because it compresses the money volume and wreaks havoc with the money value and the interest rate. They prefer to stuff the loans into so called bad banks, locking the creditors money into frozen accounts, make believe that the money is there for sometime later.

The tragicomedy is not over yet.

Could happens same Greece to anothers countries,I hope that goverments learn lesson and work to avoid these situations instead off only be traveling around  world and bad-spending money of citizens........

That's it, they missed a payment. Somehow, I'm happy because now the Greek problem will move to another stage. For the better or the worse, but at least, things are changing. The negotiations have been far too long. Now, things will move at a much faster pace.

What I wonder is how long this default will remain, say, virtual. In my eyes, the most awful thing about the Greek crisis is that most people haven't understood what's at stake: they talk about the "troika". They forget that the troika is only a front, it's all the Europeans who are behind. me included, and possibly you, if you're an European citizen. Every Greek owes several hundreds euros to every other European citizen. Can I travel to Greece and claim a piece of land as a repossession? Hey, this is what bankers do!

The game is over for EU. This is a good lesson: Don't mess with communists again. 

The reset, it has started.

We dont belong to western world. We belong to east and to communism. 

It is OVER! First country in the western world to ever fail to pay the IMF. Historical bust, bigger than Lehman Brothers for certain. This is it, game OVER.

That's right, they have to issiue bonds meaning they have to go loan-galloping again, because that is an essential part of funding the welfare state.

It works like this:

1) Default, everyone is pissed, never lend to that government ever.

2) Wait five years.

3) issue a small loan at high interest. Find an excuse, this road is needed to...

4) Issue more debt, pay back the first loan. Reaction: Nice, they pay back.

5) Issue more debt, this time with lower interest, pay back second loan.

6) Repeat as interest go lower and debt increases.

7) Someone thinks it is suspect with that high debt, interest starts to rise.

8 ) High interest means problems paying, and problems getting new loans.

9) Goto 1

The so called austerity measures will make the lives of poor Greeks even more unbearable. The troika wants to scrap the Pensioners' Social Solidarity Benefit (EKAS) and impose a 23% VAT on medicines. If Tsiparas agrees to these demands, then the Greek people will riot in the streets and throw him out of power.

Greek's problem is the debt. They have to payback the debt in part or in full in the future. A country cannot just default all loans and survive without ever issuing bonds ever again. Tsipras knows Greece needs to be in the Eurozone to payback the ECB, it will be a lot more difficult to repay in Euro if Greece were using their own ever-devaluing currency.

In order to stay in Eurozone, Greece needs strict austerity measures to imposed by the international creditors. Tsipras need the public support/opinion to bargain with IC. The referendum is a charade, it's a show. Whichever way the referendum goes, the public opinion is going to help Tsipras shed responsibilty, because it's not his decision!

People of those smaller nations don't understand that their countries are being used as colonies (and then victimized), just as it had been during the times of Ancient Rome. It would be a striking irony if Greece (remember that they had been there long before Rome rose to prominence) will be the first to throw down the Germanic Rule in Europe (the Holy Roman Empire and all that shit)...

Germany is the decission maker in the European Union, and the EU is just a masked version of the German Fourth Reich. The foreign policy, monetary policy and almost all the other policies within the European Union is being decided by Germany. So obviously, they need to give money to the smaller nations, in return for their support.

Big words but nah, they enjoy living off other people's money, why should they change?

I mean c`mon isn't that what socialism is about? But instead the poor class living off the middle class, it's more like a geo-socialism, greece living off germany lol

many will leave for sure, they cannot wait until Greece will recover, it isn't a thing that will happen overnight, so they have two chances

stay there and hoping for the best, while many of them will be homeless probably

or go abroad and start a new career, personally i'll choose the latter, if i were them

Greeks need to realise that this is actually the greatest opportunity they have to carve out their own reality and a new destiny..The mass media are trying to put the fear of hell that if they leave the EU they will be in a big disaster, but what they can't see is that this is a the best excuse they have to be able to create a new reality.  They have a Prime Minister that cans see beyond the matrix and is giving them this opportunity, wake up GREEKS!

you guys think western union will stay closed like they mentioned for entire week or drag it even longer for people to be stuck.

If anything though, this whole default gives more reasons to leave the country if I were in greece.