Author Topic: Greece to Default ‘At Some Point,’  (Read 1029 times)

0 Members and 1 Guest are viewing this topic.

Offline Robb

  • guru
  • *******
  • Posts: 1,537
Greece to Default ‘At Some Point,’
« on: March 24, 2010, 10:30:46 PM »
This is terrible news for this poor country.  If they default, won't their whole nation just collapse?  Could the Byzantine emperor be restored because of these events?

March 24 (Bloomberg) -- Greece will default on its bonds “at some point” as the euro region fails to deal with its first major economic crisis, said Paul Donovan, deputy head of global economics at UBS Investment Bank.

“I think it’s in an impossible situation,” said Donovan, who is based in London, in an interview with Bloomberg Radio today. “Europe has failed to clear its first serious hurdle. If Europe can’t solve a small problem like this, how on earth is it going to solve the larger problem, which is the euro doesn’t work. It’s a bad idea.”

European governments have yet to agree on how to fund any rescue for Greece, which says it will struggle to pay its debts at current market interest rates. While Prime Minister George Papandreou announced a 4.8 billion euro ($6.4 billion) austerity package on March 3, the extra yield that investors demand to hold Greek debt over German counterparts has since risen.

Men may dislike truth, men may find truth offensive and inconvenient, men may persecute the truth, subvert it, try by law to suppress it. But to maintain that men have the final power over truth is blasphemy, and the last delusion. Truth lives forever, men do not.
-- Gustave Flaubert

Offline John Larocque

  • Catholic
  • High Elder
  • ******
  • Posts: 529
Re: Greece to Default ‘At Some Point,’
« Reply #1 on: March 24, 2010, 11:10:27 PM »
Yes, but your friends might rescue them... which I'm sure would make Uncle Sam happy.

EU bigwigs Germany and France will have to rescue Greece. But their voters are as outraged as Americans by growing government debts.

Polls show 70% of thrifty Germans and many French oppose rescuing the profligate Greeks. Chancellor Angela Merkel rightly asked why Germans, who must work until 67 before retiring, should bail out Greek workers so they can retire at 61.

Russia’s PM Vladimir Putin just cuttingly observed with a twinkle in his ice cold eyes that America is no better than Greece at handling its financial mess. In both cases, supposedly conservative governments permitted massive financial fraud and left an Augean stable of debt.

Putin’s comment is interesting. Russia has the world’s fourth largest monetary reserves. Moscow could conceivably rescue Greece, thus renewing its influence in the Balkans. That would be a real strategic coup.

In the end, France and Germany will probably have to hold their noses and somehow underwrite Greece’s Mt. Olympus of debts even though that violates EU rules — or risk seeing financial contagion spread. The crisis is damaging the euro and undermining the entire EU.

If the crisis infects Italy, Spain and other Mediterranean miscreants, watch out. Many Europeans want the naughty Greeks kicked out of the euro zone and maybe the EU. Other delinquents could follow.

"Could the Byzantine emperor be restored because of these events?" Why bother when you can have Vladimir Putin?
« Last Edit: March 24, 2010, 11:11:53 PM by John Larocque »

Offline Pravoslavbob

  • Moderator
  • Archon
  • *****
  • Posts: 3,437
  • Out for a stroll...
  • Faith: Orthodox Catholic
  • Jurisdiction: Antioch
Re: Greece to Default ‘At Some Point,’
« Reply #2 on: March 29, 2010, 10:09:19 AM »
Since little interest has been shown in this thread up until now, I am choosing to lock it instead of moving part or all of it to the politics forum.

Non-Relgious Topics moderator
« Last Edit: March 29, 2010, 10:09:52 AM by Pravoslavbob »
Atheists have noetic deficiencies.

Don't believe everything you think.

The more I know, the less I know.   ;)