Greece....how can they...

syswizard · Feb 13, 2012

survive given the fact their own people are causing damage from riots, and they are not working due to strikes...police are on overtime, etc.

How can this country get out of this mess given these facts ?
This is economically damaging stuff they're doing.

clacy · Feb 13, 2012

They won't without leaving the EU, IMO. They agreed to austerity. Wait to see if they actually follow through with that, when election time rolls around.

syswizard · Feb 13, 2012

If they leave the EU, who in the heck is going to buy their debt obligations ? Some hedge funds seeking high returns ?
Who else would take the chance of default ?

noone3 · Feb 13, 2012

Quote from clacy:

They won't without leaving the EU, IMO. They agreed to austerity. Wait to see if they actually follow through with that, when election time rolls around.

+1

With a small correction ... I want to believe that "they agreed" refers to the politicians and NOT the people!

This government has not been elected to deal with the 2010-2011 economic events. The info prior to the last election was thousands of miles away from what is happening today, so no one represents the people.

Indeed, this is not sustainable within the EU.
It is just s time bomb that WILL explode

noone3 · Feb 13, 2012

Quote from syswizard:

If they leave the EU, who in the heck is going to buy their debt obligations ? Some hedge funds seeking high returns ?
Who else would take the chance of default ?

IMHO, there is vast interest in this country, and this is exactly why all this is happening right now.
There has been Asian and Russian interest already. There are other ways to fund the debt in ways sustainable for the ppl, but for now it is under western control unfortunately

clacy · Feb 13, 2012

Quote from syswizard:

If they leave the EU, who in the heck is going to buy their debt obligations ? Some hedge funds seeking high returns ?
Who else would take the chance of default ?

If they leave the EU, they can weaken their currency and bolster their #1 asset..... tourism.

syswizard · Feb 13, 2012

Quote from clacy:

If they leave the EU, they can weaken their currency and bolster their #1 asset..... tourism.

Makes sense....debtors win effectively because foreign holders get paid back with a currency that yields less in their native currency.
Do I have this right ?

intradaybill · Feb 14, 2012

Germany convinced countries in Europe that it will unite to one country and gave them a common currency only to milk them and now try to lend them money so it can pay its huge debt obligations in excess of 2.5 trillion.

That Germany milked PIIGS is evident from the chart in this link:

http://krugman.blogs.nytimes.com/2011/11/07/wishful-thinking-and-the-road-to-eurogeddon/

PIIGS deficit = Germany surplus.

Scataphagos · Feb 14, 2012

Quote from syswizard:

survive given the fact their own people are causing damage from riots, and they are not working due to strikes...police are on overtime, etc.

How can this country get out of this mess given these facts ?
This is economically damaging stuff they're doing.

With their "entitlement checks", they still get paid... even when rioting and destroying the town.

(That's what "entitlement" eventually brings.... America, take notice!)

Rationalize · Feb 14, 2012

Quote from syswizard:

Makes sense....debtors win effectively because foreign holders get paid back with a currency that yields less in their native currency.
Do I have this right ?

Borrow in gold. Repay in lead. It's alchemy, Greek style.