"Rather Cut Off My Arm Than Pay Back What Greece Borrowed".... Varoufukis

Ricter said:
Who was it who said, "if I owe the bank $1 million, I have a problem, but if I owe the bank $100 million, the bank has a problem"?
:D
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So according to you, this is not really a Greece problem, it is just simply a German bank, EU, IMF problem. They loaned us too much money, so it's their fault.
 
loyek590 said:
So according to you, this is not really a Greece problem, it is just simply a German bank, EU, IMF problem. They loaned us too much money, so it's their fault.
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It takes two willing parties to create a debt. But there is no sense in destroying the debtor's ability to pay. They are asking for restructuring, a reasonable repayment schedule. Punishing them for past excesses achieves nothing. If the punishment is supposed to teach a lesson, it should teach both parties to the loan a lesson. Are large numbers of krauts unemployed because the Greek bubble burst?
 
gwb-trading said:
In the long term, the Euro will not survive and only lead to conflict in Europe. A country cannot fundamentally use a currency unless they fully control the monetary policy associated with the currency and their economy. Having a centralized currency where the other users don't follow the economic guidelines will only lead to headaches for the countries using the currency which follow the guidelines. All the countries would be better off with their own currencies and letting the exchange rate guide the comparative strengths of their economic policies.
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Remember that when there's a complete failure of the world's fiat system.... Prerequisite for entering the new world's replacing banking system will be total control. Bye bye Constitution.

Most will sell out in a heartbeat to keep a small semblance of their normal way of life.
 
Greece has already had their haircut and they still can't pay. Their nominal debt is 170% of gdp. But the debt was restructured by lengthening the maturities and cutting the interest rates in an effort to make it easier to pay. One think tank calculated that this reduced Greece's debt servicing to half of what it would be if it would have been left alone. That's a large haircut that the lenders already took. And Greece still can't pay. The debt is already a writeoff economically. Forgiving it now is just an accounting adjustment. The lenders just consider that adjustment to be dangerous because Spain, Italy, Portugal and maybe others will get in line. It's a no win deal all the way around. Best if they just get out.
 
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