Greece Defaults

[sasguru]

Because it would clearly require federal decision making and budgeting in order to work, thus forcing German discipline on the weaker nations, and in the long term a US of Europe would offer German exporters a greatly expanded "domestic" market and the inevitable inter region subsidies would cancel out any balance of payment issues.

It would be a German hegemony and the people of Europe have long memories, which is why most have voted No to greater integration.
Of course certain politicians are ecstatic at the idea, they have most to gain from a corrupt oligarchical Europe.

[Churchill]

Italian tits up....hmmmmmm... Monica Belluci

Not valid without a picture of said lady.

has good taste

she married a Frenchman

Vincent Cassel

That's just a minor inconvenience.

[doodab]

the people of Europe have long memories, which is why most have voted No to greater integration.

I agree it will be difficult to implement, but I think the end result will be worth having and I wouldn't expect the ruling elite to be any more corrupt than any other government.

[BlasterBates]

You do know that Iceland's economy is already on the road to recovery don't you? They're doing quite well as it happens, they have their own source of thermal power for producing their own internal power requirements, great fishing market and to top it all off, had laws passed last year to wipe over $1 billion of consumer credit out.

How's that dire?

http://www.mfa.is/media/MFA_pdf/Icel...-Sept-2011.pdf

Firstly Iceland did not go through a sovereign default, it's banks did. A sovereign default is dire. Why? because the governmnt can't pay pensioners and social security, it can't keep the schools open....Iceland doesn't have this problem, the government can continue. Check out Argentina, poverty doubling overnight and riots on the streets. Argentina is more comparable than Iceland. In Argentina communities resorted to barter, withdrawing cash from banks was not possible.

In addition when Greece defaults, it will bring the French banks crashing down, and severly weaken oither European banks. It will cause a worldwide credit crunch. remember Lehman ? well same thing with huge knobs on. This of course means no-one is going to rally round to help them out when pensioners (like in Argentina) find they have no money to buy food with.

..and where would Greece get it's inward investment from? Who would come to Greece?

[Churchill]

Firstly Iceland did not go through a sovereign default, it's banks did. A sovereign default is dire. Why? because the governmnt can't pay pensioners and social security, it can't keep the schools open....Iceland doesn't have this problem, the government can continue.

In addition when Greece defaults, it will bring the French banks crashing down, and severly weaken oither European banks. It will cause a worldwide credit crunch. remember Lehman ? well same thing with huge knobs on.

So where would Greece get it's inward investment from? Who would come to Greece?

The Trojans are after a bit of revenge...

On a serious note, Greece will not be allowed to fail.

[Le Rosbif]

The Trojans are after a bit of revenge...

On a serious note, Greece will not be allowed to fail.

What if the Greek government will quit the Eurozone on its own?
Will Brussels order for European tanks to run over Athens?

USSR of Europe?

[Churchill]

What if the Greek government will quit the Eurozone on its own?
Will Brussels order for European tanks to run over Athens?

USSR of Europe?

You're making a mistake discussing this sh!t with me. I haven't a ******* clue and I care even less.

[Doggy Styles]

On a serious note, Greece will not be allowed to fail.

Isn't that like saying it will not be allowed to rain?

[Le Rosbif]

Isn't that like saying it will not be allowed to rain?

Nothing to worry about, it's coming from someone who hasn't a ******* clue and cares even less. (but still has an opinion and shares it)

[Doggy Styles]

They have to go bust, or Germany has to agree to pay for them indefinitely - which is what a Eurobond is effectively.
Those are the only 2 choices.

What would be the difference between a Eurobond with the likes of Greece involved it, and all those toxic investments that caused the bank crisis?