The Greeks have accumulated a pile of debt worthy of a Titan. Relative to the size of the Greek GDP, it’s enough that the penalties and interest are more than their GDP, but it’s sovereign debt, so the Greeks have to pay it off. Failure to pay off sovereign debt gives the creditors the right to foreclose and take over the entire country..But in January, the Greeks elected Syriza, a bunch of lawbreakers who wasted the money—money that all belongs to the creditors—by feeding the poor and the elderly. What arrogance. What evil. Syriza has been in total defiance of International Law. The referendum was illegal, and the result was a failure of democracy, since no German would all have voted NO, and there are more Germans than there are Greeks, so in a true democracy, the voters would have agreed that the entire Greek GDP must go to their creditors in perpetuity (and, with penalties and interest, that debt will just get larger every year, which only proves what lazy bums all the Greeks are for not having a GDP large enough to pay all those penalties and interest)..The other members of the Euro have figured out that the Euro will be MUCH better without Greece, so the ECB has stopped Emergency Liquidity Assistance to the Greek Banks, and they no longer have any Euros for operations, so Greece won’t have any money at all until the Greek government re-introduces the drachma. We’ll see how long the Greeks can hold out trying to hold on to the Euro, but they can’t hold out much longer unless they return to a pure barter economy..https://www.stratfor.com/weekly/greek-vote-and-eu-miscalculation?utm_source=freelist-f&utm_medium=email&utm_term=Gweekly&utm_campaign=20150707&utm_content=readmoretext&mc_cid=fe84a80645&mc_eid=e61b98804d#
Theodore E. Lind Premium Member almost 9 years ago
Illinois is not far behind.
vwdualnomand almost 9 years ago
everyone is in debt. texas, alaska, california, illinois, norway, china, russia, uk, etc…
Simon_Jester almost 9 years ago
He forgot to shrug
Mickey and Delia almost 9 years ago
The Greeks have accumulated a pile of debt worthy of a Titan. Relative to the size of the Greek GDP, it’s enough that the penalties and interest are more than their GDP, but it’s sovereign debt, so the Greeks have to pay it off. Failure to pay off sovereign debt gives the creditors the right to foreclose and take over the entire country..But in January, the Greeks elected Syriza, a bunch of lawbreakers who wasted the money—money that all belongs to the creditors—by feeding the poor and the elderly. What arrogance. What evil. Syriza has been in total defiance of International Law. The referendum was illegal, and the result was a failure of democracy, since no German would all have voted NO, and there are more Germans than there are Greeks, so in a true democracy, the voters would have agreed that the entire Greek GDP must go to their creditors in perpetuity (and, with penalties and interest, that debt will just get larger every year, which only proves what lazy bums all the Greeks are for not having a GDP large enough to pay all those penalties and interest)..The other members of the Euro have figured out that the Euro will be MUCH better without Greece, so the ECB has stopped Emergency Liquidity Assistance to the Greek Banks, and they no longer have any Euros for operations, so Greece won’t have any money at all until the Greek government re-introduces the drachma. We’ll see how long the Greeks can hold out trying to hold on to the Euro, but they can’t hold out much longer unless they return to a pure barter economy..https://www.stratfor.com/weekly/greek-vote-and-eu-miscalculation?utm_source=freelist-f&utm_medium=email&utm_term=Gweekly&utm_campaign=20150707&utm_content=readmoretext&mc_cid=fe84a80645&mc_eid=e61b98804d#
kaffekup almost 9 years ago
Darn right, the banks are due what’s theirs, and tout suite!