Greece given world's lowest credit rating
- Thread starter danmand
- Start date
I would not touch that investment with a ten foot pole.17% interest rate is looking very attractiveThis has got to be the end of the line for Greece’s spending spree.
The amount of debt they have piled up is huge.
Do not be surprised if your investment gets restructured and the maturity date is pushed out by a decade
That is if they do not outright default
Isn't it perfectly clear that the current austerity-measures-dependent aid to Greece will simply keep the country deeply indebted to a cluster of money-lending institutions, allowing the latter to (1) influence Greek domestic politics to an ever-greater degree and (2) profit from the hardships heaped upon the Greeks?
The Greek people should 'take their lumps' and bail out of the corrupt international monetary system. A system that is obviously designed for the purpose of dispossessing individuals, companies and now entire nations. Furthermore, it is encouraging to see that at least some people (apparently not North Americans) are awake and have more than an inkling of what the real consequences are of international banking practices.
Sara
The Greek people should 'take their lumps' and bail out of the corrupt international monetary system. A system that is obviously designed for the purpose of dispossessing individuals, companies and now entire nations. Furthermore, it is encouraging to see that at least some people (apparently not North Americans) are awake and have more than an inkling of what the real consequences are of international banking practices.
Sara
Agreed, the international banking organizations have always demanded austerity measures that have punished the poor for the excesses of the rich.
But, why are some countries poor? Dumb people? Dumb government? Too many raccoons?
BTW: My company did a lot of business in Brazil back when they were broke (1980's). Now they are one of the "BRIC's". Why can't Greece be a "BRIC"?
I have no sympathy for Greece and I can understand why the Germans should be the ones who are pissed.
http://rt.com/news/greece-bailout-anger-germany/
http://www.theglobeandmail.com/news...d-bureaucracy-and-tax-evasion/article2056715/
http://rt.com/news/greece-bailout-anger-germany/
http://www.theglobeandmail.com/news...d-bureaucracy-and-tax-evasion/article2056715/
In the case of Greece it seems to have been the excesses of "the poor" or if you prefer "the not rich" that has lead to the current situation.
p.s. How is your buy-up of Greek Government Bonds going?
Not bloody likely. The scam that was perpetrated to get into the Euro zone was engineered by Morgan Stanley. Not generally a representative of the poor.
Of course, no references to back it up. I guess sleep deprivation can do that to you.
They didn't benifit from shorter work week, large numbers of them are not employed by the Government more so than other EU states, they don't benifit from retirement at 60, they haven't had lower taxes for years than other E.U. states.
Do whatever you wish.
It comes down to this and I'm not sure if the Greek common folk know this or not. The EU, especially Germany and France can not afford a Greek default as that would set off a daisy chain of events with crashing Euro, other countries such as Portugal, Spain neglecting their obligations, banks and bondholder's put on credit watch etc....
So if I was a common Greek folk I would dig in my heels also because the EU has to bail them out. So why not keep taking the money while they still get it without having to make concessions.
If Greece would ever default and go back to Drachma (not likely) then they can think about austerity.
Is it fair? No. But, what is fair these days?
So if I was a common Greek folk I would dig in my heels also because the EU has to bail them out. So why not keep taking the money while they still get it without having to make concessions.
If Greece would ever default and go back to Drachma (not likely) then they can think about austerity.
Is it fair? No. But, what is fair these days?
Exactly!!!
Aardie and even bottie use the lame logic used to defend our Crooked Wall St Banksters, when these lying weasels said their meltdown was the result of too many poor folks getting mortgages they could never afford to pay! They totally ignore the facts proper 'regulations' in place since the Great Depression were 'deregulated' and now Banksters were allowed to do things they were NEVER allowed to do in the past!
Shoot, so the E.U. (principally France and Germany) got "played". Guess who are the dummies in this scenario. (Sort of like Quebec "playing" the rest of Canada for the past 200 years.)
Not bloody likely
The Greeks apparently do not understand that a short work week, 1/2 the work force employed by the govt, low taxes and retirement @ age 60 is a recipe for economic disaster and is simply not sustainable
Well disaster has finally hit the fan.
The parts that I find unbeleiveable is they expect a bail out and they resent the steps taken to correct the problems.
You giver far too much credit to Morgan Stanley and you read far too much conspiracy mumbo jumbo
The move into the Euro was driven by need / desire to expand trade within the member nations.
At the time I thught the Germans might regret the change to the Euro and that some smaller nation would break the covenants of the deal by runing up a pile of debt, knowing the squareheads would be forced to bail them out
(looks like I was right once again)
Interesting article about Greece’s government railway
http://www.nytimes.com/2010/07/21/business/global/21rail.html
http://www.nytimes.com/2010/07/21/business/global/21rail.html
