# Greece Debt



## PootleFlump (Jan 1, 2006)

So the Greece debt is being cut in half. Doesn't seem to be the kind of behaviour that would encourage fiscal prudence. The other thing that crosses my mind is the EU/IMF have ploughed billions into Greece would it not have been better to let the country fail rather than pumping good money after bad, having to wipe out debt and then still say it might not be enough. See you again in 6 months for the next handout.


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## DetailedClean (Jan 31, 2012)

Nicely summed up.

Im no economist, but I guess it all comes down to the fact that greece cannot absolutely fail

It failing within the Euro would probably mean the failure of the euro and single currency further down the line, thats probably what every1 is sh1tting it about.


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## realist (May 11, 2011)

OP is right, they're just delaying the inevitable and storing up more problems for anyone wanting to borrow money in the future.


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## prokopas (Apr 29, 2010)

It would be better to think twice before pressing the Post button. Unless you have a solution that you are willing to share...


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## Globy (May 9, 2011)

Hi,


I'm Portuguese, we are in really bad situation too, but we are paying it very very hard, there are people that lived well with merc's and everything and now they almost have not money to eat!!
I agree that euro helps Greece but they should pay everythng.
I've read little about it but I think that Islandia would be a good example for every country.


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## PootleFlump (Jan 1, 2006)

Everyone has it tough, UK has to tough sure not as bad as greece but the last few years has knocked most normal people back, prices of most items from cars to basics have gone up massively but wages haven't kept up. Despite wiping 102bn off the greece debt and costing private investors a packet they still owe 120% of GDP. The country is in recession and doesn't look like it's going to get better for them and it's got alot worse over the last couple of years, maybe would have been better to put it out it's misery earlier.


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## bigmc (Mar 22, 2010)

The problem is the greeks are like the public sector workers here, they want to carry on retiring at 50 and playing dominos on the street corner until they die supported by the state. That aside a large single currency zone incorporating third world countries will never work, the currency is devalued in one country and arficially inflated in the poorer countries.


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## kh904 (Dec 18, 2006)

What should happen is Greece default on it's debts. Initially it's going to be nasty but it's the only long-term sustainable thing to do, then all the debt is liquidated. An economy (or a company for that matter) can't grow when it's burdened with so much debt. 
What's happening now is just prolonging the pain & the inevitable!

They need to get out of the Euro & not accept any bail out money otherwise they will be under the IMF thumb, never getting out of debt and having to give up their national resources. Isn't a banker running the country now? 

As mentioned by an earlier poster, Iceland did the right thing for their people! Funny how there's no mention of Iceland after they went defaulted then prosecuted the bankers (i don't think any banks were bailed out either, i could be wrong)! 
Maybe because it will be an inspiration to other nations!

Greece & many other Euro countries will need bailing out again, because as mentioned in other threads - money is debt! If all debts were possible to be repaid, there will be no money left in circulation!!!
The financial system s nothing more than a pyramid selling (ponzi scheme) of debt scam! As long as more people are taking out loans faster than loan repayments we have a boom, and the opposite a bust!

Even in this country, the middle class is being wiped out! Inflation is much higher than what the official figures say, i don't believe them for a second!

Make no mistake, Spain & Portugal are very likely to be next (50% youth unemployment in spain!!!!), and sooner or later the US $ WILL collapse - bringing in the one world currency!!!


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## Derekh929 (Aug 28, 2011)

A lot easier to get osterity cuts through in britian than some of these other counties have to agree we always seem to have money for this , and as another said they don't wont the Euro to fail completely to save face


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## The Cueball (Feb 8, 2007)

although Spain and Portugal seem to be bad... my operations out in these countries are doing well, turnover is up and so is profit....

the Spanish are more worried about Chinese in their country at the moment.l.cthey never die it seams.... causing a few worries.........

:thumb:


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## PootleFlump (Jan 1, 2006)

kh904 said:


> What should happen is Greece default on it's debts.


They already have defaulted on their debts, that's what is going on but in slow time rather than all at once, wiping 102bn off private investments through a debt swap is to all intents and purposes a massive default. Maybe stringing it out is softening the pain for everyone else, I'm sure if France and German didn't have massive interests in the country and it wasn't part of the Euro it would have gone under 2+ years ago.

The US is broke, what is their debt now something like $14tr.....


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## DetailedClean (Jan 31, 2012)

PootleFlump said:


> I'm sure if France and German didn't have massive interests in the country and it wasn't part of the Euro it would have gone under 2+ years ago.


This is exactly my opinion, essentially everything is being longed out to slightly protect other peoples interests rather than do what is best or would naturally happen.

This basically makes it worse for all of us and for a longer period too


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## kh904 (Dec 18, 2006)

Yes Greece is defaulting on it's debts, but it should be allowed to be written off like any other company when it goes bankruptcy & liquidation. 
But what is happening is that the debt is being passed on to the taxpayer, not just the people of Greece but other taxpayers around the world!!!!


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