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nomadking · 03-07-2015, 11:12

The lenders have already taken a 50% "haircut". The banks were lending on behalf of depositors/savers. It is those people who would lose out, including 77% of the money in Greek pension funds.

It is faith the banking system that has to be "propped up". People and businesses need to borrow for things like mortgages, business investment, start ups etc. People might prefer to put their money "under the mattress" instead.

If Greece had been denied lending in the past, what then? Even the UK needed IMF funding in the 1970's.

03-07-2015, 11:12	#1721
nomadking cf.mega poster Join Date: Apr 2004 Location: Northampton Services: Virgin Media TV&BB 350Mb, V6 STB Posts: 8,175	Re: Eurozone will collapse... The lenders have already taken a 50% "haircut". The banks were lending on behalf of depositors/savers. It is those people who would lose out, including 77% of the money in Greek pension funds. It is faith the banking system that has to be "propped up". People and businesses need to borrow for things like mortgages, business investment, start ups etc. People might prefer to put their money "under the mattress" instead. If Greece had been denied lending in the past, what then? Even the UK needed IMF funding in the 1970's.