Lawless Greeks Press For Default

[Ignitionnet]

http://www.guardian.co.uk/world/2011...efault-bailout

Oh dear.

[carlwaring]

Okay. Anyone else mis-read that as 'geeks' and therefore have it make no sense? Just me then?!

[Gary L]

Just you.

OMG it's Carl from the blueyonder/virgin newsgroups!

[papa smurf]

by using the term default one assumes there was an intent to pay it back in the first place ,lets face it this was a handout .

[Ignitionnet]

Just you.

Of course there was no intention of paying it back. I rather hope they do default, perhaps once the bond holders have been appropriately stung they'll think twice before lending to a corrupt, unproductive country incapable of collecting taxes that has an average retirement age of 53 and pays the civil service 14 months salary each year.

As far as the Greeks go they think this austerity is bad they default and they'll actually have to start living within their means and paying as they go, even Ocean Finance would think twice before lending to them after that.

Perhaps also the EU will think twice before throwing their tax payers money around in an attempt to get their European super state. Greece should never have been allowed near a monetary union with France and Germany, the economies are not compatible any more than Ireland's is, and monetary policies being run for the benefit of Germany have harmed peripheral economies quite obviously.

Not that it matters of course, the Lib Dems will still be telling us Europe is fabulous and we should join the Euro and Cameron will continue parroting the pro-Europe line.

[Osem]

Just another manifestation of the have now, pay later (if ever) mentality that seems endemic in large parts of Europe and the west in general. Default on these loans and things will get a whole lot tougher not only for Greece but for the other countries in similar strife.

I believe we're now heading for a major rift between those whose philosophical/political with monetary union and an ever expanding EU has got us to where we are now and those who realise it can't work in its present form and are not going to carry on throwing money at it. It'd be ironic in the extreme if a union supposedly designed to bring an end to conflict in Europe actually became the cause of it but I can see it happening if things get much worse.

I don't imagine the Portuguese and Irish would be best pleased either as things could then be a whole lot tougher for them.

How much hardship will this create for those countries that lent the money ?

If Greece is allowed to default will the debt just be written off and if that's the case will Ireland and Portugal follow suit on the basis that the Greeks got away with it ?

[Stuart]

Originally Posted by carlwaring

Okay. Anyone else mis-read that as 'geeks' and therefore have it make no sense? Just me then?!

You are not the only one..

[carlwaring]

Originally Posted by Gary L

Just you.

Aparrently not

[Ignitionnet]

Originally Posted by martyh

How much hardship will this create for those countries that lent the money ?

If Greece is allowed to default will the debt just be written off and if that's the case will Ireland and Portugal follow suit on the basis that the Greeks got away with it ?

http://www.bbc.co.uk/blogs/thereport...irish_gre.html

Originally Posted by Ignitionnet

http://www.bbc.co.uk/blogs/thereport...irish_gre.html

Thanks igni a very informative article ,from that article i take it the biggest threat is to banks chiefly the german ones ,who stand to lose massive sums that they cannot afford to lose sparking another banking crisis

[Ignitionnet]

Originally Posted by martyh

Thanks igni a very informative article ,from that article i take it the biggest threat is to banks chiefly the german ones ,who stand to lose massive sums that they cannot afford to lose sparking another banking crisis

I'm deeply moved. Will teach them for throwing money at Greece.

Hopefully Goldman Sachs will get some heat as well, dodgy fatherless male children, over their shady dealings to hide Greece's true debt.

[Osem]

I imagine there are more than a few former East Germans who're still living in relative poverty and wondering what they have to do to see their living standards catch up with their western compatriots. I doubt they're too happy about this sort of thing.

[Ignitionnet]

I think if Germany keeps on with its expensive wet dream for European fiscal and political union that more than a few former East Germans won't be having to worry about having to catch up with their compatriots.