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Thread: Greece could default within hours

  1. #31
    Senior Member Mujo2000's Avatar
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    Greece pushed through the biggest sovereign restructuring in history after cajoling private investors to forgive more than 100 billion euros ($132 billion) of debt, opening the way for a second bailout.
    http://www.bloomberg.com/news/2012-0...icipation.html

    Let's see how far that takes them.

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    Sort of feel sad they did to be honest. At first i was all for saving Greece ! But seeing as how they never stop complaining and throw warning and ultimatums to all i say "let them have it they deserve to go broke ungrateful idiots" ! They never ever stop complaining and pointing the finger at others !


    Do we have any news on the next deadline for debt reduction ? Cuz at a 120+% debt they are not gonna make it !

    Also is there any news on the "news" regarding the privatization of several Greek help business ? Last i heard they were gonna sell some islands ! (No for real i really did hear that on the news )

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    L-107, where are you from?

  4. #34
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    Quote Originally Posted by xristar View Post
    L-107, where are you from?
    Sorry my spelling is horrible ! Il work on it ! Sorry !

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    Quote Originally Posted by Chanan View Post
    I don't disagree, but politics and big money cannot be seperated.
    I think politics and big money CAN be seperated, but we have become somewhat accustomed to the relationship. If we look at corrupt politics severely damaging a country, and possible sale of state (public ) assets, then this direct link is something which might jolt the masses to come back to the drawing board. Similarly, the withdrawal of state tit focusses the mind.

    The massive and unfettered growth of financial services industry has brought havoc to US and EU. Individual State and international controls failed to even attempt to keep up with the engineering advances and consequently we face the slow stinking fart as the bubble continues to deflate. The people we elect allowed this to happen, along with the individual and sometimes unique failure modes of the EU member states. It's important the electorate punish them, but where is the corporate punishment, why aren't more of the bankrupt banks collapsing, why aren't more CEO in prison, where are the new corporate safeguards to match the EU fiscal compact?

  6. #36
    the Ralph Wiggum of Mp.net. timetraveller's Avatar
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  7. #37
    Senior Member tea drinker's Avatar
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    French president Nicolas Sarkozy has declared the debt crisis gripping Greece as "solved" following a successful debt swap.

    The deal will help Greece eat into its mountainous public debt, which currently stands at a massive 160 per cent of its gross domestic product.

    It averts the immediate risk of an uncontrolled default and clears the way for a new bailout.

    "I would like to say how happy I am that a solution to the Greek crisis, which has weighed on the economic and financial situation in Europe and the world for months, has been found," Mr Sarkozy said.

    "Today the problem is solved. A page in the financial crisis is turning."

    The key developments:

    Deal paves way for urgent second bailout to save Greece from bankruptcy
    Nearly 84 per cent of its private creditors joined the landmark debt swap
    Greece is seven billion euros ($8.7 billion) short of a targeted debt cut of 107 billion euros ($133 billion)
    http://www.abc.net.au/news/2012-03-1...t-swap/3881114

    Not a bad deal for the Greeks. 160% of GDP is some ludicrous, unsustainable figure. Some rough years ahead for Greece with austerity package, at least there is a real chance for them to come through it without major upheaval. Hopefully some reform of the political system follows the austerity too. While I can bemoan some of the early retirement for hardresser schemes the Greek have, the politicians they voted for need some attention. As ever we all need to take a careful look at who and what we vote for, and recognise our role.

    Edit: also seems like a good deal for the bondolders
    For Greece, the restructuring means immediate relief. For each €100 in bonds, creditors get €15 in high-quality, short-term bonds issued by the euro zone's rescue fund, and €31.5 billion in new Greek bonds that mature 11 to 30 years in the future.

    http://online.wsj.com/article/SB1000...LEFTTopStories
    Last edited by tea drinker; 03-09-2012 at 05:27 PM.

  8. #38
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    So, tentatively, good things are happening.

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    Quote Originally Posted by Mujo2000 View Post
    Let's see how far that takes them.
    It takes them to 20MAR12. It gets Greece the first tranche of $US 44 billion in bailout cash. This will allow Greece to make interest payments on bonds due 20MAR12. There is still the balance of $US 130 billion to come after March.

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    Quote Originally Posted by tea drinker View Post
    I think politics and big money CAN be seperated, but we have become somewhat accustomed to the relationship.

    It's important the electorate punish them, but where is the corporate punishment, why aren't more of the bankrupt banks collapsing, why aren't more CEO in prison, where are the new corporate safeguards to match the EU fiscal compact?
    1. Absolutely agreed. Name me one wage earner in the US primaries. I just cannot foresee any political system at nation/State level that could function in some utopian manner that has divorced capital from power.

    2. No CEO's or Finance Ministers in jail. Why? See above.

  11. #41
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    Quote Originally Posted by Chanan View Post

    2. No CEO's or Finance Ministers in jail. Why? See above.
    What are you talking about? Heaps of CEOs etc end up in jail all the time. Heard of Enron? Or YouTube that recent series on TV about Greed in America.

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    Quote Originally Posted by DaveDash View Post
    What are you talking about? Heaps of CEOs etc end up in jail all the time. Heard of Enron? Or YouTube that recent series on TV about Greed in America.
    CEO did end up in Jail during the previous inhabitant of the White House. The current administration does not seem to bother with financial fraud cases.

  13. #43

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    Quote Originally Posted by joethesixpack View Post
    CEO did end up in Jail during the previous inhabitant of the White House. The current administration does not seem to bother with financial fraud cases.
    What about Raj Rajaratnam, Stanford and the up coming MF Global case?

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    Quote Originally Posted by Mr Gently Benevolent View Post
    What about Raj Rajaratnam, Stanford and the up coming MF Global case?
    The US faced its (second) largest financial collapse and these are the showcase prosecutions by the Obama administration? I guess they were too busy picking up Wall Street insiders to help his "anti-corporatist" agenda.

    I wish Obama mentions his vigorous pursuit of former NJ Governor and fellow Democrat Jon Corzine in the MF Global collapse! Too bad Ron Paul won't be the GOP nominee so we can have a true debate against big-government corporatists.

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    Quote Originally Posted by DaveDash View Post
    What are you talking about? Heaps of CEOs etc end up in jail all the time. Heard of Enron? Or YouTube that recent series on TV about Greed in America.
    Hardly the norm. But yes, I admit I generalised.

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