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      11-02-2011, 05:51 PM   #1
pjs
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Greece WTF?

What exactly is the worse case scenario with Greece then?. We end up with a massive recession again?

Could we 'Europe' just let them go bust (like companies do) then someone comes in with (like a pre-pack) a deal and buys them out of 'administration'. That could be us, so Greece becomes part of the UK. Great for going to a place in the sun, and we could make them drive on the left.

Any clever people out there explain it to me?
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      11-02-2011, 07:09 PM   #2
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Worse case - the people vote to tell Europe to stick it up their arse and Greece pull out of the euro which they will default on all their debt, take back their own old currency which will make them more competitive, this will most likely cause a another global recession due to all the countries and banks that are owed money by Greece which will no longer be getting paid back.

I think the shit will hit the fan big time if Greece pull out of the euro it goes to show that the euro doesn't work in my opinion.

Greece have 2 weeks before they run out of cash
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      11-03-2011, 06:33 AM   #3
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The worst f*&"$%g thing that can happen is if Greece leaves the Euro currency and then gets desperate for foreign hard cash and floods the world with cheap Nana Mouskouri box sets.

Let's pray it doesn't get that bad .
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      11-03-2011, 07:19 AM   #4
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Im watching the price of houmous & kebabs as a guide.... thats about it for my undertanding of whats going on - which is prob more then some of the bankers id guess.
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      11-03-2011, 07:56 AM   #5
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If they pull out it's game over

Italy is next in line but they will implode because it's mostly their debt

They haven't met their borrowing targets and they just went and borrowed at some crazy 6% + interest rate which isn't sustainable!

The french aren't doing as bad since their present missed/left his daughters birth to fly out to secure a debt package.

Scary times ahead.
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      11-03-2011, 08:35 AM   #6
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Very difficult, it would be much better in the medium / long term for the Greeks if Greece was to default and leave the Eurozone but the cost to the rest of the EU will be terrible.
You can understand the Greek Primeminister trying to do the best for his country but I doubt the rest of the EU will allow them.
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      11-03-2011, 08:45 AM   #7
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Why do people keep saying we will end up with ANOTHER recession? When did the current one end?
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      11-03-2011, 09:00 AM   #8
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The best thing that can happen to Greece is if the country defaults. It will drastically change how the Greeks look at work/life. Here in the states (and more specifically for those of us in banking), it is ridiculous to hear about how people retire in their 40's and 50's and get paid time off basically whenever they feel like it. Greece does not contribute to the world economy in anything except ports of entry for shipping, logistics, etc. Giving them money, or forgiving half of their sovereign debt, is outrageous. I understand the worldwide implications of the default, however I am a firm believer in the old saying:
Give a hungry man a fish, he is fed for a day. Teach a hungry man how to fish, he is fed for life.
We need to stop coddling countries that got themselves into their own messes.
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      11-03-2011, 09:11 AM   #9
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Am not an expert but from what I have seen and read, they will never be able to recover from their situation.

The only reasons they havent left the euro months ago was because the EU have sunk countless millions of Euros into Greece and still have not come up with a plan to reduce their ever increasing deficit and the fact that no one really knows what would happen for sure if they left.

It comes down to basics and the reason the average Joe-6-Pack or Eddy-Punchclock goes Bankrupt, they owe more than they will ever hope to repay.

The numbers are too big to get your head around, even the UK's deficit, but in the long term the tax payers will be paying for the debts for years to come and that is what all the goverments are hoping for.

Off topic slightly but.....

I was thinking the other day, what would happen if every home-owner in the UK left their fully paid off house to their 1 or 2 children when they died to live in for their lifetime (and not to sell it and piss it all away) and also taught them ALL to live within their means and not take out credit cards or loans. The next generation of home owners wouldnt pay a single penny to banks in mortgage payments and interest payments so their money would be their own every month.

They would probably still be on the "spend as you earn scheme" as a lot of people are on now, but it would be their own money they spend on LCD's, holidays, fast women and loose cars and not the banks/credit card companies and they would learn to live within their means.

What would happen? Would we be better or worse without debt?
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      11-03-2011, 09:13 AM   #10
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The whole world will be renamed 'China' very soon as they seem to the only country that knows what its doing. Aren't they bailing out the US very soon...
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      11-03-2011, 09:46 AM   #11
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Greek prime minister just fucked over the world economy by allowing a referendum to be held on accepting the bail out until 5th December. Complete muppet! They have a huge number of unemployed and asking them to sign up to this is like asking for Turkeys to vote for Xmas

I am sure Merkell gave him some of this
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      11-03-2011, 09:59 AM   #12
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Quote:
Originally Posted by BkNy3 View Post
The best thing that can happen to Greece is if the country defaults. It will drastically change how the Greeks look at work/life. Here in the states (and more specifically for those of us in banking), it is ridiculous to hear about how people retire in their 40's and 50's and get paid time off basically whenever they feel like it. Greece does not contribute to the world economy in anything except ports of entry for shipping, logistics, etc. Giving them money, or forgiving half of their sovereign debt, is outrageous. I understand the worldwide implications of the default, however I am a firm believer in the old saying:
Give a hungry man a fish, he is fed for a day. Teach a hungry man how to fish, he is fed for life.
We need to stop coddling countries that got themselves into their own messes.
Read this:

http://www.counterpunch.org/2011/10/...eek-profligacy

Watch this:

www.youtube.com/watch?v=ppJW01LeRrk
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      11-03-2011, 10:34 AM   #13
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The economic situation has forced Greece to close all its hummus and taramasalata factories. Yes. it's a double-dip recession.
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      11-03-2011, 10:35 AM   #14
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Quote:
Originally Posted by mowflow View Post
Why do people keep saying we will end up with ANOTHER recession? When did the current one end?
Amen to that.
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      11-03-2011, 10:45 AM   #15
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either way USA and rest of the World is SCREWED...

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      11-04-2011, 06:41 AM   #16
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I just dont get how a PM, can ask his people what to do about the countries finances.

He is the LEADER...either lead or step down and let somebody else have a go
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      11-05-2011, 08:41 AM   #17
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Greece really isn't the issue anymore

Far more scary is the fact that the whole of Europe is built on what has now proven to be an entirely lame duck currency. The Euro has failed to work on so many levels its boggling.

Its been a facinating excercise watching politicians trying to solve the conundrum of how to spend substantially more than they earn on a permanent basis.
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