Greece about to default

[Jeffg010]

http://news.yahoo.com/greece-issues-fresh-warning-imf-payment-june-115223346.html

Come June 5 they will default, They owe 1.6 billion euros. The IMF, the European Union and the European Central Bank can bail them out but they want Greece agree to economic reforms that the creditors want in exchange for the rescue funds but they won't budge.

Also "We have done what we ought to do, now it's Europe's turn to do so," Prime Minister Alexis Tsipras

That Prime Minister is a tard.

 

[waggy]

is anyone surprised?

 

[Fanatical Meat]

If I was Greek I'd be fine with default. I know it will hurt but at least you gain control again.

 

[mrjminer]

is anyone surprised?

Not according to this Forbe's headline:
"Less Than Surprising News; Greece Can't Make The June IMF Payments, Default Looms"
http://www.forbes.com/sites/timwors...ant-make-the-june-imf-payments-default-looms/

 

[IGBT]

maybe they can have massive immigration and social spending to jump start their economy..isn't that working like a dandy for the US??

 

[feralkid]

maybe they can have massive immigration and social spending to jump start their economy..isn't that working like a dandy for the US??

Actually, yes it is.

 

[senseamp]

When you owe someone $100K, you should worry, when you owe someone $100B, they should worry.

 

[Darwin333]

The Greek's should have given their bond holders the finger long ago.

 

[Darwin333]

maybe they can have massive immigration and social spending to jump start their economy..isn't that working like a dandy for the US??

They can't print their own money, that's a rather significant difference.

 

[alcoholbob]

Problem is most people in Greece also prefer the Euro since they remember back in the days when the government could print Drachmas. No petrodrachma for the Greeks unless they plan on building 700 military bases around the world.

 

[Subyman]

They can't print their own money, that's a rather significant difference.

They could if they withdrawal. Not that anyone would recognize their currency though

 

[IronWing]

Greece needs this kind of help.

 

[nickqt]

maybe they can have massive immigration and social spending to jump start their economy..isn't that working like a dandy for the US??

You clearly know absolutely nothing about the situation in Greece except for the talking points that have been drilled into your brain by your masters.

Greece doesn't have the ability to print their own currency and are subject states to the European Union. Unlike the United States, that controls its own currency and can only go bankrupt if idiotic politicians allow idiotic laws to exist to allow the government to choose to default on its debt as a political stunt.

They could if they withdrawal. Not that anyone would recognize their currency though

If Greece were to withdrawal from the European Union and go back to printing their own currency, it would be accepted as a currency, just as there was a Greek currency before the Euro.

Of course, Germany (European Union) doesn't want Greece to withdrawal, as Greek membership in the European Union gives Germany defacto control over Greece.

 

[boomerang]

I read today that Puerto Rico is on the brink of financial disaster too.

 

[Kwatt]

European Central Bank is now buying bonds.

Greece needs funding.

Why don't these two get together?


.

 

[Zorkorist]

18 Trillion Dollars in debt, America is only a "debt call," away.

-John

 

[Zorkorist]

Chinese owners?

-John

 

[nickqt]

18 Trillion Dollars in debt, America is only a "debt call," away.

-John

The US has a fiat currency. That means that there is no "debt call".

US bonds are paid as long as idiots don't play idiotic games causing an intentional default on the "debt", which is simply an accounting ledger anyway.

 

[Zorkorist]

There's always a "debt call."

-John

 

[IronWing]

There's always a "debt call."

-John

It's good to be king.

 

[LegendKiller]

18 Trillion Dollars in debt, America is only a "debt call," away.

-John

There is no such thing as a "debt call".

 

[Zorkorist]

Of course there is. If I want my money back, and if the contract states I can have my money back.

That's a debt call.

-John

 

[Zorkorist]

It's the same principal as a "bank run" if that helps you understand.

-John

 

[LegendKiller]

Of course there is. If I want my money back, and if the contract states I can have my money back.

That's a debt call.

-John

The "contract" doesn't say that for US debt. If you knew as much as you think you know you'd know that.

But please, do show us this imaginary "debt call" in US Treasuries. I think it's right next to where it says in the "contract" - "The Anandtech Political Forum poster known as Zorkorist is a fucking moron".

 

[LegendKiller]

It's the same principal as a "bank run" if that helps you understand.

-John

Ahhh yes, because that'd work so well for them. Please do tell us what they would do with all of those dollars once they sold the treasuries?