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Greece is broke
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mkonomtupu
#61 Posted : Friday, July 03, 2015 10:05:42 AM
Rank: Veteran

Joined: 2/10/2010
Posts: 1,001
Location: River Road
[quote=hisah]My advice to Greece is to follow the Iceland route. Default, get out of the euro straitjacket and handcuff the banksters and their political aides. And while at it close the IMF office like Hungary. Reset everything, turn east (NDB/AIIB/EXIM) and in 5yrs the econ will be back to normal.

For the banksters chopping they should start here (Le Squid aka GS) to get to know how deep the rabbit hole is - http://www.spiegel.de/in...rue-debt-a-676634.htmlm[/quote]

You expect that from the Greeks who until a while back were paying government workers a bonus for coming to work early and unmarried daughters their father's pension. What do they export apart from olives and tourism? Argentina survived because of commodities the Greeks can't.
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quicksand
#62 Posted : Friday, July 03, 2015 11:32:44 AM
Rank: Veteran

Joined: 7/5/2010
Posts: 2,061
Location: Nairobi
mkonomtupu wrote:

hisah wrote:

My advice to Greece is to follow the Iceland route. Default, get out of the euro straitjacket and handcuff the banksters and their political aides. And while at it close the IMF office like Hungary. Reset everything, turn east (NDB/AIIB/EXIM) and in 5yrs the econ will be back to normal.

For the banksters chopping they should start here (Le Squid aka GS) to get to know how deep the rabbit hole is - http://www.spiegel.de/in...rue-debt-a-676634.htmlm


You expect that from the Greeks who until a while back were paying government workers a bonus for coming to work early and unmarried daughters their father's pension. What do they export apart from olives and tourism? Argentina survived because of commodities the Greeks can't.

They will have to. There is no other choice. Iceland's economic mainstay is fishing (not commodities) and they managed to rise from the ashes. Greek's debt burden is borne by taxpayers from healthy European countries (Germany, France), the political establishments there have to cut the ECB money train or they get massacred at the polls.
The Greeks need a painful attitude re-adjustment and they will get it.
As for Goldman Sachs,..waah these are thieves kabisa. They did the same with Italy. I wonder if the US treasury can be put on the hook for this ...
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murchr
#63 Posted : Saturday, July 04, 2015 6:32:34 AM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
The Economist wrote:
The bloc knows that it needs to change. It has moved towards banking union; five of its leaders have issued a paper on how to strengthen the euro, including, among other ideas, a deposit-insurance scheme. But their proposals are modest because governments are harried by anti-EU populists and their citizens did not sign up to the euro expecting to give up a lot more sovereignty. The moral of Greece’s disaster is that Europeans must face up to the euro’s contradictions now—or suffer the consequences in more ruinous circumstances.


http://www.economist.com...-europes-future-greeces

There's talk that they go will go for the local's savings

Time line
July 14 Greece needs to pay 11.63B Japanese Yen
July 17 Greece needs to pay 71 Million Euros interest accrued on the 3 year bond
July 20 Greece needs to repay 3.5B Euros in bond redemption

"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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Ngalaka
#64 Posted : Saturday, July 04, 2015 12:22:16 PM
Rank: Veteran

Joined: 10/29/2008
Posts: 1,566
Assuming in tomorrows referendum they vote No. what next?
Wont they still have to meet their financial obligations to their creditors!
Do they hope to dictate terms of repayment.
Going forward from where will they be borrowing.
Isuni yilu yi maa me muyo - ni Mbisuu
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Impunity
#65 Posted : Saturday, July 04, 2015 6:31:56 PM
Rank: Elder

Joined: 3/2/2009
Posts: 26,333
Location: Masada
murchr wrote:
The Economist wrote:
The bloc knows that it needs to change. It has moved towards banking union; five of its leaders have issued a paper on how to strengthen the euro, including, among other ideas, a deposit-insurance scheme. But their proposals are modest because governments are harried by anti-EU populists and their citizens did not sign up to the euro expecting to give up a lot more sovereignty. The moral of Greece’s disaster is that Europeans must face up to the euro’s contradictions now—or suffer the consequences in more ruinous circumstances.


http://www.economist.com...-europes-future-greeces

There's talk that they go will go for the local's savings

Time line
July 14 Greece needs to pay 11.63B Japanese Yen
July 17 Greece needs to pay 71 Million Euros interest accrued on the 3 year bond
July 20 Greece needs to repay 3.5B Euros in bond redemption




IMPOSSIBLITY!!!
Sad Sad
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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hisah
#66 Posted : Sunday, July 05, 2015 9:42:36 AM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
Ngalaka wrote:
Assuming in tomorrows referendum they vote No. what next?
Wont they still have to meet their financial obligations to their creditors!
Do they hope to dictate terms of repayment.
Going forward from where will they be borrowing.

Best option is the Iceland route. Read about it. How come the lame stream media stopped covering Iceland smile
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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hisah
#67 Posted : Sunday, July 05, 2015 9:47:29 AM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
Europeans tried to block IMF debt report on Greece

I wonder why US forced this report to be published just when the referendum is about to be held. Is someone happy to see the euro experiment get clobbered? Think
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Jaina
#68 Posted : Sunday, July 05, 2015 1:29:52 PM
Rank: Member

Joined: 5/13/2008
Posts: 558
Kenya if not careful within 10-15 Years will be where Greece is today. The JAPanse are borrowing uncontrollably to spend on MCA's Yet the drivers of the economy are stagnating if not shrinking.

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murchr
#69 Posted : Sunday, July 05, 2015 5:07:48 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
hisah wrote:
Europeans tried to block IMF debt report on Greece

I wonder why US forced this report to be published just when the referendum is about to be held. Is someone happy to see the euro experiment get clobbered? Think


Quote:
The document released in Washington on Thursday said Greece's public finances will not be sustainable without substantial debt relief, possibly including write-offs by European partners of loans guaranteed by taxpayers.

It also said Greece will need at least 50 billion euros in additional aid over the next three years to keep itself afloat.


I guess they are enjoying the circus
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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hisah
#70 Posted : Sunday, July 05, 2015 9:34:12 PM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
Exit polls show that No vote is ahead... This will be good drama!
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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