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Greece is broke
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sparkly
#1 Posted : Sunday, February 21, 2010 9:50:37 AM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
My understanding is that this country borrowed too much public debt. It needs tonnes of debt to redeem the outstanding debt but no one in EU is ready to lend. Will china step in, to stamp its authority as a global powerhouse? Besides It has the dollars to lend...
Life is short. Live passionately.
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Intelligentsia
#2 Posted : Monday, February 22, 2010 8:29:52 AM
Rank: Elder

Joined: 10/1/2009
Posts: 2,436
this is what led Russia to renege on redeeming its bonds during the financial crisis in 1998. It set a bad stink and precedent: yaani a country can fail to repay the cash you invested in gilts (T-Bonds/ T-Bills)...scary for an instrument that has always been deemed risk-free.
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mwala
#3 Posted : Monday, February 22, 2010 8:32:22 AM
Rank: Member

Joined: 9/22/2008
Posts: 79
when is Equity closing their books i hv not had the chance to see.anyone with info pls
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mwala
#4 Posted : Monday, February 22, 2010 8:36:32 AM
Rank: Member

Joined: 9/22/2008
Posts: 79
when is Equity closing their books i hv not had the chance to see.anyone with info pls
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mozenrat
#5 Posted : Monday, February 22, 2010 8:52:00 AM
Rank: Veteran

Joined: 5/18/2008
Posts: 796
@Mwala

It is considered bad manners and a total lack of netiquette to hijack someone else's thread to ask a question that does not relate to that person's topic. It is even worse when you post a question on stocks to a thread in the economy section.

Why can't you start a thread of your own or find one that is close to your topic?

That could be the reason for the silence.
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guru267
#6 Posted : Monday, February 22, 2010 9:46:49 AM
Rank: Elder

Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
@sparkly the EU will not leave greece hanging.. infact it did say that it would support greece if they needed help but greece insists that it can handle the crisis..

the eurozone cannot afford to let anything go wrong as france and germany have alot of interest in greek debt..

to answer your question about china.. it couldnt care less about greece because it only contributes 2% of euro GDP
Mark 12:29
Deuteronomy 4:16
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anasazi
#7 Posted : Monday, February 22, 2010 9:58:03 AM
Rank: Veteran

Joined: 6/8/2007
Posts: 675
Wow, that's a tough one on Greece, especially at this time. I'm thinking it would be a good move for China to lend them cash, since they need to unload some of those reserves in a strategic way.
Form is temporary, class is permanent
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VituVingiSana
#8 Posted : Monday, February 22, 2010 11:27:46 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,378
Location: Nairobi
EU will bail out Greece but reluctantly... only coz Greece uses Euro...
All the PIGS needs help...

Portugal (not that bad)
Ireland
Greece (very bad)
Spain (real estate is worse than USA!)
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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guru267
#9 Posted : Monday, February 22, 2010 11:35:04 AM
Rank: Elder

Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
@VVS Let me correct a little.. the I in PIGS stands for Italy not Ireland...

Mark 12:29
Deuteronomy 4:16
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cnn
#10 Posted : Monday, February 22, 2010 12:11:38 PM
Rank: Veteran

Joined: 6/17/2009
Posts: 1,627
@guru267,you are the one to be corrected on the I.
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