What Happens if Greece Defaults?

[zdo 20]

Similar threads... hey, at least it goes to OP more than my last post

 

charles hugh smith-The First Dominoes: Greece, Reality, and Cascading Default

[SunTrader 10]

:haha: Maybe we should consider making some real history and elect an old wise american indian chief as president instead of a white guy (disguised in black skin) ... I know, fat chance...

Be careful what you wish for:

 

Miccosukee Indians: We owe the IRS nearly $26 million, and our lawyer Dexter Lehtinen is to blame

 

"By far the biggest alleged tax scofflaw is former Miccosukee Tribe Chairman Billy Cypress, according to the IRS."

 

Miccosukee Indians: We owe the IRS nearly $26 million, and our lawyer Dexter Lehtinen is to blame - Miami-Dade - MiamiHerald.com

[Obsidian 10]

they say if you owe the bank $10000 then you have a problem...however, if you owe the bank $10000000 then the bank has a problem...

[zdo 20]

Be careful what you wish for:

 

Miccosukee Indians: We owe the IRS nearly $26 million, and our lawyer Dexter Lehtinen is to blame

 

"By far the biggest alleged tax scofflaw is former Miccosukee Tribe Chairman Billy Cypress, according to the IRS."

 

Miccosukee Indians: We owe the IRS nearly $26 million, and our lawyer Dexter Lehtinen is to blame - Miami-Dade - MiamiHerald.com

 

To me, the parallel annoucements coming out of DC sound something like http://www.mimiarnold.cum/2012/02/13/263aa41/obama-administration-we-owe-the.html] Federali Tribe: We owe the world nearly $100 gazillion, and our republicans are to blame - DC.cum-[/color] [/url ...

 

I was being careful what I asked for – traditional am indian ‘chiefs’ whose day to day decisions actually incorporated values that really included an act’s impact on the grandchildren / future generations --- really!

... ie Cypress is just an equivalent ‘white’ guy, disguised in red skin instead of black. His ‘educational’ track is not too dissimilar from BHO’s… etc… though I doubt his political leanings are anywhere near as statist and anti – capitalistist, etc as boy hussein’s. ... and he is not nearly the discredit to am indians as O is to am blacks

[zdo 20]

Happy Vowlentine's Day, Sweetheart

 

The Daily Bell - Is Greece a Sacrifice or the Shape of Things to Come?

[SunTrader 10]

... ie Cypress is just an equivalent ‘white’ guy, disguised in red skin ...

 

There are two kinds of Indian Chiefs in modern day USA. Poor one with their traditions and rich one with white man's money.

 

I'd say more American Indians strive to be the latter - just like the rest of us White Americans.

 

But ya know really the subject is Greece and not skin color.

[zdo 20]

... really the subject is Greece and not skin color.

 

... but, dang it, the greeks are not olive colored! :razz:

Greek skin color is in the middle plus they stay tanned from exposure to the multicolored Sun(s)…

 

uh oh, I forgot ‘skin’ color talk is taboo…on one side, it still triggers too many associations and fears of associations… in another way, mention of skin color still triggers that temptation to twistmorph comments into ‘racist’ when they really aren’t… like shapeshifting my posts into comments about peoples’ various skin colors instead of ‘values’ and character in general… oh wait, that last way is still PC… fire away!

 

Back on topic… what color is it when, not if, gereece defaults ?

(…as if they haven’t already defaulted.... Pictures From A Greek Soup Kitchen | ZeroHedge

(…and as if this is really is just about Greece … "Spain Is Fine" | ZeroHedge )

[SunTrader 10]

... but, dang it, the greeks are not olive .......

You are reading way too much into my previous post.

 

Whose d fault is it? Not ours, at least not yet!

[Obsidian 10]

I don't think EU really care about Greece or its citizens...I can't see any concrete solutions to shrink the debt hole, there is no effort to support economy...This crisis is not a new thing, passing the news austerity laws don't make any difference is you can't implement them...If Greece was able to do that, they wouldn't be suffering so bad...So far, only thing that EU did is to prepare big economies from the consequences of the inevitable...

[zdo 20]

I don't think EU really care about Greece or its citizens...

 

Unfortunately, most in the mainstream media are treating what is happening in Greece as an “isolated incident” rather than as a very serious warning sign for the world.

…

Some in the financial world almost seem eager for a Greek default. The following is what Jon Moulton, the chairman of Better Capital, recently told CNBC….

“If I was Greek, I wouldn’t be going for these measures, I’d be going for default and getting it over with. Would you like two to three years of pain or 20?”

But a disorderly Greek default would not be a pleasant thing for the global economy at all. [ why am I going Boo Hoo ? isn't that inappropriate affect? ] A recent article in the Guardian detailed what some of the consequences of a Greek default and exit from the eurozone might be….

But default and “re-drachmatisation” would be a costly and chaotic process. In the long term the euro might be strengthened if some of its weaker members headed for the door. But in the short term banks across the eurozone might have to be closed to prevent a run on the single currency as investors speculated about which country might be next. A new wave of bank nationalisations would be likely to follow as lenders counted their losses on now worthless Greek debt.

Capital controls would have to be imposed and borders shut to stop money flooding out of Greece. Portugal, Italy and Spain would come under intense pressure from investors wary about the risk of another victim. Banks everywhere, already reluctant to lend, would cut back hard, nervous about their exposure to the bonds of all Europe’s crisis-hit states.

And the financial crisis in Europe is going to continue to spread well beyond Greece. Moody’s Investors Service just downgraded the credit ratings of six European nations. The following is how Bloomberg described the downgrades….

Spain was downgraded to A3 from A1 with a negative outlook, Italy was downgraded to A3 from A2 with a negative outlook and Portugal was downgraded to Ba3 from Ba2 with a negative outlook, Moody’s said. It also reduced the ratings of Slovakia, Slovenia and Malta.

Countries such as Italy, Spain, Portugal, Ireland and Hungary are heading down the exact same road that Greece has gone. Greece was the first one to experience a full-blown depression, but soon Greece will have a lot of company.

Greece is most definitely a warning sign for the world. If you keep recklessly piling up debt, eventually a day of reckoning comes. It is inevitable.

But Barack Obama does not seem to understand this. He continues to pile another 150 million dollars on to our national debt every single hour. He knows that cutting spending significantly right now would hurt the economy and that would significantly hurt his chances for another term.

Needless to say, Barack Obama is not likely to do anything that is going to significantly hurt his chances for another four years in the White House.

So we continue to roll on toward disaster.

The U.S. financial system is like a car with no brakes that is heading straight toward a 5,000 foot drop at 100 miles an hour.

It is all going to seem like fun and games to some people until we hit the canyon floor.

Once that happens, nobody will be laughing.

A Warning Sign For The World - BlackListedNews.com

[daVinciLite 10]

Here is an interesting video of someone who is following simple logic on Greece:

 

Greece `Highly Likely' to Leave Euro - Video - Bloomberg

 

dVL

Edited February 16, 2012 by daVinciLite

[MightyMouse 12]

Father to incorrigible, derelict son:

 

If I buy you a car, will you promise me that you will stop smoking pot and get straight A's in school?

 

Son: Yes Dad I promise you I will be good.

 

Germany/EU and IMF to Greece:

 

Do you promise to impose Austerity measures if we approve a $170 billion bail out?

 

Greece: Yes I promise to be good.

[Obsidian 10]

...

If I buy you a car, will you promise me that you will stop smoking pot and get straight A's in school?

Son: Yes Dad I promise you I will be good...

 

father: If you were capable of getting good grades, why didn't you do it earlier? I better kick you out of the zone, I mean family...

[MightyMouse 12]

father: If you were capable of getting good grades, why didn't you do it earlier? I better kick you out of the zone, I mean family...

 

Unfortunately, rational thought is not on the agenda.

[SunTrader 10]

Der Fatherland: I believed you years ago when you said you had good grades - financial kind.

 

Der Son: Yes I did have good grades - A+ (fingers crossed behind his back). :doh:

 

Der Fatherland: Now I will be glad if can get to a C-

 

Der Son: Using the same scoring method (smoke and mirrors) no problem.

 

Der Fatherland: Good, now if only the bond market buys it. And Merkozy backs it up with some kind of guarantee otherwise it is ....

 

Der fault. :helloooo:

[Ianprotrader 10]

I don't think EU really care about Greece or its citizens...I can't see any concrete solutions to shrink the debt hole, there is no effort to support economy...This crisis is not a new thing, passing the news austerity laws don't make any difference is you can't implement them...If Greece was able to do that, they wouldn't be suffering so bad...So far, only thing that EU did is to prepare big economies from the consequences of the inevitable...

 

Nobody really knows what happens if Greece falls. This apocalyptic scenario has not happened before so any estimation is nothing but speculation. I think that in the short term, the financial markets will crash and the world might slide to another resection. However, in the long term I think that if we learn the lesson, this might help to us to grow to a better future and much decent financial system,.

[zdo 20]

They were "too close" to come up with a solution 2 weeks ago :rofl:

 

what happened to the solution to all this they worked out last summer?

 

 

"As a Greek, we greatly appreciate all this free money to Greece from the rest of the world… (and under his breath he mutters ‘we’ll never repay Any of it anyway’)"

"Well as an Irishman I greatly resent free money to Greece."

"As an Italian I too greatly resent free money to Greece."

"As Portuguese, we intensely resent all that free money to Greece."

"As a Spaniard I too greatly resent free money to Greece."

“As an American, I don’t see what any of you are so upset about. It’s only debt.”

"As a German, I wonder what has happened to us as a people. We used to ‘take so we could give'… now, we 'give so we can take’ "

[Obsidian 10]

haha zdo...I think one of the main problem is that EU is too slow.

Somethings happen...They set up a meeting, for 1 month later...They meet, Merkel talks and decides what to do, Sarkozy nods...Parliaments spend time to make new laws and so on...Meanwhile problems get worse:doh:

[zdo 20]

8 Reasons Why The Greek Debt Deal May Not Stop A Chaotic Greek Debt Default - BlackListedNews.com

 

"Greece going to be ok now..." :rofl:

 

 

 

However, the Europeans do still keep trying to connect risk and consequence…

 

http://www.oftwominds.com/blogfeb12/risk-consequence2-12.html

[khamore1 10]

Greece Cut to Selective Default by S&P (2-27-2012)

[Obsidian 10]

S&P: Greece Ratings Lowered To 'SD’ (Selective Default)

 

Standard and Poor's has classified Greek debt as in "selective default" following the deal it made with creditors to reduce its debts.

 

S&P says the terms of that deal triggered the latest downgrade. Greek debt was already had a "junk" grade rating from the agency.

 

Banks and other financial firms agreed to swap Greek debt for new bonds that were worth much less.

 

Including interest payments, banks took losses of more than 70%.

 

S&P said that when the debt exchange is complete it will assess Greece again and possibly raise the rating to CCC.

 

The agency Fitch made a similar move last week.

 

The Greek government said the move was expected and would not hurt the banking industry.

 

"This rating does not have any impact on the Greek banking system since any likely effect on liquidity has already been dealt with by the Bank of Greece," the finance ministry said in a statement.

 

Source: BBC

[Obsidian 10]

Something is going on, guess we will see Greece leaving the eurozone "willingly" soon...

 

2 related articles

Greece Running Out of Alternatives: Krugman - Bloomberg

'Greater Chances Outside': German Minister Calls for Greek Euro Exit - SPIEGEL ONLINE - News - International

[daVinciLite 10]

Best article I have found that explains why our current “herd” is being lead to a slaughter.

 

 

Why Our Recession Call Stands | News | News and Events | ECRI

 

dVL

[Obsidian 10]

Greece was not ready for euro admits ex Bundesbank head

 

Greece should not have joined the euro, a former head of the German central bank, who was central to eurozone policymaking at the time, has said. But Ernst Welteke, who was Bundesbank president from 1999-2004, told the BBC that none of the eurozone's problems would be solved if Greece left...."We can say that Greece should not have joined the EMU, but that doesn't help." (you can read rest of the story here: BBC News - Greece was not ready for euro admits ex Bundesbank head)

 

Didn't they know this when they let Greece to cheat on balance sheets to get in?

Euro experiment is going on while they destroy lives of millions...

[Landser 10]

I found a good picture of EU and Greece debts. Sorry if it already was posted here:

Eurozone debt web: Who owes what to whom?