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Old 02-19-2012, 03:06 AM
 
Location: Tennessee
34,691 posts, read 33,700,331 times
Reputation: 51915

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"Plans for Greece to default, potentially leaving the euro, have been drafted in Germany as the European Union begins to face up to the fact that Greek debt is spiralling out of control - with or without a second bailout...It found that even if Greece implemented all the austerity measures expected of it, and if it achieves highly optimistic economic growth targets, it will still fall short of what is needed, with debt likely to total 129 per cent of GDP in 2020. But the European Central Bank and the Eucopean Commission are, for now, lining up with Mrs Merkel to push for the rescue attempt to continue, fearful that the financial tsunami that would be unleashed if it failed would swamp the eurozone."

Germany drawing up plans for Greece to leave the euro - Telegraph


The article goes on to say that the German finance minister thinks that the severe austerity measures being demanded have caused such fury in Greece, and the cuts required are so deep, that no government would be able to implement them. They are asking Greece to reduce the minimum wage, cut mass redundancies in the public sector, and slash both the health and defence budgets.

March 20 is the drop dead date when Greece has to come up with 14.5 billion before the EU-IMF will give them any money. They expect banks, insurance companies and funds (?) to give up 70 percent of their claims and that Wall Street is rumored to be preparing for a default.

There is talk that China will fund more EU debt and less US debt.

Greece Crisis Impacting Europe and the U.S. - ETF Guide


What do you think? Will they default? Will they be kicked out of the EU? And what is the implication for the US? Could this possibly impact the November elections here?
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Old 02-19-2012, 03:29 AM
 
Location: Earth
24,639 posts, read 24,833,048 times
Reputation: 11318
The EU is EUROPE, not the US.
The US needs to mind its own business and stay out of the rest of the world.

Holy moley, some people will make anything into a stupid US political issue.
Sheesh.
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Old 02-19-2012, 03:36 AM
 
Location: Houston
22,541 posts, read 11,603,779 times
Reputation: 9096
It is something you have to weigh in mind when investing. It is a small world, it will definitely effect us. Only someone who has killed off too many brain cells would think otherwise.
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Old 02-19-2012, 04:09 AM
 
Location: USA
13,266 posts, read 10,395,684 times
Reputation: 4228
Quote:
Originally Posted by whogo View Post
It is something you have to weigh in mind when investing. It is a small world, it will definitely effect us. Only someone who has killed off too many brain cells would think otherwise.
I definitely agree.

This is a lesson to the U.S. that we better start addressing our debt issues. We're already oversold to China and our economy isn't in the best shape.

Interesting times we live in.
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Old 02-19-2012, 05:01 AM
 
Location: Miami / Florida / U.S.A.
684 posts, read 1,293,552 times
Reputation: 470
Quote:
Originally Posted by LauraC View Post
"Plans for Greece to default, potentially leaving the euro, have been drafted in Germany as the European Union begins to face up to the fact that Greek debt is spiralling out of control - with or without a second bailout...It found that even if Greece implemented all the austerity measures expected of it, and if it achieves highly optimistic economic growth targets, it will still fall short of what is needed, with debt likely to total 129 per cent of GDP in 2020. But the European Central Bank and the Eucopean Commission are, for now, lining up with Mrs Merkel to push for the rescue attempt to continue, fearful that the financial tsunami that would be unleashed if it failed would swamp the eurozone."

Germany drawing up plans for Greece to leave the euro - Telegraph


The article goes on to say that the German finance minister thinks that the severe austerity measures being demanded have caused such fury in Greece, and the cuts required are so deep, that no government would be able to implement them. They are asking Greece to reduce the minimum wage, cut mass redundancies in the public sector, and slash both the health and defence budgets.

March 20 is the drop dead date when Greece has to come up with 14.5 billion before the EU-IMF will give them any money. They expect banks, insurance companies and funds (?) to give up 70 percent of their claims and that Wall Street is rumored to be preparing for a default.

There is talk that China will fund more EU debt and less US debt.

Greece Crisis Impacting Europe and the U.S. - ETF Guide


What do you think? Will they default? Will they be kicked out of the EU? And what is the implication for the US? Could this possibly impact the November elections here?
Greeks want to live as Gods and they produce no money.

That is a difficult child the EU has to feed constantly.

They must be kicked out of the the EU.
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Old 02-19-2012, 05:14 AM
 
Location: Tennessee
34,691 posts, read 33,700,331 times
Reputation: 51915
What kind of shape was Greece in when they let them join the EU? Anyone know? I'm trying to figure out if they could have seen this coming back then.
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Old 02-19-2012, 05:32 AM
 
Location: Earth
24,639 posts, read 24,833,048 times
Reputation: 11318
Quote:
Originally Posted by LauraC View Post
What kind of shape was Greece in when they let them join the EU? Anyone know? I'm trying to figure out if they could have seen this coming back then.
As I'm sure you are aware, a US firm, I believe Goldman Sachs gave Greece an A rating.

Economy of Greece - Wikipedia, the free encyclopedia
Look about 25% down the link.

You were involved in some threads where this was discussed.
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Old 02-19-2012, 05:59 AM
 
Location: Tampa Florida
22,241 posts, read 15,314,837 times
Reputation: 4583
Quote:
Originally Posted by LauraC View Post
"Plans for Greece to default, potentially leaving the euro, have been drafted in Germany as the European Union begins to face up to the fact that Greek debt is spiralling out of control - with or without a second bailout...It found that even if Greece implemented all the austerity measures expected of it, and if it achieves highly optimistic economic growth targets, it will still fall short of what is needed, with debt likely to total 129 per cent of GDP in 2020. But the European Central Bank and the Eucopean Commission are, for now, lining up with Mrs Merkel to push for the rescue attempt to continue, fearful that the financial tsunami that would be unleashed if it failed would swamp the eurozone."

Germany drawing up plans for Greece to leave the euro - Telegraph


The article goes on to say that the German finance minister thinks that the severe austerity measures being demanded have caused such fury in Greece, and the cuts required are so deep, that no government would be able to implement them. They are asking Greece to reduce the minimum wage, cut mass redundancies in the public sector, and slash both the health and defence budgets.

March 20 is the drop dead date when Greece has to come up with 14.5 billion before the EU-IMF will give them any money. They expect banks, insurance companies and funds (?) to give up 70 percent of their claims and that Wall Street is rumored to be preparing for a default.

There is talk that China will fund more EU debt and less US debt.

Greece Crisis Impacting Europe and the U.S. - ETF Guide


What do you think? Will they default? Will they be kicked out of the EU? And what is the implication for the US? Could this possibly impact the November elections here?
Where does that leave the US? Err... Western Hemisphere?
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Old 02-19-2012, 06:08 AM
 
3,123 posts, read 2,704,092 times
Reputation: 1713
Quote:
Originally Posted by LauraC View Post
What kind of shape was Greece in when they let them join the EU? Anyone know? I'm trying to figure out if they could have seen this coming back then.
I know. They were almost a third world country. Their infrastructure was very poor, nothing was run on time, tax evasion was widespread, government was corrupt, they had budget deficits of 10% per year, and had run up debt from 30% to 100% in 10 years.

Greece should never have been let into the EU, but the EU bureaucrats are uneducated in financial issues, in economics, and they are living in an idealistic bobble. They thought Greece would change, but they never did. Greece got help from Goldman Sachs to hide their finances. EU never bothered to check if the numbers were correct or not, because they trusted the Greeks.

This crisis could have been resolved if the politicians did what was needed in 2010 or even in 2011. They never did, just kicked the can further along. EU is a mess due to politicians, and will keep being a mess till they resolve the problem of democratic deficit, and lack of national sovereignty.
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Old 02-19-2012, 06:11 AM
 
Location: Sale Creek, TN
3,973 posts, read 3,636,772 times
Reputation: 4262
Quote:
Originally Posted by chielgirl View Post
The EU is EUROPE, not the US.
The US needs to mind its own business and stay out of the rest of the world.
Isolationist or you don't believe in the ripple effect?
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