Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I have been to Greece and I like Greece also. But when it comes to money all that doesn't matter. Just imagine if a nice friend of yours owes you money. May be the nicest guy in the world but if he doesn't pay it back he isn't a friend anymore. Right. O.K. I am being a bit hard nosed about this I know.
With interest though it may be impossible to pay it back. And we nearly forced these high interest loans on these countries years back and now are complaining they're not paying us back.
I have been to Greece and I like Greece also. But when it comes to money all that doesn't matter. Just imagine if a nice friend of yours owes you money. May be the nicest guy in the world but if he doesn't pay it back he isn't a friend anymore. Right. O.K. I am being a bit hard nosed about this I know.
If someone owes you $1,000 you have an unrealized asset.
If someone owes you $100,000 you have a problem.
If someone owes you $1,000,000 you have a partner.
If someone owes you $100,000,000,000 you're China.
What your buddy owes you and what Greece owes the central bankers isn't in the same ballpark. It isn't the same league. It's not even the same sport. [/censored gratuitous Pulp Fiction reference]
Europe has pushed Greece to the point where their best option is to exit the Eurozone and go back to printing drachmas. Other nations might try strategic default, as well. We'll see.
Greeks can't pay their bills unless the IMF gives them money. And one of their bills is a loan payment to the IMF.
So is the IMF giving them money so they can turn around and give it back to the IMF ?
Greece is a lost cause. Let them default. The EU should make the historic move and kick them out.
pardon my cliche- but the greeks made their bed and now let them sleep in it.
I think what we are witnessing is political theater. I don't think Greece will exit the Eurozone, at least not this time. I think a 11th hour deal will be reached on 25th or 26th. I don't know they will come to an agreement on pension reform - that sounds like a point that is virtually impossible to negotiate on.
On a financial economics board, I read that this isn't about Greece. This is about Deutsche Bank, which has over 150T (that is $Trillion) in Greco-derivatives. Either directly, as bondholders or as counterparties. This was the set-up for 2008, Bear Stearns and Lehman. Once counterparty risk surfaces, and nobody else is dumb enough to let the next payment roll over, the music stops.
Deutche going down will have an impact equal to Lehman going down, is the surmise.
I dunno. But I'm thinking I'd be smart to hoard some 20 dollar bills in the event the ATMs stop working.
On a financial economics board, I read that this isn't about Greece. This is about Deutsche Bank, which has over 150T (that is $Trillion) in Greco-derivatives. Either directly, as bondholders or as counterparties. This was the set-up for 2008, Bear Stearns and Lehman. Once counterparty risk surfaces, and nobody else is dumb enough to let the next payment roll over, the music stops.
Deutche going down will have an impact equal to Lehman going down, is the surmise.
I dunno. But I'm thinking I'd be smart to hoard some 20 dollar bills in the event the ATMs stop working.
I read that it is about 1/2 that in total. And no doubt it is not all Greek based. But dominoes could indeed fall.
We're doing a Danube River tip in a month, I hope the sh doesn't hit the fan. My daughter was in Greece last crisis. And I had her carry $1000 in smaller bills.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
It aired a while ago.
