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Most of America's debt is owned by domestic institutions... Also USA prints it's own money(which may destroy dollar in the future). You can't compare Greece and USA in this matter.
All I have said and some went nuts with it, is that both countries are in debt. Both have out of control spending. One is beyond that and has nothing more to spend. The other is awaiting a calamity. Don't matter that one economy is gigantic and the other tiny. In a worldwide economy the ripple effect of a Grexit (Greece exiting the euro) will be felt on Wall St and on Main St and the word felt would be an understatement. It will just seem like the other will take longer to fail.... and that is a maybe. A dollar devaluation could be overnight and drastic.
you mean Greece actually would need to face reality, to live within means?
Right now it is paying many of its employees and offer high pension USING SOMEONE ELSE'S MONEY.
I know they haven't lived within their means for years but a return to the drachma would be a disaster for their economy, the purchasing power of Greek industries would decrease and this would mean that many of them would go bankrupt, making unemployment rise even more. That's a dream scenario for extremist parties like Golden Dawn, in fact i'm sure that would cause even more political unstability
The banking system may collapse on Monday. It's been rumored that one of the three big banks will fail. They would possibly leave the Euro, print their own currency after a brief period, and recapitalize their banks.
The banking system may collapse on Monday. It's been rumored that one of the three big banks will fail. They would possibly leave the Euro, print their own currency after a brief period, and recapitalize their banks.
If Greece fails and exits the euro zone, its just about a guarantee that the rest of Europe will collapse starting with the banks of Germany.
That's one of the sticking points. Eurobank looks like it will collapse without additional funds beyond a bailout deal. They need to come up with an extra 10-25 billion euros for bank recapitalization.
Germany wants forced privatization of Greek assets for a bailout. This is what they've been after all along, to pick up Greek public resources, such as ports, utilities, islands, etc. for pennies on the dollar.
Merkel wants Greece to place assets in a trust to pay off its debts
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