'Greece could be bankrupt within weeks'

'Greece could be bankrupt within weeks'

www.news.com.au

Greece relies on regular payouts from a $152.7 billion bailout from other eurozone countries and the International Monetary Fund.

That funding could be pulled if Greece doesn’t meet its deficit targets.

The debt-sticken country has previously warned that if it does not receive the bailout money, it would go bankrupt within weeks

(visit the link for the full news article)

So here we go - as most of us expected, Greece is starting its spiral downwards. It's finally admitted that it wont be able to meet its obligations. I suppose I like most dont expect much different news after the auditors go in to look at the state of affairs.

Gold has already risen 3% overnight and foreign exchange is rapidly losing its status as 'flavor of the month'.

Does this mean that we are afterall looking at a collapse this side of Christmas?

www.news.com.au
(visit the link for the full news article)

reply to post by 04326


Two weeks ago analysts gave Greece six weeks tops.

They may have four weeks left, but I think it'll collapse sooner. Followed by Italy, France, etc, etc.

reply to post by 04326


Greece has been bankrupt for a few years now. We saw how well throwing money no one had at the problem worked out. Instead of recognizing that it doesnt work, we throw more money at it.

What countries are failing to grasp is they cant spend something they dont have. The people must realize they cant have something for nothing.

Untill the people retake the government, and the government opens its eyes, nothing is going to get better.

Hosting the 2004 Summer Olympics was the backbreaker. They never had the money to pull it off and were forced to take out huge loans. It's going to take generations for them to pay it off.

The Olympics definitely took their toll but it temporarily boosted its otherwise non-existed economy. I do however agree that the country has been bankrupt since 2010 but the question is whether this round of EU funding will keep it afloat for a bit longer.

Germany is indeed preparing for Greece's demise any moment but the question is how long will they be able to sustain the facade of everything being fine.

Here in Australia we are relatively sheltered but things aint looking rosy anymore either. Our dollar fell from well above parity to 10 month lows within a few days. Hate to think what that translates to in real life for a lot of other countries.

As things are I am thinking a Greek default before Xmas is 98% and the Euro to be disbanded by this time next year. I hope I am wrong.

I thought Greece just recently missed their deficit targets

www.marketwatch.com...

LONDON (MarketWatch) — The Greek government said it won’t meet its deficit target this year and agreed to additional austerity measures demanded by international lenders ahead of a meeting of euro-zone finance ministers later on Monday.

Originally posted by DarthChrisious
Hosting the 2004 Summer Olympics was the backbreaker. They never had the money to pull it off and were forced to take out huge loans. It's going to take generations for them to pay it off.

The Olympics have nothing to do with it.
Even without the Olympics in 2004, this debt crisis would still exist. It would be a couple billion less, but it would still exist.


The debt crisis exists because of the following reasons, and these reasons alone. In no particular order.

-Corruption.
-Tax evasion.
If these two reasons were not such massive problems in Greece, there would be no debt or deficit crisis. The deficit exists because of tax evasion. Not enough tax revenue forces the government to borrow money.

And this is where the EuroZone comes in to the equation.
When Greece joined the EuroZone, it instantly gained access to very low interest loans.
Because it had a lack of tax revenue, it needed loans. Now it could take out bigger loans and more of them. So it did. Just like many governments did around the world. Governments operated on credit happily and freely, and the banking cartels were more then happy to hand out massive loans to just about anyone who wanted one.

Corruption again.
Because of corruption, nothing was being done about fixing obviously, corruption, but also about tax evasion and reforming the tax system. So while all this debt was being accumulated, they weren't doing anything to be able to pay it back.
On top of this, they did nothing to reform the economy to make it competitive and attractive to foreign investors. A lot of the economic policies in Greece are heavily socialist and bordering on Soviet style economics. I kid you not. This is one of the major problems with the Greek economy.

You guys have no idea how many private businesses have developed things in Greece, but have been unable to get their products on the market and into mass production, because of these policies that basically restrict such initiatives and entrepreneurship.

The majority of the debt was accumulated AFTER joining the EuroZone.
But, the policies which have stifled the economy, and which created the circumstances for the debt crisis, have been in place since the 1980's when the current Prime Ministers father was in charge.

What Greece needs is major reforms. What it needs is to have the radical left wing silenced.
Greece isn't some Middle Eastern country were western style governance etc are foreign and incompatible.
Greece after all is the birthplace of western culture, of democracy etc.
But for decades now it's been lead on the wrong path, a self destructive path.
It can get off this path and onto a brighter path, but the vultures that make up the markets, the speculators etc, are preventing this. I guess they are just doing their jobs.

Greece will recover from this crisis. How long it takes is anyone's guess. But if you look at the history of Greece which spans thousands of years, then you'll understand this crisis is just a temporary pain in the ass compared to what the Greek nation has been through.

"could be" bankrupt within weeks?
It's ALREADY bankrupt... and living on the grace of others!

The clock is ticking, Greece!!!

Originally posted by Xcathdra
reply to post by 04326

 

What countries are failing to grasp is they cant spend something they dont have. The people must realize they cant have something for nothing.

Yep - the concept of "sovereign debt" being unbankruptable is taking a hammering - and tbh I reckon there have to be consequences to overspending - if you do it as an individual you get bankrupted and have to live in relative poverty for at least a while - and countries should havev something equivalent..

Untill the people retake the government, and the government opens its eyes, nothing is going to get better.

IMO it's got nothing to do with that at all - in Greece the people were the ones who got the benefit from the overspending and lies - cushy Govt jobs - with 20% of the workforce in the Govt sector, generous leave and retirement, annual bonuses.

the people were living a lie and THEY LIKED IT!

And now they are complaining that it can't keep going!

This has nothign to do with people vs Govt - the whole country was sucking at the hind tit and "the people" were doing it just as bad as anyone you might think of as being "in charge".

We can't keep throwing more money at Greece, its in so much debt at the moment, just like an addict giving it more will just prolong the agony. Another few hundred billion will be spent in a few months and they'll be back again for more. I agree that tax evasion and corruption were the root of the problem, they lied about their finances in order to enter the eurozone, we all knew it at the time, they had not met the fiscal requirements for entry and it was all swept under the carpet. Now those same eurocrats are trying to spend/loan their way out of the problem and stop the contagion. Just like the home loans to poor families that started the global credit crunch in America - Greece could never repay their loans - they wanted to be part of the western european economies but their aspirations were just that, aspirations.

I feel for the greek people, those that have worked and paid taxes, and are now seeing their salaries cut, prices rising and their standards of living plummeting - for them right now the SHTF scenario is playing out right in front of their eyes.

Read this article recently that sums in up - this could be coming to a city near you soon if a way isnt found to contain it.

www.telegraph.co.uk..." target="_blank" class="postlink">greece slipping into abyss

I can tell you that we are in similar starights just a little deeper water right now.....but not much!
It wouldnt take but one or two countries to dump themselves and well all be living in a packing crate.
There is trouble on the way, but we seem to keep staving off the inevitable just one daay at a time ....is this all stage managed to get some heavier form of fiscal control of the world?
The omly ones who come out with a win are the NWO scum.....

Throwing money isn't going to work things out.

Same thing during the Great Society in the 1960s, Johnson thought if he could throw out some money the problem would go away. But with his war on Poverty, it lead to the contribution of welfare babies and lead to one of destruction of African Americans.

the blind advising the blind .
Every saying how to fix this problem every one has the idea that will work.
Every one who is saying this is in over there head with bills as well .
and every one who is saying how they could fix it havent done a great job at fixing there own country now have they??
the UK humm Broke The US ummm Broke finding a country that isnt bankrupt is the hard part

We've been told greece was on the verge of bankruptcy for two years now. They're crying wolf.

Originally posted by Aloysius the Gaul

Originally posted by Xcathdra
reply to post by 04326

 

What countries are failing to grasp is they cant spend something they dont have. The people must realize they cant have something for nothing.

Yep - the concept of "sovereign debt" being unbankruptable is taking a hammering - and tbh I reckon there have to be consequences to overspending - if you do it as an individual you get bankrupted and have to live in relative poverty for at least a while - and countries should havev something equivalent..

Untill the people retake the government, and the government opens its eyes, nothing is going to get better.

IMO it's got nothing to do with that at all - in Greece the people were the ones who got the benefit from the overspending and lies - cushy Govt jobs - with 20% of the workforce in the Govt sector, generous leave and retirement, annual bonuses.

So everyone is in a cushy government job?
You obviously have no idea what the hell you are on about.
Before this crisis, could you point out Greece on a map? I very much doubt it, and I'd be surprised if you could now.
The stereotypes and generalizations in the media are what you are basing your opinion on. So if I was you, I'd stop posting in a manner where you pretend to actually have even the basic understanding, because you lack even that.

the people were living a lie and THEY LIKED IT!

And now they are complaining that it can't keep going!

Once again your ignorance shines through.
Do you actually know what the PEOPLE of Greece want?

They are more then willing to take the austerity measures currently in place and planned to be put in place, and then some more, if it means fixing the economy and rescuing their country and pulling it out of the hole it is in right now. THAT is what the Greek people want.
But so far, what we have is austerity measures, massive cuts, pain all round for the common man in the lower and middle class, and no end in sight.
There is literally no plan to come out of this crisis, not by the Greek government, and certainly not from the EU and IMF.
Austerity measures alone wont fix things.

And as for your moronic comment about the Greek people living a lie and loving it, and not wanting it to end, it only shows how ignorant and gullible you are. The media spread these stereotypes, and mentally weak and slow people like your self, what we usually refer to as sheep, swallow it all as gospel.

Shame really, for you.

This has nothign to do with people vs Govt - the whole country was sucking at the hind tit and "the people" were doing it just as bad as anyone you might think of as being "in charge".

See above. You literally are a clueless and ignorant individual.

Originally posted by britchik
We can't keep throwing more money at Greece, its in so much debt at the moment

The interesting thing, that ignorant sheep like the guy I roasted above, don't have a clue about, besides the fact the Greek people want(out of necessity) these austerity measures and want the massive reforms that will fix the economy, is that the Greek people also do not want these massive loans from the IMF which are putting the country further into debt.
Because they, unlike the ignorant sheep above, realize taking on more debt without the massive reforms that are needed but are not even being talked about let alone implemented, is not a solution, and will only make matters worse.

And as you can see, things are getting worse.
How? Weren't the austerity measures and loans meant to start to fix things?
Because the real reforms that will fix the economy and see a recovery, that will see revenues increased, are not being implemented. The IMF/EU...they aren't even talking about this stuff.
All they are talking about is austerity measures, cuts here cuts there.
Ok cuts are one thing, and are necessary, we know that and are prepared to accept massive cuts which we already have and are prepared to take more pain to fix things. But cuts after cuts are not going to fix the situation.

Here's a hint about the "Greek people"..
The people you see rioting from time to time, are not the Greek people.
They are the trade unions, radical left wingers, anarchists.
These people do not represent the majority.

At the end of the day the majority did not create the debt or deficit.
But the majority is to blame for being the silent majority while the minority elites plundered the nations coffers, plundered the EU funds, borrowed massive amounts and plundered that, and have now screwed the country for generations to come.
THAT is what the majority of Greek people are to blame for.
And for that Greeks accept responsibility and are taking the pain of cuts and whats to come.