Greek Referendum on Bailout

#2
#2
Burhead said:
Greece to hold referendum on bailout - BBC News

This is big news because the Greek people won't vote for austerity measures and looks likely that Greece will default paving the way for a Greek/Euro exit.
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This could be devastating to the EU. If Greece pulls out and makes a turnaround, it'll be blood in the water for the other EU nations who are struggling.
 
#4
#4
Calling for a referendum days after the present agreement expires--that's one way to do it.
 
#5
#5
Orange_Crush said:
This could be devastating to the EU. If Greece pulls out and makes a turnaround, it'll be blood in the water for the other EU nations who are struggling.
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It'll be bad for the Euro no matter what. It's highly unlikely that Greece will turn it around by going solo.
 
#7
#7
Carl Pickens said:
Greece is just a country full of lazy sodomites.
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True. But I've read most of the debt that is strangling Greece is due to bank bailouts not government cheese. Ironically, when Greece defaults the German banks are going to take the brunt of the hit. Hopefully there won't be a cascade, or we'll be going through another round of bank bailouts.
 
#8
#8
red butler said:
True. But I've read most of the debt that is strangling Greece is due to bank bailouts not government cheese. Ironically, when Greece defaults the German banks are going to take the brunt of the hit. Hopefully there won't be a cascade, or we'll be going through another round of bank bailouts.
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This thread should be just as polarizing as the Ukraine threads because the majority of the Greeks (for whatever reason) still want to be aligned with Europe instead of moving to the BRICS.

:popcorn: :zeitung_lesen:

Ultimately, they may not have much of a choice in the matter... From 2009:

Will Sovereign Debt Defaults Bring the End of Socialism?

Take Greece for example. This past week yields on its 10-year bonds surged in the wake of downgrades by the bond rating agencies, which finally recognized that Greece does not have the financial resources needed to repay its debts, which now stand near junk levels. Not far behind are Latvia, Spain, Ireland, the United Kingdom and almost every other country in Europe, even though they may still flog paper rated as “investment grade.” The reality is that the rating agencies just have not yet come to grips with the breadth and depth of widespread government insolvency, or have willingly turned a blind-eye to it. And don’t forget Iceland which of course has already collapsed.
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Interesting note regarding the last sentence. Iceland defaulted on their debt and arrested the bankers.

In the end, the answer to Greece's debt problems isn't more debt.
 
#9
#9
i'll go ahead tell you guys one thing

and is not political it is financial

and im not getting into a debate over it

the Greek 8 billion dollars don't have a damn thing to do with the ups and downs of the NYSE

8 billion is like a grain of sand on your >>> well you pick

donald trump says he is worth 8 billion

lol

8 billion is a joke and lazy excuse for financial page hacks

Burhead said:
Greece to hold referendum on bailout - BBC News

This is big news because the Greek people won't vote for austerity measures and looks likely that Greece will default paving the way for a Greek/Euro exit.
Click to expand...

and that is a big deal why????????????????????????

red butler said:
Because the rest of the PIIGS nations are in the same boat. If Greece gets away with a default, the rest are going to push for it. Also, the German banks are going to take a massive hit - like insolvency levels. The banks will certainly exercise their credit default swaps (which I don't fully understand but it's a type of insurance in the market). Then, you have a financial crisis like 2008.

I've read the trigger for 2008 was a $500M naked short sale on Lehman, so $8B could have an enormous effect.
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the Germans will fall in line.

UTVOLKeith said:
the Germans will fall in line.
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so as they do you better run like a naked bar mitzvah recipient in the new usa

the money changers are gonna get fffed on this one

Velo Vol said:
Greece owes a lot more than $8 billion.
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the hell you say

8 billion a month is what times 12

do you know how much saudi aribia makes a day????

heres's an idea just dont pay it

sometimes bonds go bust

why in the hell would any tax paying american be happy with 1%???????????????????

frrg you germany were're not paying it
to bad soo fin sad

there is chicom money out there
dont believe the russian ****

nobody is gonna buy out the money changers this time

they leveraged in the stock markets

hell fire and brimestone is getting ready to come down and come down hard
 
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#10
#10
Rasputin_Vol said:
Interesting note regarding the last sentence. Iceland defaulted on their debt and arrested the bankers.
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And look what happened to its GDP

640px-Arsbreytinglandsfr2000-8_English.png
 
#12
#12
UTVOLKeith said:
and that is a big deal why????????????????????????
Click to expand...

Because the rest of the PIIGS nations are in the same boat. If Greece gets away with a default, the rest are going to push for it. Also, the German banks are going to take a massive hit - like insolvency levels. The banks will certainly exercise their credit default swaps (which I don't fully understand but it's a type of insurance in the market). Then, you have a financial crisis like 2008.

I've read the trigger for 2008 was a $500M naked short sale on Lehman, so $8B could have an enormous effect.
 
#18
#18
A vote of no confidence motion has been submitted against the current government.
 
#19
#19
Burhead said:
A vote of no confidence motion has been submitted against the current government.
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The Greek people are unreasonable. They want to end austerity and stay in the EU. I have no confidence that any government would be able to pull that off.
 
#20
#20
red butler said:
The Greek people are unreasonable. They want to end austerity and stay in the EU. I have no confidence that any government would be able to pull that off.
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As I posted earlier in the thread, they may not have a choice. The socialism they have enjoyed up until now will end. Neither the EU nor a BRICS bailout will return them to the glory days of government entitlements.

Let them be an example to others...
 
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#21
#21
Eurozone members refuse to extend the bailout beyond June 30th when it runs out.
 
#25
#25
Varoufakis (the finance minister) seems kind of sensible, but Tsipras strikes me more as the captain of the Titanic. They had elections not long ago, yet he wants the voters to bail him out of making a tough choice with this referendum.
 
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