Any predictions for Greece?

[Shemp Howard]

Originally Posted by JustRalph

Let's play it out then.....

Spain and Greece both balk.

What happens then? Does the flow of money then stop across borders ?

Does Merkel stop all trade with Greece? Spain? I don't know how you could enforce that?

How about seizing assets? This could get strange real quick.......

http://i0.wp.com/armstrongeconomics....-1-31-2015.jpg

[classhandicapper]

History In the Balance: Why Greece Must Repudiate Its “Banker Bailout” Debts And Exit The Euro

http://www.lewrockwell.com/2015/02/d...ankster-debts/

[DeltaLover]

Here you can watch the interview of the Greek minister of economics Yanis Varoufakis on CNN and BBC:

[YT="Yiannis Varoufakis on CNN"]-iPW9Te7TJM[/YT]

[YT="Yiannis Varoufakis on BBC"]GO79swtDKGo[/YT]

[DeltaLover]

Greece won’t cooperate with ‘troika,’ rejects aid extension
http://rt.com/news/228031-greece-tro...fakis-bailout/

[JustRalph]

http://www.independent.co.uk/news/wo...-10271819.html

real pain starts to develop

[TJDave]

Originally Posted by JustRalph

real pain starts to develop

Let's hope that the current representation of 1920's Germany doesn't follow in its footsteps.

[Hoofless_Wonder]

Originally Posted by TJDave

Let's hope that the current representation of 1920's Germany doesn't follow in its footsteps.

We can hope, but it looks pretty baked in to me.

[Hoofless_Wonder]

This has been like undergoing Chinese water torture. Maybe coming to head now, as the Greeks will vote on whether to accept the demands of the ECB.

http://www.bloomberg.com/news/articl...ditors-demands

Let's hope they follow the successful playbook used in Iceland.....

[Robert Goren]

The EU and Greece has really good at being in perpetual crisis. They pushing back dates and nothing really gets done. And nothing can really get done because Greece is so far in the hole that it can not possibly dig itself out. It is past time to cut bait. Nothing much will happen if Greece defaults except a few bondholders who foolishly bought Greek debt will lose their investment. That would not be the end of the world. The Bonds have been heavily discounted for sometime. Second, I have never believe that stupidity should be rewarded. Few things have been more stupid than buying Greek debt has been over the last few years. Everything applies to Greece also applies to Spain, Portugal and Ireland. If all four leave the Euro, both them and the Euro would be better off. Italy because it has a much larger economy than those four is a different story.

[tucker6]

Originally Posted by Robert Goren

The EU and Greece has really good at being in perpetual crisis. They pushing back dates and nothing really gets done. And nothing can really get done because Greece is so far in the hole that it can not possibly dig itself out. It is past time to cut bait. Nothing much will happen if Greece defaults except a few bondholders who foolishly bought Greek debt will lose their investment. That would not be the end of the world. The Bonds have been heavily discounted for sometime. Second, I have never believe that stupidity should be rewarded. Few things have been more stupid than buying Greek debt has been over the last few years. Everything applies to Greece also applies to Spain, Portugal and Ireland. If all four leave the Euro, both them and the Euro would be better off. Italy because it has a much larger economy than those four is a different story.

Again, I agree with you. Second time this morning. I feel all naughty and used. Maybe I'll go back to bed and see if my brain recharges.

[DeltaLover]

Originally Posted by Robert Goren

The EU and Greece has really good at being in perpetual crisis. They pushing back dates and nothing really gets done. And nothing can really get done because Greece is so far in the hole that it can not possibly dig itself out. It is past time to cut bait. Nothing much will happen if Greece defaults except a few bondholders who foolishly bought Greek debt will lose their investment. That would not be the end of the world. The Bonds have been heavily discounted for sometime. Second, I have never believe that stupidity should be rewarded. Few things have been more stupid than buying Greek debt has been over the last few years. Everything applies to Greece also applies to Spain, Portugal and Ireland. If all four leave the Euro, both them and the Euro would be better off. Italy because it has a much larger economy than those four is a different story.

You have certainly underestimated the consequences of a possible Grexit; the reality is that nobody knows with a good degree of certainty what the cost of it is going to be for the European Union and even for the whole world.

Historically speaking, we have never seen something similar before and it its unclear how it is going to happen and whether or not, it is going to cause the end of the EURO and Europe as we know it today...

The seriousness and the uncertainty of a possible Grexit, is exactly why the three institutions (EU, ECB and the IMF) have been so reluctant to stop the negotiations with Greece and they have continued so far, trying to find a way avoid it.

Greece been so far in the hole as you say, is only a symptom of the real disease, that is causing the patient, that is called Europe, to suffer and remain desperate of the remedy for its recovery.

All the countries you are referring to (Greece, Spain, Portugal and Ireland) as candidates to leave the EURO, have in common that they are under-developed in comparison to the other members of the Union and certainly do not have the ability to compete against Germany, under equal conditions.

Germany is taking advantage of its superiority against the rest members of the union, trying to achieve its eternal dream to dominate the whole Europe (and possibly even more).


In terms of USA, the Greece's crisis, is analogous to Detroit going bankrupt and no receiving a bailout plan from the federal government.

In the case of Greece, the EU is acting like a bad stepmother, who instead of helping her daughter to recover and become prosperous again, is driving her to unprecedented misery, applying the most strict austerity which is comparable to trying to cure a diabetes by eating ice cream for breakfast and a whole cheesecake for lunch.

Instead of trying to revive development by directing new investments to Greece and creating new economic growth, the Germans are imposing simultaneously more taxes and salary decreases, a model that in the five years that is been applied, has driven Greece to such a miserable condition, that can only be compared to the end of the WWII, (when coincidentally the reason of the catastrophe was again the same country, that seems to never learn its lesson)...

[Valuist]

Originally Posted by horses4courses

http://www.nytimes.com/2015/01/26/op...l-krugman&_r=0

Krugman is the George Costanza of writing. Whatever he says, do the opposite.

I know this link is a week old, but this shouldn't surprise anyone:

http://www.usatoday.com/story/money/...isis/28973733/

[_______]

Originally Posted by Robert Goren

The EU and Greece has really good at being in perpetual crisis. They pushing back dates and nothing really gets done. And nothing can really get done because Greece is so far in the hole that it can not possibly dig itself out. It is past time to cut bait. Nothing much will happen if Greece defaults except a few bondholders who foolishly bought Greek debt will lose their investment. That would not be the end of the world. The Bonds have been heavily discounted for sometime. Second, I have never believe that stupidity should be rewarded. Few things have been more stupid than buying Greek debt has been over the last few years. Everything applies to Greece also applies to Spain, Portugal and Ireland. If all four leave the Euro, both them and the Euro would be better off. Italy because it has a much larger economy than those four is a different story.

The "foolish bondholders" are largely the IMF and other government entities. Very little of Greek debt remains in private hands. The very first step taken in response to the crisis was socializing the problem. The alternative was a contagion of bank failures. So, it's too late to not reward stupidity.

I think the "solution" of kicking the can far down the road as outlined in my prior response remains the most likely outcome. Where I might have thought the possibility of Greece exiting the euro was less than 10% then, I might up it to between 10-20% now.

If nothing else, Greece has run out of political parties that can promise relief from austerity while remaining in the euro. On balance, I think they will want to stay part of the union despite the allure the quick fix of a devalued drachma offers. The point most comments on this seem to miss is that Greece holds all the cards, not the troika.

The old adage applies. If I owe you $20, it's my problem. If I owe you $20 billion, it's very much your problem.

[Tor Ekman]

My dad (a proud Greek) always said that the problem with Greece was that most of the industrious Greeks left to come to America.

[horses4courses]

Place will be up for grabs soon.

Wouldn't it just make for the greatest US military base?
Whoa....talk about strategically placed!

Heck, you could turn what ever the military
doesn't want into a great big Disney World.