Greece Set To Default On €1.5bn Repayment

[[Bregs]]

Many other countries are not happy with the way EU functioning

 

[northeast]

Where is those happy turks？I thought they would be happy

 

[ArsalanKhan21]

still they should learn about living in ones own means. they can still make reforms.

Greece has defaulted five times since their independence in 1830. The 2015 bankruptcy will be their sixth sovereign default ! They will not cut their expenditure since lazy and corrupt Greeks addicted to free money.

Where is those happy turks？I thought they would be happy

The Grexit and the fall of the new Drachma currency will make Greek products cheap competing with the Turkish exports. It will be cheap to have vacation in Greece and less tourists will visit Turkey. Turks will have mixed feelings.

 

[BHAN85]

Lazy are people who refuse to work, take debts, spend like crazy and later refuse to pay back debt. Germany and E.U. are not demanding extortion but payment for the loan that was offered to Greece. Why take loans when you can't pay them back?

It is basic common sense.

Why give loans when you know that it won't be pay back?

Anyway, you are talking about macroeconomics like it was the same thing than microeconomics. And that have no sense.

 

[pakdefender]

Greece has received nearly 240 billion euros in two EU/IMF bailouts since 2010

Some serious money gobbling going on there , 240 billion in 5 years!

 

[Indian Patriot]

Why give loans when you know that it won't be pay back?

Greece promised they would pay back. No country or individual is that stupid to give loans to somebody that promises not to pay back.

Anyway, you are talking about macroeconomics like it was the same thing than microeconomics. And that have no sense.

Keep your economics lecture to yourself. I will make it very simple for you.

1. Greece took a loan.

2. It is legal and moral obligation of Greece to repay the loan.

 

[BHAN85]

Some serious money gobbling going on there , 240 billion in 5 years!

If you receive fiat money to pay debts, you are receiving nothing. Is that so hard to understand for some people?

 

[ArsalanKhan21]

Why give loans when you know that it won't be pay back?

Spain is another country with huge debt and corruption but not at the scale of Greece, Spain and other European habitual debtors also would like to use Greece example to have their debts forgiven. These lazy and corrupt countries should have never been accepted in EU. Estonia faced 33% reduction in GDP in 2008. Estonians reduced their expenditure and combined with their good work ethic now after 7 years they have sound economy.

 

[Indian Patriot]

It will be cheap to have vacation in Greece and less tourists will visit Turkey

They are already advertising in India. Many middle class Indian families will sign up and brag about their first (and perhaps only) "foreign travel". This is a south asian thing and the same will happen with pakistani middle class families.

Spain, Portugal, Italy and Greece are the modern era bankrupt burden on Europe.

 

[ArsalanKhan21]

They are already advertising in India. Many middle class Indian families will sign up and brag about their first (and perhaps only) "foreign travel"

I think its a new loophole that will be exploited by the Indians who want to migrate to Europe.

 

[pakdefender]

Greeks are fraudsters they billed four times the value of the construction during the Athens Olympics. It costs double to build a kilometer of highway in Greece than in Germany since everybody wants their share of the loot in Greece. Greeks has stashed away billions of Euros in foreign banks they act poor but many are filthy rich. They want to leave Euro zone and when Drachma introduced it will fall 50% and then these Greeks can scoop up the properties cheap using their Euros.

Already there are properties on the market in Greece whose value has fell by almost 35% and prices might fall further.

Buying property in Greece for foreigners might be tricky as future government could annul their purchase under pretext that these we made under unusual circumstances.

 

[ArsalanKhan21]

Buying property in Greece for foreigners might be tricky as future government could annul their purchase under pretext that these we made under unusual circumstances.

Greek properties were overpriced by the land speculation they are just coming back to their real value. Greeks are fraudsters and will annul any land sales to non-Greeks. Only fools loan money to the Greeks or invest in Greece.

 

[BHAN85]

Keep your economics lecture to yourself. I will make it very simple for you.

I will make it very simple for you too.

1. If I have 1 EUR, always I can buy a cup of rice with that. That is microeconomics.
2. If I have 1 billion EUR, I can't buy a billion cups of rice right now, because I would break the market and real world material resources are limited. If I do that, rice price will be lift up to sky. That is macroeconomics.

When euro started to work, the west had access to a growing availability to real world material resources that they don't have today. So it's materially impossible do that, and that was easily predictable 15 years ago.

Germany knew what they did, give loans to placing their surplus production.

Fiat money is paper, not real money. And ECB is printing EUR without stop every month, if EUR had gold-standard... they were collapsed several years ago. The most laziest people in the world is who live of printing money without work.

 

[Indian Patriot]

I think its a new loophole that will be exploited by the Indians who want to migrate to Europe.

Come on!! Give some credit to Indians. They are not so foolish to end up in a bankrupt state.

Many third world immigrants (not being politically correct here) migrate to first world countries because of social benefits. Many first world countries give allowances and other economic benefits to unemployed people. What will Greece offer? They are themselves bankrupt.

I will make it very simple for you too.

1. If I have 1 EUR, always I can buy a cup of rice with that. That is microeconomics.
2. If I have 1 billion EUR, I can't buy a billion cups of rice right now, because I would break the market and real world material resources are limited. If I do that, rice price will be lift up to sky. That is macroeconomics.

Greece took a loan but being the fraudsters and cheats they now refuse to pay back their loan. There, I simplified it for you.

When euro started to work, the west had access to a growing availability to real world material resources that they don't have today. So it's materially impossible do that, and that was easily predictable 15 years ago.

Germany knew what they did, give loans to placing their surplus production.

Fiat money is paper, not real money. And ECB is printing EUR without stop every month, if EUR had gold-standard... they were collapsed several years ago. The most laziest people in the world is who live of printing money without work.

Who asked Greece to join Euro? Who asked Greece to take loans from Germany? Oh wait a minute here, no other country wanted to give loans to a bankrupt state like Greece. As they say in english, beggars can't be choosers.

 

[pakdefender]

The Germans seem to be quite pissed off

SPIEGEL Editorial on the Greek Referendum Shock - SPIEGEL ONLINE