Greece Is In Default!

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whitedust

Well-known member
Things are FINALLY coming to a head in Europe. Plain & simple Greece can't pay debts so is it 50, 80 or 100% haircut? I just don't understand why the Greek people don't get it??????? Nobody is coming to Greece with a bailout just no money out there for them so they need to cut entitlements & stay within new sustainable budget & get on with life. Going to be very unstable in Greece then spread to other weak sisters countries. Makes you glad to be an American & our system is the best. We have our own huge problems but a lot better than Greece.:)
 
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flatlandassn

New member
Greece has not defaulted....yet. The PM wants to put the bailout plan to a popular vote. Many assume it would not be approved by the Greek public, thus the market turmoil. As of right now there are many members of the government very mad at George Papandreou. They were not expecting this, obviously the markets weren't either. If I had to guess Greece will leave the monetary union, and there will be some sort of partial default. As for the details, if I knew I wouldn't tell you!
 
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whitedust

Well-known member
They are in default no way to pay debt just can't do it don't have any money. They can use whatever words they want but do not have the ability to pay & no options. George Papandreou can allow the people to vote on the bailout / default but won't make any difference they will be bankrupt in the end. I agree I think they probably will leave the monetary union but their new money will be worthless. It will be very interesting to see this evolve. Big Ben has to say something soon so lets see his take.
 
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flatlandassn

New member
Default would mean Greece can no longer service its debt. That has not occurred yet. I'm just saying default is not the proper term. If there were a disorderly default on Greek debt today, you would have seen the S&P down a lot more than it was. If tomorrow Greek was like "screw you guys I ain't paying nothing no more" it would make Lehman bros look like a hiccup.
 
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whitedust

Well-known member
This week will be interesting for sure! Greeks have to slash & burn current budget to stop the bleeding to even get a bailout then their current funding is not enough to bail them out. Greece as a country is = to Lehman as a bank & shows what can happen with gridlock. Maybe the world has to witness a Greek default to start getting serious regarding balancing budgets. I'm very interested to hear Big Ben speak tomorrow not that the Europeans will listen but he has to say something constructive or the market goes in the dumper again. The possibility of a formal Greece default is no surprise we knew haircuts would be coming it just might be 100% then it is a formal debt default. I feel sorry for George Papandreou no win for him begging France & Germany for money they won't give him because Greek budget is out of control. All he really did was go public with full disclosure that the bailout is no win & Germany & France got caught with their panties & pants down in front of their people. To me it will be very difficult to bailout Greece now & the Germans have to be saying "What the heck"? "Why did we give these losers money in the 1st place"? We learned a lot from Lehman...... IMO never should have happened but sure got everyones attention! I think Greece is the same thing part of an unfortunate learning curve the real deal when you can't stop the spending beyond the debt you can manage. The phone lines are burning tonight to find a solution we shall see very soon.
 
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ezra

Well-known member
well just the opening act for the USA! if we don't pull our head out we will be joining the party sooner than most think
 
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G

Guest
You guys ever meet anyone from Greece? I have. If he was representable of the rest of the population of Greece it is no mystery to me why they are broke. Incredibly lazy, unmotivated and with a huge sense of entitlement. Here in the US we are not perfect but we are nowhere near that level of worthlessness. One way or another they are finally screwed over there. The party is over. There is very little US money tied to Greece. Really no reason to get excited from a monetary end of things. Especially if the rest of the Euro countries just plain kick them out. That would be the best. Let Greece become a province of China. That is what they deserve.
 
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whitedust

Well-known member
Well Grub only met 1 Greek lady & she was delightful! She would come to the pool everyday sit & chat then take her top off & sunbath.lol :p Ok with me.
 
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snowsdog1

New member
grub said:
You guys ever meet anyone from Greece? I have. If he was representable of the rest of the population of Greece it is no mystery to me why they are broke. Incredibly lazy, unmotivated and with a huge sense of entitlement. Here in the US we are not perfect but we are nowhere near that level of worthlessness. One way or another they are finally screwed over there. The party is over. There is very little US money tied to Greece. Really no reason to get excited from a monetary end of things. Especially if the rest of the Euro countries just plain kick them out. That would be the best. Let Greece become a province of China. That is what they deserve.
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Wow, Condem and entire countries population based on one person you met. Your description matches people you can find in every country in the world including the USA. Being Trillions in debt means the US is on a good footing?
 
Admin

Admin

Administrator
Staff member
ubee said:
I wouldn't want to be a center on a greek football team !!lmfao!
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What, you mean you're afraid of the old quarterback sneak? :eek:

Actually, I heard that the Greek Quarterbacks are more fond of the tight ends. :D

Ok, I'll stop. My apologies to any of the Greek persuasion that I have offended. Let the Polock and German jokes fly.

-John
 
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polarisrider1

New member
Administrator said:
What, you mean you're afraid of the old quarterback sneak? :eek:

Actually, I heard that the Greek Quarterbacks are more fond of the tight ends. :D

Ok, I'll stop. My apologies to any of the Greek persuasion that I have offended. Let the Polock and German jokes fly.

-John
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I could see Deeski as Polish, but Dee?
 
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Skylar

Super Moderator
Staff member
Administrator said:
What, you mean you're afraid of the old quarterback sneak? :eek:

Actually, I heard that the Greek Quarterbacks are more fond of the tight ends. :D

Ok, I'll stop. My apologies to any of the Greek persuasion that I have offended. Let the Polock and German jokes fly.

-John
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LMAO, wow, that was awesome. LOL.
 
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whitedust

Well-known member
Italy & Spain are next in line but Greece has to conform or get out. Really a no win in Greece bailout program calls for at least 50% haircuts & could be more. Italy & Spain are managable. Greece a PIA to the Union.
 
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