Should Greece default on its debt?

1. 60

   sannyasinmanposted 14 years ago

   Apparently, all of the billions of Euros just transferred to Greece to ease its "crisis" will go directly to the banksters to cover outstanding interest payments, and will do nothing whatsoever for the country or its people.
   
   The situation is clearly unsustainable, and there are other European countries sinking fast.
   
   Should Greece simply stop paying the interest on its debts, and have them rescheduled or cancelled altogether?
   
   What do you think?
   
   http://theflucase.com/index.php?option= … mp;lang=en

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      leebertteaposted 14 years agoin reply to this

      The people of Greece ought to wake up! I'll tell you the folks here in the USA weren't happy about the bank bail outs and we're going to be less happy about sending our tax dollars to bail out the Greeks.

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         CMHypnoposted 14 years agoin reply to this

         Somehow I don't think that the number one priority of the average Greek just now is how Americans are viewing their situation!

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2. 60

   sannyasinmanposted 14 years ago

   Ex-Bundesbank Chief Says Greece Will Never Repay Debt, Says Bailout All About "Rescuing Banks And Rich Greeks"
   
   http://www.zerohedge.com/article/ex-bun … ing-banks-

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      Paragliderposted 14 years agoin reply to this

      We've already discussed this on another thread. You can't address a debt problem by lending it more money. That only postpones and worsens the pain. What is happening in Greece is that the bailout goes to the Institutions but the Austerity is devolved straight to the people.
      
      To him that hath, shall it be given. From him that hath not, shall it be taken away, even that which he hath.

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3. 94

   CMHypnoposted 14 years ago

   It would be worth Greece defaulting just to see the look on Angela Mekel's face when she found out!  Probably would also be the start of the collapse of the Euro, although Greece would be a lot better off if they took the short-term pain and reverted back to the drachma.  Ditto Spain, Italy, Portugal and Ireland - all would be better off if they ditched the Euro and control of their currencies again.  One size does not fit all!

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      sannyasinmanposted 14 years agoin reply to this

      Neither does One Government, which is the hidden reason behind the formation of the EU in the first place.
      
      I think Greece should default, take the pain, and return to some sense of reality.
      
      People will accept austerity measures if they believe in the reasons behind them (defending their country in times of war, for example).
      
      But not when it is becoming more and more evident, even to the average man in the street, that these artificially created paper debts serve only to enrich the banksters, impoverish the people, and allow the countries assets to be stolen by the banks and the IMF.

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         CMHypnoposted 14 years agoin reply to this

         People will accept austerity measures if they can see that their short term pain is leading to growth and the rebuilding of their country's economy.  Unfortunately, just like when an individual is in debt, a country in debt spends all its time paying off interest and none of the capital, so ordinary people reap no benefits.

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            sannyasinmanposted 14 years agoin reply to this

            Agreed.

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      2. 91

         Paragliderposted 14 years agoin reply to this

         I agree with your assessment. I also suspect that the Financiers may have picked the wrong target in Greece. The people there are not known for 'taking it lying down'.

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4. 91

   Paragliderposted 14 years ago

   Especially since most of the toxic financial 'products' that are rampaging through the world's economies originate from ???

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5. 68

   MikeNVposted 14 years ago

   You make a good point.  Why not just let it fail now?  Clearly the people are not going to be better off burdened with even more debt.
   
   Borrowing to get out of debt is like drinking to cure alcoholism.
   
   At some point the default will not be a matter of if it should happen, it will just happen under it's own weight.
   
   Iceland bailed out European Bankers, now Greece.
   
   Ultimately the people have got to wake up to the FACT that Fractional Reserve Banking serves a very few in society - those at the very top who print the money, and creates debt slaves out of the masses.
   
   Currency needs to be backed by something of value or the system will eventually collapse.

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      paarsurreyposted 14 years agoin reply to this

      Hi friend MikeNV
      
      I agree with you.
      
      Thanks
      
      I am an Ahmadi peaceful Muslim

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6. 62

   tobey100posted 14 years ago

   Yes.  The downfall of any economy is the notion that failure is a bad thing.  We often mistake compassion for common sense.  We prop up what logically should fail in order to clear the way for something better.  This same philosophy has bled its way into every facet of our lives from sports to government.  This idea that there can only be winners.  God forbid we damage an individual's or country's self esteem by allowing them to fail and learn.  Greece will continue down the same unsustainable path as long as they believe there's a money pit to bail them out.

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      paarsurreyposted 14 years agoin reply to this

      So they should not be helped? Is that what you want to say?
      
      Thanks

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7. 60

   sannyasinmanposted 14 years ago

   Economists urge Greece to return to drachma and default on its debts to banks
   
   http://theflucase.com/index.php?option= … d=64〈=en

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