Interesting view on Greece
- Thread starter Intrinsic_Value
- Start date
Ausprop
Where did you read this?
If the Greek government were to default they will first have to start delaying payments to the IMF and others and they haven't done this yet.
Plus they can't default because the party they are in government with, want to keep the Euro.
I think they will try and get funded by other means and if that doesn't work perhaps they will have to introduce a parallel currency to help them with their liquidity problem.
Cheers
"Greece's interior minister told Germany's Spiegel magazine, his country would not respect a looming ?450m loan repayment to the fund on April 9, without a release of much-needed bail-out funds."
http://www.telegraph.co.uk/finance/...onal-default-without-fresh-bail-out-cash.html
http://www.bbc.com/news/business-32016158
http://www.globalresearch.ca/debt-d...nd-the-financial-stage-of-us-led-wars/5440092
http://www.telegraph.co.uk/finance/...onal-default-without-fresh-bail-out-cash.html
http://www.bbc.com/news/business-32016158
http://www.globalresearch.ca/debt-d...nd-the-financial-stage-of-us-led-wars/5440092
Ausprop,
An agreement will eventually be made IMO.
http://www.bloomberg.com/news/articles/2015-04-02/how-greece-can-make-it-through-2015
It's all Greek to me
Ausprop, I don't think that your friend has to worry too much about Greece. Their total debt is ?315 billion, the EU has a GDP of ?13 trillion. Unless there are a lot of weird derivatives hitched to it, the loss could be absorbed if it was written off.
Besides, the UK is insulated to some extent by a separate currency.
The problem is that Syriza were elected on an anti-austerity platform, and seem to be finding less room for manoeuvre than they thought. On the EU side there's a worry that giving too much ground might allow the larger economies of Italy and Spain to seek debt forgiveness, and the numbers there are much bigger.
Besides, the UK is insulated to some extent by a separate currency.
The problem is that Syriza were elected on an anti-austerity platform, and seem to be finding less room for manoeuvre than they thought. On the EU side there's a worry that giving too much ground might allow the larger economies of Italy and Spain to seek debt forgiveness, and the numbers there are much bigger.
yeh he seems to be a bit of a doomsdayer. He was over there last time at 911 and all hiring was put on ice, so he is just a bit 'once bitten...'. He has been rabitting on about Greece since before Xmas, I told him to stop worrying about them and just get over there, so after sitting around for 3 months he finally booked his ticket for Monday and then this happened!
Latest News:
Greece draws up drachma plans, prepares to miss IMF payment next week
http://www.telegraph.co.uk/finance/...achma-plans-prepares-to-miss-IMF-payment.html
Greece draws up drachma plans, prepares to miss IMF payment next week
http://www.telegraph.co.uk/finance/...achma-plans-prepares-to-miss-IMF-payment.html
hmmm.... this is unfolding fast. Seems unavoidable this time
"The situation is now critical. Even if Greece manages to cobble together enough money to cover the April deadline, it owes the IMF a further ?200m on May 1 and ?763m on May 12. A Greek official told EMU counterparts at a teleconference on Wednesday that the country has run out of money. "There is no way we can go beyond April 9," the official reportedly said.
The drama comes after the creditors refused to rubber stamp Athens' latest bid to unlock funds, raising objections over Syriza plans to boost union powers in collective bargaining and boost pensions for lower income groups. "
Hard to tell, this government is full of inexperienced people.
Here is another publication saying they are ready to make the IMF payment
http://www.reuters.com/article/2015/04/03/us-eurozone-greece-payment-idUSKBN0MU0M620150403
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