Posted on 06/29/2015 12:03:00 PM PDT by Sean_Anthony
And probably leave the Eurozone too.
If you want to know what happens when a nation absolutely refuses to reform its insane spending - even when it finds itself at the brink of fiscal collapse - I give you Greece. Not that you want it. The International Monetary Fund doesn’t. The Eurozone doesn’t. The Greek banking system is now shut down, and we’re a day away from Greece defaulting on its IMF bailout loans. When the Europeans presented Greece with an ultimatum - reform the spending now or be cut off - the most the Greek politicians were willing to do was call a referendum on the matter. And as we now see, that’s not anywhere near good enough:
The arguments have raged for five months. The Greeks had their red lines. They would not adopt any new measures that deepened austerity, and they needed a commitment to discuss debt relief.
They made some concessions on taxes and pension reform, but they were not enough for the EU-IMF creditors. Trust had all but vanished; they doubted the reforms would be implemented.
(Excerpt) Read more at canadafreepress.com ...
The End of the Road for the Gibsmedats?
I don’t think it’s quite that simple (most things aren’t) and I am really of two minds about this. They are indeed debts to be paid but I would sure love to see the EU take the hit.
Also, even though it sure ain’t my politics by any means, at least the man Greece elected is doing exactly what he said he would do. A whole passel of America politicians need to try that on for size.
Nope. Putin.
You ran out of other people’s (German) money.
I expect someone will come along and give them another loan or the EU will extend the deadline. Something will happen to prevent what is an obvious failure of a country from fiscal collapse.
They will leave the European Union and begin to print their own currency again. Which they will rapidly inflate to make it worth nothing.
The people of Greece just voted to make olives the currency of the world.
Oh, and they voted themselves to be the NFL champions.
Puerto Rico cannot pay its debt either. It’s all adding up.
A picture of our future. I do not even care. Oh well. The liberals will spend and confiscate and spend and confiscate until there is nothing left. Who cares. What is there to save?
Ooooh public employees in the United States, the future is calling, please pick up the white courtesy phone.
Nah...the same BS is going on right here... I guess no one in DC looks at the news about Greece.
Well, why should they? They didn’t learn anything from the USSR fiasco
The Greeks should have been cut off long ago. It will be an interesting experiment to observe.
This is what running out of other people’s money looks like.
Greece was a socialist country with all the ridiculousness and corruption that goes with it.
They also had no control over their currency, which would normally devalue rapidly when faced with socialist stupidity (ie. Argentina, Venezuela, etc...)
So while being kept on EU life-support for 7 years, the result was predictable - grinding internal devaluation and poverty.
We have so much accumulated wealth in this country that I think it’ll take another generation or two for it to completely implode. Not that it won’t get ugly and painful but I foresee a long grinding down of the middle class for another 20+ years before a U.S. fiscal meltdown like what Greece might be about to experience. Even after six years of insanity since the bank bailout we’re still the least sick patient in hospice.
GM went downhill rather rapidly at the end.
They’ll just move to Puerto Rico!
Wait a minute...
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