Biggest Greek bank warns of dire euro exit fallout

Reuters ^ | May 29, 2012 | By Karolina Tagaris

[Oldeconomybuyer]

Detroit. Or California. Or Obamaland.

[DallasDeb]

Yeah, I was going to say, “Perfect storm for nobama types.”

[TomGuy]

England is also going wobbly on the Euro.

If they and Greece pull out, the Euro is probably dead.

[Another idea that looked good on paper bites the dust.]

[expat2]

England is not in the Eurozone — it still uses its Pound.

[familyop]

Government income recipients don’t see, yet, that we’re all in “Obamaland” in every US locale—what could become Romneybamaland. Have fun with the default process. Enjoy the slide. After bond investors take their big “haircuts” here, the debt/revenue-sucking sturgeon majority will, too.

[BfloGuy]

I agree with the article. Leaving the Euro will benefit Greece's politicians only. It will destroy what paltry capital Greece's struggling private sector has managed to accumulate.

Living standards improve through capital accumulation -- not capital destruction. Greece must stay in the Eurozone, cuts its budget and reduce taxes on capital and production

[occamrzr06]

living standards would plummet, incomes would be slashed by more than half, and inflation and unemployment would skyrocket

How much further into the abyss can you go than from being 35 and still living with the folks?

[Lurker]

Greece will enact no meaningful budget cuts nor will they reduce their taxes. Theyve already defaulted, they’re just not calling it that. Owners of Greek bonds took a 70% “haircut”, that’s a default no matter what you call it.

Greece is finished. It’s all over but the rioting.

[Eric in the Ozarks]

Let em exit.

[AdaGray]

Greece will be very poor again soon. A place where it has always belonged and always will be.

[preacher]

Nigel Farage Interview May 25
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2012/5/26_MEP_Nigel_Farage.html

Total social breakdown in Greece. Pensioners picking through garbage cans, people abandoning their children at churches, public suicides, possible military takeover. Lots of cheerful subjects.

[MrEdd]

Spain may pull out before Greece.

[Oatka]

Spain may pull out before Greece.

That may be the Black Swan event. Everyone over there knows both, and probably Portugal and Italy will go to, but they're all expecting Greece to go first. What a kicker if Spain takes cuts at the head of the line.

[mo]

Naaaa...most of the Greek economy is tourist money....when Drachma’s hit the street...the tourons will invade in droves...and the “greek” bankers will be spending lotsa time doing some ‘splainin to their countrymen...

[familyop]

"How much further into the abyss can you go than from being 35 and still living with the folks?"

Being 35, completely homeless, starving and freezing to death--something for those with government-derived incomes from debt to consider and get ready for. The bond collapse and remainder of the default process is coming, and we don't have nearly enough sustainable revenues (manufacturing) to support contemporary spending.

Imagine a USA depending almost solely on agriculture done by big corporations.

[rawhide]

The bank, at least to me, is trying to scare the voters. After all, the bank is concerned about their money. It is all about the greedy bank.

[Cronos]

A place where it has always belonged and always will be.

talk about short memories. Western Civilisation flows from Greece and Rome.

At the same time, Greece was the richest part of Europe right up until the 1700s, even after the Turkish conquest. It has been in constant debt since it's independence from Turkey in 1821.

The current lot, fed with EU money to a state of non-independence are different from their ancestors, so that "always belonged" is historically inaccurate.

The "always will be" is too much of a broad brush for what is unknown. Younger Greeks see the way their country is branded and are ashamed. Greeks 30+ are unfortunately stuck to the welfare teat and find it near difficult to leave

[AdaGray]

Oh puleeze. I am well aware of Greece ancient contributions. In fact, I had to study Greek in school. The point is that it has been a nation of whining cheaters for well over 2 centuries. Little can change it now.

[Cronos]

Can you explain why you say for over two centuries? Why do you think 19th century Greeks or Greeks before WWII were whiners?

[Cronos]

Perhaps you are unaware of Greek history since the 2nd century BC? Let's focus on the past 200 years -- the period when you call them "whining cheaters" -- during this same period they fought against the Turks to get their independence after nearly 500 years of servitude and then fought debilitating wars throughout right up until the war against the Nazis.

Whining? no....