To: PGR88
What are the odds of them going the Iceland route? Going to their creditors and saying “here is our best offer take it or we walk”.
5 posted on
05/08/2012 12:22:13 PM PDT by
HenryArmitage
(it was not meant that we should voyage far.)
To: HenryArmitage
Going to their creditors and saying “here is our best offer take it or we walk”.
More likely I think they will try to spin this out until five or six other countries are in the identical boat, and then try to form some sort of Debt Cartel. It could be the basis for a whole new Cold War.
To: HenryArmitage
They seem to be a very large welfare state with massive fraud driving the internal economy. Iceland was different in many (better) ways. If they default, trade will be restricted, fined, or cut off all together. Greece is a point in fact of why the Euro was a bad idea IMO.
10 posted on
05/08/2012 1:19:19 PM PDT by
allmost
To: HenryArmitage
big difference - in Iceland it was banks speculation that was out of control, in Greece it’s the government and civil society (under influence from the gubmint) that went out of control
15 posted on
05/08/2012 9:55:44 PM PDT by
Cronos
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