Beware of Greeks bearing Bonds

Discussion in 'Economy' started by loosecannon, Sep 12, 2010.

  1. loosecannon
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    loosecannon Senior Member

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  2. Baruch Menachem
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    Baruch Menachem '

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    Really cool!

    0bama fans, read and learn
     
  3. loosecannon
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    loosecannon Senior Member

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    Thanks for reading it! It really is an amazing story told by somebody who is obviously skilled at telling stories.

    Loved this quote:

     
  4. loosecannon
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    loosecannon Senior Member

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    For whatever it is worth I read a summary of a Harvard study recently that concluded that since the nation of Greece was founded a surprisingly few centuries ago (1830) that Greece has been in default of their debts more often than not.

    So it really isn't such a mad act, the banks won't go bankrupt, they won't really be punished for it, they can still import oil if they pay cash.

    They might be ousted from the EU.
     
  5. william the wie
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    william the wie Gold Member

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    But German banks will collapse after the new Basel rules take effect and cause the value of Greek bonds to be written down.
     
  6. loosecannon
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    loosecannon Senior Member

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    You think so? So far EU banks all seem in a mad rush to recapitalize. It may work because it must work.

    Odd that Greek banks stood alone in refusing to load up on US mortgage securities.

    Germany made both mistakes. Shame on them.
     
  7. william the wie
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    william the wie Gold Member

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    Check out the EU downturn thread this story has legs.
     

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