Discussion in 'Economy' started by loosecannon, Sep 12, 2010.
Beware of Greeks Bearing Bonds | Business | Vanity Fair
engaging, even captivating, 5 thumbs up!
0bama fans, read and learn
Thanks for reading it! It really is an amazing story told by somebody who is obviously skilled at telling stories.
Loved this quote:
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.
But German banks will collapse after the new Basel rules take effect and cause the value of Greek bonds to be written down.
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.
Check out the EU downturn thread this story has legs.
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