CrusaderFrank
Diamond Member
- May 20, 2009
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This will lead to a world war.
Austerity is a horrible idea.
Greece needs to go into the equivalent of chapter 11, write down their debts (not triple them), revamp their social programs, cut spending and be more business friendly. Austerity crushes the life out of the Greek economy just to keep the European banks pretending to be solvent.
The EU is finished and its just a matter of time before there's blood in the streets -- again.
Here is the difference when company or individual goes into BK vs a country or state. The individuals does it, it's only him who makes the decision and they have to live with the consequences. When a company does it, the board makes the decision and usually the board stays on and the country and courts enforce it and the company has to live with the consequences. But when a country does, it's the elected politicians that make the decision and the people who have to enforce the measures taken, but it's the people who have to live with it. When you get an entitlement society like Greece or France, then they won't live with it and they just elect socialist douche bag politicians who promise the stars by attacking the producers. They break every obligation made by the pervious regime and founder further!
I understand that.
All I'm saying is that this is a horrible set of circumstances and the Greeks will lose and the banks who made bad bets on Greece will still sit at the table continuing to bet everything on Debt Roulette.
Spoiled brat Socialists Leaders will lead to the worst results: They will own the entire debt, won't be able to borrow more, won't revamp their programs or economy, will formally default and then what recourse would the lenders have?
Can they foreclose on Greece?