Greece Near Bankrupcy

Discussion in 'Current Events' started by eagleseven, Dec 9, 2009.

  1. eagleseven
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    eagleseven Quod Erat Demonstrandum

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    Greece is in dire straits, with total debt at 134% of GDP. The government could go bankrupt within the next six months, threatening the stability of the entire Eurozone.

    America's national debt is 85% of its GDP, and is increasing by 10% each year.
     
  2. Contessa_Sharra
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    Contessa_Sharra Searcher for Accuracy

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    Some poster or another up here said that what happens outside our borders is of no importance at all, period.

    I don'r really believe that.

    My question would be, considering a global economy, how would Greece's financial failure affect the US?



    Historically, didn't the US participate as one of many who helped Brazil, Argentina, Mexico, and possibly some others when they were in financial straits, on the basis, that all benefit from not having who;e countries go under?

    For those wanting to do just a tiny bit to help, and I do not say this facetiously nor in jest, a nice Moscofilero wine is a gift to all, the drinker and the Greek economy.

    Failed economies lead to civil unrest. What does Greece need?
     
    Last edited: Dec 9, 2009
  3. eagleseven
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    eagleseven Quod Erat Demonstrandum

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    I could offer up a hypothesis:

    Greece's bankruptcy domestically will lead to riots and perhaps even the overthrow of the government, as we saw in Iceland. It will dramatically reduce the stability of the Euro, potentially dissolving the Eurozone as we know it. Already, EU countries are at each others throats over this great recession.

    Without a strong single currency, Europe's ability to trade will be severely affected, dramatically dropping the world volume of trade. As the Europeans are the second-heaviest consumers (next to Americans), this would start a chain-effect, hurting all of our economies, but especially hurting China and India.

    Of course, if China is hurting, they will be less able to fund our massive debtload, thus speeding us to our own debt-fueled crash. It's a bad scenario.
     
  4. judyd
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    judyd Active Member

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    From what I understand from Greek friends (Americans now), Greece makes some of its own difficulties. I know of one who inherited property in Greece, but she is unable to sell it if she takes all or some the money out of Greece. I know of others who had similar difficulties if they inherited money from a Greek relative. If they treat importers in a similar fashion, it would prove difficult to encourage companies to trade with them.
     
  5. Contessa_Sharra
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    Contessa_Sharra Searcher for Accuracy

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    Not at all a pretty picture.


    Where the rising tide lifts all boats, the "perfect storm" can take out the whole fleet!
     
  6. Contessa_Sharra
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    Aren't Americans allowed to take only $10,000 out of the US? I suppose one could do something serially, not sure on the law......

    But many countries have these restrictions on currency.

    In Greece, though, trading in Euros, it would seem to be "possible." Buy a nice boat, then sell it elsewhere????
     
  7. xsited1
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    xsited1 Agent P

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    • Thank You! Thank You! x 1
  8. uscitizen
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    uscitizen Senior Member

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    Buy olive oil. Piss Popeye off.
     
  9. Charles Stucker
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    Charles Stucker Senior Member

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    And Obomites wonder why people are insisting he Change spending patterns by reducing our deficit in the Hope the USA won't go belly up.
     
  10. uscitizen
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    uscitizen Senior Member

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    Why would Obama reduce the defecit? Just so the next republican cand spend it up and say it does not matter?
     

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