Greece Near Bankrupcy

[manu1959]

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

So after getting into office on the promise of change Obama refuses to follow through.
No surprise there.
Perhaps the next Republican will cancel Social Security, Medicare, Medicaid, drop the military to the minimum needed to keep foreign troops off our shores, end Welfare, and pay off the debt.
Whoever does that will benefit the nation far more than any horde of socialists.

Man would this place be a wasteland.
If what you want happened we would have a depression that would put the other one to shame.

Why do you hate the USA?

oddly enough that was the us pre ww and fdr......it was a pretty good place....

 

[Toro]

Greece and America are two very different countries and situations. Greece is a small, relatively unimportant country on the fringes of Europe. It has always been somewhat of a basket-case, with its debt trading 10% above similar German bonds before the country went into the eurozone.

How it could effect America is that if it and Dubai represent a new wave of sovereign defaults, it could lead to convulsions in the financial markets. I don't believe that American financial markets are fully aware of the consequences of sovereign defaults, and things could get ugly again.

 

[Samson]

Greece and America are two very different countries and situations. Greece is a small, relatively unimportant country on the fringes of Europe. It has always been somewhat of a basket-case, with its debt trading 10% above similar German bonds before the country went into the eurozone.

How it could effect America is that if it and Dubai represent a new wave of sovereign defaults, it could lead to convulsions in the financial markets. I don't believe that American financial markets are fully aware of the consequences of sovereign defaults, and things could get ugly again.

Agreed: Comparing Greece and America isn't really fair.

Califonia is to the USA what Greece is to the EEC.

Ok, maybe not California.....maybe more like Louisiana.......

Point being, California would never go bankrupt like Greece....

 

[Xenophon]

Greek wine sucks too.

You drank it and survived

on Santorini,, it was hard to keep from puckering!

Were you visiting Thera?

That is the site of Plato's Atlantis BTW.

 

[Polk]

Timebomb for the Euro: Greek Debt Poses a Danger to Common Currency - SPIEGEL ONLINE - News - International

As economic indicators have improved, concern about the financial crisis has abated. But the next big problem could be approaching. Greece's public deficit is skyrocketing and the country may become insolvent. The effect on Europe's common currency could be dire.

Josef Ackermann, the CEO of Deutsche Bank, has given the all-clear signal many times in the past. He has repeatedly said that the worst was over, only to see the financial crisis strengthen its grip on the world economy.

Last week, however, Ackermann was singing a completely different tune. Although many indicators are once again pointing skyward, he said at a Berlin summit on the economy, Chancellor Angela Merkel, the assembled cabinet ministers, corporate CEOs and union leaders should not to be deluded. He warned emphatically that the financial situation could deteriorate once again. "A few time bombs" are still ticking, Ackermann told his audience, noting that the growing problems of highly leveraged small countries could lead to new tremors. And then, almost casually, Ackermann mentioned the problem child of the European financial world by name: Greece.

Ackermann isn't alone in his opinion. Practically unnoticed by the public, an issue has returned to the forefront in recent weeks -- one that was a cause for great concern at the height of the financial crisis but then, as optimism about the economy began to grow, was eventually forgotten: the fear of a national bankruptcy in the euro zone. And the question as to whether such a bankruptcy, should it come about, could destroy the common European currency.

Greece was always at the very top of the list of countries at risk. But now the danger appears to be more acute than ever.

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.

The comparison to the US is irrelevant. For starters, the debt isn't increasing 10% each year. Furthermore, nations can and have run higher levels of debt than Greece's without collapse.

 

[Charles Stucker]

Man would this place be a wasteland.
If what you want happened we would have a depression that would put the other one to shame.

You mean like the first half of the 19th century.
No wait that saw unprecedented economic growth in the USA.
But we had no Social Security, No huge debt or deficit, and a military just big enough to keep foreign powers off our soil.

Wow your conclusion is just so, what is that term, oh yeah, retarded.

 

[Mike458877]

As a first generation Greek, maybe I can add a little insight.

IMO ......... Greece has been struggling for decades, the change to the Euro really hurt them across the board and especially with American tourists and Greeks going back to vacation or visit relatives.

Further, the Greek governments ignorance has added to the problem. This includes some trade issues and investment issues. Their refusal to let the Macedonian issue die out and frankly their foolishness in how they handled relations with the US, they have just continued to shoot themselves in the foot.

Another thing I see taking place there is with the young people. The educational system there is very, very good, however, the young people with drive and desire to achieve and grow head to other parts of Europe or over here. The work force in general is not that motivated and many of the young ones have gotten into this "it is everyone else's fault" mind set.

Greece has the potential to attract high tech sector companies if they would bend a little and change a few things. Listen, it is one of the most beautiful countries in the world and by and large the people are very kind and hospitable. But, unless they are motivated to attract corporate growth from outside of their borders, all that is for not.

That is my short version and of course just my opinion.

Mike

 

[Claudette]

I think the 300 should come back and save their asses!!!