Greece Runs Out of Other People's Money

[Toddsterpatriot]

You said they wrote a check to a third party.
Were you lying, again?

They have to pay a fee to reimburse the holding account.

And neither the fee, nor the dividend are deductible.

 

[Toddsterpatriot]

How does the money get to the "holding account?" Magic dust?

Originally, it's monies you want to invest. But in all large investors it's profits you're deferring taxes.

Originally, it's monies you want to invest.

They want to invest the money, but the holding company pays it to shareholders instead?

But in all large investors it's profits you're deferring taxes.

It's paid with after-tax income, how does it defer taxes?

 

[Synthaholic]

Gosh, I'm so shocked - NOT.
The stupidity of the Greek politicians is frankly flabbergasting.
Over a few years, they borrowed like there was no tomorrow - then tomorrow came.
They went on to blame everyone but themselves.

They borrowed because their investments crashed. 2008.

How the 2004 Olympics Triggered Greece s Decline - Businessweek

They were in debt up to their asses before the crash...........and the crash escalated it.............
They used most of the bail out money to pay back those outstanding debts in the other bail out.......
They were closing in on default even if the crash had never happened.........

The bail outs bought them time..............
but without a recovery from the crash their fate was sealed.......if it wasn't already before the crash..........

It was further sealed because they couldn't create more of their own currency and deflate it's value to attempt revenues by increased exports as countries are doing now..............aka purposely make you currency less valuable to make your products cheaper on the exchange..............

They were doomed long ago...............as are many nations now.

They didn't have a Mitt Romney to get hundreds of millions from their Congress to save their Olympics.

 

[SAYIT]

They didn't have a Mitt Romney to get hundreds of millions from their Congress to save their Olympics.

However Greece got to this point, they are here. They have defaulted on the first of many pending debts, their banks and gov't are running out of cash, some gov't workers and suppliers have gone unpaid for months, people are waiting for hours for a chance to withdraw the $67 daily max, consumer and creditor confidence are shattered and on the horizon is the very real probability that pensioners and gov't workers will be paid with IOUs that likely won't be honored by the gov't or the businesses that manage to survive.
Sounds like severe austerity to me.
Meanwhile Tsipras fiddles while insisting that all deposits and pensions are secure and min wage and gov't salaries are to be increased. One can only wonder if this Greek Tragedy is really a Twilight Zone production.

 

[Synthaholic]

Sounds like severe austerity to me.

There should be no austerity. Greece needs funds with which to create large infrastructure projects that will employ 10s of thousands, or more.

 

[Toddsterpatriot]

Sounds like severe austerity to me.

There should be no austerity. Greece needs funds with which to create large infrastructure projects that will employ 10s of thousands, or more.

There should be no austerity.

Now that they've told the EU to screw themselves, the ECB won't hand the Greek banks any more Euros. You can't overpay your government employees and retirees with no Euros in your banking system.
Just wait, when they start printing Drachmas, they'll be talking about austerity as the good old days.

 

[SAYIT]

Sounds like severe austerity to me.

There should be no austerity. Greece needs funds with which to create large infrastructure projects that will employ 10s of thousands, or more.

Yeah ... that's exactly what Greece has been saying for years in order to get the funds that they now complain they can't and won't repay. It is evident they forgot to spend it on those "large infrastructure projects that will employ 10s of thousands, or more." It is equally evident that foreign creditors are no longer buying that story.

 

[theHawk]

Sounds like severe austerity to me.

There should be no austerity. Greece needs funds with which to create large infrastructure projects that will employ 10s of thousands, or more.

Feel free to empty your bank account to the Greek government.
Not that a squatter like you has any money.

 

[Toro]

Those are facts, dumbass. Greece was fine until they fell for Lehman Bros. advice on toxic assets and then got killed by the Boosh meltdown. You think they just added to pensions etc until 2015, when all of a sudden they collapsed? They actually started CUTTING spending in 2010. But their GDP, based on tourism to a great extent, imploded faster. Thanks again, hater dupe.

That's nonsense.

 

[Politico]

Greece Runs Out of Other People's Money

They have a four day work week and retire at 57. How is this a surprise?

 

[52ndStreet]

Why are countries in Europe always bailing Greece out, if they never pay back the money?
Does not make any sense.? This is the third time they are asking for emergency financial help.
The Euro will collaspe.

 

[montelatici]

People are not aware that only 10% of the "bail out" funds actually went to the Greek treasury to help restructure their economy. 90% went to paying the investor's. Essentially, taxpayers are funding the payment of interest to the bond investors.

 

[Toddsterpatriot]

People are not aware that only 10% of the "bail out" funds actually went to the Greek treasury to help restructure their economy. 90% went to paying the investor's. Essentially, taxpayers are funding the payment of interest to the bond investors.

Except the bonds are mostly held by the ECB, the EFSF and the IMF.
The private bond holders took a 50% haircut.

 

[montelatici]

People are not aware that only 10% of the "bail out" funds actually went to the Greek treasury to help restructure their economy. 90% went to paying the investor's. Essentially, taxpayers are funding the payment of interest to the bond investors.

Except the bonds are mostly held by the ECB, the EFSF and the IMF.
The private bond holders took a 50% haircut.

Exactly, the taxpayers will be paying the interest and any principle paid to bond holders including institutions. Where do you think the money comes from, trees?

 

[Toddsterpatriot]

People are not aware that only 10% of the "bail out" funds actually went to the Greek treasury to help restructure their economy. 90% went to paying the investor's. Essentially, taxpayers are funding the payment of interest to the bond investors.

Except the bonds are mostly held by the ECB, the EFSF and the IMF.
The private bond holders took a 50% haircut.

Exactly, the taxpayers will be paying the interest and any principle paid to bond holders including institutions. Where do you think the money comes from, trees?

Exactly, the taxpayers will be paying the interest and any principle paid to bond holders including institutions.

Taxpayers should pay interest due to their bondholders. Durr.

 

[montelatici]

People are not aware that only 10% of the "bail out" funds actually went to the Greek treasury to help restructure their economy. 90% went to paying the investor's. Essentially, taxpayers are funding the payment of interest to the bond investors.

Except the bonds are mostly held by the ECB, the EFSF and the IMF.
The private bond holders took a 50% haircut.

Exactly, the taxpayers will be paying the interest and any principle paid to bond holders including institutions. Where do you think the money comes from, trees?

Exactly, the taxpayers will be paying the interest and any principle paid to bond holders including institutions.

Taxpayers should pay interest due to their bondholders. Durr.

Taxpayers not from Greece for the most part.

 

[Toddsterpatriot]

People are not aware that only 10% of the "bail out" funds actually went to the Greek treasury to help restructure their economy. 90% went to paying the investor's. Essentially, taxpayers are funding the payment of interest to the bond investors.

Except the bonds are mostly held by the ECB, the EFSF and the IMF.
The private bond holders took a 50% haircut.

Exactly, the taxpayers will be paying the interest and any principle paid to bond holders including institutions. Where do you think the money comes from, trees?

Exactly, the taxpayers will be paying the interest and any principle paid to bond holders including institutions.

Taxpayers should pay interest due to their bondholders. Durr.

Taxpayers not from Greece for the most part.

Taxpayers are always stuck supporting deadbeats.
In Europe and the US.

 

[montelatici]

People are not aware that only 10% of the "bail out" funds actually went to the Greek treasury to help restructure their economy. 90% went to paying the investor's. Essentially, taxpayers are funding the payment of interest to the bond investors.

Except the bonds are mostly held by the ECB, the EFSF and the IMF.
The private bond holders took a 50% haircut.

Exactly, the taxpayers will be paying the interest and any principle paid to bond holders including institutions. Where do you think the money comes from, trees?

Exactly, the taxpayers will be paying the interest and any principle paid to bond holders including institutions.

Taxpayers should pay interest due to their bondholders. Durr.

Taxpayers not from Greece for the most part.

Taxpayers are always stuck supporting deadbeats.
In Europe and the US.

Correct.

 

[idb]

Greece shouldn't pay anyone back.
How could things get any worse for them?

It shows a fatal flaw in the common currency when a country can't control the currency but is still left to fend for itself.

 

[SAYIT]

Greece shouldn't pay anyone back.
How could things get any worse for them?

It shows a fatal flaw in the common currency when a country can't control the currency but is still left to fend for itself.

A nation of 11 million "left to fend for itself" with a few hundred BILLION of other people's cash. I can see how one who can't admit that small fact would find it OK to just walk away from debt. The flaw isn't in the Euro ... it's in the people who believe it's OK to be a deadbeat.