BullKurtz
Gold Member
- Banned
- #1
Big government socialists took over a poor country, borrowed heavily (mostly from Germany and the IMF), during the 1990's.employed thousands in the public sector with make-work jobs, high wages and long vacations. Realizing too late they'd screwed the pooch, they tried timid austerity and higher taxes...the Greek people said "NO WAY" and elected Alexis Tsipras, prime minister who told the EU tough shit, we can't pay. And here's what the result is:
ATHENS, Greece (AP) — It's crunch time for Greece, with the European part of its international bailout expiring Tuesday and with it any possible access to the remaining rescue loans that it needs to pay its debts.
Without an 11th-hour deal, the government is unlikely to repay a debt of about 1.6 billion euros ($1.9 billion) to the International Monetary Fund also due Tuesday — a move that would amount to default and would increase fears the country could fall out of the euro currency bloc.
With banks shut and Greeks limited to cash withdrawals of 60 euros ($67) per day, long lines formed once more at ATM machines. Capital controls began Monday and will last at least a week, an attempt to keep the banks from collapsing in the face of a nationwide bank run. Greeks flocked to get cash over the weekend after the prime minister called for a referendum on creditor demands in return for bailout loans.
My Way News - Crunch time for Greece as IMF debt looms and bailout ends
ATHENS, Greece (AP) — It's crunch time for Greece, with the European part of its international bailout expiring Tuesday and with it any possible access to the remaining rescue loans that it needs to pay its debts.
Without an 11th-hour deal, the government is unlikely to repay a debt of about 1.6 billion euros ($1.9 billion) to the International Monetary Fund also due Tuesday — a move that would amount to default and would increase fears the country could fall out of the euro currency bloc.
With banks shut and Greeks limited to cash withdrawals of 60 euros ($67) per day, long lines formed once more at ATM machines. Capital controls began Monday and will last at least a week, an attempt to keep the banks from collapsing in the face of a nationwide bank run. Greeks flocked to get cash over the weekend after the prime minister called for a referendum on creditor demands in return for bailout loans.
My Way News - Crunch time for Greece as IMF debt looms and bailout ends
