Predictions on Greece

[Votto]

Greece has no money to meet IMF debt repayment - Yahoo News

How will this turn out? Will this be the final domino as Western economies begin to implode, or can they prop up the leftist train wreck a little longer?

This is my favorite quote from the article:

"No country can repay its debts with only the money from its budget," Nikos Filis told Ant1 television.

Hysterical.

I predict that ultimately the IMF will use this crisis, which was manufactured, to further erode sovereignty among nations economically. This was the plan all along.

 

[waltky]

Mebbe home countries of refugees could put up the money?...

ECB reveals capital hole in Greek banks as unpaid loans soar
Sat Oct 31, 2015 - Greece's banks need to raise more than 14 billion euros ($16 billion) of extra capital to cover mounting unpaid loans, the European Central Bank said on Saturday as it announced the results of stress tests intended to rehabilitate Greek lenders.

The capital hole has emerged chiefly due to the rising number of Greeks unable or unwilling to repay their debt, after a dispute over reforms between the leftist government and international lenders almost saw Greece leave the euro. As controls on cash withdrawals have squeezed the economy, loans at risk of non-payment have increased by 7 billion euros to 107 billion euros. That is roughly half of all the credit given by the country's four big banks, according to the ECB. Almost 57 percent of the loans made by Piraeus Bank (BOPr.AT), the bank which fared worst, are at risk.

A Greek flag flutters in the wind above tourists visiting the archaeological site of the Acropolis hill in Athens​

The fact, however, that the declared capital hole is smaller than the 25 billion euros earmarked to help banks in the country's bailout may encourage investors such as hedge funds to buy shares. Germany's Deputy Finance Minister Jens Spahn said attracting investors would reduce the support needed from the euro zone's rescue scheme, the European Stability Mechanism. The lenders are currently kept afloat by central-bank cash but there is a rush to get the recapitalization finished.

If it is not done by the end of the year, new European Union rules mean large depositors such as companies may have to take a hit in their accounts. Greece's Finance Minister Tsakalotos said on Saturday he was optimistic that Greece's banks would successfully recapitalize by the end of the year. The stress tests looked at how many loans would go unpaid if the country's economy performs as expected up until 2017 - the so-called 'baseline'.

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