Should PIIGS File Chapter 13?

Discussion in 'Europe' started by CrusaderFrank, Jun 1, 2012.

  1. CrusaderFrank
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    CrusaderFrank Diamond Member

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    The EU nations of Portugal, Spain, Italy, Ireland, Greece (and France) are in varying stages of economic decline and "austerity" meaning mostly "we'll pretend to cut spending as long as you continue to lend us money so we can pretend to be solvent" is causing severe disruption to the people and economy it's supposed to help.

    While Greece is a relative economic pimple on the world's ass (about the size of Walmart and worth less than Facebook (for now anyway)), its only a matter of time before it exits stage left from the EU.

    Instead of answers that don't work and only make matters worse, should the Greeks lead the way in a de facto Chapter 13 filing where liabilities, wages and pensions are all repriced together?
     

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