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posted by
cmn32480
on Thursday July 02 2015, @01:48AM
from the we'll-pay-you-back-this-time-we-swear dept.
from the we'll-pay-you-back-this-time-we-swear dept.
Greece missed a payment to the IMF on Tuesday and defaulted, but now they are willing to do the deal, or most of the deal, that would have prevented it. According to CNN:
Whoa! The Greek government is now ready to sign on to a bailout package it threw out just days ago, but the about-face won't fix the country's crisis any time soon.
Additional coverage of the Greek Referendum and the political backlash in the Eurozone can be found from the BBC.
It looks like they want to add amendments, so this is not a done deal. Maybe it's not too late for Greece? Or is the Euro better off without Greece? Or Greece without the Euro?
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Greece Defaults; Still Wants Bailout
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(Score: 3, Interesting) by Non Sequor on Thursday July 02 2015, @04:22AM
An export ban would make sense (I had left that part out), but the end game seems like it would need to require going through 10-20 years of closing off from the rest of the world and rebalancing to be more self-sufficient. The measures that might need to be taken just to enforce the policies and maintain order may also drive out tourism and shipping.
How do you go from a mostly service economy to focusing on internal subsistence though?
The Latin American defaults may not be comparable since I would think that debt would have been viewed as riskier when it was issued, but for Greece the issues is that their debt has been held by key European institutions (and existing bailout deals have resulted very little of the Greek debt being privately held). If the Greek debt isn't paid, those institutions may need to either stiff someone else downstream from them or the EU may need to print money. If the other shake elements in the European economy start coming loose, then it's not just Greece that's in trouble.
Greece being in the Euro is probably stabilizing the situation, but also preventing any progress towards a solution. But any progress towards a solution probably has "screw over lots of people" as an intermediate step so no one's rushing toward it. The Euro was a dumb idea.
Write your congressman. Tell him he sucks.
(Score: 0) by Anonymous Coward on Thursday July 02 2015, @04:45AM
Risk has been neutralized. All the debt is in the hands of the boys in big pants who can afford the loss. The EU banking system will not collapse. The Greek people have lived beyond their very limited means and are now fucked. No one will starve to death. The rest of the world will take a small hit and keep on truckin''.