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Greeks Vote "NO" on EU Terms

posted by martyb on Monday July 06 2015, @08:57AM   
from the getting-what-you-asked-for-may-not-be-getting-what-you-want dept.

kaszz writes:

The Greeks voted no to the European Union's terms, despite warnings from the EU that rejecting new austerity terms would set their country on a path out of the Eurozone. 62% voted "No" while 38% voted "Yes".

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Original Submission

• Re:transfer assets and file bankruptcy Re:transfer assets and file bankruptcy (Score: 2) by theluggage on Monday July 06 2015, @02:14PM

  by theluggage (1797) on Monday July 06 2015, @02:14PM (#205629)

  Correct. They could do this, but as I said, its their decision, not the EUs decision

  Its a decision that the EU could force upon Greece by pulling the plug on the Greek banks' life support. Greece could then "decide" between reverting to a barter economy, declaring the leaf as the unit of currency or printing IOUs new currency (easier to regulate and less seasonal than leaves).

  Also, so say a critical mass of EU politicians decide to chuck Greece out of the Euro. OK, so its against the treaty, but who ya gonna call? The Euro wouldn't have got started if the EU had actually followed their own rules on the entry conditions.

  But if they did, it would not be really leaving the monetary union

  That's probably how the Germans would spin it, yes...

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• Re:transfer assets and file bankruptcy (Score: 2) by moondrake on Monday July 06 2015, @03:06PM

  by moondrake (2658) on Monday July 06 2015, @03:06PM (#205651)

  >Also, so say a critical mass of EU politicians decide to chuck Greece out of the Euro. OK, so its against the treaty, but who ya gonna call?

  There are courts in Europe. And they will probably act. Apart from that, blatantly disregarding their own treaty is not going to do wonders for the already mediocre EU reputation. Disregarding court orders would be enough to simply forget about the EU everywhere. I think its not a reasonable way for the EU to go.

  Interestingly, printing (or picking) and using an alternative currency is, under the EMU treaty, illegal. But in this case, I do not think Greece politicians would care overly much.

  An interesting opinion I read a couple of days ago is that the EU could claim Greece was actually never legally part of it (as they cheated to pass the requirements many years ago). Even although this is true, courts generally do not fall for such beautiful arguments though.

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• Re:transfer assets and file bankruptcy (Score: 2) by mojo chan on Tuesday July 07 2015, @10:33AM

  by mojo chan (266) on Tuesday July 07 2015, @10:33AM (#206056)

  Like any lender, the EU doesn't want Greece to default or switch to another currency or do anything that will result in its debts being written off. If Greek banks collapse then other EU countries will have to pay out to their citizens to compensate them (in the UK the scheme protects you up to £75k per bank). There are all sorts of very negative consequences, so they will try hard to find a deal that doesn't screw themselves.

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