Anna Glypta Posted May 17, 2011 Share Posted May 17, 2011 Is Greece about to default on its Euro110 billion bailout? Concerns are mounting that Greece's debt mountain is continuing to increase despite the Euro110 billion bailout. This news comes at a time when a Euro97 billion is being considered for Portugal. Just what guarantees are there that OUR money is safe, and will we ever see one penny of it again? Link to comment Share on other sites More sharing options...
endevour Posted May 17, 2011 Share Posted May 17, 2011 Good question. One back to you, 'is the US going to default on their national debt'? From what I have read and heard on the news, the Standard and Poors ranking for the US has been downgraded, and I gather that even if income tax in the US was 80% they could still not re-pay the huge amount they owe. Link to comment Share on other sites More sharing options...
Anna Glypta Posted May 17, 2011 Author Share Posted May 17, 2011 Good question. One back to you, 'is the US going to default on their national debt'? From what I have read and heard on the news, the Standard and Poors ranking for the US has been downgraded, and I gather that even if income tax in the US was 80% they could still not re-pay the huge amount they owe. Well that's a pretty easy one to answer because only a few weeks ago Standard and Poors re-affirmed their 'AAA/A-1+' sovereign credit ratings on the United States of America. On the other hand S&P were rating Greek bonds as junk bonds over a year ago and has just downgraded them a further 2 notches. So the answer to your question would appear to be NO. Link to comment Share on other sites More sharing options...
MAMALOCHA! Posted May 17, 2011 Share Posted May 17, 2011 they should sell off some islands Link to comment Share on other sites More sharing options...
Karis Posted May 17, 2011 Share Posted May 17, 2011 This is frightening financial news... Can't Greece just get a second job (a paper round) or something? Maybe it could start doing Avon in its spare time? Link to comment Share on other sites More sharing options...
Anna Glypta Posted May 17, 2011 Author Share Posted May 17, 2011 they should sell off some islands The Germans and French have already suggested taking over some of the Greek Islands as collateral on further loans, but the Greek Government rejected this. Instead they are putting major assetts such as airports and motorways up for sale. Link to comment Share on other sites More sharing options...
eastbank Posted May 17, 2011 Share Posted May 17, 2011 they should sell off some islands we ought to buy zante.....then sink it.....or use it as a nice landfil site... Link to comment Share on other sites More sharing options...
bensonhedges Posted May 17, 2011 Share Posted May 17, 2011 Can somebody explain to me who these countries actually owe all this money to? If the IMF, where does it get its funds from? Link to comment Share on other sites More sharing options...
Andy Posted May 17, 2011 Share Posted May 17, 2011 Can somebody explain to me who these countries actually owe all this money to? If the IMF, where does it get its funds from? The short answer is, from other governments. The IMF members maintain a pool of funds which can be loaned out to assist countries as necessary. The UK borrowed $4billion from the IMF in 1976. Link to comment Share on other sites More sharing options...
upinwath Posted May 18, 2011 Share Posted May 18, 2011 Greece is in a major mess but the idiot unions are still demanding "More more more". The country is about to go down the pan while the lefty idiots are demanding greater spending. Their stupidity is shocking. Link to comment Share on other sites More sharing options...
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