chem1st Posted February 13, 2012 Share Posted February 13, 2012 http://www.youtube.com/watch?v=5QyYkxSZn8w Athens burns. The crowds cheer only when a policeman is ignited by a molotov. Further austerity measures are put in place. Austerity is soon to hit our shores. Will we avoid such trouble? Only last year we had riots, before we have even had austerity! Our currency is being devalued by the money printing at the BoE. Has anybody been to Greece recently? Link to comment Share on other sites More sharing options...
Nagel Posted February 13, 2012 Share Posted February 13, 2012 I don't know why the Greeks don't just default on their debt rather than borrowing more. Look at it at the personal level - if you had debts you could never pay off would you borrow more or declare bankruptcy? It's criminal that we (as Europe) are bunging them another €120 billion. It's not in the Grek interest to take this money and it's not in our interest to lend it. Link to comment Share on other sites More sharing options...
ronthenekred Posted February 13, 2012 Share Posted February 13, 2012 I don't know why the Greeks don't just default on their debt rather than borrowing more. Look at it at the personal level - if you had debts you could never pay off would you borrow more or declare bankruptcy? It's criminal that we (as Europe) are bunging them another €120 billion. It's not in the Grek interest to take this money and it's not in our interest to lend it. If Greece went down many more will follow probably. Defend the Euro at all and any cost. Link to comment Share on other sites More sharing options...
Swampster Posted February 13, 2012 Share Posted February 13, 2012 But didn't Iceland go bust? I don't see them starving in the streets or anything... Link to comment Share on other sites More sharing options...
truman Posted February 13, 2012 Share Posted February 13, 2012 But didn't Iceland go bust? I don't see them starving in the streets or anything... Nope I think some of the banks did but not Iceland the country.. Link to comment Share on other sites More sharing options...
NorthernStar Posted February 13, 2012 Share Posted February 13, 2012 The Greeks should have given the IMF and the Troika the finger right from the offing, it was perfectly clear where this was going ages ago. It would appear that the Greek people have known this but have allowed themselves to be dictated to by their technocrat banker puppet. IMO it's time for Greece to leave the Eurozone before more damage is done. Link to comment Share on other sites More sharing options...
tonkatoy Posted February 13, 2012 Share Posted February 13, 2012 Nope I think some of the banks did but not Iceland the country.. Thats correct. The banks defaulted so the UK government compensated UK investors who had money in Icelandic banks. :loopy: Iceland's government then refused to pay us back. In the end bank stock was given to creditors who effectively took over the banks. Iceland is doing OK if you don't want anything from abroad. A 50% currency devaluation has meant cars etc now cost twice as much as does oil. But because Iceland has a tiny population a large IMF loan and a large financial gift from the Nordic nations has brought their debt back under control. Link to comment Share on other sites More sharing options...
HeadingNorth Posted February 13, 2012 Share Posted February 13, 2012 The Greeks should have given the IMF and the Troika the finger right from the offing. Going bankrupt would make the austerity measures ten times worse. How does that help the Greek people? Link to comment Share on other sites More sharing options...
taxman Posted February 13, 2012 Share Posted February 13, 2012 Thats correct. The banks defaulted so the UK government compensated UK investors who had money in Icelandic banks. :loopy: Iceland's government then refused to pay us back. Why should the Icelandic Government have paid us back? Why were UK investors compensated at all? Isn't there a warning to would be investors that "Please remember the value of your investment can go down as well as up and you may get back less than you invested." Isn't that the risk that they took by seeking high interest online accounts in a foreign country? Anyway, back on topic we're booked to go to Greece in September if there's anything left of it. Maybe I'll be able to tempt the locals with a shiny 1 Euro coin. Link to comment Share on other sites More sharing options...
HeadingNorth Posted February 13, 2012 Share Posted February 13, 2012 Why should the Icelandic Government have paid us back? Why were UK investors compensated at all? Isn't there a warning to would be investors that "Please remember the value of your investment can go down as well as up and you may get back less than you invested." That depends on the investment; a deposit lodged with a bank cannot go down, it can only go up by the amounts paid in interest. Link to comment Share on other sites More sharing options...
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