Greek financial crisis/riots in street/general strike

[King Nud]

Just over a year ago the EU bailed out the Greeks with £95bn, things have hardly improved.

Key questions answered

Experts think that Greece is close to defaulting on it's loans. Some say they could/should quit the Euro. If they default, chances are Ireland and Portugal end up in the same state too.

Thank god the UK didn't leave the Pound.

There has been a General Strike across the country including over 10,000 protesters rioting in front of the Parliament buildings, tear gas etc fired.

Thoughts?

[Exarch]

what would a default entail?

i mean, argentina and russia once defaulted on their loands and yet they're still alright

[JP226]

what would a default entail?

i mean, argentina and russia once defaulted on their loands and yet they're still alright

credit default swap messes.

[Claudius Gothicus]

what would a default entail?

i mean, argentina and russia once defaulted on their loands and yet they're still alright

As long as a Country is able to rapidly regain monetary reserves and therefore create enough credibility to renegotiate a debt defaulting is NOT THAT BAD(it's bad, no denial).

Both Argentina and Russia had, however, large resources and inactive economic factors from where to draw money if put under competitive prices once again(in Argentina's case a a failed Neoliberal policy lasting for more than 10 years brought the country in a full fledged depression for at least 2 and a half years, so a little bit of Keynesianism was able to bring us back from the abyss), does Greece have that? Because if they don't the recovery from a default would be even more painful than what it's happening right now...

[King Nud]

They were okay because they defaulted on cash held by companies within the country. French banks have £22.5bn invested in Greece which would be lost....

They would be okay eventually, but the real worry is the effect it could have on the eurozone countries in general.

[Thorn777]

incorrect- especially US banks had lots of dough in Argentina. The US tried saving the situation by coupling the currency to the $. Didn't work either.

imo we need to slash banks before giving them haircuts. liability and no more tbtf is key

[Lysimachos11]

My thoughts: what if the riots continue and the Turks decide they need to "assist" in restoring order in Greece, the way they are considering to do so in Syria? It will be the same as Cyprus: illegal invasion under false pretexts after which they simply Turkify the parts occupied.

The way I see there might be more going on than just Greece losing money. Turkey isn't a real European ally, you never know what they do so it's important for the entire Western world that Greece gets back on it's feet.

[Lordreaven]

My thoughts: what if the riots continue and the Turks decide they need to "assist" in restoring order in Greece, the way they are considering to do so in Syria? It will be the same as Cyprus: illegal invasion under false pretexts after which they simply Turkify the parts occupied.

The way I see there might be more going on than just Greece losing money. Turkey isn't a real European ally, you never know what they do so it's important for the entire Western world that Greece gets back on it's feet.

I love this forum.

[PointOfViewGun]

My thoughts: what if the riots continue and the Turks decide they need to "assist" in restoring order in Greece, the way they are considering to do so in Syria? It will be the same as Cyprus: illegal invasion under false pretexts after which they simply Turkify the parts occupied.

The way I see there might be more going on than just Greece losing money. Turkey isn't a real European ally, you never know what they do so it's important for the entire Western world that Greece gets back on it's feet.

Seriously?

[Erebus Pasha]

My thoughts: what if the riots continue and the Turks decide they need to "assist" in restoring order in Greece, the way they are considering to do so in Syria? It will be the same as Cyprus: illegal invasion under false pretexts after which they simply Turkify the parts occupied.

The way I see there might be more going on than just Greece losing money. Turkey isn't a real European ally, you never know what they do so it's important for the entire Western world that Greece gets back on it's feet.

Oh dear god...this is not about ing Turkey and paranoid invasion theories. Turkey has got enough on it's hands dealing with the crisis in Syria.

[Koelkastmagneet]

Well this was hardly expected

My thoughts: what if the riots continue and the Turks decide they need to "assist" in restoring order in Greece, the way they are considering to do so in Syria? It will be the same as Cyprus: illegal invasion under false pretexts after which they simply Turkify the parts occupied.

The way I see there might be more going on than just Greece losing money. Turkey isn't a real European ally, you never know what they do so it's important for the entire Western world that Greece gets back on it's feet.

Seriously, Cyprus was a major dickmove by Turkey, but a repeat is hardly possible and making this thread one of 'ev1l TURKIEY ZOMG' doesn't help anything.

[Their Law]

Well this was hardly expected
Seriously, Cyprus was a major dickmove by Turkey and Greece, but a repeat is hardly possible and making this thread one of 'ev1l TURKIEY ZOMG' doesn't help anything.

More Accurate. Cyprus was just collateral in the two states geopolitical manoeuvrings.

[Akrotatos]

My thoughts: what if the riots continue and the Turks decide they need to "assist" in restoring order in Greece, the way they are considering to do so in Syria? It will be the same as Cyprus: illegal invasion under false pretexts after which they simply Turkify the parts occupied.

The way I see there might be more going on than just Greece losing money. Turkey isn't a real European ally, you never know what they do so it's important for the entire Western world that Greece gets back on it's feet.

I shouldn't even dignify this with an answer but I am bored....

There are no "riots" in Greece. There have been peaceful demonstrations for the past 22 days outside te parliament. Yesterday it got violent by a group of 200 people amidst 500,000 and the police responded, grasping the chance to try and disperse the rally that causes headeaches to our politicans. It did not happen.

However all the foreign media broadcasted was molotov cocktails and how "Greeks are rioting because they actually have to pay taxes" etc

[alhoon]

I shouldn't even dignify this with an answer but I am bored....

There are no "riots" in Greece. There have been peaceful demonstrations for the past 22 days outside te parliament. Yesterday it got violent by a group of 200 people amidst 500,000 and the police responded, grasping the chance to try and disperse the rally that causes headeaches to our politicans. It did not happen.

However all the foreign media broadcasted was molotov cocktails and how "Greeks are rioting because they actually have to pay taxes" etc

ACtually, how do you know it wasn't a violent riot?

Although the BBC one "most violent this year" was a clue for me, since... we didn't have violent riots this year.
And let's face it: A Tynisia kind of mess in Greece + economic crisis sells far more papers than just economic crisis.

Anyway: If we default now, it would be quite a hit for many large banks. Frankly we could take a lot of big money banks with us if we fall.
EU considers giving us another loan not because it would save us (most economists I read about say it propably won't) but to give the banks some breathing room, so when we collapse after 2015 they would be on steadier ground.

One thing's for certain: We can't keep borrowing from EU/IMF 100B Euro + interest every year.

[Romanos IV]

I shouldn't even dignify this with an answer but I am bored....

There are no "riots" in Greece. There have been peaceful demonstrations for the past 22 days outside te parliament. Yesterday it got violent by a group of 200 people amidst 500,000 and the police responded, grasping the chance to try and disperse the rally that causes headeaches to our politicans. It did not happen.

However all the foreign media broadcasted was molotov cocktails and how "Greeks are rioting because they actually have to pay taxes" etc

This has to be strongly stressed and may I add that this dispersion allowed the PM to maneuver within 1 day to save his party and the austerity programme from collapse.

[Manuel I Komnenos]

My thoughts: what if the riots continue and the Turks decide they need to "assist" in restoring order in Greece, the way they are considering to do so in Syria? It will be the same as Cyprus: illegal invasion under false pretexts after which they simply Turkify the parts occupied.

The way I see there might be more going on than just Greece losing money. Turkey isn't a real European ally, you never know what they do so it's important for the entire Western world that Greece gets back on it's feet.

And *how* exactly are the Turks gonna do that when some 500 Leopards aim towards Eastern Thrace?

[Lordreaven]

And *how* exactly are the Turks gonna do that when some 500 Leopards aim towards Eastern Thrace?

Well, then atleast when some of them are burning, you won't have to pay maintnance fees on them

[Rolling Thunder]

My thoughts: what if the riots continue and the Turks decide they need to "assist" in restoring order in Greece, the way they are considering to do so in Syria? It will be the same as Cyprus: illegal invasion under false pretexts after which they simply Turkify the parts occupied.

The way I see there might be more going on than just Greece losing money. Turkey isn't a real European ally, you never know what they do so it's important for the entire Western world that Greece gets back on it's feet.

Paranoid lunacy is paranoid.

[Eofor]

Of course. All the Turks want is to restore the Ottoman Empire like the evil Muslims they are.[/sarcasm]

[Lysimachos11]

Hehe I know it goes a little far, but I dont think anyone saw the invasion of Cyprus coming.