interestrateripoff Posted September 12, 2011 Share Posted September 12, 2011 It's clear Greece is going to default. Massive default is best way to fix the economy Commentary: Clearing away the debt is the only way forward Denniger had this link about the US economy. So default is looking more and more likely, unless there is a structured debt jubilee and it's going to be a mass default is it better to be first? As Fred said if your going to panic, panic first so by that measure if we are going to default is it better to be the first and get it over with? If it was your call what would you do? Quote Link to comment Share on other sites More sharing options...
plummet expert Posted September 12, 2011 Share Posted September 12, 2011 It's clear Greece is going to default. Massive default is best way to fix the economy Commentary: Clearing away the debt is the only way forward Denniger had this link about the US economy. So default is looking more and more likely, unless there is a structured debt jubilee and it's going to be a mass default is it better to be first? As Fred said if your going to panic, panic first so by that measure if we are going to default is it better to be the first and get it over with? If it was your call what would you do? Deafault is the only way to wipe the slate clean quickly. PAINFUL IN THE SHORT TERM, BUT BETTER IN THE LONG TERM. Greece should default now and withdraw from the Euro, devaluation will then do the job it should. Then I'll book a Greek holiday as it will be so cheap. Quote Link to comment Share on other sites More sharing options...
Fairies Wear Boots Posted September 12, 2011 Share Posted September 12, 2011 Deafault is the only way to wipe the slate clean quickly. PAINFUL IN THE SHORT TERM, BUT BETTER IN THE LONG TERM. Greece should default now and withdraw from the Euro, devaluation will then do the job it should. Then I'll book a Greek holiday as it will be so cheap. Painful for who? Quote Link to comment Share on other sites More sharing options...
Snugglybear Posted September 12, 2011 Share Posted September 12, 2011 Painful for who? [pedant=on] ..for whom [pedant=off] Quote Link to comment Share on other sites More sharing options...
Fairies Wear Boots Posted September 12, 2011 Share Posted September 12, 2011 [pedant=on] ..for whom [pedant=off] m'okay. Quote Link to comment Share on other sites More sharing options...
Neverland Posted September 12, 2011 Share Posted September 12, 2011 Iceland already defaulted - nobody died Quote Link to comment Share on other sites More sharing options...
Fairies Wear Boots Posted September 12, 2011 Share Posted September 12, 2011 Well, you, if you have savings in any bank. OK. I have savings in a bank. So from a 'HPC told you that things weren't great with the world economy, here's a country about to go bust from too much debt' point of view, Greece defaulting is a bit of a told you so moment. But how will this help UK house prices down? Our gilts are now seen as a safe haven. It seems to me Greece has had big party with our retirees savings. It suppose it will turn off the credit taps even more. Quote Link to comment Share on other sites More sharing options...
'Bart' Posted September 12, 2011 Share Posted September 12, 2011 Iceland already defaulted - nobody died Iceland has a population about the size of Coventry. A default would mean a complete lockup of the Greek economy. The Greek banking system could collapse as it holds billions of euros of Greek government debt. Other banks would refuse to lend to the Greek banks and the ECB could cut off its cash lifeline. Liquidity would dry up and suddenly there would be no money in Greece.The ensuing chaos would spiral far beyond Greece's borders, though. It would first trigger around $5 billion worth of credit default swaps that investors in Greek bonds took out to protect themselves from a default. Financial institutions that issued the CDS would need to pay the face value of the bonds immediately, putting a dent in their bottom line. Furthermore, foreign banks holding Greek government debt would need to write down or even write off the value of that debt given the default. LINK Quote Link to comment Share on other sites More sharing options...
DeepLurker Posted September 12, 2011 Share Posted September 12, 2011 Am I the only person here who doesn't want Greece to default? Am I the only one who thinks that most people are like cute little puppies, and need their noses vigorously rubbed in the shit for a long, long, time before they learn their lesson? Quote Link to comment Share on other sites More sharing options...
jonboy2010 Posted September 12, 2011 Share Posted September 12, 2011 Cant see any other way out for Greece now. Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted September 12, 2011 Share Posted September 12, 2011 Am I the only person here who doesn't want Greece to default? Am I the only one who thinks that most people are like cute little puppies, and need their noses vigorously rubbed in the shit for a long, long, time before they learn their lesson? No me too. I want to see bankers lynched from trees or lampposts, anyone who bought a house 2003-007 and cant pay the bills in a debtors prison. and any mortgage broker who encouraged self cert loans to be disembowled. The liebour party to be locked in a burning building. Oh and Kirsty, Phil, Beenbags and those two off HUTH to be turned into the human caterpillar. Yes, yes, things would certainly be quite different if i were PM. Quote Link to comment Share on other sites More sharing options...
SHERWICK Posted September 13, 2011 Share Posted September 13, 2011 Cant see any other way out for Greece now. They could possibly win Euromillions on a triple rollover, 1000 times in a row. Other than that, they're f*cked. Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted September 13, 2011 Share Posted September 13, 2011 Am I the only person here who doesn't want Greece to default? Am I the only one who thinks that most people are like cute little puppies, and need their noses vigorously rubbed in the shit for a long, long, time before they learn their lesson? Isn't that what a default will be like? How are those Argie boyos doing? Quote Link to comment Share on other sites More sharing options...
singlemalt Posted September 13, 2011 Share Posted September 13, 2011 Technically Greece has already defaulted. If not for EU (German) money. The only reason it stands is for the benefit of the other members of the Euro. The imposed austerity measures are just a showcase to make the handing out of bailout money more palatable. Quote Link to comment Share on other sites More sharing options...
singlemalt Posted September 13, 2011 Share Posted September 13, 2011 In answer to OP's original question in the race to default. Yes better to default first. In the case of Greece they were not allowed to do so. Quote Link to comment Share on other sites More sharing options...
tomandlu Posted September 13, 2011 Share Posted September 13, 2011 Am I the only person here who doesn't want Greece to default? Am I the only one who thinks that most people are like cute little puppies, and need their noses vigorously rubbed in the shit for a long, long, time before they learn their lesson? That would be the bankers IMHO... apparently, if you're a banker, 'rubbed in shit' = 'allowed to carry on stealing everything not nailed down' Default won't be painless for the Greeks. Quote Link to comment Share on other sites More sharing options...
'Bart' Posted September 13, 2011 Share Posted September 13, 2011 They could possibly win Euromillions on a triple rollover, 1000 times in a row. They could have fiddled their own state lottery if they hadn't sold it off. Quote Link to comment Share on other sites More sharing options...
Traktion Posted September 13, 2011 Share Posted September 13, 2011 In answer to OP's original question in the race to default. Yes better to default first. In the case of Greece they were not allowed to do so. Who said they were not allowed to default and with what authority? Quote Link to comment Share on other sites More sharing options...
Nationalist Posted September 13, 2011 Share Posted September 13, 2011 Countries never actually default. They just renegotiate the terms of their loans. Greece isn't going to slaps its hands together and say, "That's it! We're bust. Nobody gets paid anything." If they did they'd have Panzer divisions on their border before lunchtime (and that includes the time taken to storm through Austria, Slovenia, Croatia, Bosnia and Albania!) Nope, we'll be talking haircuts and repayment holidays and the like. Of course, a complete default would be right for Greece. Repudiate the debt and tear up the credit card once and for all. But I don't think they've got the balls to face down Germany. Quote Link to comment Share on other sites More sharing options...
papag Posted September 13, 2011 Share Posted September 13, 2011 French are not very happy at the moment http://online.wsj.com/article/SB10001424053111904353504576566191261182836.html?mod=googlenews_wsj "We can no longer borrow dollars. U.S. money-market funds are not lending to us anymore," a bank executive for BNP Paribas, who declines to be named, told me last week. "Since we don't have access to dollars anymore, we're creating a market in euros. This is a first. . . . we hope it will work, otherwise the downward spiral will be hell. We will no longer be trusted at all and no one will lend to us any more. cant remember them ever being trusted Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted September 13, 2011 Share Posted September 13, 2011 No me too. I want to see bankers lynched from trees or lampposts, anyone who bought a house 2003-007 and cant pay the bills in a debtors prison. and any mortgage broker who encouraged self cert loans to be disembowled. The liebour party to be locked in a burning building. Oh and Kirsty, Phil, Beenbags and those two off HUTH to be turned into the human caterpillar. Yes, yes, things would certainly be quite different if i were PM. Quote Link to comment Share on other sites More sharing options...
Injin Posted September 13, 2011 Share Posted September 13, 2011 Countries never actually default. They just renegotiate the terms of their loans. Greece isn't going to slaps its hands together and say, "That's it! We're bust. Nobody gets paid anything." If they did they'd have Panzer divisions on their border before lunchtime (and that includes the time taken to storm through Austria, Slovenia, Croatia, Bosnia and Albania!) Nope, we'll be talking haircuts and repayment holidays and the like. Of course, a complete default would be right for Greece. Repudiate the debt and tear up the credit card once and for all. But I don't think they've got the balls to face down Germany. Not so, countries can and do default. They also reach the point where people stop pretending they exist cos it costs too much. See the end of the Turkish empire for details. Quote Link to comment Share on other sites More sharing options...
man o' the year Posted September 13, 2011 Share Posted September 13, 2011 They could possibly win Euromillions on a triple rollover, 1000 times in a row. Other than that, they're f*cked. Sorry but this is not an option either as Greece do not participate in Euromillions. The following countries take part in the Euro Millions Lottery - Austria, Belgium, France, Ireland, Luxembourg, Portugal, Spain, Switzerland and the United Kingdom. Quote Link to comment Share on other sites More sharing options...
Cozza Posted September 13, 2011 Share Posted September 13, 2011 (edited) [pedant=on] ..for whom [pedant=off] Subject Heading Pendant on - You Are = You're Not - Your Get it right, people! Edited September 13, 2011 by Cozza Quote Link to comment Share on other sites More sharing options...
Georgia O'Keeffe Posted September 13, 2011 Share Posted September 13, 2011 Subject Heading Pendant on - You Are = You're Not - Your Get it right, people! what colour is your pendant? Quote Link to comment Share on other sites More sharing options...
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