What Happens When Greece Defaults?

neverdespairgirl

Rochdale_Pioneers wrote: »

It demonstrates the folly of slashing output at a time when output is already falling.

Eh? How could they possibly have carried on spending as if there was no tomorrow?

Tomorrow just arrived.

Generali

Moody's have downgraded Greece to a credit rating of Caa1. This means there are 'Substantial Risks' of default. The next steps down are 'Extremely Speculative' and 'In Default'.

They said a couple of weeks ago that if Greece get downgraded to Caa1, the slide from there to Caa2 and below would likely happen fast.

Poshbird

The Greek situation is getting worse and worse. They’ve missed all of the targets that the Europeans imposed on them. The civil unrest is becoming more and more strenuous because none of the politicians have ended up in jail, and the guys who are responsible for all of the corruption, none of those guys ended up in jail.



Governments have been trying to solve the debt problem by taking on more debt and you can’t solve a debt problem with more debt, it’s just basic math. The sooner they realize that, the sooner we’ll get out of this mess. By piling more debt onto undercapitalized banks, it’s just going to make the problem that much worse when it finally hits...

“We may have a little bit more time to go in terms of backing and filling and I don’t rule out another test of $35 on silver and maybe back into the $1,520’s on gold. But on the other hand gold looks very, very powerful here. It hardly corrected at all compared to silver which is why the ratio has gone back up over 40.



I’m sticking to what I said last time we spoke that this summer is going to surprise a lot of people, how powerful the metals are going to be on the upside.

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/6/2_Turk_-_Metals_Will_Be_Hot_This_Summer,_Gold_to_Hit_New_Highs.html

harryhound

tomterm8 wrote: »

In the 1970's when there were capital controls between the UK and foreign countries, business people used to have to count their Rolex in and out of the country.

I remember some @rseole at Southend airport, counting the contents of my wallet and reading me the riot act because I had more than £15 in it. Despite my protests that if the return flight from Germany got diverted I would need £20 to get a Taxi home from LHR.

Its the rules mate innit.

In the City of London the local Customs man had long ago given up on policing the exchange control copy of the import entry form.